Saturday, June 30, 2012
Look Forward
Anything else would be irresponsible.
And Saint JoePa.
STATE COLLEGE, Pa. - Emails show Penn State's former president Graham Spanier agreed not to take allegations of sex abuse against ex-assistant football coach Jerry Sandusky to authorities but worried university officials would be "vulnerable" for failing to report it, a news organization has reported.
And Saint JoePa.
E-mail correspondence among senior Penn State officials suggests that Paterno influenced the university’s decision not to formally report the accusation against Sandusky to child welfare authorities, the person said. The university’s failure to alert the police or child welfare authorities in 2001 has been an issue at the center of the explosive scandal — having led to criminal charges against two senior administrators and the firing of Paterno last fall.
Cesspit
Perhaps we should rethink the whole "give them billions in free money" policies then?
The Government was under growing pressure last night to call a public inquiry into the behaviour of Britain's bankers as the Business Secretary, Vince Cable, admitted the sector was a “massive cesspit” that needed cleaning up.
Dingbat
It's actually quite funny - and unsurprising - that our DC Media has made the Tale Of Sarah Palin The VP candidate a tragedy in which somehow Saint John McCain and his people are the victims rather than the perps.
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The Stupid And The Tragic
Sometimes I just can't bring myself to enter into the stupid amidst the tragic.
Stay safe, people in Colorado.
Stay safe, people in Colorado.
Friday, June 29, 2012
Friday Night Movie Recs
After Hours.
I had completely forgotten that this was a Scorcese film. Fits nicely into that odd for the 80s black comedy genre of the time. Also, urban hellholes are frightening.
I had completely forgotten that this was a Scorcese film. Fits nicely into that odd for the 80s black comedy genre of the time. Also, urban hellholes are frightening.
Public Spaces
I've mentioned my mild anti-urban park bias here before - not an especially popular opinion - but perhaps I should rephrase it a bit in terms of being pro-public spaces, just public spaces of the kind we don't have all that many of in the US. Anyone who spends a bit of time in Yurp experiences the various plazas and piazzas, the major town squares. Unlike similar things which occasionally get built in the US, they're lively spaces, ringed by restaurants with outdoor dining and other retail establishments, and the interiors are often programmed with concerts, etc. A bit tourist trappy at times, at least the biggest ones in the bigger cities, but the locals generally aren't allergic to them either.
Happy for trees and things, happier for public places for people to do things people like to do, like strolling, eating, and drinking outside.
Happy for trees and things, happier for public places for people to do things people like to do, like strolling, eating, and drinking outside.
A Great Thing For Entrepreneurs And Small Businesses
My basic take on the ACA is that it's good because it makes improvements to our current system, but bad in that it enshrines our current shitty system forever. But, yes, it certainly is an improvement over the status quo for those people that Republicans pretend to care about.
Things Nobody Warned Me About
Apparently Matt Stoller is now Russell Brand's Andy Richter.
Or is it the other way around?
He takes the manic energy of Robin Williams and turns it into something more modern, less shtick-heavy, with characters making funny voices (his own voice is funny enough in its high-pitchiness), then straps it to a rocket and hits hyperspace. Sometimes the point or the joke is not what Brand ultimately concludes with; it’s the journey to get there. And in BrandX he’s able to use his being British as a kind of Brother From Another Planet conceit where he tries to understand what Americans are about and into, while also delivering gibes at both cultures. (Brand will use the stoic and serious Matt Stoller, a former Congressional policy adviser and Harvard grad, as “a political, economic and historical consultant.”) Stoller is less co-host or foil than a guy who takes computer polls, flashes news photos and clips on the screen and is the calm to Brand’s British storm.
Or is it the other way around?
Stealing On A Massive Scale
It's more than simply anti-social behavior (recognizing what that means in the UK), it's giant, massive, huge theft on an almost unimaginable scale. These are the people who need to be in jail, not nonviolent "rioters"* who stole 10 quid worth of merchandise out of a shop.
*Yes there were violent rioters as well.
As for this:
Let's try that again and apply it to petty thieves.
We lock people up for very little. When they steal massive amounts we say there's nothing to be done. How about, uh, locking people up? That's the kind of regulation which, you know, provides some incentives.
*Yes there were violent rioters as well.
As for this:
We will make sure that this system which was rigged in the favour of at least one or several institutions will be changed. I hope that … we will end up with a new regime based on actual transactions.
Looking ahead its very important that people don't expect too much from regulation. Regulation doesn't stop bad behaviour. We have to change the structure of the industry to make sure they have the right incentives.
Let's try that again and apply it to petty thieves.
Looking ahead its very important that people don't expect too much from laws. Laws don't stop bad behaviour. We have to change the structure of the economy to make sure they have the right incentives.
We lock people up for very little. When they steal massive amounts we say there's nothing to be done. How about, uh, locking people up? That's the kind of regulation which, you know, provides some incentives.
Boss Man Don't Resign
Boss man don't care about law. Boss man don't care about what you think. Boss man gets paid lots of money to be responsible, but boss man is not really responsible. Boss man is boss man.
The boss of Barclays has insisted he will not resign after staff rigged the key lending rate between banks.
Courtney Webb
As it happens, the daughter of one of our own is up for Vogue's American Beauty Contest. I felt no hesitation in voting for Courtney Webb. She seems to be not only gorgeous, but a great person as well. Good luck!
P.S.
Vogue isn't using this to scrape email addies or other info.
Hey, More Free Money For Banks
Funny how that's the one thing that we can all always agree on.
More details here. It isn't all bad.
European leaders have pulled back from the brink of disastrous failure in their attempts to rescue the euro, throwing a lifeline to the weakest links in the eurozone by agreeing to shore up struggling banks directly, remove disadvantages for private creditors and move quickly towards a new eurozone supervisory regime for banks.
More details here. It isn't all bad.
But The Policies Must Be Working!
So predictable.
The UK has fallen deeper into recession than previously thought, confirming that the country has officially entered a double-dip. Data from the Office for National Statistics showed that the economy shrank faster than previously estimated between October and December last year, with a decline of 0.4%.
The economy also contracted for a second quarter between January and March this year, with the unchanged -0.3% estimate confirming that we are in recession for the second time in four years.
Thursday, June 28, 2012
Criminal Enterprises
Bob Diamond memories:
That was January, 2011.
Bob Diamond stands firm against MPs' calls he forgo his bonus
The chief executive of Barclays answers questions from the Treasury select committee about bank bonuses and whether banks should be bailed out by the taxpayer in a financial crisis Link to this video
Bob Diamond, the new boss of Barclays, today stood firm against demands by MPs that he forgo his 2010 bonus as he said the time for apologies from banks was over.
In his first and at times fractious appearance before the Treasury select committee of MPs, Diamond also said that banks should be allowed to fail and should not be bailed out by the taxpayer.
Diamond, who could be on track for an £8m bonus for 2010, said: "There was a period of remorse and apology for banks and I think that period needs to be over."
That was January, 2011.
Criminal Enterprises
Big banks have been fleecing their clients, their customers, federal governments, state governments... basically everybody... for several years.
Maybe we should give them some more free money?
It's also important to remember that banks are made of people. Fining the institutions isn't enough. Put people in jail. But when rich assholes are involved, it's newsworthy when somebody even suggests that.
Implicit is that these aren't ordinary people, they're extraordinary people.
Maybe we should give them some more free money?
It's also important to remember that banks are made of people. Fining the institutions isn't enough. Put people in jail. But when rich assholes are involved, it's newsworthy when somebody even suggests that.
When ordinary people break the law, they face charges, prosecution and punishment.
We need to know who knew what when, and criminal prosecutions should follow against those who broke the law.
The same should happen here.
The public who are paying the price for bankers' irresponsibility will expect nothing less ...
We need the strongest punishment, a change in regulation and a change in the culture of our banks.
Implicit is that these aren't ordinary people, they're extraordinary people.
They Know Even Less Than What They Say
Not that I had any clue about what would happen. I figured the hacks would win, but because they were, you know, hacks, not because they would win on the merits.
Tribe Econ
When I was in tribe econ I was struck by the general belief that we weren't just the smartest people in the universe, but also ethical because ethics and held ourselves to high academic standards because academic standards. The ethics were just assumed. Brilliant and incorruptible.
