Saturday, November 06, 2010

Late Night



Folk On.

Saturday Night Thread With Cat Blogging

Good Luck Texas

You'll need it.
Some Republican lawmakers — still reveling in Tuesday’s statewide election sweep — are proposing an unprecedented solution to the state’s estimated $25 billion budget shortfall: dropping out of the federal Medicaid program
.

Afternoon Thread

Had some lamb noodle soup in Chinatown.

Other People Need To Suffer

Some people are just stupid, and some people would do quite nicely with a bout of deflation and badly with any inflation, but for many people arguing against doing anything to help the unemployment situation the reason is simply that some people must be punished and suffer for our sins. And by "our," I mean the sins of extremely wealthy banksters.

Rules

After they get rid of all the liberals on MSNBC, 5 years later journalists will still refer to it as the liberal home of Joe Scarborough.

The Stupidest Fucking Idea Ever

Yesterday I said that once upon a time it was impossible to float certain ideas into the mainstream discourse, such as the fact that the Iraq war was the stupidest fucking idea ever. It wasn't just a joke. Back then, the only acceptable anti-war position was "the UN should give its blessing." I think they let Janeane Garofalo on a couple of times to be a bit more anti-war, but that's about it. And then there were crazy angry people writing blogs. But nobody listened to them.







Morning

So is the "actual liberals allowed on the teevee" era coming to an end?

Silly Liberals

Don't you know it's not the whether but the who? When WILL you understand the rules?

--Molly Ivors

Friday, November 05, 2010

Overnight

enjoy.

The Hungry Hungry FDIC

4 more banks.

Evening Thread

Rock on

Hope

I'm not sure we have much more than that for the economy. Maybe it will magically turn around without anymore nudging, but I really doubt it. I used to assume governors were practical enough creatures that they'd accept whatever money the feds threw at them, but now we don't even have that happening. I'd like to think Obama could get everyone to rally around a large infrastructure spending bill, but if isn't going to happen in the lame duck session it isn't going to happen. Probably the lesson learned is "people hate spending" when the real lesson is "people hate being poor and jobless and being chucked out of their homes by bailed out banksters" who, apparently, were deserving.






Afternoon Thread

Fortunately this blog has no ethical standards.

It's On

Such fun.

NEW YORK (AP) — Bank of America says it won't buy back bad mortgages from high-profile investors who say defaults are being handled improperly and homes are not being foreclosed on fast enough.

And Buchanan?

So Olbermann is suspended for making political contributions. I think that's a mostly dumb policy, though they're entitled to have such policies.

"Anyone working for NBC News who takes part in civic or other outside activities may find that these activities jeopardize his or her standing as an impartial journalist because they may create the appearance of a conflict of interest," it says. "Such activities may include participation in or contributions to political campaigns or groups that espouse controversial positions. You should report any such potential conflicts in advance to, and obtain prior approval of, the President of NBC News or his designee."


Did Pat Buchanan get approval for his?

ContributorOccupationDateAmountRecipient
BUCHANAN, PATRICK
MCLEAN,VA 22101
SELF/COLUMNIST/WRITER7/29/06$1,000Mountjoy, Richard (R)
BUCHANAN, PATRICK
MC LEAN,VA 22101
POLITICAL COMMENTATOR5/31/05$250Allen, George (R)
BUCHANAN, PATRICK J
MCLEAN,VA 22101
SELF/AUTHOR/WRITER12/26/07$500Schiffer, Paul R (R)
BUCHANAN, PATRICK J MR
MCLEAN,VA 22101
SELF EMPLOYED/POLITICAL COMMONTATOR3/12/08$250Jones, Walter B Jr (R)
BUCHANAN, PATRICK J MR
MCLEAN,VA 22101
SELF EMPLOYED AND VARIOUS MEDIA COM4/21/05$250America First National Cmte (3)

Ending My Selflessness

I realize what I type on this blog will have as much impact on which states get SUPERTRAIN funding as what I have for dinner will, but since there are a bunch of Republicans who are giving back money basically because it pisses off liberals I am more than happy to accept it on behalf of my local transit authority and the Northeast Corridor generally.

