Posts Tagged ‘Italy’

LinkSwarm for July 7, 2017

Friday, July 7th, 2017

It’s Friday on CNN Self-Immolation Week! And yes, there are a few CNN items at the top of this week’s LinkSwarm:

  • 4Chan declares the Great Meme War of 2017. (Hat tip: Stephen Green at Instapundit.)
  • Trump just schlonged the media again.

    Just before a holiday, Trump does something that amuses the rest of us but shocks the media into doing nothing but talk about it over and over again while he enjoys his time off.

    Hmm.

    When had he done that before?

    Oh yes, just before Christmas 2015, Trump said Obama schlonged Hillary.

    (Hat tip: The Other McCain.)

  • How CNN abandoned its written standards to go after “HanAssholeSolo.”
  • Why the media has broken down in the age of Trump:

    There was a time not so long ago when journalists were trusted and admired. We were generally seen as trying to report the news in a fair and straightforward manner. Today, all that has changed. For that, we can blame the 2016 election or, more accurately, how some news organizations chose to cover it. Among the many firsts, last year’s election gave us the gobsmacking revelation that most of the mainstream media puts both thumbs on the scale — that most of what you read, watch and listen to is distorted by intentional bias and hostility. I have never seen anything like it. Not even close.

    Snip.

    The behavior of much of the media, but especially the New York Times, was a disgrace. I don’t believe it ever will recover the public trust it squandered.

    Snip.

    Here is a true story about how Abe Rosenthal resolved a conflict of interest. A young woman was hired by the Times from one of the Philadelphia newspapers. But soon after she arrived in New York, a story broke in Philly that she had had a romantic affair with a political figure she had covered, and that she had accepted a fur coat and other expensive gifts from him. When he saw the story, Abe called the woman into his office and asked her if it was true. When she said yes, he told her to clean out her desk — that she was finished at the Times and would never work there again. As word spread through the newsroom, some reporters took the woman’s side and rushed in to tell Abe that firing her was too harsh. He listened for about 30 seconds and said, in so many words, “I don’t care if you f–k an elephant on your personal time, but then you can’t cover the circus for the paper.”

    (Hat tip: Ace of Spades HQ.)

  • The Democratic House IT Scandal deepens:

    A Pakistani family under criminal investigation by the U.S. Capitol Police for abusing their access to the House of Representatives information technology (IT) system may have engaged in myriad other questionable schemes besides allegedly placing “ghost employees” on the congressional payroll.

    Imran Awan, his wife Hina, and brothers Abid and Jamal collectively netted more than $4 million in salary as IT administrators for House Democrats between 2009 and 2017. Yet the absence of signs of wealth displayed among them raise questions such as was the money sent overseas or did something other than paychecks motivate their actions?

    Snip.

    Official documents, court records and multiple interviews suggest the crew may have engaged in tax fraud, extortion, bankruptcy fraud and insurance fraud and the money could have been funneled overseas. Abid has hired high-profile attorney James Bacon who specializes in anti-money laundering litigation.

    The Awans share modest homes, drive unremarkable cars and report little in the way of assets on congressional disclosures. The family owns significant amounts of Virginia rental properties, which are heavily financed, with second mortgages sometimes taken out. It’s unclear where the rental income goes because the Awans insist tenants pay in odd ways.

    The Daily Caller News foundation interviewed multiple current and former tenants who said Imran insisted rent be paid in untraceable ways. Many of those TheDCNF interviewed about the Awans asked not to be identified for fear of suffering retaliation by the family, particularly renters to whose homes Imran has keys.

    “He only wants cash — for the security deposit, everything. The mortgage is probably $600, we pay $1,800 a month,” one said.

    “I would write the rent to all sorts of different people,” another claimed. While still another tenant said the family insisted on blank money orders.

    Those interviewed also were puzzled that Congress kept the Awans on the payroll full-time when the family spent months of the year in Pakistan.

    The four Awans were each making approximately $160,000 a year on Capitol Hill. Other House IT workers told TheDCNF that the Awans appeared to hold no-show jobs, with bare-bones services provided, and it appeared one person was doing the work for the rest of them.

    Cristal Perpignan, a former Awan renter, said Imran instructed her to pay the rent to Imran’s friend, Rao Abbas, who lived in the basement of the home she occupied and was also on the House payroll as an IT worker. But Perpignan said Abbas spent his days at home.

    Imran’s wife purchased the home in 2008 for $470,000. A second mortgage was taken out in 2012, and — at least on paper — it was sold to Imran’s 22-year old brother Jamal in November 2016 for $620,000 — $43,000 more than its assessed value.

  • “Phoenix dropped their sanctuary city status and started enforcing the law…and crime rates went down.”
  • “Migrant smugglers in Honduras say their business has dried up since [President] Trump took office.” Also this: “Give Trump critics credit: They predicted he would destroy jobs, and they were right; he appears to have destroyed a considerable number of positions in the previously vibrant and lucrative illicit people-smuggling industry.”
  • How liberals gave up on telling the truth about immigration:

    In 2005, a left-leaning blogger wrote, “Illegal immigration wreaks havoc economically, socially, and culturally; makes a mockery of the rule of law; and is disgraceful just on basic fairness grounds alone.” In 2006, a liberal columnist wrote that “immigration reduces the wages of domestic workers who compete with immigrants” and that “the fiscal burden of low-wage immigrants is also pretty clear.” His conclusion: “We’ll need to reduce the inflow of low-skill immigrants.” That same year, a Democratic senator wrote, “When I see Mexican flags waved at proimmigration demonstrations, I sometimes feel a flush of patriotic resentment. When I’m forced to use a translator to communicate with the guy fixing my car, I feel a certain frustration.”

    The blogger was Glenn Greenwald. The columnist was Paul Krugman. The senator was Barack Obama.

    Prominent liberals didn’t oppose immigration a decade ago. Most acknowledged its benefits to America’s economy and culture. They supported a path to citizenship for the undocumented. Still, they routinely asserted that low-skilled immigrants depressed the wages of low-skilled American workers and strained America’s welfare state.

    Snip.

    Between 2008 and 2016, Democrats became more and more confident that the country’s growing Latino population gave the party an electoral edge. To win the presidency, Democrats convinced themselves, they didn’t need to reassure white people skeptical of immigration so long as they turned out their Latino base. “The fastest-growing sector of the American electorate stampeded toward the Democrats this November,” Salon declared after Obama’s 2008 win. “If that pattern continues, the GOP is doomed to 40 years of wandering in a desert.”

    As the Democrats grew more reliant on Latino votes, they were more influenced by pro-immigrant activism. While Obama was running for reelection, immigrants’-rights advocates launched protests against the administration’s deportation practices; these protests culminated, in June 2012, in a sit-in at an Obama campaign office in Denver. Ten days later, the administration announced that it would defer the deportation of undocumented immigrants who had arrived in the U.S. before the age of 16 and met various other criteria.

