Lotta chatter about Taibbi's piece. Digby, as usual, has a measured and thoughtful take.
But you should also read this. And Taibbi's response.
I report. You decide.
Saturday, December 12, 2009
Not Working
Our banking system was completely dysfunctional during the housing bubble and there's no reason to think it will function as it should now.
Baby Steps
It might seem like a small thing, but the existence of a decent neighborhood supermarket (or, at least, the equivalent shops) is the difference between a viable urban neighborhood and a nonviable one. I'm wary about most ways in which cities use public money to try to attract jobs, but I'm all for doing what it takes to bring supermarkets to neighborhoods.
Saturday Morning
A couple more banks found their way to the great bank heaven in the sky.
Valley Capital Bank, National Association, Mesa, AZ and SolutionsBank, Overland Park, KS.
Valley Capital Bank, National Association, Mesa, AZ and SolutionsBank, Overland Park, KS.
Feliz Frickin' Navi-who's-your-dad
Tintin and any other potential dead-enders are reminded that there was a Christmas version of the Macarena. Just saying.
Friday, December 11, 2009
We Have Always Known
Not quite, but I was scanning through my archives a bit to see just how long I've been writing about the housing bubble/foreclosure crisis. It's been years!
Obama's HAMP program isn't going to do the trick.
Obama's HAMP program isn't going to do the trick.
You Forgot The Inflection Points!!!
I think what Krugman forgets is that aside from every month being a new "housing bottom," every little slightly-less-than-awful news was talked up as a sign that Everything Is Turning Around.
But even if those things were signs that things were turning around, there were never any signs that things were actually getting better. Getting worse not quite as fast may be a bit of a hopey sign that things might get better, but it isn't the same as actually getting better.
But even if those things were signs that things were turning around, there were never any signs that things were actually getting better. Getting worse not quite as fast may be a bit of a hopey sign that things might get better, but it isn't the same as actually getting better.
Depressing
Bankruptcy cramdown for primary residence mortgages defeated in House.
Get ready for another fun year of foreclosure hell.
Get ready for another fun year of foreclosure hell.
Progress
Obviously speed/travel time is a concern, but it isn't the only one.
I'm not sure how much this impacted the design of other projects, though I'm guessing that having to keep speeds up impacted routes and reduced the number of planned stops for some.
Under the Bush administration, streetcars struggled to get federal money. The Federal Transit Administration earlier this decade valued most of all how much time a transit project would save commuters, which made it difficult for slower-moving streetcars to receive federal dollars.
But on Dec. 1, U.S. Transportation Secretary Ray LaHood announced the FTA would pay for transit projects that improve a city's "livability."
I'm not sure how much this impacted the design of other projects, though I'm guessing that having to keep speeds up impacted routes and reduced the number of planned stops for some.
Failure
There was never an easy surefire fair way to stem the foreclosure tide, but almost needless to say all attempts to do so were colossal failures.
But the market's up, so it's all good.
Dec. 10 (Bloomberg) -- Foreclosure filings in the U.S. will reach a record for the second consecutive year with 3.9 million notices sent to homeowners in default, RealtyTrac Inc. said.
This year’s filings will surpass 2008’s total of 3.2 million as record unemployment and price erosion batter the housing market, the Irvine, California-based company said.
But the market's up, so it's all good.
Hoovering
The best hope is that this is mostly about selling future deficit reductions rather than anything near term.
I do not know why Dems think people really care about the deficit. They don't. In bad times it's just something "bad" they project their anxieties onto, but they don't care.
Though, in the spirit of cooperation, I will offer up my suggestions for deficit: cancel a couple wars.
I do not know why Dems think people really care about the deficit. They don't. In bad times it's just something "bad" they project their anxieties onto, but they don't care.
Though, in the spirit of cooperation, I will offer up my suggestions for deficit: cancel a couple wars.
Do More
As Krugman says, there's more the Fed could do that they aren't doing. I don't know if he's correct in his thinking about why they aren't doing more, but... either way, they should! 10+% unemployment really isn't acceptable.
Newsies
I was on an ACLU conference call yesterday, a media call on their work on the US torture regime.
