Only Monday?
Rock on.
Monday, October 31, 2011
This Doesn't Sound Good
And the Great Casino plays on...
Fundamental tenet? Regulation? Tell me another one...
Federal regulators have discovered that hundreds of millions of dollars in customer money have gone missing from MF Global in recent days, prompting an investigation into the company’s operations as it filed for bankruptcy on Monday, according to several people briefed on the matter.
...
But regulators are examining whether MF Global diverted some customer money to support its own trades as the firm teetered on the brink of collapse. If that was the case, it could violate a fundamental tenet of Wall Street regulation: Customers’ money must be kept separate from company money.
Fundamental tenet? Regulation? Tell me another one...
Sing For The Day
Was out for a bit. I gather they're going to have to dust off Fred Thompson again? Zombie Jack Kemp? Teve Torbes? Maybe Lamar is due for another run...
The Two-Step Goes International
We must cut spending to save the economy and, also, too, increase it to save the economy.
On the eve of the release of the latest growth figures, Clegg outlined the second tranche of regional growth fund investment, worth £950m, which he said would ensure that public money gets "more bangs for our bucks" in creating growth and reducing the country's dependence on the financial services sector.
Clegg said the funds would create or safeguard 325,000 jobs as he rejected criticisms of the length of time it is taking for the money to reach businesses.
Almost That Time Again
Monthly jobs report comes out Friday. All signs point to...about the same as it has been.
Crazy, Stupid, Or Evil
Since inflation hasn't appeared, we're going to instead worry about "inflation risk tolerance." I think Kocherlakota spends his days looking at entrails and trying to find meaning in patterns of 3rd and 4th derivatives.
I'm not sure how much any conceivable (as in, it is conceivable they would be enacted) Fed policies can help at this point, but these people are nuts.
I'm not sure how much any conceivable (as in, it is conceivable they would be enacted) Fed policies can help at this point, but these people are nuts.
Strike
I thought the Occupy Oakland people were making a huge mistake in calling for a general strike on November 2nd--part of being in the 99 percent is fearing for your job. But the twitter is telling me that the idea is gaining traction.
Longshoremen's union is supporting it:
Longshoremen's union is supporting it:
Sunday, October 30, 2011
Q
When I lived in the UK about a decade ago, one of my minor amusements was pointing out to my continental friends that many of the fast food chains they were aware of were, in fact, French, or Belgian, or whatever. And not just in ownership, but in creation. It's probably less true now, but there was a tendency of many of them then to just assume anything fast-food-chainish was American.
The Con
Basically, here's how Pete Peterson's lickspittles and their fellow travelers at the Post and elsewhere present it. You can't run Social Security as a pure pay as you go system, as it will be teetering into "bankruptcy" (not really) every year. You also can't run it by prefunding it by investing in Treasuries, because the instant Treasury interest starts covering current payments the system will be in crisis. It will also be in super double extra triple quadruple crisis the instant the Trust Fund starts selling some of those Treasuries that it owns to pay benefits. It will then be in "granny must sell her organs" Defcon 0 crisis when the system can only afford to pay 80% of schedule benefits without tapping general funds.
The only solution is to Logans Run everybody at age 65 after collecting a lifetime of payroll taxes from them. Except Pete Peterson (aged 85) and certain other special people
And, no, sensible liberals, there is no way to make this "debate" go away with some "grand compromise." Fake news articles like this should make that clear. The rich want that Social Security money, it's how they guarantee themselves a lovely tax cut.
The only solution is to Logans Run everybody at age 65 after collecting a lifetime of payroll taxes from them. Except Pete Peterson (aged 85) and certain other special people
And, no, sensible liberals, there is no way to make this "debate" go away with some "grand compromise." Fake news articles like this should make that clear. The rich want that Social Security money, it's how they guarantee themselves a lovely tax cut.
Sunday Bobbleheads
This Week has Bachmann and Bill Gates.
Face the Nation has Herman Cain.
This Week has Plouffe.
Document the atrocities!
Face the Nation has Herman Cain.
This Week has Plouffe.
Document the atrocities!
Saturday, October 29, 2011
So Confusing
I imagine that you, dear readers, might be able to provide an explanation.
Savings Rate Is Dropping, and Experts Are Puzzled
Oy
I suppose this means now there is more reason to stay. No I don't know why.
KABUL, Afghanistan — At least 13 American soldiers were among more than 20 people killed when a Taliban suicide car bomber attacked an armored NATO shuttle bus in Kabul on Saturday, a Western military official confirmed.
Job Listings
When they advertise for the job of WaPo ombudsman do they make it explicit that the job is to be sympathetic to every bullshit conservative complaint?
Friday, October 28, 2011
Centrists
The stupid/evil/12 dimensional chess/we're TRYING thing has bothered me for a long time. The Dem elected officials are clearly not stupid. They're not "caving" or negotiating badly. If dumb fucks with a blogger account can see that things aren't working out well for their putative constituency, they get that too.
The president, and the Democrat's Senate leadership, reject movement liberalism. The ideology they follow is grounded in the impact of globalization on world capital and labor markets. They believe the US has to reduce labor costs to be competitive as capital flows freely around an interconnected world—that it is unrealistic, “neo-populist” to think the middle class can be preserved. But they also recognize that the middle class is not gonna be happy with these necessary, painful policies:
There has to be an underlying organizing principle for why they would bail out banksters, and fuck over homeowners, why they would subsidize big Pharma at the expense of their base voters. And I think I've finally gotten some of what's going on.
The president, and the Democrat's Senate leadership, reject movement liberalism. The ideology they follow is grounded in the impact of globalization on world capital and labor markets. They believe the US has to reduce labor costs to be competitive as capital flows freely around an interconnected world—that it is unrealistic, “neo-populist” to think the middle class can be preserved. But they also recognize that the middle class is not gonna be happy with these necessary, painful policies:
We urge a different approach, which we call “progressive realism.” Realism means recognizing and understanding the economy’s new rules while accepting the limits of government’s power to stop the forces of change. But as progressives, we also believe that government policies—if modernized and adapted to the rules of the 21st century—can create the optimal conditions for increasing economic growth, expanding middle-class prosperity and protecting those who fall behind.
