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(Rolling Stone)   "Obama's JOBS Act couldn't suck worse" - so decrees the spittle-flecked gibbering right-wing hatemonger Matt Taibbi   (rollingstone.com) divider line 71
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2260 clicks; posted to Business » on 10 Apr 2012 at 12:04 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-04-10 08:26:09 AM  
Article: It's not liberal enough.
Subby: So, vote Republican!
 
2012-04-10 08:30:32 AM  
Yes, Obama is the best Republican running. That was also true in 2008.
 
2012-04-10 09:14:55 AM  
It could be worse. It could be a full Republican idea of what a jobs bill is. But yeah, the JOBS bill is a piece of shiat, severely lacking in strong proven ideas about how to create jobs. However, it needed GOP votes to get through the House, so it can't actually do anything to create jobs.
 
2012-04-10 09:25:57 AM  

St_Francis_P: Article: It's not liberal enough.
Subby: So, vote Republican Gary Johnson!


FTFY.
 
2012-04-10 09:28:43 AM  

DarnoKonrad: Yes, Obama is the best Republican running. That was also true in 2008.


I've been saying it for years now... Obama is the best Republican president we've had in decades.

'Course the current GOP is so far off in right field these days, even Nixon looks like a raging liberal to them,
 
2012-04-10 09:55:25 AM  

Gulper Eel: Subby: So, vote Republican Gary Johnson!


Howard Johnson is right!
 
2012-04-10 10:04:20 AM  

kronicfeld: Gulper Eel: Subby: So, vote Republican Gary Johnson!

Howard Johnson is right!


Rabrr!
 
2012-04-10 10:05:49 AM  
But the business of America is farking investors up the ass!
 
2012-04-10 10:08:07 AM  
I have noticed that the corporate owned media seems to keep referring to this as Obama's JOBS Act. Why is this piece of Republican legislation being discussed in a manner which makes it sound as though it was something Obama created?

http://www.govtrack.us/congress/bills/112/hr3606 (new window)

This was the bill created by the GOP to keep Obama from calling his jobs bill the JOBS Act and is not Obama's jobs bill. So again I ask; Why would the corporate owned media want to create this false impression?
 
2012-04-10 10:26:27 AM  

TwoHead: I have noticed that the corporate owned media seems to keep referring to this as Obama's JOBS Act. Why is this piece of Republican legislation being discussed in a manner which makes it sound as though it was something Obama created?

http://www.govtrack.us/congress/bills/112/hr3606 (new window)

This was the bill created by the GOP to keep Obama from calling his jobs bill the JOBS Act and is not Obama's jobs bill. So again I ask; Why would the corporate owned media want to create this false impression?


Maybe they're trying to distract us from his War on Women.
 
2012-04-10 10:32:07 AM  

FlashHarry: kronicfeld: Gulper Eel: Subby: So, vote Republican Gary Johnson!

Howard Johnson is right!

Rabrr!


Anal Johnson is right!
 
2012-04-10 10:40:24 AM  
The fact that Matt Taibbi is a spittle-flecked gibbering polemicist is the reason why I don't often read his articles.
 
2012-04-10 11:01:37 AM  

keylock71: I've been saying it for years now... Obama is the best Republican president we've had in decades.


Obama's the best Republican prez since, well, Lincoln. Clinton and Eisenhower rank 3rd and 4th.
 
2012-04-10 11:07:52 AM  

Actual Farking: The fact that Matt Taibbi is a spittle-flecked gibbering polemicist is the reason why I don't often read his articles.


This. Which is unfortunate, because he is writing about some important things and the research seems to be there. If he'd just do away with the cutesy "I am HST re-incarnated" it'd be so much more readable.
 
2012-04-10 11:44:30 AM  

Actual Farking: The fact that Matt Taibbi is a spittle-flecked gibbering polemicist is the reason why I don't often read his articles.


Yep.
 
2012-04-10 12:06:45 PM  

GAT_00: It could be worse. It could be a full Republican idea of what a jobs bill is.


I don't remember seeing anything in there about abortions or gay marriage.
 