There were, IIRC, six questions from callers. Peter Baker, of the NYT, somebody from Newsweek, and four bloggers. emptywheel, Raw Story, two others. It is interesting that on such a big story that the blogosphere represented the most coverage. I don't know, of course, who else was on the call. But I thought it was interesting.
There were, IIRC, six questions from callers. Peter Baker, of the NYT, somebody from Newsweek, and four bloggers. emptywheel, Raw Story, two others. It is interesting that on such a big story that the blogosphere represented the most coverage. I don't know, of course, who else was on the call. But I thought it was interesting.
Perhaps We Should Do Without The Middlemen?
The obsession with relying on failed institutions is depressing.
Thursday, December 10, 2009
Better Maps
This is something I wish my local transit authority (or someone with the skills) would do, create a map which included key high frequency bus lines. I'd include basically everything which had 10 minute frequency during the bulk of day, with something indicating which had (less frequent of course ) overnight service. It'd be a bit trickier to pull of well (can't have information overload), but including key corridors which achieved 10 minute headways because of service duplication, even if individual bus routes along the corridor were more infrequent, would be good as well.
For various reasons people are hesitant to ride buses. But they're not so bad! One barrier is route uncertainty, and adding key routes to the main system map is a way to minimize that.
For various reasons people are hesitant to ride buses. But they're not so bad! One barrier is route uncertainty, and adding key routes to the main system map is a way to minimize that.
The Village
It's all about the pecking order, and while that's inevitable to some degree, it isn't inevitable that our press corps is fully invested in it.
Broke
New York is broke, and cutting state payments.
I hope I'm wrong and the ponies are about to arrive, but...
I hope I'm wrong and the ponies are about to arrive, but...
300,000
As Krugman says, cheerleading any data release that isn't apocalyptic is really silly. Until there's sustained job growth at 300,000 per month or so there's going to be no end in sight for this recession. The economic and social toll of widespread sustained unemployment is severe.
I Will Add Some Victimhood To My Condemnation
So now Rick Warren condemns that which he said he should have no role commenting on despite...
Whatever.
Whatever.
Facts Are Stupid Things
We all rightly criticized the Washington Post for publishing horseshit from Sarah Palin, but the New York Times also published a bunch of horseshit from Stupak.
I don't know why Stupak wants more poor women to die. I wish a reporter would ask him.
I don't know why Stupak wants more poor women to die. I wish a reporter would ask him.
Hopefully Useless
Well, I suppose that's good news, but I still hate these commissions and the culture that creates them.
Toxic Titles
It's going to take a very long time for communities with widespread foreclosures, including trashouts, to recover.
These were urgent problems more than a year ago. I'm not sure there are solutions anymore.
These were urgent problems more than a year ago. I'm not sure there are solutions anymore.
Wednesday, December 09, 2009
Dems Will Own All Of Health Care
I hope Dems in Congress take a moment or two to think about the politics of health care reform. Once it passes they will own all of it, not just the reforms. Republicans will turn every health insurance horror story in a story about how the Dems' HCR is a tremendous awful horrible failure, whether or not it has anything to do with specific reforms enacted.
All of this is my subtle way of suggesting they'd better pass something that people like and that works, because otherwise every insurance company dick move will be their fault.
All of this is my subtle way of suggesting they'd better pass something that people like and that works, because otherwise every insurance company dick move will be their fault.
It Can Be Very Unpopular Before It Even Impacts Anyone
If it passes, everyone will know HCR "passed." Most people will still have their shitty rate-hiking insurance company (if they have insurance). They might start blaming Democrats even though the law hasn't kicked in yet.
Not The Way It's Supposed To Happen
Local port authority is suspending scheduled bridge toll increase, while keeping scheduled SUPERTRAIN fare hike.
Afternoon Thread
Can't wait until I can buy some war bonds. Hopefully when you buy them they put your name on a freedom bomb.
Details
Medicare buy in is a good thing (not necessarily a better thing, but a good thing), but it isn't a good thing if no one can actually buy in and what they're buying into isn't Medicare.
New SUPERTRAIN Tunnel
Redundancy and extra capacity will be welcome.
On Wednesday morning, the directors of New Jersey Transit are scheduled to approve a $583 million contract for the digging of a train tunnel under the west side of Midtown Manhattan. The tunnel is intended to supplement the existing tunnels that carry commuters into the city from New Jersey and other points west.
