Thursday, May 07, 2009

Corruption So Normal No One Noticed

I guess they finally did.


Stephen Friedman, the chairman of the Federal Reserve Bank of New York, abruptly resigned on Thursday, days after questions arose about his ties to Goldman Sachs.

Mr. Friedman was chairman of the New York Fed at the same time he was a member of Goldman’s board. He also had a substantial stake in the firm as the Fed was crafting a solution to keep Wall Street banks afloat. Denis M. Hughes, deputy chair of the board, will take over as the interim chairman, the New York Fed said in a statement. (Read Mr. Friedman’s letter after the jump.)

Rope

Filler

Thursday Night Thread

enjoy

Mustard Madness

zomigod!

Happy Hour Thread

enjoy

Good Luck With That

I have no idea how GMAC could raise 13 billion bucks.

Monthly Bet

Monthly jobs report comes out tomorrow. Consensus forecast is -600K. As usual I'll go with the under bet, predicting even more lost jobs.

Afternoon Thread

enjoy

Dead People

Froomkin's thoughts on innocent deaths in Afghanistan are sobering. That's the good war we won in 2002 just in time to go to war in Iraq, in case you've forgotten.

Journalists Is Weird

Marc Ambinder edition.

Pincus

Has a piece which is worth reading.

Dear American Blacks

It's a complete mystery why African-Americans tend not to like Republicans.

Local News

I always hear that people aren't really interested in local news, but local teevee news seems to be pretty popular. And I think local teevee news often gets a bit of a bad rap. I'm not saying it's always engaging in hardhitting investigative journalism, but nor are newspapers. I'm also not saying that they're covering all of the important things all the time. But, locally at least, they do a decent job of explaining what's going on in the community.

My take - potentially wrong - is that local newspapers often fail to make local news interesting and, yes, entertaining. The dry view from nowhere balanced reporting is an even worse model for local reporting. It makes things that people are actually familiar with dull and colorless. Zoning board meetings are horribly boring, but reporting on them doesn't have to be.

Wanker of the Day

Fred Hiatt.

Thursday Is New Jobless Day

Closest thing to good news in the labor market yet, but we're still in holy crap territory and continuing claims are at new record.
The number of U.S. workers filing new claims for jobless aid unexpectedly fell by 34,000 last week, Labor Department data showed on Thursday, while a four-week average of new claims declined for a fourth straight week. Initial claims for state unemployment insurance benefits dropped to a seasonally adjusted 601,000 in the week ended May 2 from a revised 635,000 the prior week, the Labor Department said. It was the lowest reading since late January.

Who Cares What Either Of Them Think?

I have no idea who - actually, or conceptually - wrote this headline, but...who the hell cares?
Opinion » The Conversation Who Will Replace Souter? Here’s hoping for someone Gail Collins likes, and David Brooks can live with.

Whatever flaws are existing system has, they aren't that random people employed by the New York Times might not have enough say in the outcomes.

Dead of Night Thought

One of the Glories of Our Democracy is our Supreme Court, which has never succumbed to rank partisanship. Also, the Electoral College is still a fantastic idea.

Deep Thought

I really think John Boehner should be on the teevee more often.

Wednesday, May 06, 2009

Wednesday Night Thread

enjoy

Republicans And Women

I have no idea why the Republican party might be having a bit of trouble getting the votes of a pretty large bit of the population.

Evening Thread

enjoy

Since There Are So Few Opportunities To Say Nice Things About Jeff Sessions

We must congratulate him for having a non-troglodytic thought.

Time For Another Blogger Ethics Panel

A crisis in the blogosphere!

Not Over

I really don't think most policymakers understand this.
The homeowner association delinquency rate can serve as a leading indicator of sorts because homeowners usually stop paying dues before they stop paying their mortgage. The 90-day delinquency rate on dues for the 260 homeowner associations in California managed by Merit Property Management jumped to 5.3% in March from 2.8% last June. Delinquencies first spiked to 2.6% in December 2007 from 0.8% in March 2007.