  • More on the ObamaCare expansion/opiate overdose link.
  • South African is contemplating seizing the land of white farmers without compensation. Because Zimbabwe is such a sterling model of economic success to emulate…
  • The battle for Raqqa continues, with U.S. supported forces having breached the Old City’s wall.
  • Russia hits the Islamic State with cruise missiles. Good. (Hat tip: Stephen Green.)
  • The text of President Trump’s address to Poland:

    Through four decades of communist rule, Poland and the other captive nations of Europe endured a brutal campaign to demolish freedom, your faith, your laws, your history, your identity — indeed the very essence of your culture and your humanity. Yet, through it all, you never lost that spirit. (Applause.) Your oppressors tried to break you, but Poland could not be broken. (Applause.)

    And when the day came on June 2nd, 1979, and one million Poles gathered around Victory Square for their very first mass with their Polish Pope, that day, every communist in Warsaw must have known that their oppressive system would soon come crashing down. (Applause.) They must have known it at the exact moment during Pope John Paul II’s sermon when a million Polish men, women, and children suddenly raised their voices in a single prayer. A million Polish people did not ask for wealth. They did not ask for privilege. Instead, one million Poles sang three simple words: “We Want God.” (Applause.)

    In those words, the Polish people recalled the promise of a better future. They found new courage to face down their oppressors, and they found the words to declare that Poland would be Poland once again.

  • Speaking of Poland, they just agreed to buy Patriot missiles.
  • Austria deploys troops to Italy’s border to keep Muslim “refugees” out.
  • Czech Republic to enshrine right to bear arms in their constitution. Gee, why on earth would a nation situated between Germany and Russia need its citizens to own guns?
  • “Yeah, Abdul, we’re going to need to tweak your resume for this position. Instead of ‘Beheading Infidels,’ let’s put ‘Contractor.'”
  • Vladimir Putin and President Trump meet at the G20 summit.
  • Speaking of the G20 Summit, mostly peaceful protestors there commit the mostly peaceful arson for which they’ve become so well-known. (Hat tip: Ann Althouse.)
  • German intelligence admits that hundreds of jihadis were among those Islamic “refugees.” Thanks again, Angela…
  • Study finds what conservatives have been saying for years: temperature readings have been systematically changed to support the global warming narrative:

    The conclusive findings of this research are that the three GAST data sets are not a valid representation of reality. In fact, the magnitude of their historical data adjustments,that removed their cyclical temperature patterns, are totally inconsistent with published and credible U.S. and other temperature data. Thus, it is impossible to conclude from the three published GAST data sets that recent years have been the warmest ever – despite current claims of record setting warming.

  • “Democratic lawmakers voted 71-42 to override Republican Gov. Bruce Rauner’s veto of a $5 billion tax hike on Thursday.” Can’t possibly imagine how Illinois’ Democrats plan to tax and spend their way out of a financial hole could possibly backfire… (Hat tip: Director Blue.)
  • “From its founding in 1919 in the wake of the Russian Revolution until the demise of the Soviet Union in 1991, the Communist Party of the United States of America was an instrument of Soviet foreign policy.” Not that anyone should be unclear on the topic after all these years, but I’m sure the piece was a shock to at least some of the New York Times dwindling readership…
  • British woman convicted of making flase rape claims against 15 different men. One look at the convicted should tell that claims of multiple rapes are highly implausible. (Hat tip: Instaundit.)
  • Democrat Beto O’Rourke has raised over $1 million for his Senate race against Ted Cruz.
  • The ratings for some network TV shows are so bad that the networks are mispelling them to game ratings. (Hat tip: Director Blue.)
  • Common sense tips to keep your home from being broken into.
  • Scenes from Central America’s vibrant pre-Colombian diversity: Archeologists find an Aztec temple tower of skulls. (Hat tip: Dwight.)
  • AFSCME vs. 10 goats. (Hat tip: Mickey Kaus.)
  • Long, long, long article about video game maker Konami, where they actually get their money (fitness clubs and gambling machines), and how they came to treat their employees so poorly.
  • Tiny house regret.
  • And a few more CNN tweets:

  • LinkSwarm for June 12, 2017

    Monday, June 12th, 2017

    Enjoy a late, out-of-band LinkSwarm to start your week:

  • Attorney General Jeff Sessions is serious about border control:

    Sessions said 25 judges have already been deployed to detention centers on the U.S.-Mexico border, according to Politico. Another 50 judges will be “on the bench” later this year. A separate 75 judges will be added in fiscal 2018 at a cost of $80 million.

    The need is obvious. About half of all federal arrests in 2014 were for immigration crimes, and 93 percent of that figure took place at or near the border, the Bureau of Justice Statistics recently reported.

  • Leaked diplomatic cables show concern by other U.S. allies in the region that Qatar was backing terrorist groups.
  • More background on the Qatar vs. every other Sunni gulf state feud.
  • “President Trump continues to make sterling judicial nominations.” (Hat tip: Instapundit.)
  • Trump as our Claudius.
  • Pundits keep telling President Trump he has to give up tweeting. Why would he, when his tweets make the media dance to his tune? (Hat tip: Scott Adams.)
  • “Obama Admin Did Not Publicly Disclose Iran Cyber-Attack During ‘Side-Deal’ Nuclear Negotiations.” Because why protect America’s cybersecurity when you can give billions to a jihad-supporting regime to sign a treaty they’ll refuse to follow?
  • “12 Democrat staffers arrested, charged with voter fraud.”
  • Congress should investigate if Attorney General Lynch pressured Comey to cover for Hillary Clinton, says notorious right-wing shill…Dianne Feinstein? (Hat tip: Stephen Green at Instapundit.)
  • Now that Democrats are getting getting hefty support from moneyed elites, they’re not so keen on wealth redistribution.
  • The Strange Death of Scottish Nationalism.” The Tories did badly in the snap election, but the Scottish National Party did much, much worse.
  • How Theresa May screwed up. And why on earth was she using Jim Messina as a political consultant? Because he did such a smashing job on the “Remain” campaign?
  • “EU, UN siphon off 100 million Euro annually to groups running anti-Israel campaign.”
  • “UK government paid London jihad mass murderer’s brother to fight ‘extremism.'”
  • Jim Goad covers the lunacy at Evergreen College. Tidbit: “The school bears the dubious distinction of being ‘one of the least selective universities in the nation with an admittance rate of 98%.'” *Hat tip: Director Blue.)
  • So much news dropped last week that I didn’t get around to posting on the arrest of NSA contractor Reality Winner for leaking classified information. And does the name “Reality Winner” mean we’re living in a Philip K. Dick novel? Or a Thomas Pynchon novel?
  • But we should lit Winner’s weird name distract us from the fact she’s a complete and utter moron, “not only printing the document from her NSA computer but emailing the Intercept using her personal Gmail account from the same computer.” (More on printing microdot technology.
  • In any case, the MSM is omitting Winner’s long, documented history of far-left political activism.
  • “The Democrats don’t have a ‘white working-class problem.’ They have a ‘working-class problem.” Caveat: Lots of leftist blather. But it’s refreshing to see liberals admit just how badly the Obama economy sucked. (Hat tip: Mickey Kaus.)
  • Tweet:

  • “Italy’s populist Five Star Movement humiliated in municipal elections.” That’s Beppe Grillo’s left-wing populist Euroskeptic Party. Between this and France’s election, was Brexit the high-water mark of Euroskepticism? Maybe, until the next economic crisis.
  • Speaking of which, the slow-motion Spanish banking panic continues apace, and Spanish regulators have imposed a ban on short-selling.
  • Adam West, RIP.
  • Flying Goth.
  • Attempted cereal killing.
  • Joe’s Crab Shack files for bankruptcy.
  • “Man Fashions Fabulously Tiny Hats for Toad Who Visits His Porch Every Day.”
  • Brexit Is Served

    Wednesday, March 29th, 2017

    The UK has officially invoked Article 50, kicking off the official 2-year Brexit countdown:

    Prime Minister Theresa May on Wednesday sent formal notice of the country’s intention to withdraw from the European Union, starting a tortuous two-year divorce littered with pitfalls for both sides.