Pelosi Power

Count me as a member of Team Pelosi. And she just announced that she is running for Leader.

Though Of Course The Internet Didn't Make Everything Better

The speed in the puke funnel is a lot faster now, though laundering ridiculous claims through the foreign press isn't new. It happened all the time in the Clinton years.

Ticket Prices

I get that my local sports franchise can raise ticket prices as they sell out every game. Either the team gets the money or the scalpers do. But teams with empty stadiums also have really high ticket prices. I assume they market heavy discounts through various ways, but I'm puzzled that the base prices remain high.

Everything's Different Now

Way back in the dark ages when this blog was born, the internet was really this outside force, and not the central nervous system for news and political discourse like it is now. There were some online publications such as Slate and Salon, traditional newspapers all were online, and of course America's Assignment Editor Matt Drudge, but the internet was much more of a collection of isolated islands back then, not nearly as connected up somehow. Ranting away on your blog, or on your pre-blog site, was a bit more like shouting into the void. It was really hard to lift an idea or fact up into the general discourse, you know, like the fact that the Iraq war was the stupidest fucking idea ever.






HAMP'd

Obviously I'm a broken record on this subject, as with so many, but Mike's question, are servicers dumb or corrupt, should also be about the people in Treasury who were responsible for HAMP. They themselves answered previously that they were corrupt, oddly, though sadly I think they were also dumb. If their goal was to help the banksters, I think we'll also eventually realize that they did a really poor job of that, too.

Keeping people in their homes should always have been the goal, and smart people should have set up a reasonable incentive system of carrots and sticks, with that lovely $50 billion budget, to do this. Foreclosures are incredibly costly, both for the people getting kicked out of their homes and the surrounding communities. They're also costly for the investors. The servicers are supposed to act as their agents to maximize their revenue streams, but the short term incentives at least seem to push servicers to just foreclose on everyone, whether or not it's in the best interests of the investors.

Change

A big disappointment over the years has been the relative failure of setting up institutions and practices to help encourage people to become involved in politics in a more sustained fashion. Despite some different noises at the time, post-2004 the Kerry campaign apparatus basically fell apart. And while OFA exists, it's really nothing close to what it could have been. There have been some successes, such as MoveOn and DFA, but overall things seem to peak at election time and disappear.

Anyway, I guess it's been a disappointment because at times there have been good ideas and good efforts, but then for various reasons they seem to just shrivel up. Political involvement is mostly an illusion, it's mostly about making people feel involved just enough that they don't feel completely disconnected from the process. That is to say, it shouldn't be that hard.





Fall Fundraising

After elections pass I always have an opportunity to think about what I want to do with the rest of my life. Running this thing is harder than it looks and takes an immense amount of time. In any case, if you enjoy the service here please consider a modest contribution. This isn't charity, I'm not poor. Don't contribute if you're hurting economically. As always, thanks for reading!





Will Anyone Be Punished

Widespread fraud will continue to happen as long as there's no punishment for doing it.

According to lawsuits filed on behalf of homeowners, some individuals appear to have violated the rules of process serving: the personal delivery of legal papers, required by law, notifying people that a foreclosure action has been filed against them. Like "robo-signing" -- the mass signing of foreclosure documents without review by loan servicers -- it's an alleged practice that is putting lenders, and the foreclosure law firms serving them, under fire.

Let's Leave These Guys In Charge

Because obviously they know what they're doing.
Like millions of foreclosed properties across the country, the home where Isaac drowned has been awash in legal action over the years, making it difficult to determine who owned the property at the time of the accident.

It took months for the family's attorney, Janet Spence of Pembroke Pines, to sort through the property's muddied chain of title possessions and transfers. At one point, Spence said, the home had two separate foreclosure actions pending simultaneously.

Spence also has faced some of the same paperwork irregularities that have put the nation's foreclosure cases on indeterminate hold.