The Journal looked at how banks were beginning to ramp up foreclosures after holding off for several months. Pre-foreclosure notices in California spiked in March after a state law had suppressed foreclosures at the beginning of the year.

Lunch Thread

Late lunch for me today.

Variety

As Matt says, there isn't a choice between urban hellhole and exurban hellhole. While I've accepted the fact that no matter how often I try to explain this point some people, for whatever reason, will fail to understand, I do get that not everyone wants to live in an urban hellhole, that for lots of people what we generalize as "suburbia" is roughly what they want.

But you can build a "suburbia" which is, while still mostly car-centric, not entirely car dependent. Older inner ring suburbs are examples of this, as are some newer developments in various places. Often developers face resistance and are unable to build these places, and sometimes policies make it illegal or just unworkable.

Deep Thought

Arlen Specter is the junior senator from Pennsylvania.

And Maine

Kudos to Gov. Baldacci for signing marriage equality bill.

Of Course It Never Was Just Subprime

And this late journalists should really stop talking about it as if it was.

The number of U.S. homes valued at more than $729,750, the jumbo-loan limit in the most affluent areas, entering the foreclosure process jumped 127 percent during the first 10 weeks of this year from the same period of 2008, data compiled by RealtyTrac Inc. of Irvine, Calif., show. The rate rose 72 percent for homes valued at less than $417,000 and 78 percent for all homes, RealtyTrac said.

PEOPLE ON THE INTERNETS ARE MEEEAAAAANNN

Whiny ass titty baby rich people.

Judge Gonzalez earlier ordered the disclosure of identities of the Chrysler creditors, who had said making them public could lead to retaliation. A lawyer representing them claimed that the creditors had been harassed, and some had even received death threats.

Judge Gonzalez, said that their lawyers had not presented enough evidence of risk and gave the creditors until Wednesday morning to reveal their identities. The primary evidence cited by their lawyers was a set of anonymous comments on The Washington Post Web site.


Actual death threats are of course bad and should be investigated, but they're also, you know, not that common because few people are stupid enough to make them.

The South Uprises Again

Nobody could have predicted that the election of an African-American president would cause Southern states to start declaring their independence.

BLOGGERS ARE MEEEEEEEEEEEAAAAAAAAAN

I thought that genre died out when Little Debbie left her job at the Washington Post.

0, 1, 5, 10,... ok Maybe $34 Billion

Think of all the insider trading opportunities there may have been with all of the conflicting press reports.

May 6 (Bloomberg) -- Regulators have determined that Bank of America Corp. requires about $34 billion in new capital, the largest need among the 19 biggest U.S. banks subjected to stress tests, said a person with knowledge of the matter. Bank of America fell 9 percent in trading before U.S. exchanges opened.

Morning Thread

Tweety's Tribe

digby notices Joan Walsh slapping down Tweety on firefighters and diversity.

Joan Walsh: because the fact of the matter is that they have protected those jobs for their brothers, for their sons and they're public sector jobs. This isn't the family business, Chris. Bravery comes in all colors.

Tuesday, May 05, 2009

Optimism

Well, I hope that Big Media Matt is correct that even if the administration bankster bailout isn't optimal, it'll work well enough that it won't matter all that much.

I see round 2 of the foreclosure wave coming...

Evening Thread

Happy Hour Thread

enjoy

The Club

While it's sometimes frustrating (see Lieberman, Joe), a minimum requirement for membership in a political party is that you at the very least don't root for the other team's guys to win.

Ridge

While I also think Toomey would beat Ridge in a Republican primary, I think he probably has a bit more warm fuzzy goodwill and less antagonism from Republicans in the state.


...and depending on your perspective, this poll either validates my point or destroys it! But, anyway, I'm not surprised by this poll showing Ridge beating Toomey. That's my "warm fuzzy goodwill" point. Toomey and right wing talk radio haven't been going after Ridge like they did in '04 (and since) against Specter.