Also, arrogant and wrong.
Also, arrogant and wrong.
Bring On The Death Panels
My exhaustive legal research (otherwise known as reading the twitter) tells me that no matter what CNN tells you, Obamacare lives in full. Will update post if the twitter tells me something else.
Rounding Error
Odds of it being "only" $2 billion were pretty low.
Still he's the bestest and the brightest and the smartest of all the bankers and his bank is the bestest and the bestest run and the promise of perpetual bailout and the presence of the free money bazooka from the government has nothing to do with any of that so stop saying that shut up Shut up Shut Up SHUT UP SHUT UP SHUT UP SHUT UP.
And why is this even worth remarking on?
That was the whole point of repealing Glass-Steagall, though it was pitched for other reasons. Take your money to the great casino, heads they win, tails they win and we lose.
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.
When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank.
Still he's the bestest and the brightest and the smartest of all the bankers and his bank is the bestest and the bestest run and the promise of perpetual bailout and the presence of the free money bazooka from the government has nothing to do with any of that so stop saying that shut up Shut up Shut Up SHUT UP SHUT UP SHUT UP SHUT UP.
And why is this even worth remarking on?
“Essentially, JPMorgan has been operating a hedge fund with federal insured deposits within a bank,” said Mark Williams, a professor of finance at Boston University, who also served as a Federal Reserve bank examiner.
That was the whole point of repealing Glass-Steagall, though it was pitched for other reasons. Take your money to the great casino, heads they win, tails they win and we lose.
No They Aren't
My sympathy for job losses in journalism fade when journalists happily pass on tales of companies not being able to hire people.
Pay more, you can hire people. It's that simple.
Pay more, you can hire people. It's that simple.
Wednesday, June 27, 2012
Austerity Bites
And the Spanish economy is getting worse.
Fortunately our policies of increasing unemployment will make things better!!!
Fortunately our policies of increasing unemployment will make things better!!!
Criminal Enterprises
I'm sure we'll make it all better with some more free money tomorrow.
Barclays has been slapped with total fines of £290m for its "serious, widespread" role in manipulating the price of crucial interest rates in a move that has forced chief executive Bob Diamond and other top executives to forgo any bonuses for 2012.
What Happens When People Have No Jobs And No Money
Forget whatever particular economic ideology people subscribe to, one wishes our Galtian Overlords would use a bit of common sense. If people have no jobs and no money, they have no ability to buy things.
3) profit!!!
3) profit!!!
Failing Upwards
Glad to see our systems give people who are wrong about everything ever increasing amounts of authority and power.
Charlie Rangel Is DOOOOOOMED
The companion pieces to all of the ORRIN HATCHED IS SAVED articles were the CHARLIE RANGEL IS DOOOOOOMED articles.
They got the first half right.
They got the first half right.
Tuesday, June 26, 2012
Can Someone Do The Maths
I've been seeing the general rage against the humanities for years in academia. It's been a mystery to me, as it's hard to comprehend how low overhead/high service course contributing faculty can possibly be net revenue losers. And even if they are net losers, the amount of money must be tiny.
The Simplest Solution In The World
Obviously I'm of the opinion that most countries in recession could find some useful things to do in order to boost their economies, but in the UK all they need to do is build much-needed houses (public, private, whatever, just make it happen).
Lazy Yutes
A rich guy who was entitled to free university education thinks pulling up the ladder every way he can for the next generation will be popular with the electorate.
And he just might be right.
I don't have kids and I don't spend my time hating on the younger generation. Why is it that many people with kids do? So weird.
And he just might be right.
I don't have kids and I don't spend my time hating on the younger generation. Why is it that many people with kids do? So weird.
Suckers
The amount of time Newt Gingrich has spent contemplating spending personal funds to retire campaign debts is precisely zero.
I look forward to another Meet the Press interview so he can lecture us on personal responsibility and the need for government belt tightening.
I look forward to another Meet the Press interview so he can lecture us on personal responsibility and the need for government belt tightening.
Grand Bargains Are Neither Grand Nor Bargains
Amazingly Congress discovers that they can change laws. They voted for these cuts, and now they're changing their minds! Next thing you'll be telling me is that if they pass tax increases and budget cuts, they could go back and rescind the tax cuts! I just won't believe it.
Mistakes
Martin Wolf:
Above all, how could Spain have prevented this crisis, which was unambiguously generated in the domestic private sector and fuelled by private sector capital inflows? If it could not have prevented the crisis, how can it bear some deep moral fault? Surely, a far more sensible – indeed moral – approach would be to recognise that this is more misfortune than misdeed and offer Spain the help it needs to adjust its economy to the post-crisis reality, without letting it either be pushed into sovereign bankruptcy or humiliated. Yet that is what is now threatened.
In my view, Spain made only one big mistake: joining the euro. Without that, it would probably now look more like the UK: yes, the economy would be in serious trouble, but its exchange rate and its long-term interest rates would both be far lower. After all, its fiscal position is even now no worse than the UK’s, as I note in my blog post here. But reconsidering that choice is no longer possible. Now it needs help to survive the crisis. Will Spain get enough of what it needs? I doubt it.
Not Much Of A Riddle
The banks are betting on a bailout. Which they will get, and get, and get, and get...
Time To Double Down Then
We must cut spending in order to cut borrowing in order to cut borrowing costs but somehow destroying the economy is forcing us to borrow more. It's so confusing! How could this be! How could a posh boy history major not have any clue about economics? This is a tremendous surprise.
Horrible stupid people.
Britain's public finances sank deeper into the red last month as weaker tax receipts from the recession-hit economy depleted the Treasury's coffers.
Figures from the Office for National Statistics showed that net borrowing excluding financial help to Britain's banks stood at almost £18bn in May – up from just over £15bn in the same month in 2011.
Horrible stupid people.
Monday, June 25, 2012
You Are A Fucking Omnishambles
Directed at just about all world leaders. Couple exceptions I imagine. Sweden? Iceland?
Suckers
When elites engage in this much corruption, at some point the rest of us decide that playing by imagined rules is a game for suckers.
Of course they have the elite immunity card, and we don't, but still.
Of course they have the elite immunity card, and we don't, but still.
Operation Blame Everybody Else
The people with actual power blame the less powerful, and they blame the powerless.
And few in the press state clearly that the people in charge have fucked everything up.
And few in the press state clearly that the people in charge have fucked everything up.
Wise Old Man Of Washington
I liked these "HATCH IS SAVED" articles the first 30 or so times I read them, before he didn't get enough votes to prevent a primary.
Might even be true this time.
Might even be true this time.
Choices
It'd be quite easy for central banks to spur demand. All they'd have to do is drop money from helicopters instead of focusing solely on propping up a corrupt banking system.
If they aren't stimulating demand it's because they have not chosen to.
Ah how we laughed and laughed at Japan, confident we'd "learned the lessons of Japan."
“Japan’s experience shows central banks can mitigate the worst effects of the current environment, but it’s going to be very hard for them to stimulate demand,” said Peter Dixon, global equities economist at Commerzbank AG in London. He predicts a lengthy period of “sluggish growth and high unemployment” in the debt-ridden industrial nations.
If they aren't stimulating demand it's because they have not chosen to.
Ah how we laughed and laughed at Japan, confident we'd "learned the lessons of Japan."
Alternatively They Could Recapitalize People's Bank Accounts
What a silly, silly idea from a silly, silly me.
The Spanish government made a formal request to the Eurogroup on Monday for up to €62 billion ($77 billion) in financial aid for its troubled banking sector.
"I have the honor to write to you, in the name of the Spanish government, to formally request financial assistance for the recapitalization of the Spanish banks that require it," wrote Economy Minister Luis de Guindos, in a letter to Eurogroup president Jean-Claude Juncker.
Sunday, June 24, 2012
"Compensate Losses"
I do not think that means what RBS is claiming it means.
RBS Group, whose NatWest, Royal Bank of Scotland, and Ulster banks have been all been affected by the problem, is pledging to compensate losses in three ways:
• Any customer who faced overdraft charges or fees caused by the computer glitch will be refunded.
• The bank will deal with credit scoring agencies, where customers missed payments because of the RBS problem and might face damaging their credit rating.
• The bank will ensure that customers stranded because of the computer problem will not be left out pocket.