As progressive realists, we do not doubt that change is disruptive and, for many people, painful. Globalization has made many jobs obsolete, and both companies and individuals have been hurt by its impact. As the neopopulists note, all is not well with the middle class. But we also see the current era of change as one of tremendous opportunity and potential for the middle class.
http://bit.ly/vWtqsb (pdf)
This belief that New Deal liberalism is obsolete is combined with a belief that good policy-making is inconsistent with democratic institutions—that you need to rely on policy experts operating in good faith in the best interests of the country, without elbows being joggled by cranky neo-populists or nutty movement conservtives. And those experts, who can be found at the highest reaches of successful corporations should be brought into government, because they understand how this new global economy works. These leaders need to be brought into partnership with the US government, and hard-headed, realistic policy crafted, so that the US can continue to be the dominant world power.
Note that a central theme here is that it is above partisanship—that the experts, left alone, will best do their work. When you use that frame, then the health care negotiation makes sense. These negotiations took place not with politicians, but with the large service providers, because those stakeholders are the real experts and will keep us out of distracting, distorting partisanship. It makes sense that we turn to the money center banks as the mechanism for minimizing the contraction—they’re the pros who have risen, through merit and diligence, to their positions.
It’s not about Obama per se. It’s about a political philosophy, an ideology that rejects core Democratic values about the government’s role in protecting the citizenry from powerful private interests. It’s not twelve dimensional chess. It’s not cowardice or “caving” or bad messaging, or that the Democrats don’t know how to negotiate. They did get burned by Bob Dole’s promise that they’d get a dozen GOP Senate votes for the Dole-Daschle plan—but, eventually, the bill did indeed pass.
(This is an edited cross post of a Balloon Juice comment)
Musical Chairs
Years later, big finance is still just a game of musical chairs, with no one knowing quite who will lose their seat when the music stops, which contracts are inviolate and which can be waved a way. Obviously we know that some people are clued in to when the music will stop, and the divine blessing of some contracts is less divine than for others, but still it's just a game, a game where the true insiders have weighted dice.
Choice
As Krgthulu says, that the peasants should suffer for the sins of their feudal lords was not inevitable. It was a choice made by those lords.
Our political system has the "feature" that no one is really responsible, so we can debate how much this is the fault of Barack Obama, or "congress," or "money in politics," or "Mitch McConnell," or whatever. But the point is, the people who run the world made their decisions.
The suffering that so many of our citizens are facing is unnecessary. If this is a time of incredible pain and a much harsher society, that was a choice. It didn’t and doesn’t have to be this way.
Our political system has the "feature" that no one is really responsible, so we can debate how much this is the fault of Barack Obama, or "congress," or "money in politics," or "Mitch McConnell," or whatever. But the point is, the people who run the world made their decisions.
Nice Work
It's really impossible to have any clue what the Occupy movement is about.
The directors of Britain's largest companies were last night condemned as "elite greedy pigs" for pocketing a 49 per cent pay rise in the past year, while average workers failed even to keep up with inflation.
Unions exploded with fury after the publication of figures that showed how boardroom pay soared in the last financial year, thanks to rising salaries, bonuses and in particular the swelling value of directors' long-term share plans. The statistics, compiled by Incomes Data Services, provide an annual snapshot of executive remuneration, as reported in companies' most recent reports to shareholders, and show that the chief executives of the FTSE 100 largest companies earned an average of £3,855,172 last year. That is an average 43 per cent rise and, adding in other directors, total earnings rose by an average 49 per cent.
Sunbelt
I'm curious if the sunbelt migration is just on temporary hold or if the underlying trend has changed. No real opinion, but don't think the article provides much of an answer.
Thursday, October 27, 2011
Go Beau
It's on.
Oct. 27 (Bloomberg) -- Merscorp Inc., the operator of a national mortgage registry used by banks, was sued by Delaware’s attorney general for allegedly using deceptive practices that hide information from borrowers.
The MERS database, which tracks ownership interests in mortgages, impeded the ability of homeowners to fight foreclosures and obscures its data, Delaware Attorney General Beau Biden said in a complaint filed today.
Pretty Amazing
Via Move On, we learn that the state of Illinois has cut out the middleman. State taxes withheld from employee paychecks are not being collected by the state. Instead, the corporations get to pocket the money directly. Only applies to some of the bigger corporations that promise not to leave. A bigger cut goes for new hires. Of course, the corporations would never let current employees go in order cash in. Sure hope some roads are going to be repaired with those state taxes. Maybe some teachers hired?
Try here
Try here
One True Catholic
It's not my place to adjudicate such disputes. I have, from time to time, found earnest Catholics on the interwebs explaining that something is only "really" Catholic doctrine if [insert something I don't understand here].
This Is What Our Leaders Have Given Us
Plumer presents some numbers. Basically, the country is going to be a lot poorer than it should be because the people in charge are incompetent and/or evil. Some of that is going to be spread relatively evenly through the population, with most of us having a bit smaller raises then we might have hoped for. Some of that is going to be concentrated misery for people who can't find jobs. And, of course, some people have their mouths on the spigot of free cash that is being forced down the gullets of the privileged few, the ones we "forced" take all that TARP and fed discount window money.
Thursday Is New Jobless Day
402K new lucky duckies.
Not good, or specifically not good enough. It isn't a huge number, but it's a 'stalled out at current level of unemployment' number.
Things aren't getting better.
Not good, or specifically not good enough. It isn't a huge number, but it's a 'stalled out at current level of unemployment' number.
Things aren't getting better.
Wednesday, October 26, 2011
Journamalism
So Rubin is a "Washington Post journalist." I've never been particularly interested in the weird randomly applied supposed standards of journalism, but, well, ok...
Also, too, DON'T YOU KNOW WHO I AM????????????????????????
Also, too, DON'T YOU KNOW WHO I AM????????????????????????