    Speaking in Parliament, Mrs. May said she was invoking Article 50 of the Lisbon Treaty, putting Britain on track to leave the European Union in 2019 and raising a host of thorny issues involved in untangling a four-decade relationship.

    In addition to a welter of trade and customs matters, the Conservative government faces the prospect of a new independence referendum in Scotland, where a majority voted to remain in the European Union, and deep worries about the 1998 Good Friday peace agreement in Northern Ireland.

    Just before 12:30 p.m., Britain’s top envoy to the European Union, Tim Barrow, walked to the office of Donald Tusk, the president of the European Council, and handed him a letter with the official notification. Mr. Tusk then posted on Twitter acknowledging receipt of the letter.

    This is filing the divorce papers on your wife after she’d already been moved out and shacked up with a bongo player for six months. Even Labour is talking about devolution of power to Scotland and Wales rather than trying to derail Brexit.

    Text of Article 50 here, and here are the Brexit negotiators for both the UK and EU.

    The UK was the first, but won’t be the last, as the EU’s democracy deficit, the economic distortions and stresses engendered by the Euro, and the disasterous effect of unassimilated Islamic immigration have Euroskeptic parties gaining in the polls and other countries eyeing an exit. Betting odds currently have Greece, Italy and France as the countries most likely to leave the EU. Greece leaving would probably be a relief to the rest of the EU, whereas a French exit would likely end the EU entirely.

    LinkSwarm for February 10, 2017

    Friday, February 10th, 2017

    Welcome to another Friday LinkSwarm! Here in Texas it’s looking a lot like Spring.

    This LinkSwarm is heavy on border control and jihad issues.

  • The 9th Circuit’s dangerous and unprecedented use of campaign statements to block presidential policy.”

    By accepting the use of preelection statements to impeach and limit executive policy, the 9th Circuit is taking a dangerous step. The states’ argument is in essence that Trump is a bigot, and thus his winning presidential campaign in fact impeaches him from exercising key constitutional and statutory powers, such as administering the immigration laws.

    This would mean that Trump is automatically disbarred, from the moment of his inauguration, of exercising certain presidential powers, not because of his actions as president, but because of who he is — that is, how he won the presidency.

    (Hat tip: Instapundit.)

  • When Judge James Robart stated that “no” terrorists had attacked America from the countries on President Trump’s travel ban, he was engaged in the rhetorical device known as lying his ass off. “At least 60 people born in the seven countries had been convicted — not just arrested, but convicted — of terror-related offenses in the United States since Sept. 11, 2001.” (Hat tip: Ace of Spades HQ.)
  • Trump’s sanctuary city and terrorist-supporting state travel bans are his most popular executive orders. To quote Mark Steyn yet again, “‘divisive’ appears to be elite-speak for ‘remarkably popular.'” (Hat tip: Ace of Spades HQ.)
  • Rotherham sex abuse gang shout ‘Allahu Akbar’ as they are jailed for total of 81 years for sexually abusing girls.”
  • Most Europeans oppose further Muslim immigration. Can’t imagine why…
  • Among them: this Swedish cop:

    Here we go; this is what I’ve handled from Monday-Friday this week: rape, rape, robbery, aggravated assault, rape-assault and rape, extortion, blackmail, assault, violence against police, threats to police, drug crime, drugs, crime, felony, attempted murder, rape again, extortion again and ill-treatment.

    Suspected perpetrators; Ali Mohammed, Mahmod, Mohammed, Mohammed Ali, again, again, again. Christopher… what, is it true? Yes, a Swedish name snuck in on the edges of a drug crime. Mohammed, Mahmod Ali, again and again.

    Countries representing all the crimes this week: Iraq, Iraq, Turkey, Syria, Afghanistan, Somalia, Somalia, Syria again, Somalia, unknown, unknown country, Sweden. Half of the suspects, we can’t be sure because they don’t have any valid papers. Which in itself usually means that they’re lying about their nationality and identity.

  • Scott Adams abandons all support for UC Berkeley in the wake of the Milo riot:

    I’m ending my support of UC Berkeley, where I got my MBA years ago. I have been a big supporter lately, with both my time and money, but that ends today. I wish them well, but I wouldn’t feel safe or welcome on the campus. A Berkeley professor made that clear to me recently. He seems smart, so I’ll take his word for it.

    I’ve decided to side with the Jewish gay immigrant who has an African-American boyfriend, not the hypnotized zombie-boys in black masks who were clubbing people who hold different points of view. I feel that’s reasonable, but I know many will disagree, and possibly try to club me to death if I walk on campus.

    Yesterday I asked my most liberal, Trump-hating friend if he ever figured out why Republicans have most of the Governorships, a majority in Congress, the White House, and soon the Supreme Court. He said, “There are no easy answers.”

    I submit that there are easy answers. But for many Americans, cognitive dissonance and confirmation bias hide those easy answers behind Hitler hallucinations.

  • Just in case you were unclear: President Trump is not Hitler. (Hat tip: Scott Adams, IBID.)
  • #Winning.
  • House Democrats are going on a retreat in Baltimore where they’ll go over an autopsy of the election. Will they learn from their many mistakes? “The Baltimore retreat, which will take place at the scenic Inner Harbor, will focus on the party’s fight for all Americans and feature speeches from top Democrats and various celebrities, including Kareem Abdul Jabbar and Chelsea Handler, as the party looks to get back on track.” Signs point to “No”… (Hat tip: Director Blue.)
  • Both Steve Bannon and Reince Priebus want you to know that they are not bitter enemies fighting for influence in the Trump White House. The truth is that they are “rather chummy.” (Hat tip: Ann Althouse.)
  • President Trump’s chess game:

    In the end it would appear that Trump is playing the kind of game that I was taught to play by my coach. His opponents are never given time to mount an attack. Their queen – the MSM has been removed from the board and their favorite piece – the Celebrities are locked in a war of attrition while Trump gets the rest of his pieces on the board. Remember, these are all Tactics but Strategy flows from Tactics. Sooner or later the Left will find itself in some terrible position and the Strategy to drain the swamp will present itself.

    (Hat tip: Zero Hedge.)