2012-04-10 12:07:37 PM  

FlashHarry: kronicfeld: Gulper Eel: Subby: So, vote Republican Gary Johnson!

Howard Johnson is right!

Rabrr!


Now who can argue with that? I think we're all indebted to Gary Johnson for clearly stating what needed to be said. I'm particulary glad that these lovely children were here today to hear that speech. Not only was it authentic frontier gibberish, it expressed a courage little seen in this day and age.
 
2012-04-10 12:11:33 PM  
Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups is a bad thing? Anyone? For Chrissakes, its always a cartoonish us vs. them on every single farking issue , even on a relatively small bill to help out small time entrepenuers and jumpstart a few jobs by updating antiquated rules. Believe it or not but not all finance is evil - some does finance new things and growth.
 
2012-04-10 12:11:41 PM  

Actual Farking: The fact that Matt Taibbi is a spittle-flecked gibbering polemicist is the reason why I don't often read his articles.


the fact that he's a spittle-flecked gibbering polemicist doesn't stop me from reading them. he can be rather amusing at times. and i'm a republican-esque sort.
 
2012-04-10 12:15:06 PM  
Ostensibly, the law makes it easier for startup companies (particularly tech companies, whose lobbyists were a driving force behind its passage) to attract capital by, among other things, exempting them from independent accounting requirements for up to five years after they first begin selling shares in the stock market.

Wow. I bet there are a lot of in-the-know investors out there with a 24 hour boner right now.
 
2012-04-10 12:15:06 PM  

struct: Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups is a bad thing? Anyone? For Chrissakes, its always a cartoonish us vs. them on every single farking issue , even on a relatively small bill to help out small time entrepenuers and jumpstart a few jobs by updating antiquated rules. Believe it or not but not all finance is evil - some does finance new things and growth.


I think he's more pissed that a public company won't have to release independently auditted numbers for the first five years that it's public. That's insane if it's true.
 
2012-04-10 12:17:48 PM  

struct: Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups is a bad thing? Anyone? For Chrissakes, its always a cartoonish us vs. them on every single farking issue , even on a relatively small bill to help out small time entrepenuers and jumpstart a few jobs by updating antiquated rules. Believe it or not but not all finance is evil - some does finance new things and growth.


We're still sore from that multi-trillion dollar farking we just got, I guess.
 
2012-04-10 12:18:14 PM  
Boy, do I feel like an idiot. I've been out there on radio and TV in the last few months saying that I thought there was a chance Barack Obama was listening to the popular anger against Wall Street that drove the Occupy movement, that decisions like putting a for-real law enforcement guy like New York AG Eric Schneiderman in charge of a mortgage fraud task force meant he was at least willing to pay lip service to public outrage against the banks.

Then the JOBS Act happened.

The "Jumpstart Our Business Startups Act" (in addition to everything else, the Act has an annoying, redundant title) will very nearly legalize fraud in the stock market.


Here's a little hint for you, Matt: the banks run our country.
 
2012-04-10 12:23:05 PM  

Arkanaut: GAT_00: It could be worse. It could be a full Republican idea of what a jobs bill is.

I don't remember seeing anything in there about abortions or gay marriage.


Exactly.
 
2012-04-10 12:23:21 PM  
By the sound of it, it will produce positive results for the economy in the short term and push aside the scandalous fallout some years down the road for other politicians to get blamed for it.
 
2012-04-10 12:28:53 PM  

DarnoKonrad: Yes, Obama is the best Republican running. That was also true in 2008.


Obama is far right of Nixon. Which is pretty unacceptable until I start looking at the realistic alternatives. Some people might say that's a cynical outlook. But my intrinsic pragmatism tells me I can't afford to risk much more idealism.
 
2012-04-10 12:30:34 PM  

Donnchadha:
Now who can argue with that? I think we're all indebted to Gary Johnson for clearly stating what needed to be said. I'm particulary glad that these lovely children were here today to hear that speech. Not only was it authentic frontier gibberish, it expressed a courage little seen in this day and age.