Elites Are Destroying The World
Rebecca Wilder:
"Policy failure" here means ensuring continued widespread misery for many poor and middle class people. I'm sure there's a healthy dose of evil in what's going on, but I'm actually increasingly convinced that 'stupid' is a leading cause of our problems.
Portugal was doing all right – better than France, even – until they ran into 2010 financial stability problems that forced the government to start ‘cutting’. Portugal started to contract in Q4 2010, applied for funding in April 2011, and contracted thereafter. Economic Intelligence Unit sees Portugal contracting throughout 2012 (no link). The Euro area prescription for austerity is tantamount to economic collapse amid a fixed exchange rate and meager global growth prospects.
The EA policy plan for fiscal austerity is setting a precedent, all right, a precedent for policy failure.
"Policy failure" here means ensuring continued widespread misery for many poor and middle class people. I'm sure there's a healthy dose of evil in what's going on, but I'm actually increasingly convinced that 'stupid' is a leading cause of our problems.
That Isn't Very Much Money
I don't think the state should have been in the liquor sales business, and the sales and enforcement operations shouldn't be housed in one agency, but given that it is in the liquor sales business I'm not sure it's really worth selling it all off for a mere billion and a half. People have decent careers that will disappear.
If I ran the zoo, I'd follow the New Hampshire model. Make it into an actual awesome retail operation, using monopsony buying power to keep purchasing costs low much more than they do now.
If I ran the zoo, I'd follow the New Hampshire model. Make it into an actual awesome retail operation, using monopsony buying power to keep purchasing costs low much more than they do now.
Policies Have Consequences
That's a large part of what's missing from our political journalism. Yes, some policies will cause dirtier air and cause fewer people to have health insurance. It isn't polite to point that out. Too often it's the aesthetics of policies that are discussed, how people might feel about them in some abstract sense. Some policies will cause people to die. Like, you know, stupid wars.
"Emergency Growth Measures"
I do not think that this phrase means what this Independent journalist thinks it means.
Western civilization had a good run I suppose.
...and, no, this is not "ominous."
There's nothing ominous about 3.535%. It suggests a modest risk premium for Italian debt, but..it's still effing 3.535%. It's cheap.
Italian prime minister Silvio Berlusconi has reached an overnight deal with his allies in parliament on emergency growth measures demanded by the European Union.
...
Mr Berlusconi and Northern League leader Umberto Bossi reached a deal on pensions, part of the EU-demanded measures that the Italian prime minister will deliver later.
Education minister Mariastella Gelmini said on TV that Italy will gradually raise the pension age from 65 to 67 by 2025.
Western civilization had a good run I suppose.
...and, no, this is not "ominous."
10.49am: Our Rome correspondent John Hooper says the Italian treasury this morning auctioned €8.5bn of short-term debt (six-month bills known as BoTs) -- and the interest rate was almost 0.5% higher than at the last comparable auction in September. Ominous. The latest rate was 3.535%.
There's nothing ominous about 3.535%. It suggests a modest risk premium for Italian debt, but..it's still effing 3.535%. It's cheap.
Why Would They Want Our Money
There's some modest cost to handling bank accounts. It doesn't cost anything to go to Ben and borrow money for free.
Not Allowed
I think the real point is neither Ezra nor Greg see their job that way, nor would any liberal hired in that job.
Language
The 1% have been very clever, Orwellian even, in their use of language. "Intellectual property," for instance. That ideas or expressions of ideas is the same thing as a piece of land is a stunningly clever bit of language management. And don't get me started on "free markets" like the one that lets Bank of America move 70 odd trillion dollars of risk onto the taxpayers.
Thom Hartman goes off on how we used to view corporate "people."
My heart goes out to Oakland.
Tuesday, October 25, 2011
Unforced Errors
The Republicans shit the bed and I get that it is indeed difficult to unshit it, but the thing to remember is that every Democratic president is, no matter how they portray themselves, the representative of liberalism and their policies, and policy outcomes become liberal policy outcomes. Whether it's JFK's Brahmin Bolshevism, LBJ's Stonewall Stalinism, that peanut farmer from the Georgian Soviet Socialist Republic, Slick Willie's Hillbilly Marxism, or, of course, the current Kenyan Muslim Socialism, they all represent The Left because, well, they run the damn country and they're nominally of The Left. I tend to think the hippies get it mostly right, and while none of these people are actually hippies, given the way they're portrayed they ultimately do represent them.
There Are Other World Powers?
It isn't in the article, just the blurb on the front page, but I do love it when our children misbehave.
Ahead of a critical meeting tomorrow between European leaders, key issues in addressing the continent’s financial crisis remain unresolved despite pressure from the United States and other world powers.
They Write Books
James Wolcott, who used to pop in to the comments here occasionally many many moons ago, wrote a book.
Ruh Roh
Maybe whatshisname who predicted the end of the world a couple of times was only off by a couple of days this time.
TARP,whatever its merits, was basically - here's a bunch of money figure out what to do with it. This is a bit more complicated.
A grand plan to resolve Europe's escalating debt crisis is once again in doubt after officials decided today that key parts of the package will not be ready in time for a leaders' summit tomorrow.
A meeting of European Union finance ministers, which was to be held just before the summit, was called off. A summit of EU and eurozone leaders planned for tomorrow evening will still be held, but its conclusions on the grand plan may remain vague without the technical work concluded.
Related articles
TARP,whatever its merits, was basically - here's a bunch of money figure out what to do with it. This is a bit more complicated.
Losing Your Best Customers
Given the subscription model, I imagine Netflix faces a slightly different pricing problem than other firms. Basically, their best customers are the ones who like them the least and who make them the most profit. Their worst customers are the ones who love them and use them as much as possible. If they raise prices a bit, as they did, the people who were subscribers "just in case" but who rarely used them are most likely to cancel. They'll have more revenue per customer, but also higher average costs.
It's Hard To Be Poor There
Of course "the suburbs" aren't one thing, but in general terms they're hard places to be poor. There's a lack of dedicated rental housing, including, frankly, a lack of low end flop houses, a lack of public and private social services, a lack of public transportation...