The imminent construction of the tunnel is the biggest public works project under way in the country, with an estimated total cost of $8.7 billion. It will stretch from the west side of the New Jersey Palisades to a station under 34th Street, near Macy’s flagship store.
Fear Them
I really don't get how someone could think the blue dogs would be out of excuses for opposing progressive spending priorities if only the deficit disappeared. We know what happens when the deficit disappears: tax cuts.
I Don't Know
I guess I really don't yet have an opinion the shit sandwich "compromise." Ultimatately what matters is having good pieces in place which will be easily expanded.
No Remorse
A conservative estimate is that 100,000 people have died as a result of the invasion of Iraq. Do any of our elite media people feel any remorse at all?
So much of what was said at the time was transparently absurd... at the time... no hindsight necessary. But only a few dirty fucking bloggers bothered to point it out.
So much of what was said at the time was transparently absurd... at the time... no hindsight necessary. But only a few dirty fucking bloggers bothered to point it out.
What's It For?
I can never quite get a handle on just what the Washington Post people - its publishers, Fred Hiatt, etc... - think that it's for? Is it about providing a product people want to buy/advertisers want to advertise in? It is about informing readers, giving them factual information and analysis they want? Are these missions in conflict or do they coincide?
And why does it take bloggers to point out how absurd they are? Where are all the journalists who spend their days bitching about bloggers? Don't they care that the product they're defending is basically shit?
And why does it take bloggers to point out how absurd they are? Where are all the journalists who spend their days bitching about bloggers? Don't they care that the product they're defending is basically shit?
Climate Change Crap Go-To Post
Here are the places I personally go when I want the lowdown on the most current wingnut lies about climate change, particularly, nowadays, to do with the email theft. List not remotely definitive (I'm in the humanities, dammit).
Deltoid -- Tim Lambert is worth reading for his own stuff, but the real fun is the comments, where you'll see silly denialist trolling avant la lettre. Tomorrow's bullshit, today! And just as quickly debunked.
DeSmogBlog: Don't miss the Crock of the Week.
SwiftHack is a good repository.
Real Climate, and responses: here, here, here.
This Nature editorial.
George Will, filleted.
And I like Eli's site.
Deltoid -- Tim Lambert is worth reading for his own stuff, but the real fun is the comments, where you'll see silly denialist trolling avant la lettre. Tomorrow's bullshit, today! And just as quickly debunked.
DeSmogBlog: Don't miss the Crock of the Week.
SwiftHack is a good repository.
Real Climate, and responses: here, here, here.
This Nature editorial.
George Will, filleted.
And I like Eli's site.
Tuesday, December 08, 2009
Grand Unified Climate Hoax Wingnuttery
A bunch of people emailed me about what their right wing buddies say about the grand liberal climate change hoax. I found it all to be so nonsensical as to keep to my "it's about pissing off liberals" theory, but apparently it's some weird conspiracy with Al Gore at the center of a plot to get rich by toppling capitalism and redistributing wealth from John Galt to unworthy brown people. Or something like that.
Tasty Shit Sandwiches
AP says public option dropped, in exchange we will all get to bask in the glory of Joe Lieberman's jowls.
What Do They Have In Common?
Thinking... Thinking...
Beck's "Christmas question": "Do you believe Tiger Woods may actually be OJ Simpson?"
Not Enough
I fear Reich is correct and the extra stimulus is going to be way too little too late.
As he says, true deficit hawks would want more stimulus, as tax revenue has declined sharply due to the recession. Moving us towards full employment is the way to solve that problem.
As he says, true deficit hawks would want more stimulus, as tax revenue has declined sharply due to the recession. Moving us towards full employment is the way to solve that problem.
Ruled By Idiots
If we call the borrowing something else then... profit!!
The United States would begin financing its military engagements in Iraq and Afghanistan with war bonds under new legislation introduced Tuesday.
Sen. Ben Nelson (D-Neb.) unveiled the "United States War Bonds Act of 2009" early this afternoon, which would authorize the Treasury Department to begin selling bonds to fund the wars.
Rube Goldberg
I don't know where HCR is ultimately going to end up, but it's useful to consider why a basically simply problem is being addressed with an incredibly complicated solution. It's because (and maybe I've forgotten a few):
1) Everyone should keep their existing coverage.