What are we made of? Our fathers came across the prairies, fought Indians, fought drought, fought locusts, fought Dix... remember when Richard Dix came in here and tried to take over this town? Well, we didn't give up then, and by gum, we're not going to give up now!
 
2012-04-10 12:33:20 PM  

TNel: Donnchadha:
Now who can argue with that? I think we're all indebted to Gary Johnson for clearly stating what needed to be said. I'm particulary glad that these lovely children were here today to hear that speech. Not only was it authentic frontier gibberish, it expressed a courage little seen in this day and age.

What are we made of? Our fathers came across the prairies, fought Indians, fought drought, fought locusts, fought Dix... remember when Richard Dix came in here and tried to take over this town? Well, we didn't give up then, and by gum, we're not going to give up now!


Rrrawree!!
 
2012-04-10 12:34:15 PM  

Quasar: By the sound of it, it will produce positive results for the economy in the short term and push aside the scandalous fallout some years down the road for other politicians to get blamed for it.


As much as I hate to admit it, I knew that the next period of growth would be based on bubble economics. That being said, I will plan accordingly and cash out most of my assets before the next bubble pops. THEN I will use my cash to purchase more assets at fire sale prices. Cars, rentals, etc.

I should be set by 50 or so. Retired. Done. Then like the Boomers, I will tell the younger generation,

Fark you, got mine!
 
2012-04-10 12:40:38 PM  

TNel: Donnchadha:
Now who can argue with that? I think we're all indebted to Gary Johnson for clearly stating what needed to be said. I'm particulary glad that these lovely children were here today to hear that speech. Not only was it authentic frontier gibberish, it expressed a courage little seen in this day and age.

What are we made of? Our fathers came across the prairies, fought Indians, fought drought, fought locusts, fought Dix... remember when Richard Dix came in here and tried to take over this town? Well, we didn't give up then, and by gum, we're not going to give up now!


My inner five-year-old is still amused that there was an actor named Dick Dix...
 
2012-04-10 12:41:07 PM  
He may not be right wing, but he's surely spittle-flecked.
 
2012-04-10 12:41:34 PM  

struct: Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups allows a public company to legally doctor its books for the first 5 years of being publicly traded is a bad thing? Anyone? For Chrissakes, its always a cartoonish us vs. them on every single farking issue , even on a relatively small bill to help out small time entrepenuers and jumpstart a few jobs by updating antiquated rules. Believe it or not but not all finance is evil - some does finance new things and growth.


You are arguing a point that the article is not against.

//I am all for increased competition and easier access to markets and capital for small business. I am not for fraud. Unfortunately, it seems (I have not read the bill and am not making a definitive statement) that this bill allows both.
 
2012-04-10 12:42:18 PM  

The Brains: Quasar: By the sound of it, it will produce positive results for the economy in the short term and push aside the scandalous fallout some years down the road for other politicians to get blamed for it.

As much as I hate to admit it, I knew that the next period of growth would be based on bubble economics. That being said, I will plan accordingly and cash out most of my assets before the next bubble pops. THEN I will use my cash to purchase more assets at fire sale prices. Cars, rentals, etc.

I should be set by 50 or so. Retired. Done. Then like the Boomers, I will tell the younger generation,

Fark you, got mine!


Sadly I am beginning to think a plan like this is best. I don't have much today but I have good income for the foreseeable future. I am interested in your news letter.
 
2012-04-10 12:42:36 PM  

Kar98:

Rrrawree!!


Olson Johnson is right. What kind of people are we anyhow? I say we stay and fight it out!


//God I love that movie, my wife has no idea how I can watch that movie so often she thinks it's a stupid movie.
 
2012-04-10 12:43:05 PM  

Gulper Eel: St_Francis_P: Article: It's not liberal enough.
Subby: So, vote Republican Gary Johnson!

FTFY.


Ooooooohhhh Long Johnson!
 
2012-04-10 12:47:10 PM  
Dammit, the world would be such a better place if I was simply made Dictator and everyone was forced to Agree with Me!
 
