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Governor Romney, in contrast, has not suggested even a partial approach to the budget that has enough detail for independent experts to fully evaluate. He has however insisted on the need for over a trillion dollars more military spending than was recommended by George Bush’s defense secretary, Robert Gates, and for 20 percent across-the-board tax cuts that independent estimates suggest would cost close to $5 trillion over the next decade. To offset these measures that have no counterparts in the president’s proposals, he has spoken of “closing loopholes” without naming any specific items. And he’s done so in the face of repeated demonstrations that even the elimination of every tax benefit for those with income over $200 thousand would raise far less than the totality of his proposals would cost.Following the proceedings of the News Corp annual general meeting, one can’t help but think of the proverbial definition of insanity: doing the same thing over and over again and expecting a different result.

Now let me answer your question another way: I, personally, have taken cash out of my paid-off home to pay for home repairs while at the same time contributed money to my IRA. Isn’t that the same thing?

Because MF Global was an SEC registered Broker-Dealer and CFTC registered Futures Commission Merchant, regulators at all times had full transparency into the nature and extent of MF Global’s trading and risk positions.