2) Health insurance and Pharma profits are preserved
3) A mostly arbitrary total price tag, and deficit neutrality
4) An individual mandate which requires people to enroll themselves in a program instead of just having the gov. send them an insurance card and a bill and/or tax
5) The obsession with complicated means-testing formulas for any subsidies.
It really doesn't have to be so complicated.
1) Everyone should keep their existing coverage.
2) Health insurance and Pharma profits are preserved
3) A mostly arbitrary total price tag, and deficit neutrality
4) An individual mandate which requires people to enroll themselves in a program instead of just having the gov. send them an insurance card and a bill and/or tax
5) The obsession with complicated means-testing formulas for any subsidies.
It really doesn't have to be so complicated.
People Like Empty Parks
This provides some justification for my mildly anti-urban-park bent. Often when people support parks what they're supporting is an empty lot with some grass and trees which isn't really meant to be used be humans. There's nothing necessarily wrong with adding a bit of pastoral into an urban setting, but it often isn't really the best use of land either. I'm all for playgrounds, performance spaces, playing fields for sports, places with lots of benches and tables, etc... but tend to be less than supportive of prettified empty lots.
As for the other patterns of preferences at the link, I think they suggest that people don't have a good understanding of tradeoffs that must be made in order to achieve desirable walkability.
As for the other patterns of preferences at the link, I think they suggest that people don't have a good understanding of tradeoffs that must be made in order to achieve desirable walkability.
Screwed Up Incentives
For whatever reason, banks aren't doing very well with foreclosure sales. It could be because they're just the servicer and don't have any big interest in recovering the debt, or it could be they're just overwhelmed and don't have enough appropriately trained employees to handle it. In any case, what we see is a great willingness to lose lots of money in foreclosure sales but not a similar willingness to lose that money by lowering principal amounts so that people might have a chance to stay in their homes (recognizing, of course, that plenty of foreclosures are on investment properties).
Pissing Off Liberals
I agree that pissing off liberals is the main point of global warming denialism, combined with a general need for liberals to be wrong about anything. Still, one thing I've never quite understood is to the extent that they actually believe or claim to believe that it's all some liberal conspiracy, just what is it do they think we have to gain from it? What's the point of our little conspiracy?
Professional Backscratching
Yes, liberal economists should stop backing conservatives just because they think they're smart.
Meanwhile
I don't even know which war is the other war anymore.
They're still sucking on it, Little Tommy Friedman!!
BAGHDAD — A series of devastating car bombings rocked Baghdad on Tuesday, killing at least 121 people and wounding hundreds more, according to preliminary accounts by witnesses, the police and hospital officials.
They're still sucking on it, Little Tommy Friedman!!
Monday, December 07, 2009
Or We Could Improve Our Water Systems?
I get really annoyed when people suggest it's oh so hard to come up with quick infrastructure projects. It isn't.
More than 20 percent of the nation’s water treatment systems have violated key provisions of the Safe Drinking Water Act over the last five years, according to a New York Times analysis of federal data.
That law requires communities to deliver safe tap water to local residents. But since 2004, the water provided to more than 49 million people has contained illegal concentrations of chemicals like arsenic or radioactive substances like uranium, as well as dangerous bacteria often found in sewage.
How About Some Supertrains?
Or at least repairing some of those supertrain bridges?
Washington (CNN) – President Obama will propose using $200 billion from the Troubled Asset Relief Program (TARP) to support creating jobs, White House officials confirmed Monda
The president, in an economic speech before the Brookings Institution on Tuesday, will argue that the money would be well spent by funding projects to build bridges and roads, weatherize homes, and provide other assistance for small businesses as well as the unemployed.
Negotiating
Since all the dirty hippies decided that the public option was what mattered, it was probably inevitable that it would go (I don't know this, I'm hopefully mostly kidding). Pissing off the hippies is what "moderates" do, and as most of them don't have a clue about policy anyway, if the hippies are for it then they know it must be bad.
Along those lines, dirty fucking hippies like digby shouldn't they think lowering the Medicare age is a good idea, because if so it won't happen.