  • “Leftists said if Trump won, that there’d be violent mobs of hate, and intolerant fascists would try to silence those with whom they disagree. And they were right. It just was by a group of people from which they didn’t expect it: themselves.” (Hat tip: Director Blue.)
  • NSA contractor allegedly stole over 500 million documents. The news came out October last year (I guess reporting yet another giant classified data breach was something the media wasn’t too wild about digging into in the election homestretch), but he was just indicted yesterday. (Hat tip: Ace of Spades HQ.)
  • Concision. (Hat tip: Director Blue.)
  • “Well, with Trump, Modi, Brexit, and now France, there are some similar problems in those countries. What you are hearing is people getting fed up with the ruling class. This is not fascism. It has nothing to do with fascism. It has to do with the faux-experts problem and a world with too many experts. If we had a different elite, we may not see the same problem.”
  • Nikki Haley’s first speech at the UN blasts Russia over their continued occupation of Ukraine. (Hat tip: Instapundit.)
  • Secretary of Defense Mattis was a big hit in both Japan and South Korea.
  • Quitaly seems increasingly likely.
  • Is Russia helping the Taliban?
  • “Meet Denmark’s new anti-Islam, anti-immigration, anti-tax party.”
  • Gun sales finally dip. Obviously gun owners don’t feel like NRA-endorsed President Trump is a threat to take their guns, unlike “World’s Greatest Gun Salesman Obama.” It also suggests that those of us in the Vast Right Wing aren’t even remotely worried about that mythical leftwing “resistance” launching an actual civil war. (Hat tip: Ace of Spades.)
  • Whistle-blower reveals that, yes, the NOAA lied about climate data.
  • Senator Tim Scott (R-SC) shares some of that vaunted liberal tolerance that’s been sent his way:

  • American feminists: Rich White Girl Problems. (Hat tip: Instapundit.)
  • Texas Senate passes sanctuary city bill.
  • Tennessee bill: Get off the road, you leftwing lunatic!
  • Can an average engineer earn more in a lifetime than an average NFL player? The study says yes, but I think the engineering pay average ($125,418) is probably a bit on the high side (I suspect California companies were oversampled).
  • Anonymous takes down a ton of child porn sites.
  • Pizza parties for abortion quotas.
  • Infosys sued for descriminating against Americans. (Hat tip: Director Blue.)
  • Twitter lost $457 million last year:

    Twitter had decided, in an election year, to surrender control of its platform to a crew of feminist social justice warriors (SJWs) designated the “Trust and Safety Council.” This secretive group of Soviet-style commissars included the notorious anti-male hatemonger Anita Sarkeesian, and soon Twitter began purging conservative accounts…. Jack Dorsey had made his company part of the Democrat Party’s campaign team and four months later, when Twitter banned popular commentator Milo Yiannopoulos, the partisan nature of “Trust and Safety” became transparent. Banning conservatives from Twitter was Dorsey’s contribution-in-kind to the Democrats.

  • And that’s the 10th consecutive quarter of declining revenue for Twitter.
  • Twitter suspends a cartoon, presumably for offending SJW types.

  • FYI: He He Silly Comics are still on Gab. I really should activate my account there…
  • Marvel to knock it off with the Social Justice Warrior bullshit that’s been costing them sales.
  • This lawsuit goes to 11.
  • So Blizzard is worried that the user experience on consoles isn’t shitty enough.
  • “I didn’t say I had mice in my cellar, I said I had moose.”
  • Clinton Foundation Shutting Down Clinton Global Initiative

    Sunday, January 15th, 2017

    Remember the Clinton Global Initiative, the arm of the Clinton Foundation that Clinton supporters claimed helps solve “the world’s most pressing challenges,” and which detractors noted was yet another handy tool to line the pockets of the Clintons and their permanent traveling army of political toadies?

    Well, evidently all the world’s most pressing challenges have been solved, as the Clinton Foundation is shutting down the Clinton Global Initiative:

    In a “mass layoff” event reported late last week by the Department of Labor, the Clinton Foundation announced it would lay off some 22 employees at the Clinton Global Initiative, which attained notoriety during the John Podesta leaks, when the various details of the fallout between between CGI head Doug Band and Chelsea Clinton were revealed; it also emerged that long-time Bill Clinton friend Band was soliciting donations for Clinton through his PR firm, Teneo in an sordid example of “pay for play” which most of the mainstream media refused to cover, especially after Band emailed Podesta “If this story gets out, we are screwed.”

    Filed as mandated by the Department of Labor’s Worker Adjustment and Retraining Notification, or WARN notice, on January 12, the Clinton Foundation’s Veronika Shiroka advised the DOL that as part of a “Plant Layoff” it would layoff 22 workers on April 15, with reason for the dislocation stated as “Discontinuation of the Clinton Global Initiative.” The layoffs are part of the Clinton plan put in motion ahead of the presidential election, to offset a storm of criticism regarding pay-to-play allegations during Clinton’s tenure as secretary of state.

    For those unable to disentangle CGI from the other money-laundering arms of the Clinton empire, here’s a look back at a few of their greatest hits:

  • CGI was a conduit of donation money from associates of exiled Turkish Islamist Fethullah Gulen.
  • CGI provided $2 million in funding for a private energy company run by personal friends of the Clintons…including Bill Clinton’s alleged mistress, wealthy blonde divorcee Julie Tauber McMahon.
  • One of CGI’s “big things” was putting on an annual conference where donors could rub shoulders with various charitable foundation heads, as well as the likes of Bill Clinton, Ben Affleck, Bono, Jon Bon Jovi, Tina Brown and David Bowie’s supermodel widow Iman.
  • Some of the other names on the 2016 conference list:
    • Former NBA player Jason “famous for being gay” Collins
    • Hernando de Soto, chairman of the Institute for Liberty and Democracy in Peru (listed here because he sticks out like a sore thumb among the lefties)
    • David Miliband, former UK Labour MP and brother of former Labour leader Ed Miliband
    • Ben Osborne, the editor-in-chief of slideshow-infested sports site Bleacher Report
    • Nancy E. Pfund, founder and managing partner of DBL Partners, an investor in (among others) Podesta Group client SolarCity
    • Becky Quick, co-anchor of CNBC’s Squawk Box
    • Matteo Renzi, the (then current) Prime Minister of Italy
    • Cecile Richards, president of Planned Parenthood
    • Juan Manuel Santos, the President of Colombia
    • Aleksandar Vucic, the Prime Minister of Serbia
    • Casey Wasserman, the chairman and CEO of “Wasserman, a leading sports, entertainment and lifestyle marketing and management agency”

      (And I compiled that list of names mostly as a bookmark for myself for further research. What the hell is a guy from Bleacher Report doing at a conference with the Prime Minister of Serbia? Could it have something to do with their involvement with Qatar’s Word Cup bid?)

  • Anyway, there was already talk that the Clintons were going to shut down CGI when they expected Hillary to win the presidency. With Clinton Foundation donations taking a nosedive following Hillary’s loss, CGI was just another financial, political and legal liability for them. As one Zero Hedge commenter put it, “I’m sure the shredders are running 24×7 tonight.”

    LinkSwarm for December 30, 2016

    Friday, December 30th, 2016

    Welcome to the last LinkSwarm of 2016! I have a lot of bigger posts gestating for next week (including a huge one on Texas’ own municipal pension crisis), so in the meantime, enjoy these:

  • Newt Gingrich on The New York Times on Trump:

    The New York Times is having a hard time understanding President-elect Donald Trump.

