In this time and age, it would be wise to stay away from CEO's as government leaders...

[jmowreader]

26. Foxes like Romney are different from your standard henhouse-guarding foxes

You get your standard henhouse-guarding foxes together and life is simple: They eat the chickens and leave.

Foxes like Romney are a different story.

They first eat all the chickens because they're foxes and...well, that's what foxes do.

Next, they sell chicken-backed securities (CBS)--bonds whose underlying securities are chickens. Specifically, the ones they ate.

Very few people buy the CBS because the investing community knows the issuers are foxes. So the foxes tranche the CBS into chicken debt obligations (CDO--any resemblance to the other kind of CDO is completely coincidental), which they then tranche with non-chicken debt obligations into CDO-squareds. These they can and do sell because the CBS are buried so far inside other securities that no one can tell the securities at the base of the whole pyramid--the chickens--were turned into fox shit many months ago.

When the whole house of cards collapses because someone realizes its foundation is a henhouse full of chickens Romney and his buddies ate the first day they were on duty, the investors (which, in a rational financial system, would be better known as 'marks') go straight to the government and demand to be bailed out. After they get bailed out, they immediately go to Fox News (sorry) and complain about how the government is throwing good money after bad bailing out Wall Street.

Tonight we're running an AP story on Romney's plans to build up the Air Force and Navy, add 100,000 troops to the military's endstrength, increase military spending to 4 percent of GDP, and cut taxes at the same time. We heard this one before--in 1981 through 1989--and the problem Romney has is, he isn't starting with a 70-percent top rate like Reagan was.