Teen Driving Restrictions

On one hand I'm not a tremendous fan of teen driving, but on the other hand they just live in the world we created for them which in most cases means an expectation that they will be able to drive. I think parents probably don't think enough about the costs of suburban and exurban location decisions - additional cars and/or much time spent being chauffeurs, the social isolation - for their teenage children, but such decisions are usually made when children are younger and the appeal of the suburbs is stronger.

There's also the class issue, difficulty in getting someone to rack up those hours with you, though I don't know what the enforcement mechanism is for such things.

So, HB67 would require 65 hours of driving experience for teens seeking a license, including at least 10 hours of nighttime driving and five hours of driving in inclement weather. It also would forbid junior drivers to have more than one passenger under age 18 in the car (exceptions are proposed for family members).

In states where restrictions like these exist, teen-caused crash fatalities and injuries have plunged.

In other words, the laws protect teens from themselves - and the rest of us from them.




"If we'd known [about the statistics on teen driving], I believe things would've turned out differently for Lacey," Denise said yesterday, her voice heavy with regret as she watched over the toddlers she baby-sits in her home day-care. "We would've made different decisions."

Deep Thought

I can see why Richard Cohen is so threatened by affirmative action. He might be the last white man at the Post.


Post Opinion Writers

* Joel Achenbach
* Anne Applebaum
* David S. Broder
* Jonathan Capehart
* Richard Cohen
* Jackson Diehl
* E.J. Dionne Jr.
* Marc Fisher
* Dan Froomkin
* Michael Gerson
* Fred Hiatt
* Jim Hoagland
* David Ignatius
* Robert Kagan
* Al Kamen
* Colbert I. King
* Michael Kinsley
* Charles Krauthammer
* William Kristol
* Sebastian Mallaby
* Ruth Marcus
* Harold Meyerson
* Dana Milbank
* Courtland Milloy
* Kathleen Parker
* Steven Pearlstein
* Eugene Robinson
* Robert J. Samuelson
* George F. Will
* Fareed Zakaria

Members of the Editorial Board


Fred Hiatt
Jackson Diehl
Jo-Ann Armao
Jonathan Capehart
Lee Hockstader
Chuck Lane
Ruth Marcus
Eva Rodriguez

Afternoon Thread

enjoy

Clear Channel

I'm so old I can remember when Clear Channel was kind of a big issue for liberals. It isn't really, anymore, I guess for a few reasons. One is that we've just gotten used to sucky radio and turned elsewhere. Two is that its relative influence has declined (see one). Will the company sink under the weight of Big Pharma?

Arlen

Josh is right that Arlen's cocky. Some of that is his personality. Some of that is the mental disorder that generally sets in after being a senator for a few decades. The other thing is that he's been remarkably successful at doing what he wants while engaging in enough bullshit to con the Philadelphia Inquirer editorial board every 6 in years into believing his "moderate" bullshit.

The only way to get him to do the right thing is to have a credible primary challenger in the wings, whether that's Specter Sestak or someone else.

And Then The Black People Took All The Supreme Court Spots

As Digby says, the explicit conversation and subtext suggesting underlying assumptions about race and gender in our world shows just how stupid and/or racist and misogynistic the Villagers are. The idea that for any job, especially something like Supreme Court judge, there's one "most qualified" person who can be determined is just idiotic. When the white guy is chosen, all of the people who bemoan the evils of affirmative action nod and clap at how "qualified" he is, despite the fact that generally white men are the greatest beneficiaries of various forms of affirmative action in this society, from inherited wealth and privilege, to the good old boys' club, and to, of course, fluffing by our media.

He Has An Editor

Just adding one little thing to Glennzilla's post... Jeffrey Rosen has an editor, his name is Franklin Foer, and he thought Rosen's piece was worth publishing, or if he didn't his nominal boss, Marty Peretz, did.