    Trumpism is a process and a philosophy of action and leadership so different from the normal Washington systems that the Times just seems incapable of understanding it.

    Furthermore, there is an Orwellian quality of deliberation misinformation and disinformation to the Times’ coverage.

    President-elect Trump IS different. In fact, he is unique. No other American has won the presidency without serving in elected office or being a general in the military. No other billionaire has been elected to the presidency. No one has ever used social media as effectively. No one has had the scale and frequency of rallies. No one has understood that a 20,000-person rally with every person using his or her smartphone to send out photos and videos creates an audience the size of MSNBC. No one else has been dramatically outspent in both the primaries and the general election and won.

    You would think that a person with these achievements would be worthy of a certain respect and of a curiosity about how he thinks and what he is trying to do.

    Furthermore, Trumpism IS different. It isn’t traditional conservatism. It is an entrepreneurial, pragmatic, energetic, constantly evolving and constantly learning and improving model.

    If The New York Times were a serious newspaper it would start by recognizing that Trump is a remarkable leader and that this is a new phenomenon. Then it would try to explore and understand the differences between the old order and the world Trump is trying to create. Then it could describe the context of the President-elect and educate its readers accurately in an informed, coherent manner.

    Unfortunately, The New York Times is trapped within the obsolete establishment mindset which was wrong about Trump throughout the primaries, then was wrong about Trump throughout the general election, then was wrong about who would win. This elite mindset has learned nothing. It is now enthusiastically being wrong about the transition. All of this is great practice for the paper to be wrong about the new administration.

  • Obama’s spiteful anti-Israel UN resolution has united Republicans and divided Democrats. Good job! (Hat tip: Instapundit.)
  • But for those thinking that Obama destroyed the Democratic Party singlehandedly, don’t forget that George Soros also played a big part.
  • All Democrats babbling about how Hillary won the popular vote should look at this dissection of how the Obama coalition crumbled in 2016. Which includes this gif:

  • Bribary and the border patrol. (Hat tip: Director Blue, which notes “just in time for the election.”)
  • Lunatic anti-#GamerGate tranny Brianna Wu (AKA John Walker Flynt) is running for congress from Massachusetts. Good. Every Democratic Party donor dollar that goes to that Wu is a dollar not backing a candidate that can actually win. (Background on Wu for people coming in to the story late.)
  • Nine Islamic State supporters arrested near Washington, D.C. (Hat tip: Director Blue.)
  • Interesting analysis of the media pushing the Russians did it meme. “Here’s a trick when reading New York Times articles: when they switch to passive voice, they are covering up a lie.” (Hat tip: Borepatch.)
  • And all the evidence they ignored to draw “the Russians did it!” conclusion. (Hat tip: Director Blue.)
  • Syrian migrants in Germany kick a baby. “Was that wrong? Should I not have done that?” Disclaimer: Not these guys:

    screen-shot-2016-12-29-at-9-29-36-pm

  • Lessons from 5,000 gun fights. Including “Reloads are almost vanishingly insignificant factors in gunfights” and “He who puts the first shot into meaty bits on the other guy, wins.”
  • Bloomberg-backed initiative to require all gun purchases (including private-citizen-to-private-citizen transfers) to undergo an FBI background check passes in Nevada. FBI: Nope, we’re not doing that. We’re not authorized to. (Hat tip: Director Blue.)
  • When did feminism become so anti-motherhood? It’s been a while, actually. (Hat tip: Instapundit.)
  • What Americans have spent things on over the last 75 years.
  • Thomas Sowell retires from writing columns. At 86 years of age, and after this year, who could blame him?
  • Another day, another fake hate crime, this time from Denton, Texas. (Hat tip: Instapundit.)
  • Liberal Muslim: “I voted for Trump due to ObamaCare.” Liberal college professor: “FUCK YOU, GO TO HELL.” (Hat tip: Ace of Spades HQ.) And still more details from The Other McCain.
  • The return of violent flash mobs. The is one of several similar incidents in the last week. Judging from video and mugshots, this round of violence, like the last, is disproportionately committed by black teenage males and, as in previous incidents, this fact is studiously avoided in the MSM reports on these incidents. (Hat tip: Director Blue.)
  • Gun control loses at the ballot box, as well as the box office. “For every dollar spent on advertising, Miss Sloane brought in just 21 cents in ticket sales.”
  • Italy comes out in favor of censorship. I think we know how this movie ends…
  • Oregon’s government owns your pond, comrade.
  • And speaking of Oregon, a college professor gets suspended over a Halloween costume she wore at her own private party.
  • Hit numbers for online #NeverTrump conservative publications? Not so hot.
  • Santa43.
  • LinkSwarm for December 9, 2016

    Friday, December 9th, 2016

    The Dallas police and fireman pension fund has halted withdrawals of money to stop a pension run in order to keep the system (temporarily) solvent. Texas municipal pension debt is a big story with a lot of different ramifications and angles, and I need to do some research before I post, hopefully sometime next week.

    In the meantime, enjoy a Friday LinkSwarm:

  • Why they voted for Trump:

    Working-class Americans have been mocked, maligned, and forgotten long enough. They are fed up and they went to the voting booth last week and said so.

    This election’s “red state” vote had little to do with racism or any phobias. The message we heard last week was, rather, a clear and simple plea from the average blue-collar, small-town mother and father for Washington and other big-city elites to stop belittling, disparaging and vilifying them and their families. It was their way of telling the “know-it-alls”; the politicians and pundits, to stop flying over and driving past their gutted factories and dying towns and pretending they don’t exist and do not matter. They simply wanted the “smarter and more educated” city folks to know that they are tired of insults and that the condescension needs to stop. They voted for Trump because someone finally appeared to care and listen.

    They voted for Trump because he seemed to get it. Finally, someone seemed to understand that the average guy: the plumber, the carpenter, the truck driver, the farmer — the good and decent family man from Dewey, Oklahoma, and from Hillsdale, Michigan — is the one who is now suffering from more cultural disrespect than perhaps anyone else in all the country.

    They voted for Trump because they’re sick and tired of being laughed at. They voted for Trump because they have, frankly, “had it” with being labeled intolerable by those who claim to be tolerant. They voted for Trump because they think it’s deplorable that they are the ones being called “deplorables.”They voted for Trump because they can’t turn on the TV, listen to the radio or read the news without some highbrow elitist in the mainstream media calling them “low-information,” “uneducated white males” who are too dumb to know what’s best for them and too stupid to see that Washington knows best. They voted for Trump because all they want is to have a job, get some respect, pick up a paycheck, go to church, raise their kids and be left alone.

    This is why. This is the explanation.

    Hate had nothing to do with it.

    (Hat tip: Director Blue.)

  • Kurt Schlichter: “The liberals are truly going nuts, and it’s beautiful.”

    They recently resurrected Nancy Pelosi for another glorious term winnowing away the House Democrat caucus. Pretty soon it’s just going to be her and some guy representing Berkeley who they recruited while he was shouting “Workers of the world unite!” at bored coeds on Telegraph Avenue. You know, if you want to reach out to the kind of hard-working, salt-of-the-earth, normal Americans who voted for the black guy then allegedly refused to vote for the woman because they are racist, you totally want an ancient, rich, snooty, San Francisco leftist and Botox after-picture like the Nanster.