Several documents transferring the mortgage appear to be flawed or possibly fraudulent, with conflicting dates. Two documents show that the mortgage was transferred from one mortgage company to an affiliated company in November 2007 and again in February 2008.

(ht reader b)

Jobs

Hey, an actual good if not good enough report. +151K jobs, tho unemployment remains at 9.6%.


...though bad news remains. Emp-pop ratio is down, labor force participation rate is down, discouraged workers increased,

Morning and Shit

Echidne discusses compromise

and Jay and dday discuss the mortgage mess on Virtually Speaking.

It's going to be a long couple of years.

Overnight

Mac is good people.

Thursday, November 04, 2010

Evening Thread

enjoy

Probably A Good Idea

I'm a bit confused about journos in the US thinking there's something wrong with Murdoch's latest marketing stunt for one if his newspapers. UK and European newspapers have long done plenty of creative marketing, while I think the last US innovation along these lines was the Sunday coupon section. Common approaches include book and DVD series marketing, as in "buy this newspaper and get this DVD for 1 Euro." They distribute the DVDs or books to the news stands.

He Speaks Out On Other Fiscal Issues

So fear of alienating his tribe is the only reason I can think of for Bernanke not begging Congress for more stimulus.

Afternoon Thread

The Triumphant Return Of The Majority Report

Enjoy.

Actual New Trolley Tracks

Walked by where they're actually installing new trolley tacks in the streets in Philadelphia. It's like spotting a unicorn. Sadly, it's just a temporary new turnaround segment as part of the line will have to be closed during the I-95 rehab. But it is possible!

The turnaround will, conveniently, run right by the new casino. If the powers that be have any sense they will reactivate a segment which runs by the convention center. There's a dumb plan to run trolleys down Market St. (redundant as subway is there), and up and down the waterfront, but it'd be cheaper and easier to just run on existing track on 11th and 12th which connects to Girard Ave., where the casino connecting trolley is.

I'll Take It

While I have previously stated - and still believe - that money would be better spent upgrading rail routes elsewhere in the country, if the Republicans want to give all the money to the Northeast Corridor I'll take it.

License To Steal

If I stole your car and said, 'oopsy I thought I owned it,' without any evidence of owning I'm pretty sure I'd be learning the minimum mandatory sentence for grand theft auto.

Our legal system is becoming a joke.

Plan B

I guess none of these things happened because they got frightened by a few weeks of signs of a mild inflation expectations uptick and then this Spring and early Summer they believed the recovery fairy arrived.

Oh well.

Goosing Asset Prices

That, it seems, is the great hope of QEII, that rich people will feel richer and spend some more money.

The Great Moderation

For years our elites believed if only Bob Rubin, Larry Summers, and Alan Greenspan could run the world that everything would work out great. Of course this was a time of stagnant and declining median incomes and massive rising inequality. But, hey, we all agreed not to notice such things.

Jobs

Monthly report comes out tomorrow. I worry we'll get another positive number that isn't, a number just greater than zero which actually reflects a declining jobs situation. And tax cuts!

Thursday Is New Jobless Day

457K new lucky duckies.

Still high.

After the morning after

I find it difficult to find a flaw in Athenae's analysis:
You had majorities, and you had Harry Reid, refusing to be mean to Republicans by shoving stuff through. You had majorities, and you had Barack Obama acting like he was already an ex-president and could be gracious and social with these pricks. You had majorities, used them to do some stuff, and then sat back and acted like we should be grateful when we can fucking count.

We can fucking count, out here. We know what 51 means. We know what 257 means. We're not morons. And all the procedural whatsit you argue today, about ConservaDems and Blue Dogs, doesn't mean shit. You had it, and we worked hard to give it to you, and we see you calling things impossible which are just very hard, and we get fucking annoyed, because we don't get to get away with that shit. Not at our jobs and not in our lives.

And there it is: "It's hard" appears to have meant, "So let's not try."

Well, you know, I'm sure we can find a few hundred other people who would be happy to take a job for a few hundred thousand bucks a year (plus a rather attractive pension and health insurance package) where all you do is offer excuses for why you "can't" do your job.