Next time there's a major piece of legislation, I hope "The Left" can organize around supporting all the stuff they actually don't like and rejecting all the stuff that they actually do. We might just trick the "moderates" that way.
...adding, in practice I think any "compromise" which will make liberals sort of happy will just be a shiny object which will be pulled away at the last second.
Along those lines, dirty fucking hippies like digby shouldn't they think lowering the Medicare age is a good idea, because if so it won't happen.
Next time there's a major piece of legislation, I hope "The Left" can organize around supporting all the stuff they actually don't like and rejecting all the stuff that they actually do. We might just trick the "moderates" that way.
...adding, in practice I think any "compromise" which will make liberals sort of happy will just be a shiny object which will be pulled away at the last second.
Pool Boy Journlism
I do not know why elite journalism wants to elevate and showcase its worst elements.
At Least We Covered The Bonuses
I find it weird that some see these losses as somehow "small."
That's about what the annual federal food stamp program costs, though expenditure per food stamp recipient is a bit less than it is for the banksters.
WASHINGTON — The Treasury Department expects to recover all but $42 billion of the $370 billion it has lent to ailing companies since the financial crisis began last year, with the portion lent to banks actually showing a slight profit, according to a new Treasury report.
That's about what the annual federal food stamp program costs, though expenditure per food stamp recipient is a bit less than it is for the banksters.
EPA
A tax or a well administered cap and trade program would be superior (and more favored by business) to EPA regulation, which is presumably why the EPA is now going to threaten to regulate the hell out of carbon emissions.
The Obama administration will formally declare Monday that carbon dioxide and other greenhouse gas emissions pose a danger to the public's health and welfare, a move that lays the groundwork for an economy-wide carbon cap even if Congress fails to enact climate legislation, sources familiar with the process said.
"What Is Left Of True America"
I'm sure it's a lovely place, but I really detest people claiming a particular pile of rubble is somehow The Genuine Slice Of Americana That The Rest Of Us Do Not Have Access to.
Forks is purer than that. Forks has its own natural enchantments. Forks is what is left of true America. It is America without Starbucks, America without Disney and without superficiality.
Forks is all that is right with America set in beautiful landscapes of rock, tree and moss. And that is why Forks should be visited.
So Quit
The whole firm should be put on government pay scales.
Five senior executives at American International Group told the bailed-out insurer last week they may quit if their compensation was cut significantly by the U.S. pay czar, the Wall Street Journal reported.
Sunday, December 06, 2009
Aside From All His Other Problems
When Little Tommy Friedman finds a metaphor he likes, he keeps repeating it until you want to fire a nailgun into your brain. He said basically the same thing on Hardball and on Charlie Rose.
Really Awful Policy
So the Treasury is going to try to encourage the streamlining of short sales as an alternative to foreclosures. Of course what they could also do is streamline an equivalent mortgage principal modification which might let people stay in homes, but that would make too much sense.
This Is Crazy Talk
I mean, nothing like this has ever happened.
Though now I don't think the issue is low interest rates per se but the Fed's decision to backstop everything.
FRANKFURT -(Dow Jones)- The ultra-low level of global interest rates may increase the risk of excessive risk-taking by banks, and consequently of new asset price bubbles, according to a study published Monday by the Bank for International Settlements.
A special report in the BIS's quarterly survey of international finance concluded that there is "evidence of a significant link between an extended period of low interest rates prior to the (2007-2008 financial) crisis and banks' risk-taking."
...
The report's author Leonardo Gambacorta urged central banks to "learn how to factor in the effect of their policies on risk-taking", adding that "monetary policy is not fully neutral from a financial stability perspective".
Though now I don't think the issue is low interest rates per se but the Fed's decision to backstop everything.
Gambling Our Way To Prosperity
More and more casinos are opening up, competing with each other, and shockingly they may not turn out to be the solution to municipal revenue problems.
Nobody could have predicted...
Nobody could have predicted...
Sunday Bobbleheads
Face the Nation has Gates and Clinton.
This Week has Gates, Clinton, and Feingold.
Meet the Press has Gates, Clinton, and President John McCain.
Some redundancies. Document the atrocities!
This Week has Gates, Clinton, and Feingold.
Meet the Press has Gates, Clinton, and President John McCain.
Some redundancies. Document the atrocities!
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