Euphemisms
Just a reminder that "recapitalization" is the new preferred term for "bank bailout" otherwise known as "giving free money to rich overpaid assholes who keep trying to destroy the world."
New York Is Indeed A Very Big Place
I don't think most people really have a good sense of the scale of it. Over 8 million people just in the city limits, 2 and a half million in little Brooklyn.
Side Bets
The side issue with the Greek debt situation is nobody really knows how many CDS bets were made that nobody can actually afford to pay.
It's why you have to regulate insurance markets, idiots.
European negotiators have asked Greek debt holders to accept a 60 per cent cut in the face value of their bonds, a hardline stance that far exceeds losses agreed in a deal between private investors and eurozone authorities three months ago.
...
According to officials briefed on the talks, France, the European Central Bank and the International Monetary Fund remain concerned the tough stance could trigger bondholder insurance policies known as credit default swaps, sparking investor panic because of uncertainty over which financial institutions face CDS losses.
It's why you have to regulate insurance markets, idiots.
Judd
Across from a bus stop I regularly use there was a news ticker which for some reason, for about two months, was stuck on the date that Gregg was offered the Commerce job. It kept taunting me...
Monday, October 24, 2011
Fish Tale
Trust me, don't eat escolar.
The Globe-sponsored DNA testing found 24 of the 26 red snapper samples were in fact other, less prized species, including fish collected at Minado restaurant in Natick, Teriyaki House in South Boston, and the now closed Big Papi’s Grille in Framingham, owned in part by Red Sox slugger David Ortiz.
All 23 white tuna samples tested as some other type of fish, usually escolar, which is nicknamed the “ex-lax’’ fish by some in the industry because of the digestion problems it can cause.
The Most Important Issue Ever
I know it isn't, but I remain fixated on it. Netflix has a near monopoly which anyone else would find it difficult to take away on not only DVD rentals by mail, but DVD rentals period. They also have a side business in streaming video. The former is a bit of a problem because round trip for a DVD costs them a buck or so. The latter is a bit of a problem because their library is small, doesn't include many new releases, not everybody has broadband access, those who do have access are dealing with bandwidth caps, and it will endlessly be subject to competition from other firms and uncertain negotiations with the content providers. The point is even if the DVD-by-mail business is destined to have relatively small margins and, perhaps, to disappear completely some day , the streaming video industry is destined to have endless competition and poor negotiating positions. The best chance to gain a strong foothold in streaming is to tie it to your monopoly, not to separate it.
Idiots.
Idiots.
Silly Steve
Everybody "knows" that all Democrat passed government programs increase the deficit by eleventy trillion.
Heckuva Job
We tried to warn them...
I don't know how they expected the economy to fix itself with a destroyed residential construction sector and millions of undewater homeowners unable and rationally unwilling to pay their mortgages.
Generally, the Treasury secretary did not regard direct homeowner aid as the best use of taxpayer dollars. He favored expanding the economy by spending money on construction projects or programs to keep teachers and other workers employed, which would help the housing market. In meetings, Geithner would tell the president that if he suddenly had $100 billion more to spend, he would never advise spending it on housing.
Geithner, who was also the point man for stabilizing the financial markets, worried that some steps to help homeowners could pose risks to the financial system, causing more harm than good.
In 2009, for example, Obama officially supported a bill in Congress that would have made it easier for homeowners to obtain mortgage relief in court — a “stick” that would pressure banks to generously reduce homeowner payments.
Behind the scenes, Geithner had grave concerns that if courts could change the terms of mortgage loans after the fact, banks would be less likely to lend, reducing the availability of credit in the financial system.
Ultimately, political advisers decided the bill was unlikely to overcome the opposition of banks, Obama did not fight for it, and the bill died. There would be no stick.
I don't know how they expected the economy to fix itself with a destroyed residential construction sector and millions of undewater homeowners unable and rationally unwilling to pay their mortgages.
It's Pat
And there's nothing he can say or do that will impact his permanent spot in the MSNBC green room.
My Mural Concern
This isn't too far from Chez Atrios. The Philly murals are generally great, but to a great degree they were used to try to add a more pleasing spin to urban decay. Empty lots and surface parking lots suck. Empty lots with a pretty murals suck less, but they're still empty lots. It'll be a shame to lose the mural, but it won't be a shame to lose the empty lot. The city is slowly reversing decades of decline.
Park-n-Ride Fail
Cars take up a lot of space. A commuter rail system with a significant driving ridership, as in they drive to the stations and park for the day then take the rain, is going to needmassive amounts of parking. If you have massive amounts of parking around stations, you limit the possibility for people to actually live near and walk to the station.
There's no quick shift out of this basic model, but the emphasis really should be on transit oriented development around stations, and creating walkable communities near stations, so that not driving is an option for more people.
There's no quick shift out of this basic model, but the emphasis really should be on transit oriented development around stations, and creating walkable communities near stations, so that not driving is an option for more people.
Apparently Roads Aren't Free
This is a shocking discovery.
Seattle now spends most of its $29 million annual paving budget on repairing or rebuilding roadways. If approved by voters, the new car-tab fee would increase that by $4 million a year. That would still leave the city with only half of what it says it needs just to keep the streets from deteriorating further.
The problem is common nationwide. King County's paving budget has declined to the point where officials are considering letting some residential streets revert to gravel. Still, other cities have fared better than Seattle. Bellevue, for example, reports that it has no backlog of deferred maintenance.
The Obvious Course Of Action
Is for more austerity so that everyone can shrink their way to prosperity.
The eurozone's private sector tipped further into decline this month, exacerbating fears that the area is about to lurch back into recession, according to business surveys. The October services PMI fell to 47.2 from 48.8 in September. The manufacturing index also worsened, to 47.3 from 48.5. Both were the lowest readings since July 2009 and worse than economists had expected.
The composite PMI, which combines data from both sectors, dropped to 47.2 from 49.1 in September, also the weakest reading since July 2009. Markit, which compiles the surveys, warned that the worst was yet to come.
Hurray! Lucky Duckies!
Pornography for David Brooks.
It didn't have to be like this. The solutions were not hard. The people in charge chose not to use them.