    The only way you could further alienate these alienated voters is, I don’t know, making your DNC chairman some radical leftist, urban black Muslim who hates guns, loves Farrakhan and who parties with Middle Eastern scumbags who issue fatwas to kill those voters’ soldier sons and daughters. Now, that’s some real diversity, and the Dems should totally get right on it. But seriously, we could never dare to hope that the Democrats would be that stupid. Could we?

    And I had to laugh at this, even a little guiltily:

    Next up at bat is the hard-4 hedgehog that is anti-gun activist and alleged comedian Amy Schumer, another over-praised, over-hyped mediocrity who Tinseltown is trying to force down our throats like the fingers she clearly never forced down hers.

  • Speaking of liberals going nuts, this Washington Post piece about how Trump’s election stole one woman’s sexual desire is an exemplar of the “Middle Aged Feminist Talks About How She’s Very Upset With Politics While Narcissisticly Sharing The Tedious Minutia of Her Life” piece.
  • “Liberals have migrated beyond observable reality into fantasyland.” (Hat tip: The Other McCain.)
  • Liberals prove once again how sane and generous they are by suggesting to let Tennessee wildfire victims burn because they voted for Trump.
  • The collapse of the political left:

    The rejection was apparent in the 2010 and subsequent House elections; Republicans have now won House majorities in ten of the last 12 elections, leaving 2006 and 2008 as temporary aberrations. You didn’t hear Hillary Clinton campaign on the glories of Obamacare or the Iran nuclear deal, and her attack on “Trumped-up, trickle-down economics” didn’t strike any chords in the modest-income Midwest.

    Republican success has been even greater in governor and state legislature elections, to the point that Democrats hold governorships and legislative control only in California, Hawaii, Delaware and Rhode Island. After eight years of the Obama presidency, Democrats hold fewer elective offices than at any time since the 1920s.

    (Hat tip: Director Blue.)

  • Hey, maybe liberals should use persuasion rather than automatically label everyone who disagrees with them racist. (Hat tip: Will Shetterly.)
  • Clintonistas are still bitching about Bernie Sanders, saying his challenge to their beloved Queen fatally wounded her. You know, the way Trump having a dozen primary challengers kept him from becoming President.
  • Piers Morgan (I know) on how Donald Trump pwns the media. “Every time they throw their high-minded journalistic toys out of their strollers at one of his tweets, Trump wins.” (Hat Tip: Borepatch.)
  • Trump is blessed by having weak opponents: “How influential did the press expect to be? It ran against Trump in the election and lost. Why should anybody inclined to support the president-elect — roughly half the country, you may recall — pay attention now to a press that has said the usual rules don’t apply? Again, the more the opposition was cranked up, the less effective it became.”
  • Outgoing Vice President Joe Biden says he’s running for President in 2020. It’s not like he would have done worse than Hillary did this year…
  • ObamaCare in one graphic. One big, depressing graphic…
  • Reminder: That “97% of scientists agree than man is causing climate change” factoid is false.
  • Ties between Recep Tayyip Erdogan’s Islamist government and the Islamic State.
  • Are NGOs smuggling illegal aliens into Europe with the help of the EU?
  • With her poll ratings dropping, Angela Merkel suggests a burka ban. Such actions would be unnecessary if Merkel hadn’t brought the “refugee” crisis on in the first place.
  • Five Afghan “refugees” charged with raping a 15-year old boy in Sweden. Strangely enough, I don’t remember gay gang rapes of children in Sweden being in the news before the current wave of Islamic immigration…
  • Speaking of Afghan “refugees,” an EU official’s daughter was murdered by one.
  • What Trump’s Taiwan phone call means:

    When evaluating this unorthodox and, yes, risky move, one has to remember that it is China, not the United States, that has been rewriting the rules of engagement in the East and South China Sea. It is China that has been unilaterally asserting territorial claims against its neighbors, China asserting jurisdiction over international waters and air space, China failing to rein in the increasingly serious North Korean nuclear program. The power that is challenging the status quo in Asia is not the United States.

    (Hat tip: The Corner.)

  • Italy’s PM: Hey, give me near absolute power, because that’s never backfired on Italy before! Italy: Get stuffed!
  • In related news, actress Paola Saulino, who promised blow jobs for those who voted against the referendum, says she’s making good on her promise. What? You want pictures of Paola Saulino? Well, if you insist:

    And here are the dates for her “thank you” tour:

    I get the feeling the adoring crowds will make Black Friday look tame by comparison… (Hat tip: Ace of Spades HQ.)

  • Now India is confiscating gold and jewelry from political enemies targets of corruption probes.
  • Canada wants to criminalize pronouns. (Hat tip: Instapundit.)
  • If the New York Times wants to fight “fake news,” perhaps they should look in the mirror.
  • A guide to winning the media wars:

    We all know that independent websites taking Hillary to task on her very real and very deplorable track record of being a compulsive liar is what was truly decisive. The mainstream media knows this, which is why they haven’t actually been focusing on censoring provably fake news sites, but rather have been promoting an agenda to lump any non-establishment perspectives within the umbrella of “fake news” in order to destroy their competition and regain an upper hand in the national narrative. If those of us who value independent media want to thwart this nefarious plan, we need to fully understand what these cretins are up to.

  • 27-year male Clinton supporter hits 69 year old woman over the head with a chair. In his defense, he really does not look like the sharpest knife in the drawer:

    Or even the sharpest spoon…

  • More fake hate crimes.
  • The amnesty crowd is at it again.

    A DREAM Act 2.0 that addressed these problems — that prosecuted fraud, implemented enforcement, prevented downstream legal immigration, and focused much more narrowly on those who came very young — would possibly be something that even I, were I a congressman, might be able to vote for. But the lack of these elements is clear proof that the amnesty crowd isn’t interested in fixing the specific problem of a sympathetic but small group of people; rather, these young people are simply poster children who have been used for years to try to justify a general amnesty for all illegal aliens. And when the DREAM Act fails, as it will, Pedro Ramirez and his fellows will need to ask the pro-amnesty politicians and lobbying groups why they were sacrificed on the altar of “comprehensive immigration reform.”

  • Instapundit suggests downsizing imperial Washington:

    Donald Trump ran for president on the slogan “Make America Great Again!” And he’s also promised to “drain the swamp” in Washington. But maybe the way to do that is to make Washington a little less great. Because as Washington has prospered over the last several decades — to the point where people are making Hunger Games comparisons — the rest of the country hasn’t done as well.

    So perhaps it’s time for a role-reversal. I propose that over the next several years, we transfer a lot of federal employees out of the Washington, D.C. metropolitan area, to parts of the country that aren’t doing so well economically. This would provide a boost to places like Buffalo, New York, or Quincy, Illinois, or Fresno, California, while getting federal bureaucrats out of the D.C. bubble.

