After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize” these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
The earlier the policyholder dies, the bigger the return — though if people live longer than expected, investors could get poor returns or even lose money.
Saturday, September 05, 2009
Dead Peasants
I guess that immortality serum will necessitate another bailout.
This Must Be Why Things Are Always Turning Around
BLS:
Table A-4. Employment status of the civilian population 25 years and over by educational attainment
Less than a high school diploma
Unemployment rate: 15.6
High school graduates, no college (1)
Unemployment rate: 9.7
Some college or associate degree
Unemployment rate: 8.2
Bachelor's degree and higher (2)
Unemployment rate: 4.7
Friday, September 04, 2009
EATED
First Bank of Kansas City, Kansas City, MO gets EATED.
InBank, Oak Forest, IL gets EATED.
Vantus Bank, Sioux City, IA gets EATED.
Platinum Community Bank, Rolling Meadows, IL gets EATED.
First State Bank, Flagstaff, AZ gets EATED.
InBank, Oak Forest, IL gets EATED.
Vantus Bank, Sioux City, IA gets EATED.
Platinum Community Bank, Rolling Meadows, IL gets EATED.
First State Bank, Flagstaff, AZ gets EATED.
Other
I didn't meant to suggest in the below post that all people can happily find representation in one of the two existing parties. But generally people who self-identify as independent, instead of as identifying with either one of the two major parties or with a third party, are part of the "mushy middle" who really don't know all that much about politics. These are not the same people as those who have strong political views which might make them not feel particular affinity with either party.
Independents
They like politicians who look like they stand for something - they usually don't understand or care what - and who might kick a little ass occasionally.
Yes, there are some people out there who might genuinely have a bit of a mix of Dem-Republican policy preferences, and of course there are ornery bastards who just like the idea that they're "independent" whatever their voting pattern is, but most self-identified independents are kinda clueless. After 8 years of Bush and the GOP there's really no excuse - pick a side if you can.
Yes, there are some people out there who might genuinely have a bit of a mix of Dem-Republican policy preferences, and of course there are ornery bastards who just like the idea that they're "independent" whatever their voting pattern is, but most self-identified independents are kinda clueless. After 8 years of Bush and the GOP there's really no excuse - pick a side if you can.
The View From The Street
Meanwhile, in a parallel universe somewhere.
Fortunately the unemployment rate only went to 9.7%.
Stocks moved modestly higher ahead of the three-day weekend after the highly anticipated jobs report suggested that more healing is taking place in the economy, as one observer put it.
...
The unemployment rate rose more than expected, to 9.7%. But the level of job cuts came in at 216,000, which was less than July's upwardly revised total of 276,000 and is the lowest in a year. Analysts expected the unemployment rate to rise to 9.5% from July's 9.4%, and job reductions to total 225,000.
Fortunately the unemployment rate only went to 9.7%.
All That Money's Gotta Go Somewhere
Anyone else got a suspicion that we've gone from tech bubble to housing bubble to general financial asset bubble thanks to Fed lending generosity?
Maybe it's just me.
Maybe it's just me.
Matt Drudge Rules Their World
And they are powerless.
Whatever the merits of politics by hissy fit, it's almost impossible for a left wing hissy fit to penetrate our media. It rarely happens, even when it's a hissy fit about torturing and killing people. Perhaps especially then.
Whatever the merits of politics by hissy fit, it's almost impossible for a left wing hissy fit to penetrate our media. It rarely happens, even when it's a hissy fit about torturing and killing people. Perhaps especially then.
Hunting For Ponies
Does anyone have any idea what we're doing in Afghanistan? At least there was some rationale - if not one I agreed with - for remaining in Iraq during the period of extreme violence. I read stay the course stuff and I have no idea what the rationale is.
Still Bad
CR has more on the jobs report.
This chart, in particular, is sobering.
Someone on CNBC just said that hiring could be surprising on the upside.
WHEEEEEEEEEEEEEEEEE
...other CNBC guy says unemployment "feels vaguely European."
so hilarious
This chart, in particular, is sobering.
Someone on CNBC just said that hiring could be surprising on the upside.
WHEEEEEEEEEEEEEEEEE
...other CNBC guy says unemployment "feels vaguely European."
so hilarious
Bad
It's fine that economists all agree that output is what matter, and that when we talk about the recession turning around we're talking about GDP growth going from negative to positive, but all the happy talk really obscures the fact that 9.7% unemployment is really really horrible and no one is predicting that unemployment will turn around any time soon.
Monthly Jobs Report
Still not good.