Signed,
Not Atrios

Worst. Bacon. Ever.

"The Gay Patriot"

Wednesday, November 03, 2010

Stimulating The Plutocrats

He is probably correct in his assessment of the best channel for QEII stimulus as envisioned, but we should not forget that they could also, in theory, print money and give it to poor people and that would be a much better stimulus.
This approach eased financial conditions in the past and, so far, looks to be effective again. Stock prices rose and long-term interest rates fell when investors began to anticipate the most recent action. Easier financial conditions will promote economic growth. For example, lower mortgage rates will make housing more affordable and allow more homeowners to refinance. Lower corporate bond rates will encourage investment. And higher stock prices will boost consumer wealth and help increase confidence, which can also spur spending. Increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.

But owners of big stock portfolios are deserving of help, and poor fuckers working minimum wage jobs are not.

Evening

Was pretty obvious this morning, but Team D wins Oregon governor's race.

Happy Hour Thread

enjoy

Are You Better Off Than You Were Two Years Ago

Increasingly I get the sense that people in DC think the economy totally sucked at the end of the Bush presidency and that's part of the reason Obama won. Sure there was the financial crisis, which was scary, and the stock market crash, which dented peoples' 401Ks, but people still had jobs.

Unemployment rate:

YearJanFebMarAprMayJunJulAugSepOctNovDec
20085.04.85.15.05.45.55.86.16.26.66.97.4 
20097.78.28.68.99.49.59.49.79.810.110.010.0 
20109.79.79.79.99.79.59.59.69.6        

QEII

I am very pessimistic that this will have any positive impact, but it's better than nothing.

Rosy

No they obviously don't get it.

The stimulus was passed on the basis that it was unacceptable for unemployment to remain above 8% through the middle of 2011. This was not crazy talk at the time, what was crazy was thinking that having 2.5 years of 8%+ unemployment was acceptable. Now the rosy scenario is 8%+ unemployment through the end of 2012.

Could Have Been Different

It's probably true that by the time election day rolled around it didn't matter just what kind of Blue Dog you chose to be. Your fate was sealed. But had people in the most vulnerable districts recognized that their fate, more than most, depended on pushing policies that would help the economy, rather than opposing them, a few more of them might have won.

Here We Go Again

I didn't pay too much attention to campaign and election related program activities over the past cycle. My take was we took care of that, we put these people in power, so let's see how they govern. I wanted to pay attention to policy for a change.

One can spread blame around a lot, but it has been distressing to watch failures of both policy and politics. The policy failure was about the economy and the foreclosure crisis, and the politics was the failure to recognize how deeply this mattered. No matter what people say in polls, nobody cares about the deficit or "spending," they care about whether they have any money. Foreclosures are devastating individuals and communities, and whatever the merits, speeding up small business investment depreciation just doesn't provide an adequate message. Obama said he wants to turn the economy around to fix the foreclosure crisis, but he has many more tools at his disposal to deal with the foreclosure crisis than he does for the economy generally, absent help from Congress.

I don't know how politicians lacked the self-preservation skills to recognize that if they failed to deliver on the economy they would fail, but that's what happened.

DE Went Blue

One bright spot.

More Thread

Vent away.

And On The Stuff That Matters

Estimate of Friday's private sector job growth is +43K.

Still not good. Actually number out 830AM Friday.

Lessons

I'm reasonably sure that the lessons learned will be that we need to cut taxes for millionaires and repeal health care reform, at least all the good bits.

And on and on.

Shit

and more shit.

At least O'Donnell lost. That's something.

I Suggested Somebody Should Do Something

I try to shy away from monocausal explanations for most things, but 13% of mortgages are delinquent or in foreclosure. I do not think our overlords have ever understood the magnitude of that problem.

Oh well, Dems, back to the beginning...

Tuesday, November 02, 2010

More Thread

enjoy

What's Going On

No Teevee near me at the moment.

Manchin Wins WVA

Better than Manchin losing.