It didn't have to be like this. The solutions were not hard. The people in charge chose not to use them.
Sunday, October 23, 2011
Deep Thought
Is it possible that the people who run the world aren't entirely sure what they're doing?
"Structural Reform"
I've been unclear about the "stupid or evil" question when it came to European economists doing their best to destroy the Greek economy. I suppose this is some evidence for "stupid."
Not that it matters much, I guess.
Not that it matters much, I guess.
Why Don't They Lend Me $30 Billion On The Security Of My Cats?
If we're going to actually move to more "unconventional" monetary policy, can we please recognize that the reason to do so is largely because conventional monetary policy - acting through the banking system - isn't working? We should understand that it isn't working because it almost destroyed the world a few years ago and is about to do so again because, you know, nothing changed and the overpaid assholes who almost destroyed the world then are still in charge. If we're going to give out dodgy loans, how about giving dodgy loans to people who might do something with the money other than visiting the Great Casino?
Sunday Bobbleheads
This Week has Hillary Clinton and AN EXCLUSIVE INTERVIEW WITH JOHN MCCAIN.
Meet the Press has Ron Paul and Plouffe.
Face the Nation has Bachmann Santorum.
So, do something else.
Meet the Press has Ron Paul and Plouffe.
Face the Nation has Bachmann Santorum.
So, do something else.
Saturday, October 22, 2011
Fearing Free Money
I think fear of inflation is baked in to how basically everyone thinks about monetary policy, so the idea of just running the damn printing presses is difficult for people to entertain. Sure there is some risk in just handing out a bunch of free money, but there's certainly some risk in not handing out a bunch of free money, too.
Unpopular Park Blogging
I'm not sure the world agrees with us, but, yes, in the US we seem to lean a bit too much towards parks as pockets of "nature" rather than as pleasant public spaces where people are actually welcome and human activities are encouraged and enabled. A nice park can have performance spaces, cafés, sports fields, etc.
Do I Hear 80%?
It isn't totally my preferred solution, but we should remember that the crisis and problems are fake, that there is a simple solution. Cancel Greece's debts and have the ECB give free money to the banks.
Alternatively, poor and middle class people can continue to suffer as Greece's economy is destroyed. Rich people across the world agree that the solution to every problem is more suffering for poor people.
BRUSSELS — Eurozone finance ministers said Saturday that they have agreed that banks should accept substantially bigger losses on their Greek bonds, with a new report suggesting that writedowns of up to 60 percent may be necessary.
Alternatively, poor and middle class people can continue to suffer as Greece's economy is destroyed. Rich people across the world agree that the solution to every problem is more suffering for poor people.
And Why Is That?
Nobody even tries to articulate a serious reason why our military should be everywhere all over the world. They just want to feel that their giant external penis is extended across the globe.
What An Awesome War It Was
And I'd like to give special credit to all the "deficit hawks" who spent 8 years trying to shut it down. Oh, wait, that didn't happen.
Also, too, dead people.
Also, too, dead people.
Drill Baby Drill
It's all they care about.
PITTSBURGH - Gov. Corbett signaled Friday that a new transportation-funding bill is not a top priority for his administration this year and questioned the effect of proposed new fees on the state's brittle economy.
In remarks after a speech to the national Waterways Symposium, Corbett said that he would "take a look" at any transportation bills proposed this year but that they would battle for attention with measures on school vouchers and Marcellus Shale regulations. He said transportation might have to take a backseat, especially because the legislature's current session is only half-finished.
Friday, October 21, 2011
What Are The Gatekeepers Good For
Remember when her every tweet and facebook post were frontpage news? Good times.
Over
Still not sure why we're leaving 16,000 people there, but on the twitter Jake Tapper says Obama's about to announce complete troop drawdown from Iraq by the end of the year.
Yes Parking Is Actually A Problem
Just to play against type for a moment, yes for certain kinds of businesses and destinations, ones which want to attract significant numbers of people from outside the city on a regular basis, parking is a genuine issue. I imagine this is somewhat to do with the fact that "driving into the city and parking" is a genuinely scary thing for some people who don't do it regularly, and somewhat to do with the fact that's it actually kind of difficult to solve the problem of how to smoothly and easily deal with 1000 or so cars arriving and leaving at the same times. It's a flawed model, though it's the one we're largely stuck with.
I also stand by my earlier "performances should start early" assertion. 10:30 is a bit late to be finding your car and driving back to the burbs if you have to work the next day. I, smugly, just walk home or take a quick bus ride if the weather is crap.
(ht)
I also stand by my earlier "performances should start early" assertion. 10:30 is a bit late to be finding your car and driving back to the burbs if you have to work the next day. I, smugly, just walk home or take a quick bus ride if the weather is crap.
(ht)
Patterns
This is reminiscent of Clinton years. Start with a mostly bogus pseudoscandal, and then find anything which sort of kind of sounds like it even if there aren't really any similarities and there's absolutely nothing scandalous about the new thing. Get your Drudge link, call it a day.
Nudge
The below thread seems to be broken...see if this works.
...not sure what's going on. Think it's blogger's fault, not disqus. Anyway CLICK HERE FOR COMMENTS.
...not sure what's going on. Think it's blogger's fault, not disqus. Anyway CLICK HERE FOR COMMENTS.
Same Crazy Shit That Nobody Likes Every Couple Of Years
Every election cycle we get Republicans proposing some sort of flat taxish proposal in a slightly different package. It's praised as bold and daring and serious and blahblahblah. Liberals point out this is a massive tax shift from the very rich onto everybody else. Eventually the press wakes up and realizes this. Rinse, repeat...
So Sorry For Wasting Everybody's Time And Helping To Destroy The World
Bygones. I'm sure another climate skeptic "darling" will appear and get more than equal time soon.
Good Morning
During the Savings and Loan crisis in the 1980s there were a thousand FBI agents investigating the wrong doers and thousands of criminal referrals to the Department of Justice. The current mess is much, much bigger, yet not one of the top guys is being investigated. William Black, on Democracy Now suggests that at the very least, Bernanke should be asked to resign and Geithner and Holder fired.