Nonfarm payroll employment continued to decline in August (-216,000),
and the unemployment rate rose to 9.7 percent, the U.S. Bureau of Labor
Statistics reported today. Although job losses continued in many of the
major industry sectors in August, the declines have moderated in recent
months.
Thursday, September 03, 2009
Going Green
My local transit authority has 5 trolley lines which travel from West Philly into Center City via a tunnel. It has one additional trolley line which runs in the city. There are also 2 trolley lines which only run in the burbs.
The first 5 trolley lines are represented on the main rail map, but only barely. The other urban trolley line, which only recently had service reinstated, isn't represented at all on either that map or the specific trolley map. And the 2 suburban trolley lines each have their own color.
I'm hoping the newly green schedules for the suburban trolleys reflect a move towards better integration/representation of the trolleys on SEPTA maps.
It's the little things.
The first 5 trolley lines are represented on the main rail map, but only barely. The other urban trolley line, which only recently had service reinstated, isn't represented at all on either that map or the specific trolley map. And the 2 suburban trolley lines each have their own color.
I'm hoping the newly green schedules for the suburban trolleys reflect a move towards better integration/representation of the trolleys on SEPTA maps.
It's the little things.
Holding Firm
Looking forward to seeing how this plays out.
Which is another way of saying... I'm getting tired of this!
Which is another way of saying... I'm getting tired of this!
That's A Pretty Good Plan
And though I had forgotten about, if I remember correctly it's why, way back then, I actually was a bit Hopey about health care reform.
Infill or Sprawl
I'm actually not much of an environmentalist (BIOFUELS BITCHES!!!). Not that I don't care or align myself with the broader movement, just that it isn't my thing. When I think about land use issues I'm not really primarily concerned with carbon emissions, but rather sensible affordable lifestyle choices.
But, yes, to the extent that population growth happens around existing population centers instead of in new ones, the choice is basically infill or more sprawl. Expanding exurbia even farther involves even longer commuting times to the extent that jobs don't travel there too, and infill will face understandable resistance from current residents, though some of it will happen anyway. It's why people like advocate for better infill development, the kind of development which won't change the fundamental development patterns for most of the population. All we're really talking about is dense development around transit stations, moderate density around transit corridors, and better pedestrian integration with surrounding existing communities so that current residents, too, can easily board the SUPERTRAIN.
But, yes, to the extent that population growth happens around existing population centers instead of in new ones, the choice is basically infill or more sprawl. Expanding exurbia even farther involves even longer commuting times to the extent that jobs don't travel there too, and infill will face understandable resistance from current residents, though some of it will happen anyway. It's why people like advocate for better infill development, the kind of development which won't change the fundamental development patterns for most of the population. All we're really talking about is dense development around transit stations, moderate density around transit corridors, and better pedestrian integration with surrounding existing communities so that current residents, too, can easily board the SUPERTRAIN.
The Excluded Conversation
Greenwald:
The subject of the first part of that sentence was never open to debate in this country. The justifiability - we were attacked! - trumped any discussion of whether or not it was sensible. And now we stay, for ends even its supporters cannot articulate.
The question of whether the initial decision to invade Afghanistan was justifiable is completely distinct from whether it should have been made and, even more so, whether the occupation and war should continue.
The subject of the first part of that sentence was never open to debate in this country. The justifiability - we were attacked! - trumped any discussion of whether or not it was sensible. And now we stay, for ends even its supporters cannot articulate.
What Are They For Again?
I'm not sure why I'm supposed to support a 4th estate which is uninterested in holding the powerful accountable for crimes.
And What Am I Supposed To Do About It
It's somewhat interesting how the bloggers-suck-and-are-destroying-journalism argument evolves over time. The latest version seems to be something along the lines of newspapers suck more than they used to, and bloggers suck too, so... Twinkie!
I really can't follow it.
I really can't follow it.
So Absurd
We've had Republicans arguing against the public option on the grounds that it would be too popular, and now we're going to have people arguing for a trigger on the grounds that while the public option would make insurance companies behave, maybe they'll start behaving all on their own.
And our media will never tell you the dirty little secret that the public option will be cheaper.
And our media will never tell you the dirty little secret that the public option will be cheaper.
The Crazy Years
Until October of last year, the very liberal CNN aired Glenn Beck three times a night, five days a week.
The Bottom
David Broder. His words.
David Broder. His America.
David Broder's America is a silly and nasty place.