And Then The Black People Took All The Jobs

I've never understood what it is with white male faux-liberals of a certain generation who are obsessed with affirmative action. Unsurprisingly, it's the most important issue for Richard Cohen. And as he elevates this issue to supreme importance, with no irony he writes:

For most Americans, race has become supremely irrelevant. Everyone knows this.


What color is the sky in his world?

As Rush Said Today

I guess "Red State" is actually only important - as a cog on the broken conservative machine, or as "important" in the blog universe - because they keep telling themselves they are. But man are they funny.

Morning Thread

by Molly Ivors

Just until Dad gets up.

Monday, May 04, 2009

Late Night

Rock on.



Going Back In Time

Thinking about this stuff because...Boehlert wrote a book!

Deep Thought

I really do miss The Horse. We all kinda suck in comparison.


...somewhat related, while I think Begala and (especially) Carville became increasingly seen as part of the cozy problem by many, there was a time, when Flight Suit Boy could do no wrong, that they were the lone fighting liberals in the mainstream media.

Invade Their Countries, Kill Their Leaders, And Convert Them To Christianity

Obviously it was never clear who "they" were except to people like Ann Coulter, but I'm so old I remember when National Review was "respectable" enough to fire her for writing that. I think they owe her an apology.

Monday Night Thread

enjoy

Big Belly

Philly has yet to master the art of keeping the city clean. Hopefully these help a bit.


Called the BigBelly, the new can on the block - in this case, 15th Street and JFK Boulevard at JFK Plaza - has a solar panel that powers a trash compactor, allowing the bins to accept four to eight times as much waste before being full.

Instead of having to be emptied 19 times a week - like the current wire bins - the BigBellys are expected to hold out for more than a day and require emptying only five times a week, saving staff time, fuel costs, and greenhouse-gas emissions.

...

Of those, 210 will have companion recycling bins - marking the debut of on-street recycling in Center City. This, too, could produce savings because landfilling is more expensive than recycling.


The complete lack of any public recycling has been awful. I'm not exactly convinced by claims about saving taxpayer money, but hopefully they'll at least help keep the city a bit cleaner.

Evening Thread

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What's Good For Goldman Sachs Is Good For America

Not actually true, of course, but the system is so corrupt that nobody is even bothering to pretend otherwise.

Deep Thought

I bet if you get the same bunch of old white Republicans in a room and give them a snazzy new organization, they'll raise a bunch of money and save the party. Well, that first bit at least.

Fresh Thread

enjoy

Journamalism

TNR edition.

The Smartest Senator

Should be fun.

Sen. Jeff Sessions (R-Ala.) will take over the ranking member position on the Senate Judiciary Committee after striking a deal with his more senior colleagues over the weekend, sources confirm to The Hill.

I'm Pretty Sure

Stuart Taylor is covering up his fondness for goat fucking by remaining mostly mum on the subject.

Missing It Again

As the NYT says, the Obama administration has made a tremendous mistake in not pushing harder for cramdown legislation. My understanding is that they were for it but not exactly twisting arms.

The ARM recast implosion, the second major foreclosure wave, is on its way. I don't want to hear any of this "nobody could have predicted" crap from Larry and Timmeh.

Bankster Madness

BoA either is or isn't planning on raising a large amount of money, and that amount may or may not be $10 billion.

Anyone Else

By anyone else, Jane Harman of course means "members of Congress and people named Jane Harman."

Harman has described the wiretap as an abuse of government power. But sources have told The Washington Post that she was not being surveilled; the tapped phone belonged to the suspected Israeli agent, who happened to talk to her.

"I will not quit on this until I am absolutely sure this can never happen to anyone else," Harman told the AIPAC audience, which warmly applauded her. She said the incident was having "a chilling effect" on members of Congress who "care intensely about the U.S.-Israeli security relationship . . . and have every right to talk to advocacy groups."