Why Use A Hammer When A Rube Goldberg Machine Would Do
Or grandparents could just collect their checks, and the few of them that have a little bit leftover could give some to their grandkids?
What the hell is with the Emanuel family?
What the hell is with the Emanuel family?
The Media-Industrial Complex
New careers in journamalism.
VATICAN CITY - The Vatican has brought in the Fox News correspondent in Rome to help improve its communications strategy as it tries to cope with years of communications blunders and one of its most serious scandals in decades, officials said Saturday.
Greg Burke, 52, will leave Fox to become the senior communications adviser in the Vatican's secretariat of state, the Vatican and Burke told The Associated Press.
Congressional Insider Trading
The first time I heard about this issue, from some Rep., I thought "they can't possibly be this corrupt." But then, you know, I'm older and wiser now, and it's more "of course they're this corrupt."
Sunday Bobbleheads
Meet the Press has Issa, Rubio, and Bill Richardson.
This Week has Issa and Xavier Becerra.
Face the Nation has TPaw,Rick Perry, Villaraigosa, Cutter, and some Romney dude.
Document the atrocities!
This Week has Issa and Xavier Becerra.
Face the Nation has TPaw,Rick Perry, Villaraigosa, Cutter, and some Romney dude.
Document the atrocities!
Saturday, June 23, 2012
Stares And Glares
I had a friend who bucked the current prevailing taboo, and would actually go to a bar and order an entire 12 oz. (maybe even 16!) beer with a giant baby in her tummy.
People did glare.
People did glare.
$75 Million Is A Lot Of Money For Vo Dilun
And even aside from the hypocritical Randroid parasite and the State he mooched from, these days it's much easier to propose subsidizing rich assholes than it is to propose building nice things. It's always about coming up with a plan to provide incentives to encourage Thuh Jaayyyuuub Creaturrrzzz to maybe do something.
Providence could use some better mass transit. $75 million would have been a pretty good start.
Providence could use some better mass transit. $75 million would have been a pretty good start.
The Right People Run Things
If there had been one witnessed incident of abuse by Sandusky, followed by him being pushed out and never heard from again, one could understand. Not condoning or justifying such a course of action, but one can imagine how all involved - including the victim and his family - might have preferred it that way. But while he lost his main position and his chance to be Paterno's successor, they didn't push him away. He still had full run of the place, could still trade n its reputation, and he ran a goddamn charity for kids which should have raised a few red flags for the people who knew what he was.
When The Water Goes Away
I've been reading minor and major scare stories about Florida water for years.
Things you can't entire plan for - major lengthy droughts - happen, but it's also the case that hope is not a plan. Hard to imagine what the response will be if a major population area runs out.
Things you can't entire plan for - major lengthy droughts - happen, but it's also the case that hope is not a plan. Hard to imagine what the response will be if a major population area runs out.
Friday, June 22, 2012
Friday Night Movie Recs
Álex de la Iglesia is a bit hit and miss, though I generally like his movies regardless. This is my favorite.
Austerity For Some, Free Money For Rich People
My cat Gizmo is pretty precious. He's worth at least ONE TRILLION DOLLARS. I should really be able to use him has collateral for a massive loan from the central bank. And, of course, if I was a rich bankster I probably could.
And, yes, there are auto-loan asset-backed securities. Turn the machines back on!
I doubt the two are connected but the ECB has announced it has adjusted collateral rules to allow banks greater access to liquidity. They will allow auto-loan asset-backed securities to be used, a new addition to the line-up.This might even be the right policy, but free money bazooka for rich assholes and deprivation for everybody else might strike some as being unfair. And by some I mean hippie class warriors who should just shut up Shut up Shut UP SHUT UP SHUT UP.
And, yes, there are auto-loan asset-backed securities. Turn the machines back on!
How's It All Working Out Then
Sadly, all too well for the "right" people. About the only thing that will cause policymakers to be concerned is rich people problems.
Do The Maths
People are graduating into a recession and can't get jobs. They have massive student loan debts so they can't possibly save for a down payment. Millions have been chucked out of their homes, making it impossible for them to get another mortgage or even have decent enough credit to qualify for a rental. Of course there's a low rate of household formation.
I'm sure once everyone gets some confidence in... the confidence fairy... or whatever the hell, everything will get better.
I'm sure once everyone gets some confidence in... the confidence fairy... or whatever the hell, everything will get better.
Forget The Politics
I wouldn't be too inclined to mingle with someone who was stalking me, either, especially one who kept telling everybody about just how much love he had to give me.
Thursday, June 21, 2012
Silly Pincus
Wars are free!!!
Next time you're fretting over the cost of some government project that might appeal to liberals, remember we could have built the California HSR ten times over if we hadn't spent the money enriching military contractors and killing lots of innocent people instead.
Next time you're fretting over the cost of some government project that might appeal to liberals, remember we could have built the California HSR ten times over if we hadn't spent the money enriching military contractors and killing lots of innocent people instead.
Mint The Coins
While it certainly sounds crazy and wacky - as it does, frankly, whenever anyone talks about the government magically creating money, which is what it does - I have not yet seen anyone explain why the platinum coin solution to the debt ceiling problem is actually legally wrong.
History's Greatest Monster
If Bernanke thinks he could do more about unemployment, but doesn't on the off chance that inflation might creep up a bit in the future - a problem which the Fed can solve in about 3 seconds if it so wishes - then he truly is History's Greatest Monster.
Destroying Their Own Economy
One day Germany will figure out that people in other countries need to not be broke so they can buy their stuff.
After All He Did For You
It's one thing to live in a world where the banksters understood that at a minimum their careers and fortunes were bailed out, another to live in one where they have no care or awareness of that.
Look forward...
One of the biggest banks in the world wants the president’s favorite banker muzzled.
The bank’s powerful group executive board in Zurich recently presented Mr. Wolf with an edict directing him to report all his media inquiries to the firm’s press office. Since then, most of the requests to speak to Mr. Wolf have been rejected, according to people briefed on the situation, resulting in a much dimmer limelight for Mr. Wolf.
Look forward...
Dressage
It will be interesting to see whether Romney can run an entire presidential campaign without making any policy commitments.
Wednesday, June 20, 2012
It's a MADD, MADD, MADD, MADD World
It's a mystery why "having to drive to major sporting events" might not thrill everyone.
What's It All About Then
I'm not going to argue with this, but I will suggest that it's more "rich asshole failed to get the respect he is entitled to" than any grand vision about the world. Because, really, killing the German department isn't a vision.
Everywhere All The Time
I can't wait until we have an awesome war with Iran so we can finally find out who our next Hitler is.
It's All "Printing Money"
Just some forms of printing money are more likely to help our Galtian Overlords than other forms, so that's how we know which might be good and which might cause scary inflation.
How Much Is Enough
Conceptually the ECB should be doing this, but they aren't allowed, so there's another entity which might start doing its job without the benefit of the "print as much money as you want to for free" superpower that the ECB has.
No I have no idea if this is enough.
No I have no idea if this is enough.
Taxes
Yes, one way or another, Philadelphia needs to make it more painful for landowners to leave properties vacant. Not against shifting emphasis to a land tax, but taxes are pretty low here generally and the property valuation system is a complete mess making such a move a bit more difficult than it might otherwise be. Slapping on a nontrivial vacant property fee might be the temporary solution....
Tuesday, June 19, 2012
Shame
There are some despicable choices one can never really escape, no matter how hard you try.
Has former Doctor Who actor Christopher Eccleston hopped in the Tardis and gone back in time to rewrite his own history? The actor, who is currently starring in Antigone at the National Theatre, has a biography in the programme notes of the Greek drama that conspicuously fails to mention the show that brought him to wide public attention.
While listing his other theatrical and televisual achievements, Doctor Who, in which he starred for one series in 2005, is notably omitted. The National Theatre says it is not responsible.
Opportunities
Having people be willing to pay you to hold on to their money for them is an opportunity.
Oh well.
Oh well.
2100 Parking Spots
I'm not saying it's wrong. There's no easy way to flip development patterns in that area, so that "people can live by the station" would beat "people need to drive to the station and park," but the park-n-ride model really is flawed...
The Fullerton Transportation Center gets 814 new parking spaces to serve commuters using Amtrak, Metrolink and Orange County buses. The center currently has more than 1,300 parking spaces.