Looming beyond the publicized cases of these relatively low-level operatives is the fundamental accountability question: What about those who approved of their actions? If accountability is the standard, then it should apply to the policymakers and not just to the underlings. Ultimately, do we want to see Cheney, who backed these actions and still does, standing in the dock?
David Broder. His America.
David Broder's America is a silly and nasty place.
Wednesday, September 02, 2009
Our Friend Tom
Tom Tomorrow returns to the Village Voice! And there is much rejoicing.
TT also has a children's book out that sounds fantastic, I just ordered it myself. Get it here.
TT also has a children's book out that sounds fantastic, I just ordered it myself. Get it here.
Easy To Spend Transit Money
I'm not surprised that transit money is being spent faster than highway money. The sad thing about the stimulus was that it was a bunch of money which probably couldn't be used to fund some "wow, what would I do if I suddenly had $5 billion I never thought I'd have" fantasy project. But given chronic underfunding of maintenance of older transit systems, there are plenty of off the shelf projects which can easily be done with requiring major new planning or environmental impacts studies. Locally most of it is, I think, going for station renovation.
Kind Old Uncle Adolf
I've long said that there's literally nothing Pat Buchanan could say that would get him kicked off the teevee.
I don't know why that's the case, but it is.
I don't know why that's the case, but it is.
UP UP UP
As Michael says, the clear bias in our media generally and in most financial journalism is the perma-bull everything's getting better all the time bias. Just watch a bit of CNBC. I'm not sure why a few cranky bears seem to upset people so much. And in this current situation, there's asymmetric risk here. The potential downsides of doing too much - too much stimulus - are much less than the potential downsides of not doing enough.
Obviously I spend my days expressing my opinions about various things so I have some investment in being "right," but I'd much rather be wrong than have millions of extra people being unemployed. My ego isn't that big.
Obviously I spend my days expressing my opinions about various things so I have some investment in being "right," but I'd much rather be wrong than have millions of extra people being unemployed. My ego isn't that big.
Bush Cult
Just adding to Greenwald's Bush cult post, in honor of Diane Sawyer I thought I'd remind everyone, as I occasionally do, what inspired the greatest mainstream-media supported national ragegasm I've seen in my lietime. It's hard to imagine now, but Natalie Maines didn't spit on a returning Vet or wipe her ass with the US flag while on stage. She said:
Just so you know, we're ashamed the president of the United States is from Texas.
Odd Attitude
Since nepotism is just a fact of life in elite journalism we should stop noticing and giving a shit.
That Poor Man
The Mouse chooses ex-Nixon staffer to replace Charlie Gibson. Your liberal media strikes again.
Remember her Dixie Chicks "interview?" Oh my.
Remember her Dixie Chicks "interview?" Oh my.
That's A Big Fine
Not so shabby.
I don't even remember hearing about Bextra.
WASHINGTON — Top aides in the Obama administration announced a $2.3 billion settlement on Wednesday with the pharmaceutical giant Pfizer Inc. over the company’s illegal promotion of its now-withdrawn painkiller, Bextra.
I don't even remember hearing about Bextra.
Punching Hippies
For some in Washington it's always 1994... but they strangely don't seem to have any clue what actually happened in 1994.
Jobs
Actually government comes out Friday, private estimate of that number comes out today.
Not pretty.
Not pretty.
Futures on the Standard & Poor’s 500 Index expiring this month slumped 0.3 percent to 993.3 at 8:18 a.m. in New York after ADP Employer Services said private employers cut 298,000 jobs last month, topping the average economist estimate of 250,000. Dow Jones Industrial Average futures lost 0.2 percent to 9,284.
Tuesday, September 01, 2009
Pointing Out the Obvious
It doesn't surprise me that a recent poll which Atrios linked to earlier, showed that the majority of Americans are confused when it comes to what's actually in health care reform legislation. Who can blame them? The mainstream media is spending their time glorifying political he said she said and shining a spotlight on the organized efforts by a lobbyist firm to disrupt townhalls. Maybe if they'd educate the public about what is actually in health care reform legislation the poll would yield different results. That said, I do believe most Americans would agree on one thing, our health care system does not work well unless you're rich AND healthy until the day you die.
And Why Is That?
Yglesias:
I've hit this point before, and even though it's the sort of thing the press does all the time (or in this case doesn't), I'm still a bit curious why. Are they just so enamored with any self-described centrist deficit hawk, too stupid to understand the policy, or what?
A robust public option saves money so, naturally, deficit-averse “centrist” Democrats don’t like the idea. And, naturally, the press never seems to point that out.
