Cottonmouth is at it again. The mouthpiece for Mississippi Democrats went into hysterics last week over PERS yet again. Senator Fillingane filed a bill about PERS. What sent Cottonchicken over the edge was some language about mortgage-backed securities (MBS):
"My favorite part, though, is the language that would let PERS retirement funds be invested in mortgage-backed securities (see lines 1241-1243). You may recall mortgage-backed securities as the investment vehicle that nearly ended America in 2008."
Um, no Cottonchicken. It was not the MBS's that nearly ended America, it was the fact the credit ratings agencies were grading them AAA instead of what they should have been - B,C or junk. Text of bill. The language merely authorizes PERS to purchase a long and diverse list of securities, of which MBS's are merely one item. However, once again, Cottonchicken has no clue about what he is talking about because PERS HAS BEEN PURCHASING MORTGAGE-BACKED SECURITIES for quite some time.
Here is the report from the August meeting of the PERS investment committee. Look at Page 10 of this report on the PIMCO II fund. 25% of the fund is........ mortgage-backed securities. Page 14 of this report shows the fund at the time of the committee meeting had a balance just over $27 million. OH MY GOSH!!! HELLLLPPPP!!!! RUN FOR THE DELTA!!!!!!!!! PERS has mortgage-backed securities in its portfolio!!!!
Of course, I'm not too surprised at his ignorance as he once said to me on his blog that reading PERS reports, reading the audits, and going to the committee meetings did not make one an expert. Well, I can understand that coming from a lawyer as when you get so used to manipulating facts for a courtroom you can forget sometimes there is such a thing as actual truth. The truth is MBS's are a legitimate form of investment, as his hero Cecil Brown would tell him. Just as any other investment, their rate of return, risk, and the exposure of PERS is what matters but don't expect such ideas to enter the head of Cottonchicken.
By the way Kingfish, why do you call him Cottonchicken? Well, it seems Cottonchicken will not allow my comments on his website anymore. He's been shrieking about the hiring of Nathan Wells for $112,000 as Speaker Phillip Gunn's policy director. The Dems even sent out a press release on the hiring. Well, I'm going to give you guys some good advice. If you are going to play this game, please get everyone on the same page as EVERY DEMOCRAT ON THE COMMITTEE VOTED FOR THE HIRING OF MR. WELLS. Don't believe me? Here is the video.
If you are going to oppose the hire, then make sure your team does not vote for it. Such basic facts of politics unfortunately seem to escape Cole and Cottonchicken, which might explain why the Mississippi Democratic Party is in such sad shape. This isn't even bad liberal spin, its just plain pitiful. I repeatedly tried to point out the fact the Democrats voted for it unanimously every time Cottonchicken raised it but none of my comments, which contained no fowl language, were approved. Mr. Cottonchicken since then refuses to approve my comments. Apparently our learned lawyer who supposedly believes in free speech and informed debate is an intellectual coward. If this is the form Democratic opposition will take, Mississippi Republicans are going to be in charge for a very long time.
Note: Oh yes, Earle Banks made the statement about hiring Mr. Wells. First, he didn't check his own committee. Second, this is the same Mr. Banks that held a press conference raising hell over the Jackson water bonds, saying he was tired of voting for them only to have Haley and Tate rejecting them. Only problem was, Mr. Banks voted against them.
Monday, January 30, 2012
Cottonmouth: he funny.
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17 comments:
BOOM goes the dynamite!!!! Damn that was a perverbial BITCH SLAP! How did that taste CottonBitch?
And to think it is one of the female readers here that said that. Cottongoober is irrellavent, much like the misunderstood Ladd.
And people who don't know shit about financing should consult with those that do. Very sloppy over there in goober land
Dem or Repub, surely you must agree that 112k for a political lackey for the speaker is a waste no matter who was stupid enough to vote for it.
Paying Compretta was a waste and having the House Clerk play politics an abuse of the office.
Every damned dime spent on the legislature over the past eight years (at least) was a total waste of money. Ain't a watchdog or fiscal conservative among the whole damned lot.
Appears that you got under the Eichelmouth's skin today KF as he had a tantrum just before lunch.
Laughably he tries to bolster his bonafides with some arcane praise from the Y'allP ex-officio as if anybody truly gives a shit what Lange thinks. Because beyond some original content from Corder the Y'allP franchise is deader than a MS yellerdog Donkeycrat doornail.
But, on the bright side, if the Eichelmouth can pick up another 2-3 regular commenters to go along with his trusty sidekick Bova and some semi-regular comments from Billingsley he'll only have one less regular hangin' round than the half-dozen dregs that loiter at the Bugle.
Hmmmm....Bill Gross is the best bond manager in the world. Bill Gross says this is a good time to invest in mortage backed securities, and this yahoo thinks these investments are terrible. Who does he like, some goofball like Suze Orman?
Sorry...am I not supposed to comment on Cottonmouth? I admit it's lonely over there, but don't take away my fun. Some of the things they say over there are just so darn cute! BB
Dem or Repub, surely you must agree that 112k for a political lackey for the speaker is a waste no matter who was stupid enough to vote for it.
Amen to that. The Dems don't want to vote against such handouts, because they haven't given up the hope of being the majority again some day.
Any state rep who needs a "policy director" is apparently unfit to be elected. What does a "policy director" do? KF told us:
Mr. Wells' duties will include advising the Speaker, formulating policy, and acting as a liaison to Representatives.
You don't know what your policy should be? Don't run for office. You can't be a liaison to Reps? Don't run for Speaker. You need advice? Read some blogs and talk to your colleagues ... oh wait, you don't even want to *see* your colleagues, that's why you need someone to "liase" with them for you.
"Downtown Jackson Trash" is a good description for these people.
No, no. Go ahead Bill. By all means. It isn't a knock on you. Besides, Bova's getting lonely over there.
Problem Anderson is McCoy was using the House Clerk to do much of that about which you are protesting AND paying Compretta near Speaker-level dinero for duties not performed.
Didn't read any complaints from you 'bout all that back then.
They were paying Compretta $90,000 a year, Richardson $150,000 or so a year, and then Jerry Barham $60 an hour to be the policy director.
Don't worry, I've filed a request to see how much was paid to Barham.
Cast a wide net KF because Barham worked for McCoy for most of his 8 years as Speaker. You might also want a copy of Barham's taxpayer paid travel expenses because he attended confabs all over the country presenting himself as head of the MS House Legislative Services Office.
Gunn and Snowden are smart enough to leave well enough alone about the abuses that took place during the years the McCoy junta was in charge. They want to move forward to actually make Mississippi a better place and have the maturity to not waste time getting all up in the McCoy era excesses.
My guess is that the Cottongruber, 'Madison' Bobby Moak, Cecil, Brandon, et al, when all is said and revealed, are going to be mighty unhappy at the 'Can of Barham' you opened up.
How's Rita's bill coming along that would require jasmine and box bushes at all state entrances? Does that '66 red dump truck even have an inspection sticker?
Didn't read any complaints from you 'bout all that back then.
I know that I strike most people as omniscient, but the sad fact is that I am not aware of everything that goes on in the universe, and that included this policy-director bullshit.
But I did make clear in my comment that my position on the issue is nonpartisan. Having read my comment, you surely noticed that? Right?
"Fowl comments." Ha, ha.
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