Assholes Love This Story
Think of the children.
“Houston is home,” Jeffrey said during recess, in English. “The houses and stuff here, it’s all a little strange. I feel, like, uncomfortable.”
Never before has Mexico seen so many American Jeffreys, Jennifers and Aidens in its classrooms. The wave of deportations in the past few years, along with tougher state laws and persistent unemployment, have all created a mass exodus of Mexican parents who are leaving with their American sons and daughters.
Renter Nation
Rents are up, so this should be going the other way.
This is a tangential thought, but I do think those people who think that a) we do too much to encourage homeownership and b) even after the crash perhaps more people own homes than is ideal, really need to think seriously about heresies such as rent control. A big reason people buy is that it allows them to lock in a rent and have worry free (absent banksters stealing your home, of course) stability in a neighborhood long term. Especially for people wanting to put their kids through the local schools, that stability is a big draw. Protections for long term tenants, including limits on rent increases, would make renting a more attractive proposition for people.
I'm not talking about a hard firm lock in your rent forever rent control, just some dampening of price spikes for long term tenants.
Builders in the U.S. broke ground on fewer homes than forecast in May as a slump in the construction of apartments swamped a pickup in single-family houses.
This is a tangential thought, but I do think those people who think that a) we do too much to encourage homeownership and b) even after the crash perhaps more people own homes than is ideal, really need to think seriously about heresies such as rent control. A big reason people buy is that it allows them to lock in a rent and have worry free (absent banksters stealing your home, of course) stability in a neighborhood long term. Especially for people wanting to put their kids through the local schools, that stability is a big draw. Protections for long term tenants, including limits on rent increases, would make renting a more attractive proposition for people.
I'm not talking about a hard firm lock in your rent forever rent control, just some dampening of price spikes for long term tenants.
Oops We Meant To Ask For Eleventy Trillion
More money to light on fire.
MADRID (MarketWatch) — The deadline for a group of auditors to present full reports on the capital needs of Spain’s financial sector has been pushed to September from July 31, a Spanish central bank source said Tuesday.
Jesus Tits
What the hell?
I'm actually a slightly bigger fan of evil than I am of stupid. Oy.
The credit divide factors into their thinking. Fed officials have been frustrated in the past year that low interest rate policies haven't reached enough Americans to spur stronger growth, the way economics textbooks say low rates should.
I'm actually a slightly bigger fan of evil than I am of stupid. Oy.
Good Morning
Diane, over at Cabdrollery reminds us that we will always have to struggle to hold on to our rights. She calls it Kingbirding.
Monday, June 18, 2012
We'll Get It Right This Time!!!
They're evil and eye-rollingly stupid.
A small suggestion: maybe think about reassuring, you know, citizens? Voters? The unemployed?
I'm such a silly dirty fucking hippie.
And what's the vision involve??
Clearly what should be the central focus of the central bank. Good thing we have that central bank independence so they can tell us what to do with impunity.
For years people have wondered...just what was that euro project all about? I think we're finding out. Getting rid of democracy.
The head of the European Central Bank and other euro zone leaders worked on Saturday on a grand vision for the euro zone meant to reassure investors and allies that flaws in the currency union will be addressed quickly.
A small suggestion: maybe think about reassuring, you know, citizens? Voters? The unemployed?
I'm such a silly dirty fucking hippie.
And what's the vision involve??
In addition, the plan will push for countries to remove the regulations and layers of bureaucracy that inhibit competition, keep young people out of the work force or make it difficult to start a new business.
Clearly what should be the central focus of the central bank. Good thing we have that central bank independence so they can tell us what to do with impunity.
For years people have wondered...just what was that euro project all about? I think we're finding out. Getting rid of democracy.
And How Was That Supposed To Work Again
Spain desperately needed austerity to lower its borrowing costs, so they promptly borrowed (well, announced ability to borrow) 100 billion more euros so that their banksters could light it on fire.
And people are surprised that this did not reduce borrowing costs?
Basically everything The Very Serious People propose, especially in the "giving free money to rich people" category, is taken seriously even if it makes no sense at all and is completely at odds with what they claim needs to be done.
And people are surprised that this did not reduce borrowing costs?
Basically everything The Very Serious People propose, especially in the "giving free money to rich people" category, is taken seriously even if it makes no sense at all and is completely at odds with what they claim needs to be done.
Crazy Talk
You mean destroying an economy won't save it? This is crazy talk!
But Latvia! Ireland!
There is no easy option for Greece, given its problems. Difficult reforms are vital. But how can an austerity plan — which has seen recession turn into depression, youth unemployment soar to more than 50 per cent, the economy shrink by six per cent in the last year alone and the national debt grow further — be seen as a success? As even the credit rating agencies now recognise, as Standard and Poor’s puts it, that “austerity alone risks becoming self-defeating”.
But Latvia! Ireland!
"Internal Devaluation"
Just a reminder that when people suggest this as a solution for Greece or Spain, what they mean is "make everybody* poor."
Some solution!
*Well not everybody, of course, but you know what I mean...
Some solution!
*Well not everybody, of course, but you know what I mean...
Light It All On Fire
Given the eagerness of the powers that be to aim the free money bazooka at anything resembling a failing giant bank, the incentives for those running them aren't to try to limp along through troubled times, but instead to blow themselves up spectacularly.
But remember kids, moral hazard is what happens when a single parent gets $10 more per week in extra food stamp money.
But remember kids, moral hazard is what happens when a single parent gets $10 more per week in extra food stamp money.
Blame Everybody Else, Especially The Poor And Powerless
Cameron blames "the eurozone" for his horrible policies. German banks blame Greece for forcing them to lend them all that money. And everybody knows the root of the problem is lazy poor people.
Sunday, June 17, 2012
Actually A Pretty Good Movie
I've actually only seen (I think) one Ryan Gosling movie, Lars And The Real Girl. Didn't expect it to make him the weird cultural phenom he seems to have become, but it was actually a pretty good movie. At the very least, it's a movie which would generally exceed any expectations given the title. Not quite what you think it is!
Words
Not necessarily faulting the NYT headline writer, but it's certainly an odd way to present things.
Don't think the issue was really the "bailout." Maybe the strings and, well, also, too, mass unemployment and suffering.
Don't think the issue was really the "bailout." Maybe the strings and, well, also, too, mass unemployment and suffering.
Obviously Constitutional
Totally predictable. How they see religious freedom.
Not too many will be on the approved religion list. Because freedom.
Rep. Kenneth Havard, R-Jackson, objected to including the Islamic School of Greater New Orleans in a list of schools approved by the education department to accept as many as 38 voucher students. Havard said he wouldn't support any spending plan that "will fund Islamic teaching."
"I won't go back home and explain to my people that I supported this," he said.
"It'll be the Church of Scientology next year," said Rep. Sam Jones, D-Franklin.
Carter, R-Baton Rouge, said the Islamic school withdrew its request to participate in the voucher program.
"They're not interested. The system works," he said.
Not too many will be on the approved religion list. Because freedom.
All Local Places Have Their Local Place Stuff
One of my minor pet peeves is when people write about their own local places as if the fact that they have any local characteristics/traditions/linguistic quirks/cultural norms/etc at all is some unique in all the universe. I'm not saying people shouldn't talk about such things - they can be very interesting! - I just mean that there isn't anything particularly special about being special. Most places have their little things that make them special, but there isn't anything special about that.
Ode To A Grecian Spurn
I don't claim to know anything about Greek politics, but hopefully they chuck the austerity bastards out.
Sunday Bobbleheads
Meet the Press has Plouffe and AN EXCLUSIVE INTERVIEW WITH JOHN MCCAIN MUST CREDIT MEET THE PRESS.
Face the Nation has Romney, Lindsey Graham, and Howard Dean.
This Week has Plouffe and Pawlenty.
Document the atrocities!
Face the Nation has Romney, Lindsey Graham, and Howard Dean.
This Week has Plouffe and Pawlenty.
Document the atrocities!
Saturday, June 16, 2012
Crass Commercialism
I admit when my brain is mush after a day of being jacked into the internets, I sometimes read comic books graphic novels. I'm not quite sure I can explain why Invincible is good, but it's good!
Tom Friedman, The Musical!