Works for me.
Works for me.
Thursday, October 20, 2011
Ra Ra
I've actually been looking for this over the past couple of months without much, uh, luck. How many people died? Does anybody care?
WASHINGTON — The final end to Col. Muammar el-Qaddafi’s rule is the latest victory for a new American approach to war: few if any troops on the ground, the heavy use of air power, including drones, and, at least in the case of Libya, a reliance on allies.
What's It All About Then
I remember the good old days when these kinds of things were just Chomskyian conspiracy theories. and serious people laughed at that silly man reading the entrails. Now politicians just feel comfortable saying them out loud.
I don't think that's what it's all about for all people, but it's what it's all about for some.
I don't think that's what it's all about for all people, but it's what it's all about for some.
I Have An Idea
How about deepening support for the American people.
Sen. John McCain, R-Ariz., was one of the few U.S. officials to react publically to Gadhafi's death, hailing it as "an end to the first phase of the Libyan revolution." The U.S. and Europe "must now deepen our support of the Libyan people," McCain, the top Republican on the Armed Services Committee, said in a statement.
Nobody Could Have Predicted
Duh.
Can we just fucking stop this shit? It's fucked up and bullshit.
Formed with a $10 million endowment from the U.S. Agency for International Development, the Egyptian Center for Economic Studies gathered captains of industry in a small circle — with the president’s son Gamal Mubarak at the center. Over time, members of the group would assume top roles in Egypt’s ruling party and government.
Today, Gamal Mubarak and four of those think tank members are in jail, charged with squandering public funds in the sale of public resources, lands and government-run companies as part of a dramatic restructuring. Some have fled the country, pilloried amid the public outrage over insider deals and corruption that toppled President Hosni Mubarak.
“It became a crony capitalism,” Magda Kandil, the think tank’s new executive director, said of the privatization program advocated by its founders. Because of the corruption, the center now estimates, the assets that Egypt has sold off since 1991 have netted only about $10 billion, $90 billion less than their estimated worth.
Can we just fucking stop this shit? It's fucked up and bullshit.
You Mean The Light At The End Of The Tunnel Isn't Just Around The Corner?
As I've said, there's no reason for this to just turnaround magically, slow or fast.
The warning by the State of Washington’s economist was unusually blunt, a far cry from the kind of dry, green-eyeshade language that often cloaks such announcements: “We are in the fragile aftermath of the Great Recession, where a return to normalcy seems like a mirage in the desert — the closer we get to it, the further it moves away.”
Wednesday, October 19, 2011
My Mural Concern
While appreciative of the many murals in the urban hellhole, I've always worried that they would be an impediment to desirable development. Murals were put up in part to improve the aesthetics of vacant and parking lots, and while it will be sad to see some go, it won't generally be sad to see the empty lots go.
The Good Old Days
In a weird kind of way I actually respect Pat Buchanan because unlike most racists he articulates pretty well and honestly just what his racism is all about. Obviously that doesn't, you know, forgive the racism or anything but it's oddly refreshing. By honest I don't mean that he's "correct," just that he doesn't try to disguise his reasons, whatever their basis.
What isn't refreshing is his apparent immunity from peer criticism or career consequences for his racism.
What isn't refreshing is his apparent immunity from peer criticism or career consequences for his racism.
Opposition To Congestion Pricing Is Likely Completely Rational
I don't really agree that congestion prices have to be perpetually ratcheted up to be effective, but I do think that urban econ dorks need to acknowledge that opposition to it is likely to be completely understandable. Yes, in theory, since congestion is an unpriced externality, if we price it correctly we can both reduce the amount of excess congestion and make everybody better off. But that's only true if all of the toll money collected is somehow distributed back to the affected people, either directly (such as through reduced taxation elsewhere or cash) or in some form such as increased transportation investment. If you collect the money and light it on fire it doesn't make everybody better off. If you collect the money and use it to build a Pony Palace for me it won't make everybody better off. I, however, would have a Pony Palace, which would be awesome.
The point is, in theory we can have congestion pricing, less congestion, faster travel times, and everybody's happy, but that's only if the tolls are put to good use. Otherwise, it won't actually be a good deal for drivers.
The point is, in theory we can have congestion pricing, less congestion, faster travel times, and everybody's happy, but that's only if the tolls are put to good use. Otherwise, it won't actually be a good deal for drivers.
Just Trust Them
That this system has persisted for so long with little outside scrutiny is a testament to the widespread belief that rich white men in nice suits can't possibly be corrupt.
Cash
Yes it would be good policy to let employees take parking benefit money in cash instead, which is why it's probably unlikely to happen. Cynical me.
Assholes
I don't like to do the generational thing, but I imagine that one reason our Galtian Overlords are the extreme sociopaths they are has to do, in part, with the fact that they're a couple generations removed from any awareness of material deprivation. The Great Depression, WWII, and Korean and Vietnam wars didn't exactly impact everybody equally, but the devastation hit across class lines a bit more. As such things recede, and the portion of the population who are on their 3rd and 4th generation of relative wealth grows, it's likely that the giant asshole class is something we're going to have to learn to live with.
Just Some Paperwork Problems
And we've been warning about this stuff for years...
The highest court in Massachusetts ruled that a homeowner who bought a foreclosure that hadn't been properly conducted by the foreclosing bank in 2006 didn't have legal ownership of the property.
The decision by the Supreme Judicial Court casts a cloud over the legal ownership of any properties in Massachusetts where banks didn't properly convey title when foreclosing. The problem has gained attention nationwide because of banks' use of "robo-signing" and other dubious practices that may have broken chains of title on foreclosures.
Confidence
It's not that there's nothing to the "confidence" issue, but the more important issue is that people don't have any goddamn money. Yes, "I'm worried I won't have much money in the future" affects behavior, but it's a bit less important than its cousin "I don't have any fucking money now."
Perpetual Bailout
There isn't much ordinary people can do to protest the actions of our corrupt financial elite. However, if you have a Bank of America account you can remove your money and place it in a smaller and/or less evil institution. Small size does not guarantee less evil, but it does imply less influence in our corrupt system.