The absurdity is obvious. Dirty fucking hippies like me were horrified at the illegal warrantless wiretapping program and general expansion of the surveillance state in part because of the potential for political abuse (frankly, given the rubber stamp FISA court and rubber stamp Congress what other point would there be?). Jane Harman and her pal Joe Klein heaped scorn on dirty fucking hippies for such crazy views. Harman gets caught up in what appears to be a perfectly legal wiretap not aimed directly at her, though the release of the details of it might be evidence of the kind of political abuse possible in any surveillance program. Suddenly Harman is a staunch defender the right of People Like Jane Harman to not be wiretapped.

Good Policy

We seem to devote, in various ways, a lot of resources to preventing people from driving drunk, from education and ad campaigns to, of course, police enforcement. The generally unacknowledged truth is that basically everyone who drives somewhere and drinks on a regular basis occasionally (or more frequently) drives over the legal limit. And the other generally unacknowledged truth is that people with money for good lawyers find ways to get around their DUI charges. Late night public transit provides another option for people.

Nightclubbers can raise a glass to this: Metro light rail could be on the verge of offering late-night service on weekends.

Trains now begin their final runs on the 20-mile line at 11 p.m. But Metro officials will propose Wednesday that, starting July 1, the last runs begin at 2 a.m. for late Friday- and Saturday-night revelers.


This is in Phoenix. But, anyway, too many places seem to stop their major services just a little bit too early. Philly subways stop at about 12:30, but overnight bus replacement on those routes and overnight bus/trolley service on other major routes within the city does exist. Cabs within the city are also an available and reasonably affordable option. It's a bit more of a problem for people coming into the city, though the've made small steps towards having expanded late night regional rail service. The PATCO train to New Jersey runs all night, if not all that frequently, so drink up garden staters!

Still Might Not Happen,But...

Bye bye Globe?

The New York Times Co. said last night that it is notifying federal authorities of its plans to shut down the Boston Globe, raising the possibility that New England's most storied newspaper could cease to exist within weeks.

After down-to-the-wire negotiations did not produce millions of dollars in union concessions, the Times Co. said that it will file today a required 60-day notice of the planned shutdown under the Worker Adjustment and Retraining Notification law.

Predawn Thread

by Molly Ivors

Deep Thought: Sleep is for people who have their grading done.

Sunday, May 03, 2009

Thread

Just thread.  

Sunday Night Already?

That was fast.

Back To The Future

Portland streetcar map...from 1912.

Evening Thread

enjoy

Deep Thought

I used to dislike the senior senator from Pennsylvania, but now I think he's just dreamy.

Afternoon Thread

A trip to Lowe's for me...oh happy day.

Shutting Down The Globe

I wonder if the Times will actually do it.

Often when journalists write about the horrors of the decline of newspapers, they fail to address the tension between newspapers as businesses and newspapers as important civic institutions.

Affordable Housing

There is a lack of it any many places, especially for families and especially located near good transit connections. Of course that's in part due to a lack of good transit connections...

Light Blogging

'Cause it's the weekend and occasionally I like to go out and dodge the bullets whizzing around my urban hellhole.

Sunday Bobbleheads

Leah, Hatch, Seblius, Napolitano, and acting CDC Director Besser on This week.

Sebelius, Napolitano, Specter, Besser on Meet the Press

Specter, Besser, Sebelius, Napolitano, on Face the Nation.


Document the atrocities!

Sunrise Thread

With coffee and croissants.

Saturday, May 02, 2009

Overnight

Just guessing, but I bet a bunch of Republicans will be on the Sunday shows tomorrow.

Saturday Night

I think it's alright.

Fresh Thread

Extra innings edition.

If You Hate Your Car

Walkscore gives you the top 138 places you should consider moving to.

My neighborhood clocks in at 113.

Even More Thread

I'm out watching my local sports franchise.

Afternoon Thread

enjoy

Recast

I do worry that our policymakers think the foreclosure problem underlying the financial crisis is basically over. If so, they're wrong. Very wrong.