I guess "Tommy" has already been used. Inspired somewhat by this, my long friendship with the man, and some suggests from the Twitter, here's what we have so far:
It's the tale of a wealthy white American who travels the world, blissfully unaware that all of the wiley foreigners who flatter his every thought and deed are just in it for the tips.
All dialogue for the "Tom Friedman" character will be taken from the collected writings and public utterances of Tom Friedman. We've got a massive opening number, Bollywood style, sung by every cab driver Tom Friedman has ever met and quoted. Potential opener title: The World is Flat (but the roads are bumpy).
Does Suck on This end the first act or open the second? So much to think about...
...a subplot can involve the rise and fall of General Growth Properties. Song title: The Pall On The Mall.
It's the tale of a wealthy white American who travels the world, blissfully unaware that all of the wiley foreigners who flatter his every thought and deed are just in it for the tips.
All dialogue for the "Tom Friedman" character will be taken from the collected writings and public utterances of Tom Friedman. We've got a massive opening number, Bollywood style, sung by every cab driver Tom Friedman has ever met and quoted. Potential opener title: The World is Flat (but the roads are bumpy).
Does Suck on This end the first act or open the second? So much to think about...
...a subplot can involve the rise and fall of General Growth Properties. Song title: The Pall On The Mall.
People Pay That?
Sorry, parents.
I went to Disney World (not Land) once. I admit I purchased scalped employee ticket vouchers in the parking lot, at least I did if that was legal. If not, I just made that up.
But higher profit is the main goal, and that will come primarily from higher ticket prices. In preparation for the opening, Disney increased the cost for a two-day “park hopper” pass in Anaheim to $200 for visitors age 10 and up, compared to $173 previously. A successful California Adventure would lift spending at Disney’s three hotels here, which were recently expanded and refurbished.
I went to Disney World (not Land) once. I admit I purchased scalped employee ticket vouchers in the parking lot, at least I did if that was legal. If not, I just made that up.
Direct
Krgthulu takes a break from arguing with an unnamed foe who is NOT NAMED DAVID BROOKS SO STOP SAYING THAT to argue with some guy named David Brooks.
Asshole Drivers
I drove for a bit through Italy once. Mostly in the rural areas, but a bit in Rome too. The latter was scary because of the scooters, not so much the cars. Anyway, the cultural driving norm there is, or was then, different than the US where we're taught to accelerate and brake fairly gently. If you're at a stop, and there's another stop a couple hundred feet away, you don't gun the accelerator and then slam on the brakes. In Italy, failing to drive that way would piss people off. I tried to adapt to the local norms some, but people were always riding my tail, not so much due to lack of speed but for my unwillingness to accelerate quickly.
For a variety of reasons I think the cultural norm of accelerating and braking smoothly is superior, but nonetheless it's fair to see that in Italy I was more in the "wrong." When driving it's important to behave in expected ways, and I wasn't.
But here... in crowded urban areas...WTF is wrong with people who gun the accelerator? You aren't getting anywhere any faster, you're just likely to kill someone.
For a variety of reasons I think the cultural norm of accelerating and braking smoothly is superior, but nonetheless it's fair to see that in Italy I was more in the "wrong." When driving it's important to behave in expected ways, and I wasn't.
But here... in crowded urban areas...WTF is wrong with people who gun the accelerator? You aren't getting anywhere any faster, you're just likely to kill someone.
Heckling
I'm one who would be quite happy for the press to be a bit more aggressive with questioning, to not act as if elected officials - and especially the president - deserved some kind of extreme deference. But there's a difference between being aggressive and less than obsequious during a q&a period or an interview, and heckling a speech.
Friday, June 15, 2012
Immigrants And The Urban Hellhole
My theory about just why this is isn't exactly a pleasant one, but it has nonetheless surprised me that the large Asian and mostly Mexican Latino immigrant populations in Philly haven't inspired more of backlash.
At Least It's Underground
Sadly, I imagine neighbors will be largely thrilled with this.
That's more than one per unit. Anyway, it isn't the worst thing in the world, but if I ran the world I'd require condo developers to unbundle the residential units from the parking spots. If people wanted spots they could buy or rent them separately. Or not.
Sure the underground parking keeps cars from parking on the street, but it also makes sure that buyers are going to be car owners, attracting people willing to pay that extra for the spot. So there will be more cars and traffic.
Horsham-based Toll Brothers hopes to replace the large hole at 410 S. Front St. in Society Hill with a 69-unit, 68-foot-tall, gated condominium with 108 underground parking spaces.
That's more than one per unit. Anyway, it isn't the worst thing in the world, but if I ran the world I'd require condo developers to unbundle the residential units from the parking spots. If people wanted spots they could buy or rent them separately. Or not.
Sure the underground parking keeps cars from parking on the street, but it also makes sure that buyers are going to be car owners, attracting people willing to pay that extra for the spot. So there will be more cars and traffic.
Asshole Test
I think a reasonable test of whether someone is an asshole without any hope of improvement is if you sit them down and explain that:
1) People without the legal right to live and work in this country often bring their kids here with them.
2) Those kids are often quite young when they arrive. You know, babies.
3) Such kids also are undocumented.
4) In many cases they grow up not or barely speaking the language of their home countries, depending on their age and particular circumstances.
5) Given whole lack of documentation thing, most of these kids have never been to the country that their parents came from and don't know any of the family, if any, that are still there.
6) Upon becoming adults, their work and educational opportunities are complicated and limited.
If the person's response is, "they're illegal, deport them," then you know you've found an asshole.
1) People without the legal right to live and work in this country often bring their kids here with them.
2) Those kids are often quite young when they arrive. You know, babies.
3) Such kids also are undocumented.
4) In many cases they grow up not or barely speaking the language of their home countries, depending on their age and particular circumstances.
5) Given whole lack of documentation thing, most of these kids have never been to the country that their parents came from and don't know any of the family, if any, that are still there.
6) Upon becoming adults, their work and educational opportunities are complicated and limited.
If the person's response is, "they're illegal, deport them," then you know you've found an asshole.
These Are Truly Weird People
I don't understand.
Daley called a few trusted eminences on Wall Street, sounding them out on the personnel switch. Their response was resoundingly positive, both officials said. She had never been a banker, but as a senator from New York, Clinton had cultivated many relationships within the financial sector. Some of them had been longing for the kind of attention they had received from her and her husband, former president Bill Clinton, but rarely got from Obama.
Pinky Swear?
Hopefully this happens for real.
WASHINGTON (AP) — The Obama administration will stop deporting and begin granting work permits to younger illegal immigrants who came to the U.S. as children and have since led law-abiding lives. The election-year initiative addresses a top priority of an influential Latino electorate that has been vocal in its opposition to administration deportation policies.
Helicopter Drop
It really doesn't have to be this way. Instead of giving more free money to the banksters and pretty pleasing them to lend it out to somebody else, you can just give people free money directly. Drop it from helicopters. Mail everybody a check. Add a zero on the end of everyone's bank balance. Whatever.
If you want there to be more money in the economy, give people more money. It really is that simple, or should be.
If you want there to be more money in the economy, give people more money. It really is that simple, or should be.
Broken
I think one thing which is not said enough, except perhaps by me, is that our banking system is, you know, broken. This broken banking system is not in the business of efficient capital allocation, it's in the business of ripping the faces off their clients and taking all the free money we give them to the great casino.
Pumping more money into a broken banking system will not help.
Pumping more money into a broken banking system will not help.
Thursday, June 14, 2012
Thursday Night
I imagine some stupid horrible things will happen tomorrow. Probably something to do with hippies.
Word Salad And More Free Money For Banksters ...er... City Institutions
Huzzah!
Sir Mervyn King has announced emergency measures to help banks and boost business lending amid a warning from George Osborne that the "debt storm" raging on the continent had left the UK and the rest of Europe facing their most serious economic crisis outside wartime.
With one Spanish minister warning that the future of Europe could be decided within hours, the Bank of England will begin pumping a minimum of £5bn a month into City institutions within the next few days and the government expects to have a new "funding for lending" scheme for households and cash-starved small and medium-sized businesses in place within weeks.
Wanker of the Day
Matt Miller.
People get paid lots of money for that kind of wanking. Not that I'm jealous or anything.
People get paid lots of money for that kind of wanking. Not that I'm jealous or anything.