Austerity Forever
On repeat here, but if the deficit fetishists actually cared about the deficit they'd understand that the best way to get rid of it is economic growth. There is no evidence at the moment that the deficit is having any negative impact on economic growth through higher interest rates, so the lack of growth is due to something else. Fix the economy, fix the deficit.
But they don't care about the deficit, the care about cutting spending. They don't care about cutting spending on freedom bombs and perpetual war everywhere, they care about cutting spending for old people and poor people. They aren't noble fiscal hawks, they're just bad people who enjoy the suffering of others.
But they don't care about the deficit, the care about cutting spending. They don't care about cutting spending on freedom bombs and perpetual war everywhere, they care about cutting spending for old people and poor people. They aren't noble fiscal hawks, they're just bad people who enjoy the suffering of others.
Tuesday, October 18, 2011
HOW ABOUT ONE TRILLION TRILLION
Rich people gotta eat.
France and Germany have reached agreement to boost the eurozone's rescue fund to €2tn as part of a "comprehensive plan" to resolve the sovereign debt crisis that the eurozone summit should endorse this weekend, EU diplomats said.
Crossing Over
I don't know how much this is true of other cities, but to a great degree crossing over the Philly city boundaries is like passing through some sort of magical wardrobe into an alternate reality. I really have no idea how my local fishwraps could even think of covering the city while being based elsewhere.
Hippies Smell
This isn't an observation which is going to be especially novel to anyone, but it occurs to me that the Tea Partiers, formerly known as the John Birch wing of the Republican party, got so much Village love because to the extent that there was any coherence to their fake movement - cut my taxes, cut spending on people I don't like - the Villagers pretty much now agree with them.
Right Again
So the Very Serious People finally realize that the hippies have been right.
Maybe some of us should be put in charge of things.
Maybe some of us should be put in charge of things.
Can't Co-Exist With All The Cars
You just can't have walkable urban areas if you have one-car-per-adult-resident-and-commuter. The parking takes up too much space. Some people don't want walkable urban areas, and that's fine. It isn't the only model. The problem is that for too many years policies in existing urban hellholes were about accommodating cars and they proceeded to hollow out their cities, dividing neighborhoods with urban highways and throwing up parking lots and garages everywhere. This wasn't the only reason for the decline of urban America post-1950s, but it certainly didn't help.
Kenyan Muslim Socialism
I'm not sure what's more "amusing," the wingnut claim that Obama isn't really black, or the wingnut claim that he grew up in Kenya.
RESPECT US OR EVERYTHING FALLS APART
We used to get quite a lot of this attitude directed at blogs, that unless people do and say things in just the way that tenured Washington Post pundits think they should be done then the system might fall apart.
So if you read through the article, globalization and giant hedge funds are undermining democracy, but if the dirty hippies don't shut the hell up they're REALLY going to undermine it. Or, in other words, if dirty hippies who don't have a Washington Post column find ways to exercise their freedom of speech to say (some of) the same things that a tenured Washington Post columnist does, then they're doing a bad and making her have a sad because instead of speaking and assembling they should be figuring out how to use their undermined political systems. Which apparently doesn't involve free speech or assembly, but using the "process" which involves... oh who the hell knows.
No I can't make any more sense out of this. But it is Anne Applebaum, a dim light even by the Post's standards.
Although I still believe in globalization’s economic and spiritual benefits — along with open borders, freedom of movement and free trade — globalization has clearly begun to undermine the legitimacy of Western democracies.
“Global” activists, if they are not careful, will accelerate that decline. Protesters in London shout,“We need to have a process!” Well, they already have a process: It’s called the British political system. And if they don’t figure out how to use it, they’ll simply weaken it further.
So if you read through the article, globalization and giant hedge funds are undermining democracy, but if the dirty hippies don't shut the hell up they're REALLY going to undermine it. Or, in other words, if dirty hippies who don't have a Washington Post column find ways to exercise their freedom of speech to say (some of) the same things that a tenured Washington Post columnist does, then they're doing a bad and making her have a sad because instead of speaking and assembling they should be figuring out how to use their undermined political systems. Which apparently doesn't involve free speech or assembly, but using the "process" which involves... oh who the hell knows.
No I can't make any more sense out of this. But it is Anne Applebaum, a dim light even by the Post's standards.
Dead of Night
A Senior Correspondent for the Fox Business Network and a New York Post op-ed contributor shares his wisdom about OWS:
Maybe the worse-spent [sic] dollar I have ever spent in my life was on a propaganda broadsheet titled “Justice,” which advocates “Struggle, Solidarity, Socialism.” On the front page of the newspaper-like document, beneath the headline “Capitalism: System Failure,” was a tease for a story on the economy and how “influential business economist Nouriel Roubini” recently said how “Karl Marx had it right. At some point, capitalism can destroy itself.”
Yes, the left-leaning Roubini made that fatuous statement, and many similar ones -- so many, in fact, that he has lost much of his credibility in financial circles, though that didn’t quite make it into the “Marx Was Right!” story.
Gosh. Roubini has "lost much of his credibility in financial circles." Funny how that often coincides with "being proved right"...
Monday, October 17, 2011
Downer
I don't think it's insane that the coverage of the president is broadly negative. The economy sucks. But the reason why this is still a sign the press is Doing it Wrong is that the negative/critical coverage is mostly from a conservative/Republican perspective. This is a sign that basically, on most days, we talk about whatever the hell Republicans want to talk about. This is not a story about the press being willing to critique the president, which is fine, it's about them laundering the critiques of the other party without much other perspective, good or bad.
Facts Are Stupid Things
As a young apprentice of the Econ, I learned the sovereign default was probably THE WORST THING EVER. It isn't necessarily, and certainly was the smartest thing for Argentina to have done. Since they were supposed to have been severely punished for the sins of defaulting after having borrowed at a significant risk premium, many people just continue to assume they were.
Some facts are complicated, this one requires TEH GOOGLE.
Some facts are complicated, this one requires TEH GOOGLE.