I've hit this point before, and even though it's the sort of thing the press does all the time (or in this case doesn't), I'm still a bit curious why. Are they just so enamored with any self-described centrist deficit hawk, too stupid to understand the policy, or what?
Young Workers
This is really quite stunning.
# 31 percent of young workers report being uninsured, up from 24 percent 10 years ago, and 79 percent of the uninsured say they don’t have coverage because they can’t afford it or their employer does not offer it.
# Strikingly, one in three young workers are currently living at home with their parents.
Crime
Here in my urban hellhole, crime is obviously an issue but it's less of an issue for someone like me. There's plenty of violent crime, and lots of murders, but, especially in the broader area of the city where I live, there isn't all that much random violence, or violence likely to impact me. Obviously I'm not the only person who matters, and it's tragic that there are communities where a lot of violence, random or otherwise, exists, but the point is that just because lots of people get murdered in Philadelphia doesn't mean that I worry too much about being murdered.
Lasting Damage
Whatever his faults, we should really hope Obama is a 2-term president because it's going to take at least that long to get rid of Bush-era hires in the various agencies.
WASHINGTON — Seven months after taking office, Attorney General Eric H. Holder Jr. is reshaping the Justice Department’s Civil Rights Division by pushing it back into some of the most important areas of American political life, including voting rights, housing, employment, bank lending practices and redistricting after the 2010 census.
...
Many of their replacements had scant civil rights experience and were graduates of lower-ranked law schools. The transition report says the era of hiring such “inexperienced or poorly qualified” lawyers — who are now themselves protected by civil service laws — has left lasting damage.
Good Morning
Will it take Joe Klein as many years to realize he was wrong about Glenn Greenwald as it took him to realize he was wrong about John McCain?
Monday, August 31, 2009
Meet The New Boss
Whatever the merits of cutting federal raises a bit, doing so by saying we're still in a post-9/11 emergency situation is a dick thing to do.
The Most Important News Of The Day
Is, of course, Disney buying Marvel. I have no idea what they're planning, but personally I think some high quality animated superhero films would be good. Live Action superhero films are interesting experiments which occasionally succeed, but a lot of things don't translate all that well to the different medium (such as brightly colored spandex).
We'll Leave When Conservatives Say We Can
Over email, Drudgico tells me that in his next column George Will will say it's time to start pulling troops out of Afghanistan. I don't especially care what George Will thinks about anything, but given the way things work hopefully it'll provide some space to make that just a little bit more possible.
Is He Capable Of Learning?
I've never quite figured out the point of getting Mike Enzi to support a shitty bill. If instead they'd put their weight behind a good bill about which, whatever the precise details, could be summed up as "You want health care? We'll give you all the fucking health care you want." Support something which could be popular with, you know, people, instead of insurance company executives and really horrible Republican senators.
So hopefully this farce is over...
So hopefully this farce is over...
Getting Better
For a long time Philadelphia was absurdly bad about promoting its recycling program, which wasn't just not green but also extremely costly, as recycling is not only cheaper for them than landfill but can, at times, even be profitable. So it's good that the city is getting a bit more serious about it.
The Trouble With Bill
I never really understood the love for Bill Bradley in some quarters. It seemed to me that he regularly practiced this kind of wankery.
Something Only Dirty Fucking Bloggers Know
As Josh suggests, a robust public plan will be cheaper, a fact that eludes just about everyone but geeks like us. The media will not generally communicate that fact, but will instead lavish praise on supposed fiscal conservatives who will oppose the cheaper plan on the grounds that it's too expensive.
Nice trick.
Nice trick.
Perpetuating Inequality
Aside from the spectacle gross insider circle-jerk that the Village is, their love of giving a little bit of help to the people who need it least by giving them plum jobs perpetuates racial inequality. The kids of the rich and powerful and well-connected are generally white, and no amount of affirmative action can possibly beat the kind they bestow on each other.
The Absurdity of Howard Kurtz
Krugman has long been an Obama critic, and if Howie doesn't know that it's because he generally doesn't bother to read him.
DUI
Whatever the appropriate level of penalties, drunk driving laws basically make drinking outside of the home illegal for people who drive. I'm not saying those laws are wrong - drinking and driving is dangerous! - but that's the largely unacknowledged fact. Bars in the middle of big parking lots and otherwise mostly inaccessible by other means are places where lots of people are going to prepare to inevitably break the law.
Good For The Judge
I'm not sure if sloppy paperwork/lawyering will ultimately protect any of these homes, but it's good that a judge recognizes that a big financial institution should actually have to prove their claims of ownership before they start booting people out of their homes.