2012-04-10 12:58:02 PM  

jst3p: The Brains: Quasar: By the sound of it, it will produce positive results for the economy in the short term and push aside the scandalous fallout some years down the road for other politicians to get blamed for it.

As much as I hate to admit it, I knew that the next period of growth would be based on bubble economics. That being said, I will plan accordingly and cash out most of my assets before the next bubble pops. THEN I will use my cash to purchase more assets at fire sale prices. Cars, rentals, etc.

I should be set by 50 or so. Retired. Done. Then like the Boomers, I will tell the younger generation,

Fark you, got mine!

Sadly I am beginning to think a plan like this is best. I don't have much today but I have good income for the foreseeable future. I am interested in your news letter.


I used to be very idealistic. I thought that I would change the world, that I would become a vehicle for progressive ideals. I still hold hope that I will effect a postive change in those around me.

This does not translate into the economic world, though. Economics is a very complex field that the average person just doesn't understand. The average person doesn't understand some of the most basic concepts, such as how deregulating the way that oil contracts are sold can artificially raise demand. Nope. It's that damn Obama, or in '08 that damn Bush. Clinton was the one that signed the Commodities Futures Modernization Act, though.

So quite frankly, I've decided to quit talking about it, except with my fellow friends at Fark and a few others, including my girlfriend. (She has a 4 bedroom that will eventually become our first rental, if we get married.)

At 29, I can say with a fair bit of authority that most of my generation are lazy, apathetic dumbarses that are barely fit for employment at McDonald's. I can also say that the older generation are consumption-based parasites that would sell my generation down river with another $15T in debt for one more big bull run of 10 years so they can go buy more crap from the malls.

My blinders have been ripped from me. I will invest, but my investments will be rental properties that will be run as efficiently and cheaply as possible without earning the title "slumlord." I will not go into debt for anything again, unless it is a.) a multi-unit building, or b.) my law degree. I beat the drum for years, fought the good fight, but the only people that I made think more were the people who were already thinking, anyways.

/I tried, then I gave up. Will enjoy retirement at 50.
 
2012-04-10 12:58:05 PM  
We've undergone massive deregulation under Reagan, Bush I, Clinton, and Bush II. The last thing we need is fewer regulations. What we need is a clean sweep of the current regulators, they're all in bed with the people they're supposed to be policing. The SEC is a joke.
 
2012-04-10 01:00:04 PM  

struct: Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups is a bad thing? Anyone? For Chrissakes, its always a cartoonish us vs. them on every single farking issue , even on a relatively small bill to help out small time entrepenuers and jumpstart a few jobs by updating antiquated rules. Believe it or not but not all finance is evil - some does finance new things and growth.


I did some digging on this a while back, the last time it came up, and if I'm remembering correctly, this pile o'crap is an amalgamation of about six different bills that were all mashed together. While one of them did actually do what you say, allow small time entrepreneurs to jumpstart a few jobs, it was piled on by the industry lobbyists and twisted into an unholy being of corruption.

The original proposal I understood was that this was going to bring in crowdfunding for small business startups, basically set up an SEC-regulated Kickstarter. The SEC didn't just make a rule to do that, however, so it was rolled into a bill that was quickly modified beyond recognition. The original proposed SEC rule was something like $100,000 in capitalization before you had to start getting an independent accountant in to look at the books - now it's all the way up to $5,000,000. The rule had shorter grace periods before reporting, as well, I believe. And I think individual contribution to the capitalization was also capped, something like $10,000 maybe?

Anyway, what started out as a way for truly small businesses to just get off the ground and attract startup capital like an actual business, instead of some charity/giveaway workaround like kickstarter got hijacked by the capitalist crony types who saw this as an opportunity to let them start up pump-n-dump quickie businesses that will let them launder shady money through multiple investments, cook up quick capitalizations and even quicker cash-outs, and otherwise legislate themselves a five-year investment bubble that can be pushed off on the suckers down the line.
 
2012-04-10 01:15:58 PM  

St_Francis_P: Article: It's not liberal enough.
Subby: So, vote Republican!