Tanta, who is sadly no longer with us, in an old post reminds me to use the correct terminology to describe the problem. Option ARM rates are going to be recasting soon and in increasing numbers. That's the magic moment when people can no longer make minimum payments, when they can longer make interest-only or neg-amortization payments.

When that magic moment comes, all of those people are going to look at how high their now unaffordable mortgage payments are. Then they'll look at how much their house is actually worth relative to how much though owe. Then, maybe, they'll try one of the various initiatives to modify their mortgage terms. And then, quite likely, they'll jut walk away.




This is why cramdown legislation was so important. It had the benefit of potentially helping people stay in their homes, but it's also necessary to help ease the pain of the next foreclosure crisis wave which, as the chart tells us, hasn't even really started yet.

Where'd All These Rich People Come From

It was a bit of a mystery to me, for awhile, why there were so many of them. Not anymore.

Radical

Of course Lindsey's just going to be shocked when he discovers that whoever Obama nominates is a radical (not really, but to Lindsey!) and then, more in sorrow than in anger, is "forced" to block the nominee.

Banksters

They own the Senate.

The defeat clears the way for a final vote as early as Friday for the legislation, which has several features that the banking industry has sought. One provision would have the effect of reducing a proposed special premium the banks would owe the Federal Deposit Insurance Corporation later that year by more than 50 percent — a $7.7 billion saving.


Banks getting eated every week. Taxpayers gonna get eated too.

Wanker of the Day

Mike Galanos.

Dead of Night

These guys actually live in my backyard, with the chickens. True story.

Friday, May 01, 2009

Late Night

The sound here isn't great, but this is my favorite rock song with lyrics written from the perspective of a housecat, maybe of all time.

EATED

America West Bank, Layton, UT gets EATED.

Friday Evening Thread

enjoy

Friday Cat Blogging

EATED

Citizens Community Bank, Ridgewood, NJ gets EATED.

EATED

Silverton Bank, N.A., Atlanta, GA gets EATED.

It's a big one, a commercial bank.

Fresh Thread

enjoy.

Leaving Money On The Table

In my utopia, intra-city public transit would be cheap or even free. But in my utopia it would also be better funded. I think it's a mistake to mistake to lose all that revenue.

SEPTA will offer free rides on the Broad Street Subway Sunday for the 30th annual Blue Cross 10-Mile Broad Street Run.

Participants who take public transportation into Center City or drive and park at the finish line at the southern end of Broad Street, can travel on the Broad Street Line to Olney Transportation Center near the starting line at Broad and Somerville streets. At the end of the race, SEPTA trains will be standing by to take the athletes back to Center City stations and Olney.

Afternoon Thread

enjoy

This Is Excellent News For Republicans

It always is.

Though, in fairness, Allen is right to some degree. They're only happy when they have something to screech about.

Obama Spends Time With Scary Brown Members Of Congress

It's a complete mystery how Karl Rove failed to capture the Hispanic vote.

Monsters

I'm sure there's probably not much of a connection between the vacuous evil regularly published by Fred Hiatt and the loss of advertising revenue at the Post. Still, I doubt it's helping things much either.

SUPERTRAINS

I've never been to Portland, and do think the restoration of the route 23 trolley is a much higher national priority than ferrying around drunks on the east side of Portland, but at least someone's getting some supertrain cash.

WASHINGTON -- U.S. Transportation Secretary Ray LaHood awarded $75 million in federal money Thursday to expand Portland's streetcar system, a decision that elated local officials who have long supported the stalled project and signaled a new national embrace of urban transit.

The federal government's money and blessing removes the last and most stubborn barrier to expanding the line east of the Willamette River and unleashes an already approved pot of $55 million from local governments and another $20 million from state lottery bonds.

Happy Mission Accomplished Day

Has it be 6 years already? Time does fly.

Morning Thread

by Molly Ivors

Sort of a gray rainy day on the East Coast, no day to dance around a maypole.

So who do we like for SCOTUS?

Overnight

enjoy