Shrinkage
I certainly won't be happy until there are moves to shrink the too big to fail institutions, instead of moves which result in them expanding.
Not that policymakers are especially concerned with how happy I am.
Not that policymakers are especially concerned with how happy I am.
Kept Us Safe
One of the more annoying conservative talking points, one which the Villagers have swallowed whole and regularly spit out, is that "since 9/11 Bush and Dick kept us safe." The obvious flaw in this type of statement is that there's a big mulligan in there. But aside from that, they, you know, didn't. As Steve says:
Cheney thinks it was a sterling success when it came to national security and counter-terrorism. Perhaps there's something to this. After all, except for the catastrophic events of 9/11, and the anthrax attacks against Americans, and terrorist attacks against U.S. allies, and the terrorist attacks against U.S. troops in Iraq and Afghanistan, and Bush's inability to capture those responsible for 9/11, and waging an unnecessary war that inspired more terrorists, and the success terrorists had in exploiting Bush's international unpopularity, the Bush/Cheney record on counter-terrorism was awesome.
Montreal
Sad to have to miss the Wednesday Laughing LiberallyPlanned Parenthood event at the Tank in NYC.
But nice to visit a new city.
Sunday, August 30, 2009
Freedom Communications
HA HA HA HA HA HA HA HA
Not cheering on the death of newspapers, cheering on the death of newspapers owned by glibertarian assholes.
Freedom Communications, owner of The Orange County Register and 30 other daily newspapers, is expected to file for bankruptcy this week under a plan that will hand its publications to its lenders, people briefed on the matter said on Sunday.
A filing by Freedom, which could be made as soon as Tuesday, would be the latest by a newspaper publisher, as the industry struggles to cope with declining advertising revenue and heavy debt loads.
Not cheering on the death of newspapers, cheering on the death of newspapers owned by glibertarian assholes.
Deep Thought
I'm very glad Roderick Spode's plan for every son to inherit his father's career has been embraced by the Village.
Perhaps The Worst Example?
Because parking should be free all the time everywhere.
Yes, they're charging you rent to use a piece of their property for a little while, presumably because lots of nonresidents were showing up on game day and preventing residents from parking at the station.
I don't have an opinion on what the "right" policy here, but this is the bad lead off example in an article about the otherwise mostly real issue of governments nickel and diming people. But, parking, unlike birth certificates, are a limited resource that on crowded game days might need some kind of rationing mechanism.
NEW YORK — Kelsey Graham and his wife were on their way to Lincoln Center in Manhattan when they decided that a la carte government had gone too far.
For years, the Grahams had driven from their home in Nyack, N.Y., availed themselves of the free weekend parking at the Tarrytown train station, then taken the train into Manhattan. But this spring, the village of Tarrytown began charging nonresidents $8 to park on Yankee Stadium game days — a fee that startled, and infuriated, the Grahams.
"It's ridiculous — we're supposed to keep track of when the Yankees are playing?" said Kelsey Graham. "Every time you turn around, the government is charging you for something. It's just another way to nickle-and-dime people."
Yes, they're charging you rent to use a piece of their property for a little while, presumably because lots of nonresidents were showing up on game day and preventing residents from parking at the station.
I don't have an opinion on what the "right" policy here, but this is the bad lead off example in an article about the otherwise mostly real issue of governments nickel and diming people. But, parking, unlike birth certificates, are a limited resource that on crowded game days might need some kind of rationing mechanism.
President McCain Is Always On My Teevee
Occasionally I wish the journalists involved would try to explain their booking decisions.
Deep Thought
It's 2009 in America, and on our elite political talk shows the proper use of torture is being discussed.
Lovely Day In My Urban Hellhole
Well-deserved after all that rain. Brunch, farmer's market, Reading Terminal Market, as soon as I get up the nerve to brave the horrors of Killadelphia.
Sunday Bobbleheads
Face the Nation has President John McCain, Barney Frank, Feinstein, and Attorney General Hatch.
Meet the Press has Kerry, White House Chief of Staff Bob Shrum, Kathleen Kennedy Townsend, Dodd, and Maria Shriver.
This Week has Defense Secretary Liz Cheney, Hatch, Kerry, George Will, Gwen Ifill, Sam Donaldson.
Document the atrocities!
Meet the Press has Kerry, White House Chief of Staff Bob Shrum, Kathleen Kennedy Townsend, Dodd, and Maria Shriver.
This Week has Defense Secretary Liz Cheney, Hatch, Kerry, George Will, Gwen Ifill, Sam Donaldson.
Document the atrocities!
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