Thanks Teabaggers

Coons wins.

And Google has awesome advertising.

Senator Aqua Buddha

CNN projects a win!

I welcome our new Randroid overlords. They're coming for your convenience scooters.

Election Night Thread

Chat

Happy Hour Thread

enjoy.

The High Cost Of Free Parking

Infinite demand.

The Axis Of Evil

Awesome.

Bankster Madness

As I keep saying, the problem with preserving the existing banking order is that the people incharge aren't exactly performing their jobs very well.

So What Should He Have Done

Obviously I had some ideas, but as Krugman says most people telling Obama to "focus on the economy" didn't really ever say what that means, and that's because many Villagers - and I don't mean the explicitly conservative ones - don't really believe that government is capable of doing anything good. Tbey are, however, big believers in the power of presidential theater. Maybe Obama should have landed on an aircraft carrier.

Early Reports

Turnout statistics from random precincts confirm your hopes or fears.

Heckuva Job

The increasing homeownership rate was one of Bush's pet personal accomplishments, something he was quite proud of. Oh well.


And while the decrease obviously is a bad thing in that it's the direct outcome of the housing bubble bust and a crap economy, we shouldn't be sad if this rate remains lower even once things rebound. Homeownership isn't for everyone, and we'd do better moving to a world with more renters, along with strong tenant protection laws and very light rent control. Suggesting rent control is one of those heretical things, but I mean very light rent control to protect long term renters from sudden price spikes, not hard very binding "rent never goes up" caps.

High Priests Of The Temple

During my time among the Econ, I was struck by a strain of self-righteousness about the incorruptibility of economists. It was sorta weird. There was a big blow up a few years back when Joe Stiglitz dared to suggest that maybe people were influenced by the people who did or might pay them.

Voted

Decent weather in the urban hellhole. With a little luck, Bob Brady just might pull through.

"The financial conditions of more of our borrowers weakened"

The extend and pretend strategy always relied on the "fact" that the economy would turn around. I think we might be hitting the wall. The link is about CRE, not residential real estate, but extend and pretend has been widespread there, too.

Assessment

My understanding is that the popularity of "assessment" in higher education is based on the notion that other people suck and I would like some way to prove that, one which, preferably, would not inconvenience me or demonstrate that I, too, suck.

Still There

There are a lot of reasons for my relative lack of enthusiasm today, a giant one being the catfood commission.

Remember: Vote

by Molly Ivors

Monday, November 01, 2010

Late Night

Rock on.

Philly Style

Forgot to mention that in order to vote I have to get through the New Black Panther Party poll thugs. Wish me luck!

Evening Thread

enjoy.

Election Blogging

I'll be out and about a bit tomorrow night, but I'll try to keep this place running and update on interesting results that come across the matrix, though there are certainly better election bloggers out there than me.

You're Only A Day Away

Will take a short walk to my polling place tomorrow and vote. Go Team D!

It's All Up To Ben

Not really sure how various possible election outcomes will influence whether Congress does anything decent during the lame duck session, so perhaps the more interesting news coming out soon will be just what Bernanke's planning to do...

Not Sure Why I'll Bother

I'm sure I'll spend at least some of tomorrow night obsessively checking election returns and maybe even blogging about them. But I'm an old man so I'll fall asleep before there's much news from the Left Coast.

Lie Down With

Completely predictable.

The Two Faces Of Chris Matthews

I think one of the most revealing press/Iraq moments came from Chris Matthews, who later tried to pretend he was Mr. Hippie Peacenik by arguing that he proved his anti-war cred in his column, even as that position was entirely absent from his daily teevee show.

Our Dumb Country

CNN informed me that Boehner is going to give a speech in a few hours that will very critical of the president.

The Horror We Unleashed

I remain to this day surprised by the lack of repentance on the part of those who led us into this lovely little war. I don't just mean Bush administration officials and fellow travelers who probably truly believe the whole thing was really awesome, but the mainstream media figures who embedded themselves in the propaganda machine to make this war happen. The self-declared guardians of our discourse failed, and most of them still have jobs.