  • Delusional liberal in Time suggests that people not pay their taxes while Trump is president. So he wants to: A.) Starve the federal government of money, and B.) Put liberals in prison where they can’t vote. OK, but what’s the downside?
  • Supreme Court Justice Clarence Thomas issues a stay of execution for an Alabama inmate. “Lawyers for Smith argue that although the jury rendered a verdict of life without parole, the trial court overrode the jury’s verdict and sentenced Smith to death.” Hmmm…
  • There’s a new cybersecurity commission report out. Guess what? It’s crap!
  • Black Workers’ Suit Accuses Job Agency of Favoring Hispanic Applicants.” Also: “He added that the staff of the MVP office in Cicero ‘was mainly Mexicans’ and that the employees were not welcoming toward African-American job seekers.” Also: “The vast majority of Hispanic job applicants served by MVP were in the United States illegally.” Note: The agency in question is not the Democratic Party, or the federal government… (Hat tip: Ann Althouse.)
  • Speaking of racial discrimination lawsuits in hiring, CNN is being sued for just that. (Hat tip: The Other McCain.)
  • Armor car robbery ringleader killed in Houston, accomplices arrested. (Hat tip: Dwight.)
  • Recovering from a devastating spinal injury via power lifting. (Ht tip: Instapundit.)
  • Marxist vegan diner closes. “Ultimately, the restaurant’s popularity among social justice warriors proved unable to sustain its rickety business model.”
  • Naval Base Bombed, Shinto Worshipers Fear Backlash – New York Times – December 8 1941.” (Hat tip: Director Blue.)
  • Noted without comment: The @EvilMopacATX twitter feed.
  • LinkSwarm for July 22, 2016

    Friday, July 22nd, 2016

    Haven’t been covering the RNC because I have too much going on. So enjoy this LinkSwarm instead:

  • Full text of Donald Trump’s RNC speech. No I didn’t watch it.
  • “It’s telling that so many city leaders hate their state or national governments, but love supra-national governments like the EU. This shows that their real desire isn’t to go it alone in the marketplace, but to create replacement governance structures that are more amenable to their way of thinking, that constitutionally enshrine their preferences, and are insulated from democratic accountability.”
  • Jerry Pournelle on the real problems in the black community:

    An obvious observation, which hardly anyone seems to make, is that blacks suffer less from racism than from poor education. Harvard does not reject black applicants because it dislikes blacks but because they are badly prepared. Blacks do not fail the federal entrance examination because it is rigged to exclude them but because they don’t know the answers. Equality of opportunity without equality of education is a cruel joke: giving an illiterate the right to apply to Yale isn’t giving him much.

    The intelligent policy is to educate black children, something that the public schools of Washington manage, at great expense, not to do. In fact the prevailing (if unspoken) view seems to be that black children cannot be educated, an idea whose only defect is that it is wrong: the Catholic schools of Washington have been educating black children for years. The Catholic system has 12,170 students in the District, of whom 7,884, or 65 percent, are black.

  • Trump takes lead over Clinton according to that notorious right-wing propaganda organ, the Los Angeles Times. (Hat tip: Ace of Spades HQ, who notes “it certainly looks bad for the Beefy Elderly Drunken Crazylady.”)
  • Wargaming the election in November. (Hat tip: Instapundit.)
  • Ten reasons Trump could win.
  • Borepatch plays Nostradamus: “Trump 366, Clinton 172”.
  • Michael Moore thinks Trump is going to win. I pay very little heed to Mr. Moore’s opinions, but I admit the possibility that he may have more insight into the day-to-day outlook of blue collar, rust belt Americans than I do.
  • Crony capitalism: “Lobbyists Are Behind the Rise in Corporate Profits.” (Hat tip: Director Blue.)
  • Sexual violence in Germany has skyrocketed since Angela Merkel allowed more than one million mostly male migrants from Africa, Asia and the Middle East into the country. The crimes are being downplayed by the authorities, apparently to avoid fueling anti-immigration sentiments.”
  • The Nice jihad truck attack wasn’t spontaneous, it had been planned for months. (Hat tip: Director Blue.)
  • The EU will likely break its own rules to save Italian banks.
  • Massachusetts Attorney General decides she has the power to unilaterally rewrite the state’s gun laws.
  • How millennials are screwed. That will teach them to dress like idiots and listen to music that sucks…
  • Memphis newspaper forced to apologize over accurate headline on the Dallas police shootings, i.e. “Gunman targeted whites.”
  • Why does Elon Musk get to keep sucking up taxpayer subsidies? (Hat tip: Director Blue.)
  • “A talent for teaching simply does not factor into tenure decisions.” (Hat tip: Instapundit.)
  • How the Finns kicked the Soviet Union’s ass in the Winter War.
  • Expose a fake Medal of Honor winner? Get fired.
  • The NBA’s Adam Silver goes full social justice warrior over North Carolina refusing to knuckle under over tranny bathroom demands.
  • Dallas Cowboys wide receiver Dez Bryant accuses Democratic State Senator Royce West of stealing endorsement money from him.
  • Welcome to Masdar City, Abu Dhabi’s half-built ghost town of a “sustainable city.”
  • Anti-Trump protester sets self on fire while trying to burn flag. (Hat tip: Ace of Spades HQ.)
  • Remembering the glory of The Poor Man’s James Bond. What red-blooded American teenage boy wouldn’t want to make his own anti-tank missile? (Hat tip: Director Blue.)
  • Important legal tip: If you’re going to get naked and drunk and hang out with pigs, make sure they’re your own pigs. (Hat tip: Ace of Spades HQ.)
  • It’s a bad idea to eat 75 pounds of cocaine. Even if you are a bear. Or Pam.

    With a bonus Waylon Jennings-in-Las Vegas connection.

  • What’s Happening to Italy’s Banking System?

    Wednesday, July 6th, 2016

    Yesterday’s Brexit roundup mentioned that Italian banks account for nearly half the bad loans for the entire Eurozone.

    Italy is now the heads-on favorite as the most likely instigator of the next global economic crisis. Some analysts are calling it a perfect storm:

    Italy’s bank bailout fund might not be enough to beat back the Brexit. More key Italian financial services firms are under pressure and face the potential need to raise capital, leaving Italian government officials and its banking system trying to steer clear of a crisis.

    As Italian bank bonds and share prices are seeing their value slammed in the face of rising uncertainty, banks with substantial bad loans are facing greater pressure, with rates around the world slipping into negative territory.

    And, of course, they’re blaming Brexit rather than all the myriad problems with the EU that caused the Brexit.

    Italy’s bank bailout fund might not be enough to beat back the Brexit. More key Italian financial services firms are under pressure and face the potential need to raise capital, leaving Italian government officials and its banking system trying to steer clear of a crisis.

    As Italian bank bonds and share prices are seeing their value slammed in the face of rising uncertainty, banks with substantial bad loans are facing greater pressure, with rates around the world slipping into negative territory. It’s an anxiety some in Italy and throughout the European Union may have been hoping would be eased by the Brexit vote last month — but then the U.K. referendum delivered the opposite outcome from the one they had sought.

    “Market volatility following the U.K.’s EU referendum result hit the Italian bank sector particularly hard because it is one of Europe’s weakest,” Fitch Ratings analysts said in a July 4 report. “Asset quality pressure is a main driver for the negative outlooks on several large and medium-sized Italian banks.”