The Worst Possible Thing They Could Have Done
The more I think about the latest actions in Spain, the more flummoxed I am. If borrowing costs of the state are a prime concern, which supposedly they are, then they did the stupidest fucking thing possible. They borrowed a bunch of money to give to their banks and made all of their other debts subordinate to that.
Insane.
Insane.
We Spend So Much Money On Horrible Stuff
I'll admit that if I had a hundred billion to spend on anything I wanted to, the California HSR project probably wouldn't top the list. But I get a bit confused by liberals fretting over whether it suddenly costs too much or whatever. We spend hundreds of billions of dollars on completely horrible stupid shit all of the time. I wouldn't have spent that much money on the fucking wars, either, but we manage to blow through that much every few months or so.
My point is, on the rare occasion that the government is considering giving us some nice things, we should probably just stand up and applaud, even if we can imagine even nicer things that the government should give us but won't. The choice isn't between HSR in California and What Atrios Wants To Spend Money On, the choice is between HSR and, you know, more high tech killing machines, money for war contractors, and tax cuts for rich people.
My point is, on the rare occasion that the government is considering giving us some nice things, we should probably just stand up and applaud, even if we can imagine even nicer things that the government should give us but won't. The choice isn't between HSR in California and What Atrios Wants To Spend Money On, the choice is between HSR and, you know, more high tech killing machines, money for war contractors, and tax cuts for rich people.
It's Working!!!
Success!!!
But they've been doing what the Very Serious People have been telling them to do, so the outcomes don't even matter. They're doing the right thing so it must be working!
(Reuters) - Greece's jobless rate rose to 22.6 percent in the first quarter of 2012 from 20.7 percent in the previous three-month period as economic activity slumped, the country's statistics service said on Thursday.
But they've been doing what the Very Serious People have been telling them to do, so the outcomes don't even matter. They're doing the right thing so it must be working!
Morning Thread
I'm not following the Sandusky trial closely, but it sure sounds like he should have taken a deal.
Wednesday, June 13, 2012
Obscenity
The real point is, of course, that this is actually the most obscene Aristocrats joke ever told, except that it isn't a joke, it's the reality that our Brooksian Leaders have given us.
I thought the movie was pretty good. Bob Saget is nasty.
I thought the movie was pretty good. Bob Saget is nasty.
You Messed It All Up
Except perhaps failing (yet) to destroy Social Security, the world for the past 20 years has been run pretty much exactly how Brooksian Elites think it should be run.
And their solution to the problems they created is for the rest of us to suffer more.
Horrible people.
And their solution to the problems they created is for the rest of us to suffer more.
Horrible people.
The Country That Must Not Be Named
Is the one that did everything right (well, after they let the banksters blow the economy up anyway).
Having their own currency made it easier than it would be for eurozone countries, but they're the country to look to.
Having their own currency made it easier than it would be for eurozone countries, but they're the country to look to.
Stupid And Evil
If only we could be ruled by competent evil people.
More and more people in Spain say they fear our government is not telling us the truth. I fear worse: I'm worried the government really believes what it says.
Priorities
The recent actions in Spain are perhaps the worst in this ongoing saga, though I guess in strong competition with everything that went down in Ireland. Basically it was... MUST CUT EVERYTHING MUST FIRE PEOPLE MUST NOT BORROW ANY MORE MONEY AT ALL. Oh, hey, borrow one hundred billion euros to give to rich people who run your failing banking system.
The worst people in the world run the world.
The worst people in the world run the world.
Four Years Later
We still wake up every day wondering just who will point the money bazooka at which failing bank. In the name of austerity.
The people who run the world are horrible.
The people who run the world are horrible.
Contractionary Policies In A Deep Recession Are Contractionary
This continues to shock and surprise everybody, including the people who are supposed to know better.
Tuesday, June 12, 2012
Mask Dropping
For awhile Douthat's schtick at the NYT was to try to construct arguments - whether he bought them or not - designed to appeal to his imagined view of the evil liberal readers of the paper. He's been moving away from that lately.
We See What They Did There
Indeed.
On Tuesday, Spain’s long-term borrowing costs soared to their highest level since the country joined the euro zone. Investors have apparently concluded that the rescue is potentially a much better deal for the banks and their shareholders than for the government, its taxpayers and bondholders.
Authoritah
I'm not even really sure what the followers are supposed to be doing, but I imagine it has something to do with the fact that occasionally the internet leads to David Brooks hearing that not everyone out there thinks he's the greatest human in the universe.
Wealth, fame, easy likely lifetime job, and it'll forever drive him insane that the peasants don't give him enough respect.
What an asshole.
Wealth, fame, easy likely lifetime job, and it'll forever drive him insane that the peasants don't give him enough respect.
What an asshole.
Humanity
Probably this is due to a "follower problem" or similar.
Just put a bit more faith in elites and the institutions they control, people...
The report of a file maintained by Schultz, who was at the time in charge of Penn State campus security, comes a day after NBC news reported that former Penn State President Graham Spanier did not report alleged abuse to non-PSU authorities because, according to e-mails between he and other campus officials, he felt it would be 'humane' to Sandusky to not report the matter.
Just put a bit more faith in elites and the institutions they control, people...
Gambling Our Way To Prosperity
I think casino gambling had a bit of an allure a decade or two ago, due to its relative scarcity in most parts of the country. It was something you'd think of making a special trip for, and therefore have an extra willingness to light a bit more money on fire than you normally would.
When there's a slot parlor on every corner they don't seem so special anymore.
When there's a slot parlor on every corner they don't seem so special anymore.
The Bestest Run Banks By The Smartest Bestest Banker In The Whole Wide World
Or not.
Lots of winning gamblers think they have special skills (and I don't mean poker where that's potentially true).
June 12 (Bloomberg) -- Bloomberg's Erik Schatzker and Stephanie Ruhle report that as traders racked up $2 billion in losses, JPMorgan CEO Jamie Dimon treated the CIO differently from other JPMorgan departments, exempting it from the rigorous scrutiny he applied to risk management in the investment bank, according to two people who have worked at the highest executive levels of the firm and have direct knowledge of the matter. They speak on Bloomberg Television's "Inside Track." (Source: Bloomberg)
Dimon treated the CIO differently from other JPMorgan departments, exempting it from the rigorous scrutiny he applied to risk management in the investment bank, according to two people who have worked at the highest executive levels of the firm and have direct knowledge of the matter. When some of his most senior advisers, including the heads of the investment bank, raised concerns about the lack of transparency and quality of internal controls in the CIO, Dimon brushed them off, said one of the people, who asked not to be identified because the discussions were private.
Lots of winning gamblers think they have special skills (and I don't mean poker where that's potentially true).
The Worst Possible Thing They Could Do Is Borrow More Money Because Austerity
We went through this yesterday, but it's a stark reminder of where we are.
The deal, though, fails to address a fundamental issue that has been spooking markets: This is the worst possible time for Spain to borrow 100 billion euros. Under the agreement, any amount used to bail out Spain’s banks will be added to the country’s government debt, potentially pushing it to a net 70 percent of gross domestic product, from about 60 percent today.
According to Our Galtian Overlords, austerity is necessary. Except, of course, when it comes to massive failing companies known as banks. Just keep lighting billions of taxpayer money on fire, paying massive salaries to the people who are destroying the world. And nobody mention moral hazard, because that's what happens when you give someone an extra $10/week in food stamps.
There are lots of reasons the banks are having problems, but one reason is that people have no jobs and no money. And the Galtian Overlords are determined to keep people broke and unemployed, while extracting everything possible from the economy to give to the banks.
There's stupid, but also a whole lot of evil. Bad people run the world.
They Could Always Sell Them To The Germans
Gotta privatize and sell assets after all.
The ad, produced by the Association of Greek Archaeologists, is most immediately a reminder of an armed robbery of dozens of artifacts from a museum in Olympia in February, amid persistent security shortcomings at museums across the country. But the campaign’s central message — “Monuments have no voice. They must have yours” — is a much broader attack on deep cultural budget cuts being made as part of the austerity measures imposed on Greece by the European economic establishment, measures that have led in recent weeks to an electoral crisis, a caretaker government and the specter of Greece’s departure from the euro zone.
