As IF Times

link Mexican govt slams Arizona immigration law – Yahoo! Finance.

The tack taken by the Mexican government on this issue is bizarre.  According to this article:

“…The Mexican government criticized Wednesday a tough immigration law approved this week by Arizona legislators, saying it could result in rights violations and racial profiling and affect cross-border relations…”

Well let’s look at this as if you were a sane person.  First of all, the targets of the Arizona crackdown are ILLEGAL immigrants who are FLEEING Mexico in order to live presumably in a more desirable environment.  If things were mucho bueno back at the home hacienda, it’s unlikely they’d be trying to break into another country.

Secondly, the crackdown is in response to increasing violence  caused by many of the criminal element of the trespassers.  The murder of a rancher recently was a spur to action for the lawmakers who have experienced significant upticks in criminal behaviour in the border towns, much of it linked to illegals.  It’s unlikely that people who flee to another country trying to better their lives will draw attention to themselves by engaging in overt criminal behavior.  More likely, the conspicuous troublemakers are actually criminals who are involved directly in the drug trade, expanding their turf and influence.

Nevertheless, anyone who enters a country  illegally should be returned to their country of origin, Mexico or otherwise and made to apply legally as others have before them. Otherwise, why have borders at all? Nobody is against immigration.  People just don’t seem to care for people who blatantly flout the law.  The article goes on to state:

“…Mexico also said the bill “opens the door to the inappropriate use of racial profiling….”

As to profiling, well there is a chance that most illegal immigrants at the southern borders will look Mexican, so I guess cops will gravitate towards those fitting that appearance.  I suppose they could be inclusive and stop blue eyed blondes and red heads and enquire as to their citizenship status.  Elin Woods look alikes, be warned.  They could hang around the Phoenix airport and scrutinize the people getting off planes from Canada.  Yes, you can’t be too careful, illegal Mexican immigrants could be anyone, therefore profiling is just an ineffective and racist tool.

Imagine if you hired an exterminator to get rid of wasps on your property and he frisks dogs and cats to be inclusive.

Finally, I wonder what is meant by “jeopardizing cross- border relations”?  Is the implication that Americans crossing the border into Mexico are causing havoc with their criminal behaviour? Will they consider shutting down the access for Americans to cross the border into Mexico?  Shut off the cheap trinkets, tattoos and Corona beer business?

Mexico has enough problems at the moment with their exploding war on drug gangs.  I suspect the real reason they don’t want the illegals picked on is because they don’t want the drug guys back.  I think it’s only fair though that the U.S. be allowed to send off their undesireables to Mexico as compensation.  Most of Hollywood for example.  A certain ex vice president.  That’ll teach ’em.

link Timothy P. Carney: Goldman rallies for Obama in Wall Street ‘reform’ | Washington Examiner.

This will be interesting.  The general media will not understand that this is the story of the year, bigger than Tiger and yes, even bigger than Kate Gosselin on Dancing with the Stars. 

It appears that Goldman Sachs will be HELPING the administration with reforming Wall St practices!! They are coming out in favour of restrictions on capital use, of use of leverage and certain activities that would place banks in conflict with customers. 

!!! 

You can’t make this stuff up.  Goldman has long been the gold standard on the street, always making the most profit, being involved in the best deals and having the most connected top level people.  In fact the top finance people in the cabinets of many of the previous administrations look like an alumni roll call of ex Goldman people.  All the other banks on the street emulated Goldman’s business models, to the degree that they could and when Goldman created a profitable market space, the others were soon to follow. 

The big bonanza came when Goldman went public in the eighties which allowed not only much much larger pools of capital from which to lever their trading and investment positions, it also allowed the formerly careful partnership the ability to be less scrupulous about the degree of leverage employed in its banking activities.  A prudent person may leverage their postion say, 5 to 1 in order to achieve returns.  From accounts brought to light by books such as The Big Short, leverage was allowed to climb to 30 to 1 in some cases. 

Not to say that this is neccessarily imprudent, because that would be Monday morning quarterbacking, but it was the asymetric risk reward aspect discussed in earlier pieces that led to the  eventual damage to the financial system.  As of now, it’s only speculation as to whether this was imprudence borne of benign management ignorance or recklessness resulting from questionable practices.  In other words, they were either not smart enough, or TOO smart.

Either way, it appears illogical to engage them in searching for fixes. Why don’t they hire Bernie Madoff to advise them?  He’s about as expert as anyone and we know he’s not doing anything for the next 25 years.