They Could Add New Members

My memory (correct me if I'm wrong) is that the Blue Dogs are a slightly exclusive club that doesn't let in just anybody. So if they lose a bunch of members they might find some additional willing applicants.

Joining the Blue Dogs opens the fundraising spigots and makes your life a bit easier, as you signal which masters you are serving.

Job Losses

One sad thing about losing a bunch of seats is that a lot of Dem staffers lose their jobs too.

Wee Bit Skeptical

Evan Bayh hates fundraising so much he raised $10 million for a race he isn't running.

Giant Bags Of Money

I do worry that Stiglitz is correct and that any likely monetary stimulus isn't going to do very much. What we need is to print money and have the government spend it, but I don't think that's going to happen.

More Stimulus Needed

It occurs to me that Broderella isn't thinking big enough. Two wars haven't helped the economy, so I'm not sure why just three would help. I'm thinking five massive wars. Maybe New Zealand could be a target. We could rid the world of the hobbit menace once and for all. Oh, and a draft of the kids of people who work for Kaplan Test Prep and its subsidiaries might be necessary.

Morning Thread: Nobel Edition

by Molly Ivors

Here, have a couple of Nobel Prize winners to start your day. Krugman (Economics, 2008) quotes Yeats (Literature, 1923):
if you point out that their arguments don’t add up, they fly into a rage. Try to explain that when debtors spend less, the economy will be depressed unless somebody else spends more, and they call you a socialist. Try to explain why mortgage relief is better for America than foreclosing on homes that must be sold at a huge loss, and they start ranting like Mr. Santelli. No question about it: the moralizers are filled with a passionate intensity.

And those who should know better lack all conviction.

Sunday, October 31, 2010

Overnight

Rock on.

Evening Thread

Rock on

Didn't Grow Up In An Urban Hellhole

Just adding to this, yes I spent most of my childhood/teen years in places where one car per driving age individual was necessary. I get it. What I don't get is why we deliberately built a world where the only viable transportation option involved surrounding individuals in a couple thousand pounds of very expensive metal.

Actual liberal media responds to fake liberal media

Tonight's guests on Virtually Speaking Sundays Will be Marcy Wheeler (emptywheel) and Avedon Carol. You can listen live at 5:00 PM Pacific, 8:00 PM Eastern, or anytime later here on the web stream at BlogTalkRadio.

All Things Considered

I think the ignored true narrative of this election season is that as horrible as the economy is, it's a miracle the Dems are seeming to do as well as they are and especially that Obama reamins relatively popular.

With 14.2% unemployment in Nevada, a potted plant should be able to beat Reid and he just might pull it off.

Tune in Wednesday, the day when all the pundits tell us What It All Means.

Afternoon Thread

Five Cars

Took a trip to the burbs this morning to make a craigslist purchase. Guy was curious about the Philly Carshare car, and during the conversation he said that at one time he had five cars at his house, one each for mom and dad and one for each of 3 kids.


I admit I increasingly find this world baffling.

Our Rulers

I'm not sure why I continue to be surprised that David Broder is a sociopathic monster. We already have two lovely little wars and the economy sucks, I'm not sure why we have to open a third front for the freedom bombs of money to rain down on us.

Villagers

All you need is war.

Sunday Bobbleheads

Meet the Press has Tim Kaine and Haley Barbour.

This Week has Cornyn and Menendez.

Face the Nation has Peter King, Tpaw, Klobuchar, and Rendell.

Document the atrocities!

Hawk

I don't suppose this will work; attempts to shift the frame are up against media organizations that consider Breitbart a high-flying achiever, rather than a racist and a fraud.

But it is good to press the point that we need to address climate change aggressively, at the risk of leaning too far forward, as they always say about wars that don't actually involve US security.

Hence climate hawks.

It's also worth remembering that if there is any bias in the scientific work on climate, it's more likely to understate than overstate the risk. Scientists don't like catastrophe theories, and also dislike making predictions that turn out to be wrong.

Night