Monday, June 11, 2012
What The Hell Is This Crap
Years ago after reading an article making Nickelback sound mildly interesting (their story, not necessarily their music), I sampled some of their music. I went full Butthead and shrieked out the title of the post.
Maybe they've gotten better since? No idea.
Maybe they've gotten better since? No idea.
What Were They Thinking
It's as if they decided that if they borrowed 100 billion euros to bail out (yet again) their banks, then Teh Markets would be pleased that they would no longer need to borrow a hundred billion euros.
Or something.
I've said it a million times, but there's no reason for any of this. Print free money, give it someone. Sovereigns, banks, people, me, whoever.
Or something.
I've said it a million times, but there's no reason for any of this. Print free money, give it someone. Sovereigns, banks, people, me, whoever.
Hippie Ideas
I think these days even genuinely liberal people, not eventheliberals, are afraid to propose genuinely liberal solutions to the problems. We've just all agreed that either hippie ideas don't work, or conservatives won't ever let them pass, so the best we can hope for are conservative means to achieve liberal ends. Even if those conservative means don't actually work.
Bank Shot
Though they've tried to disguise it a bit, in the midst of "austerity" Spain is now on the hook for whatever money gets lent to the banks to bail them out.
I'm sure none of our "profligate spenders" tut tutters will notice this aspect.
I'm sure none of our "profligate spenders" tut tutters will notice this aspect.
It's All Because Evil Greek Voters Might Have Voted For That Hippie
Teh Left is always to blame, even when the rich assholes are destroying the world.
That's the narrative and they're going to stick to it. The evil hippies did it!!!
But the mere possibility of a victory for anti-bailout forces in Greece helped exacerbate Spain’s problems in the first place, boosting its government’s borrowing costs and causing a slow-motion bank run that weakened its financial system. That spiraling confidence problem — in which the 17 countries that share the euro currency are united enough to spread their problems to one another but not enough to guarantee an end to them — is what Europe’s leaders are racing to fix with a road map to further economic integration that could come at the end of the month.
That's the narrative and they're going to stick to it. The evil hippies did it!!!
Correcting The Record
And my faulty memory. Reader t writes in:
Just to correct the record, there was no official denial of permission for WaterFire when it first happened. In fact, Barnaby Evans was commissioned by the Providence Parks Department to create it. He first presented it to First Night, the New Year's Eve festival, and with funding from the City, they put on a small version in 1994. It was successful, but there wasn't any thought of carrying it on. But in June 1996, the piece was revived as part of Providence's Convergence Sculpture Festival, run to coincide with a sculpture conference at the new convention center. The (de)construction of the river bridges was complete and the new park was finished, and the director of programming in the Parks Dept named Bob Rizzo thought that WaterFire was the way to celebrate. Rizzo is himself a sculptor and was why the conference was in Providence that year. So they put it up again and to everyone's surprise 10,000 people showed up. I was there that night, and was one of the people wandering around open-mouthed at the crowds. So the Parks Dept lit it up again a couple of weeks later when the Olympic torch came running through, and 10,000 more people showed up. And at that point, the city went to Barnaby and asked him to continue it.
I only offer this account because I think it's worth pointing out that this very cool and somewhat category-breaking event happened because a Parks Department functionary -- a faceless government bureaucrat, some might call him -- thought it would be a good idea. Your account makes it sound like the doughty artist prevailed against the imagination-free status quo, but it wasn't that at all, and creative and interesting people within the government were involved from the beginning, and were the ones who first saw its value to the city.
Sunday, June 10, 2012
Purified By The Promise Of Suffering For Other People
Taxpayers on the hook for the bailout of the people who spend their days lighting money on fire, and things are only going to get worse.
Despite the sense of relief at avoiding a banking meltdown, Mr. Rajoy also warned of more pain as Madrid pushes ahead with austerity cuts to clean up public finances.
“This year is going to be a bad one,” Mr Rajoy said Sunday.
FIRE
Waterfire started when I lived in Providence. It's a simple thing. Put some braziers on the water, light them, play some music. As I understand it, the artist asked the city for permission to do it small scale, was denied, and then went ahead and did it anyway. It was nice, people came, they encouraged him to do it more often. It's pretty and even a bit moving when the conditions and weather are just right, but it was really just a catalyst, something which brought people into a largely dead downtown, something which gave renewed appreciation of the potential of public spaces. Basically an excuse for a subdued street party, so you have the event itself and everything going on around it.
If You Ignore Them No One Will Notice
I'm so old I can remember when there was no effective pushback against right wing media, and the "liberal media" would make it 4 versus 1 on those rare occasions 1 liberal would be allowed on the teevee.
The Right doesn't need liberals criticizing them to mainstream their stuff, the "mainstream media" is happy to do it anyway. Without rebuttal.
The Right doesn't need liberals criticizing them to mainstream their stuff, the "mainstream media" is happy to do it anyway. Without rebuttal.
Remember Those Glory Days When People On The Internets Weren't Mean To Joe Klein
Not gonna link to it, but Joe Klein has a piece in Time where he met a bunch of pissed off (mostly) aging Vets and has decided that if only there was mandatory national service for people younger than Joe Klein then we would return to those great days in this country when we had Teh Consensus which was when we all agreed and it was all the awesome because consensus.
I think this period of time was one particular nice weekend in 1957. Actually for those of us vaguely familiar with the history of the real world there was never any such thing. And for those of us lacking the narcissist gene, Teh Consensus is not actually a good state of affairs. People disagree about stuff. A healthy democracy requires people to disagree about stuff. That people who are paid to follow politics and write about it fail to understand that this is actually part of the foundation of the concept of democracy is quite incredible to me.
I think this period of time was one particular nice weekend in 1957. Actually for those of us vaguely familiar with the history of the real world there was never any such thing. And for those of us lacking the narcissist gene, Teh Consensus is not actually a good state of affairs. People disagree about stuff. A healthy democracy requires people to disagree about stuff. That people who are paid to follow politics and write about it fail to understand that this is actually part of the foundation of the concept of democracy is quite incredible to me.
Older And Unemployed
I think one slightly good thing about this recession (good in the sense of it could have been worse) is that while there are certainly older people getting completely screwed by it, to a surprising degree they haven't borne the brunt of job losses. I'm not saying they're more deserving of jobs than young people, I just mean it's pretty obvious that if you're above a certain age and you lose your job it's almost impossible to get a new one.
Operation Blame Yurp
Even if pesky foreigners are causing problems, the issue for people in power is how to respond. More austerity!!!! is not the answer. Or you could just blame everybody else.
Britain's prospects for economic recovery are being "killed off" by the crisis in the eurozone, George Osborne has warned.
Impeach
It hasn't happened yet, but I used to think that the Republicans would seize on to some executive power abuse (real or alleged) that they would have been fine with if the right person was in charge as a reason to crank up the impeachment machine. Those days were awfully fun. I guess the problem is they need to find something which doesn't perfectly fit their general love of our glorious security and military state. They might yet find it.
Sunday Bobbleheads
Meet the Press has tennis from France.
This Week has Rendell, Huckabee, Axelrod, and Little Ricky.
Face the Nation has Feinstein, Mike Rogers, Scott Walker, Martin O'Malley, and Trumka.
Document the atrocities!
This Week has Rendell, Huckabee, Axelrod, and Little Ricky.
Face the Nation has Feinstein, Mike Rogers, Scott Walker, Martin O'Malley, and Trumka.
Document the atrocities!
Saturday, June 09, 2012
They'd Work Hard For Their Money
With one hundred billion Euros, you could employ (or just give free money to) half of Spain's unemployed for a year at an annual salary of about 34,000 euros.
Whose U
Anecdotally, university administrators are increasingly and sometimes brazenly running things for their own benefit.
Inside Sally Quinn's Mind
I wasn't going to link to this, but I was impressed that the comment section wasn't moderated out of existence.
ONE HUNDRED BILLION EUROS
There's always money for the banksters.
If we adjusted by population, that'd be roughly an $800 billion bailout here.
If we adjusted by population, that'd be roughly an $800 billion bailout here.
Hey, More Free Money For Rich People
Because austerity. Or Free Market. Or CAPITALISM. Or whatever.
The $1.65 billion tax deal the Corbett administration is negotiating with Shell Oil Co. to locate an ethane processing plant in western Pennsylvania is shaping up to be the biggest such state investment Pennsylvania history.