    The Brexit vote, which calls for the United Kingdom to abandon a European Union that has careened for years from one crisis to another, could hasten weak Italian banks’ downfall. It was widely expected that European and U.K. banks will suffer the brunt of the vote in late June, and while British banks have been hard hit by the news — which brings with it tremendous regulatory uncertainty — EU banks have suffered as well.

    Many banks in Italy, including its largest, UniCredit SpA, have seen share prices pounded; its stock is down more than 60 percent so far this year. A staffer at UniCredit could not provide comment when contacted.

    Already, Italian officials and executives appear to be pulling out all the stops to stave off banking sector contagion. The lingering question for banks is whether they can continue to support lending operations at a time when creditors face potential losses and as some of the country’s leading financial services firms could be subject to shotgun M&A marriages by regulators.

    Italian financial services firms earlier this year established a multi-billion dollar fund called Atlante to buy non-performing bank loans. But the fund, which is in the 4-billion euro to 6-billion euro range ($4.43 billion to $6.65 billion), one analyst said, is far too small to cover all the non-performing loans held by major Italian banks. However, the fund could still be leveraged in order to support loan purchases.

    “The authorities need to get banks to remove a large portion of soured loans from their books so they can loan more,” said Julien Jarmoszko, senior research manager at S&P Global Market Intelligence. “If investors fear more Italian banks, this will raise their cost of capital and reduce lending as a result.”

    Look for some sort of holding action for temporary recapitalization (including a “bail in” or some sort of ECB scheme) to let all the insiders dump their bad debts onto the European taxpayer, which was the real point of prolonging the Greek farce.

    More news on that front:

  • Atlante already took control of Veneto Banca after “a €1bn capital increase demanded by EU bank regulators attracted zero interest.” And Atlante may have to tap pension funs for further recapitalization.
  • Italy has also banned short-selling of imploding Banca Monte dei Paschi di Siena SpA. That’s never a good sign, and it never works for long.
  • “It’s bad – non-performing bank loans have risen to 18%. At 10%, most banks are technically bankrupt. That’s the percentage of capital and pledged deposits they have against bad loans. Our pledged deposits, not theirs. At 18%, they’re no longer “technically” bankrupt. They ARE bankrupt! Greece still has bad or non-performing bank loans of 34%, Ireland 19% and Portugal 12%. And we haven’t seen the next serious financial crisis yet.”
  • And bank bailouts could hit Italian sovereign debt right in the bond ratings. “Italian ratings are already at BBB- for S&P, though we must also add that DBRS still ranks the country at AL. Still, if these ratings start to come under pressure from the agencies, this could lead to speculation that Italy may eventually fall out of the investment grade bucket. This would have a major impact – in the first place in terms of the eligibility of Italian bonds for the PSPP.” That’s the European Central Bank’s public sector purchase program.
  • Of course, when push comes to shove, we’re likely to see all sorts of banking rules get thrown out the window…

    Brexit Update for July 5, 2016

    Tuesday, July 5th, 2016

    While the reverberations from the Brexit vote are still being heard, here are a few interesting pieces you might have missed:

  • Nigel Farage resigns as head of UKIP. Hey, he fulfilled his victory conditions! What else has he got left to prove?
  • The elites still haven’t gotten over their defeat:

    As several commentators, from Megan McArdle in The Atlantic to Rupert Darwall in National Review, have noticed, many liberal journalists, representing elites throughout the advanced world, have reacted with indignation to the fact that 52 percent of U.K. voters (many without degrees) have rejected the EU system of supranational government of which the elites approve. Naturally, these journalistic spokesmen argue, the common people could not possibly have good reasons for such an act of multinational vandalism. So they must be inspired by, er, racism, xenophobia, fear of globalization, and related other thought-crimes.

    That account doubtless condenses and oversimplifies the elites’ response to the Brexit shock, which is just one small skirmish in a new class war in advanced societies between geographically mobile, liberal, skilled, high-earning professionals and more rooted, communitarian, particularist, and patriotic citizens (or what British journalist David Goodhart calls “nowhere” people and “somewhere” people). “Nowhere” people simply didn’t grasp the outlook of “somewhere people” in the referendum, not seeing that many decent people who voted for Brexit had such respectable anxieties as loss of community or, one step up, the transformation of their country as motives for casting their votes. So the elites thought the worst. They were still making the same mistake in their television and columnar explanations of the result on Friday morning. But what was remarkable was the Darwall-McArdle thesis that in other countries the elites reacted to the Brexit shock as if personally or spiritually affronted in their own lives. Alarmed, they asked: Why weren’t we told that they might vote for Brexit?

    It’s a hard question to answer.

    One aspect of it, however, is ideologically fascinating. Among the central arguments of those favoring Brexit was that the Brussels system was dangerously undemocratic and that British voters and MPs had lost the power to propose, amend, or repeal failed or oppressive laws. This was a passionate concern among English people who had grown up in a self-governing democracy, who may have fought for it in wars, and who simply couldn’t understand why the loss of their democratic rights didn’t worry their opponents. Yet again and again liberal journalists treated this passionate belief as either abstract or a cover for more primitive emotions and bigotries. Democracy as such was rarely given weight in Remain or liberal debates on the cost/benefit analysis of Brexit. They treat multinational political institutions as such unalloyed goods that it would be impolite to raise questions about such defects as a democratic deficit. Has the knowledge class/meritocracy/cognitive elite/nowhere people/etc., etc. developed not only an intellectual snobbery towards the rest of society, but even an impatient, dismissive contempt for democracy that cannot be openly avowed but that does influence its other political attitudes?

  • “Bigotry! Nativism! Racism! That’s what elites in Britain, Europe and here have been howling, explanations for why 52 percent of a higher-than-general-election turnout of British voters voted for their nation to leave the European Union. But there is plenty of bigotry, condescension and snobbery in the accusations and the people making them. And it’s incoherent to claim, as some do, that it’s undemocratic for voters to decide. That amounts to saying that ordinary people should be content to be ruled by their betters.” (Hat tip: Director Blue.)
  • “I think it’s shocking and appalling to assume because I voted to leave the EU that I’m racist.”
  • Even countries that aren’t contemplating leaving the EU (like France) are demanding changes to EU policies…and threatening to simply stop obeying them. There’s also this tidbit: “Italy’s banks are saddled with 360 billion euros ($401.18 billion) in bad loans.”
  • More on the same subject. “In Italy, 17% of banks’ loans are sour. That is nearly 10 times the level in the U.S., where, even at the worst of the 2008-09 financial crisis, it was only 5%. Among publicly traded banks in the eurozone, Italian lenders account for nearly half of total bad loans.”
  • If the UK can leave the EU. why can’t we leave the UN?
  • London Banker Bonuses Set to Shrivel as Brexit Hits Dealmaking.” My heart bleeds…
  • And what is the UK leaving behind? “EU bans claim that water can prevent dehydration.” Finally someone with the guts to stand up to Big Dihydrogen Monoxide! (Hat tip: Daddy Warpig’s Twitter feed.)