Nope. I am betting subby has seen enough Fark threads where criticism of Obama was met with:

"You just hate out black President!"
"Shut up Freeper!"
"Look! Another Fark Independent TM"

It's amazing that so many assume you cannot be critical of the administration unless you are a Republican.
 
2012-04-10 01:17:35 PM  

Quasar: By the sound of it, it will produce positive results for the economy in the short term and push aside the scandalous fallout some years down the road for other politicians to get blamed for it.


In other words, the same thing we've been doing for at least 30 years.
 
2012-04-10 01:18:19 PM  

Bleyo: struct: Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups is a bad thing? Anyone? For Chrissakes, its always a cartoonish us vs. them on every single farking issue , even on a relatively small bill to help out small time entrepenuers and jumpstart a few jobs by updating antiquated rules. Believe it or not but not all finance is evil - some does finance new things and growth.

I think he's more pissed that a public company won't have to release independently auditted numbers for the first five years that it's public. That's insane if it's true.


Its already two years, you don't seem too angry about that. Keeping up with all of that paperwork is extremely expensive for the little guy, they may not be able to do it as well as a Google or Apple and will, as a result, not get public funding and will get bought up. Which is happening.
 
2012-04-10 01:18:23 PM  
Spittle-flecked: yes
Gibbering: yes
Right-wing: no
Hatemonger: yes

I guess three out of four isn't bad.
 
2012-04-10 01:21:17 PM  
Is it just me, or does the photo in TFA look like an Iranian-quality photoshop job?

The lighting is oddly different on Obama than on the people behind him. If it's authentic, it's one weird-looking photo.
 
2012-04-10 01:40:55 PM  
Groupon shoulda waited for the JOBS Act before going public.
 
2012-04-10 01:44:25 PM  

phyrkrakr: struct: Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups is a bad thing? Anyone? For Chrissakes, its always a cartoonish us vs. them on every single farking issue , even on a relatively small bill to help out small time entrepenuers and jumpstart a few jobs by updating antiquated rules. Believe it or not but not all finance is evil - some does finance new things and growth.

I did some digging on this a while back, the last time it came up, and if I'm remembering correctly, this pile o'crap is an amalgamation of about six different bills that were all mashed together. While one of them did actually do what you say, allow small time entrepreneurs to jumpstart a few jobs, it was piled on by the industry lobbyists and twisted into an unholy being of corruption.

The original proposal I understood was that this was going to bring in crowdfunding for small business startups, basically set up an SEC-regulated Kickstarter. The SEC didn't just make a rule to do that, however, so it was rolled into a bill that was quickly modified beyond recognition. The original proposed SEC rule was something like $100,000 in capitalization before you had to start getting an independent accountant in to look at the books - now it's all the way up to $5,000,000. The rule had shorter grace periods before reporting, as well, I believe. And I think individual contribution to the capitalization was also capped, something like $10,000 maybe?

Anyway, what started out as a way for truly small businesses to just get off the ground and attract startup capital like an actual business, instead of some charity/giveaway workaround like kickstarter got hijacked by the capitalist crony types who saw this as an opportunity to let them start up pump-n-dump quickie businesses that will let them launder shady money through multiple investments, cook up quick capitalizations and even quicker cash-outs, and otherwise legislate themselves a five-year inv ...


If it's aimed at tech companies then I could understand raising the capital limits (I think I've got at least 4 pieces of equipment that EACH cost >$100,000; admittedly I work in an academic lab), but the 5 year waiting period makes no sense to me....
 
2012-04-10 01:49:03 PM  
Note to self - sell short tech companies 5 years after they go public.
 
2012-04-10 02:23:20 PM  

struct: Can anyone explain how a bill that gets more access to capital markets and crowdsourcing to startups is a bad thing? Anyone?


Yes. Taibbi can explain it to you. Go RTFA.
 
2012-04-10 02:25:34 PM  
Something people on both sides of the political spectrum need to learn is this. Stop giving the other side so much ammo to work with.
 
2012-04-10 02:36:53 PM  
What a farking lame waste Obama has been.
 
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