And now it appears, it's just getting bigger.
Under the deal, taxpayers would foot the bill for hazardous materials clean up at the western Pennsylvania site, a cost that could easily soar into the tens of millions, according to a report by CapitolWire news service.
Friday, June 08, 2012
B5
It certainly wasn't a perfect show, but it attempted - and to some degree succeeded - going where no show had gone before, with a multi-year plot where the random foreshadowing in some first season one episode actually had a payoff four seasons later. The realities of dealing with low budgets, threatened cancellation, actors moving on, and all of the other difficulties inherent in such a project certainly dented the quality of the final product, but it managed to succeed in its vision at a time when "make a series so it can be seen in any order in syndication" was the normal way of doing things.
Something Better
I think the issue is that "scan and email" shouldn't be harder than faxing, yet somehow it is (at least with every scanner I've owned).
Evil
More people with microphones and appropriate audiences need to start using moral language to describe Ben Bernanke's actions. He's not stupid, so there's only one other option, really. We know that the costs of relatively low (as in, sub-8%) inflation are trivial. We also know that a willing Fed has precisely zero problem killing inflation if it so desires. There is no need for "credibility" on this issue unless you have a government that's spent years running the printing presses to pay its bills. Bernanke sleeps well at night so he can get up every day and ensure that millions experience severe economic hardship.
Let's Pretend I'm Busy At Netroots Nation
I'm not, but having one of those "not sure I have anything to say" days.
Besides it's Friday, Friday, which is almost precisely like the weekend, when I don't get vacation days either. Or something.
Besides it's Friday, Friday, which is almost precisely like the weekend, when I don't get vacation days either. Or something.
Thin-Skinned
Aside from the specific issue, I've long been amused by this particular tactic. Someone criticizes you, you respond to the criticism, and the fact that you responded is actually a bad thing because it means you're thin-skinned.
If You Recognize People They Must Be Good
Famous important people never do anything bad.
WASHINGTON — If the Transportation Security Administration wants to fix its poor public image, it might want to stop patting down recognizable passengers such as former Defense Secretary Donald Rumsfeld and former Secretary of State Henry Kissinger.
"There are certain people that are just so well-known that you've just got to use your common sense," said Rep. Mike Rogers (R-Ala.), chairman of the House Homeland Security Transportation Subcommittee. "Because if you start patting them down, people are going to say, 'They're patting down Beyonce.' "I mean, she's not going to blow a plane up."
Thursday, June 07, 2012
Bar Systems
I don't know if overpouring or too generous bartenders is the big problem or if it's staff occasionally just walking stuff out the back door, but I found it quite interesting when a bartender once explained to me that their "give customers free drinks" system was formalized and programmed into the computer. Roughly, every bartender had $50/shift in free drinks to hand out and they kept track.
Happy Hour Thread
Might take the evening off for a little mental health break. Talk amongst yourselves!
Elites
I'm sure I've said this before, but it's important to remember that the EU and Euro projects were projects by elites with little popular support. Obviously popular objection wasn't so strong as to prevent it, but it really was a project of the People Who Run The World, and not some idea cooked up one day by Greek farmers, or whoever.
The point is that whatever problems are happening right now exist because the people in charge fucked it all up. And for that the little people, including Greek farmers, must be punished.
The point is that whatever problems are happening right now exist because the people in charge fucked it all up. And for that the little people, including Greek farmers, must be punished.
They're Expensive
I don't actually get all snobby and knock these kinds of restaurant chains. Some of them put out decent enough food, I get the appeal of familiarity, and many of them are much more child friendly than other somewhat more upscale dining places. But they're also pretty damn expensive for the most part.
The Worst People In The World
One (of the many) problem with our current ideal of central bank independence is that the defensible idea that they should be immune from the day to day meddling by politicians has been extended to an impervious Do Not Criticize cloud. I'm not saying that nobody anywhere criticizes the Fed, but it's a bit taboo for politicians to do so and even Polite Gentlemen refrain from such things to some degree.*
The ECB central bankers, and to a lesser extent our own, are doing a horrible job. People need to say so more often. Especially people with microphones.
*As with most things this is asymmetrical. It's more acceptable to accuse them of causing massive inflation than it is to accuse them of causing the needless suffering of millions.
The ECB central bankers, and to a lesser extent our own, are doing a horrible job. People need to say so more often. Especially people with microphones.
*As with most things this is asymmetrical. It's more acceptable to accuse them of causing massive inflation than it is to accuse them of causing the needless suffering of millions.
Netroots Nation At Home
Watch a panel with the title "The Heart of the Beast: How the Grassroots is Taking on Big Banking."
It's Working!!!
Something is being achieved anyway.
And the austerity success story.
The unemployment rate in March 2012 was 21.9 percent compared to 15.7 percent in March 2010 and 21.4 percent in February 2012, ELSTAT said. This means there were 1,075,081 unemployed Greeks in March.
And the austerity success story.
Bad economic data from Ireland - the unemployment rate has risen to 14.8%, its highest level since the crisis began.
That's much higher than the eurozone average of 11% (also a record high).
Wednesday, June 06, 2012
Ladies
There are rich bachelors in Silicon Valley, and the New York Times is ONIT!!!
And, yes, I know I've just rewarded them with the link. It's long been the problem with the internet economy. Things you criticize get the hits.
And, yes, I know I've just rewarded them with the link. It's long been the problem with the internet economy. Things you criticize get the hits.
Really Awful Ideas
A casino at that spot - not that I'm a fan of the idea - would make sense as the Convention Center casino, as it's a 10-12 minute walk. It does not make sense as a casino-retail playground for suburbanites who can get such things elsewhere, as is obviously envisoned given the (oh sweet jeebus this is the big one) 2000 parking spaces. Rooftop retail? Oh Lord. Go ahead and build it, it'll go under in less than 5 years.
Failed Experiment In Independent Central Banking
That the ECB feels free to exert power in areas it has no business exerting power is proof enough.
Our own Maestro did this, some, but even he had some awareness of the fact that he shouldn't be coloring too far outside the lines.
Our own Maestro did this, some, but even he had some awareness of the fact that he shouldn't be coloring too far outside the lines.
Krugmania
I suppose this is a polite way to say that the people who run Europe are determined to destroy it.
The Narrative
America is richer than it has ever been and can no longer afford the things that it used to.
Discuss.
Discuss.
Bank Shots
It's true that Cameron, the BOE, and the Fed* could do things to help the Eurozone and to some degree indirectly help themselves, though I have a hard time seeing just how the politics of helping Yurp indirectly while not helping yourselves directly make any sense, or how the reaction function of the ECB would be anything less than sociopathic.
*I exclude Obama because his hands are, at the moment, somewhat tied.
*I exclude Obama because his hands are, at the moment, somewhat tied.
They Don't Care
Movement anti-choice people don't care how the morning-after pill actually works, because they're opposed to it regardless. They're opposed to other people using contraception.
Well Okay Then
There's a need.
I've made a little Venn Diagram which might provide some guidance.
Prime Minister David Cameron and US president Barack Obama have agreed on the need for “an immediate plan” to resolve the eurozone crisis, Downing Street said today.
I've made a little Venn Diagram which might provide some guidance.
Parking "Insanity"
There are plenty of blocks around that area that don't require parking permits. Free parking all the time.
Also, pro tip: the Acme supermarket lot is widely understand to be the "free municipal lot for people with Jersey plates." They never tow, no matter what the signs say.
Now my daughter is with us for the summer and she can’t get a parking permit because she has New Jersey tags. Frankly, she doesn’t want to go through all the red tape that I did, especially since she’ll be going to Maryland for school in the fall. She can buy a temporary permit for a month — only a month. We would gladly pay for her to be able to park within a few blocks for the summer. She currently has her car in her Dad’s driveway in New Jersey. I was hoping that she could get to work via public transit but the site is in an iffy area where we don’t want her walking to and from transit. This is a huge pain in the ass. We will have to drive her to and from work except for one month of the summer. Something has gotta give. Even the parking lot near us, between 12th and Passyunk, is by permit only.
Why not a lot for lease?
Also, pro tip: the Acme supermarket lot is widely understand to be the "free municipal lot for people with Jersey plates." They never tow, no matter what the signs say.
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