Living In A Lonely World
My big pet peeve is reporters who play along with politicians who have no intentions of returning to life in their home towns or even their home states. I doubt Evan Byah spends much time in Shirkieville, or even Indiana these days, but if he started waxing nostalgic about the Greatest Little Place In The Greatest State The World Has Ever Known,it's unlikely that any reporter would ever call him on it.
And it's fine that politicians often end up shifting their careers to Washington. It's where their jobs are, increasingly where their families have bonds, and where their post-politician careers are likely to be the most lucrative. It doesn't even mean Evan Bayh thinks Indiana sucks. But it does mean he's left it.
And it's fine that politicians often end up shifting their careers to Washington. It's where their jobs are, increasingly where their families have bonds, and where their post-politician careers are likely to be the most lucrative. It doesn't even mean Evan Bayh thinks Indiana sucks. But it does mean he's left it.
Even In The Most Hellish Of Urban Hellholes
We're still in thrall to the seemingly limitless power of Big Parking.
Just Another Banana Republic With A Commie Strongman
I saw Glenn tweet about Keller's column in the Times (see update II) and then when I clicked through I wasn't sure what he was talking about . Apparently Keller doesn't know what he's talking about.
All The Money In The World
I suppose this is a good sign.
I guess politicians have a choice. They can try to minimize the power of an entity like Wall Street by playing nice and at least leveling somewhat the monetary disadvantage, or they can go on the attack and make them toxic. Well, I suppose there's 3rd choice, which is go on the attack with a wink and and a nudge...
I guess politicians have a choice. They can try to minimize the power of an entity like Wall Street by playing nice and at least leveling somewhat the monetary disadvantage, or they can go on the attack and make them toxic. Well, I suppose there's 3rd choice, which is go on the attack with a wink and and a nudge...
But We Can Never Lose
I'm sure the endgame will involve the ECB and/or taxpayers fully covering losses of the banksters.
Which might not even be the wrong policy, as long as top management are immediately escorted out of the buildings.
Now that European Union officials are moving toward an agreement that may include bigger losses on Greek debt holdings and the forced recapitalization of lenders, the Deutsche Bank chief executive officer and Washington-based Institute of International Finance he chairs are pushing back. He travels to Brussels this week for talks with policy makers.
Which might not even be the wrong policy, as long as top management are immediately escorted out of the buildings.
Sunday, October 16, 2011
Solutions
Obviously I think the most obvious solution to what currently ails us - not enough aggregate demand - is to give free money to people. But it's worth nothing that even hardcore glibertarians must acknowledge that aggregate output is, in part, going to depend on the quantity of what we perceive of as public infrastructure, even if they think that rights of way can be magically procured by the free market fairy. In other words, GDP = f(., stock of G) where . is a bunch of other stuff and stock of G is the amount of our current public infrastructure. If stock of G is declining over time...
Does Anyone Have Any Idea What This Is Supposed To Mean?
I really have no idea.
“At this point in my life, my goal is to spend whatever time I have trying to help E.V.’s become successful,” Mr. Giddings said. He is using his Ph.D. in electrical engineering, earned at the University of California, Berkeley in the free-speech 1960s, to correct some of the Leaf’s shortcomings and to squeeze more performance out of it.
Homeopathy
It's a joke, but it's essentially what we did. The economy was given much less stimulus than was necessary because...well, it would just right itself with a bit of encouragement.
Tribal Allegiance
I've touched on this before, but I think it's important to keep in mind that Our Galtian Overlords don't necessarily know what's best for them, policy wise. Sure their lawyers and accountants and lobbyists might have a pretty good idea what some specific provision might mean for them, but there's no reason to think that they really understand how to run the macroeconomy for their benefit. I think a lot of the mess in the housing/mortgage markets post-bubble was due to the fact that the securitization contracts were poorly done, giving mortgage servicers very bad incentives, but I also think a lot of the mess was because the banskters didn't really know what was good for them, or at least their companies. It's hard to imagine that large scale principal modification with some sweeteners from the government, along with bankruptcy cramdown, wouldn't have actually been better for both the macroeconomy and the banks. But Our Galtian Overlords knew deadbeat homeowners, who made them look bad and hurt their fee fees, needed to be kicked in the face along with the hippies.
Sunday Bobbleheads
Meet the Republicans has Herman Cain, Bobby Jindal, and TPaw. No, really.
This Week has Axelrod, Mike Rogers, John Lewis.
Face the Nation has Issa and Elijah Cummings.
Document the atrocities!
This Week has Axelrod, Mike Rogers, John Lewis.
Face the Nation has Issa and Elijah Cummings.
Document the atrocities!
Saturday, October 15, 2011
Infiltrating the Movement
Setup, Gawker.
The Occupy Wall Street protests have been going on for a month. And it seems the FBI and NYPD have had help tracking protesters' moves thanks to a conservative computer security expert who gained access to one of the group's internal mailing lists, and then handed over information on the group's plans to the authorities as well as corporations targeted by protesters.Punchline -- Neil Cavuto undie-twisting in 2009 about how ACORN Goons were totally going to subvert the Tea Party through sneaky cheating.
“Only eight days before a nationwide tea party, some over-caffeinated crashers aiming to lay waste to it,” Cavuto said. “Reports of very well-organized infiltrators trying to mix in and rain on this parade. Talk about taxing.”Cavuto's "reporting" was based on a comment on a wingnut message board.
Out
I'm not sure why we need to leave a small city of civilians there, either, but...
BAGHDAD (AP) -- The Associated Press has learned that the Obama administration is abandoning plans to keep U.S. troops in Iraq past a year-end withdrawal deadline.
Build Stuff
Yes we need to spend money on infrastructure, yes Teh Marketz will lend money to the US government basically for free these days.
It should be seen as a tremendous opportunity.
It should be seen as a tremendous opportunity.
Friday, October 14, 2011
Things Can Get Worse
I'm not making a prediction here, if pressed I'd be more in the 'things will continue to suck much as they are' camp, but there isn't actually any real reason to have my sunny optimism.
Oh Jeebus
Rich drunk people stumble out of bar at closing time and shit ensues with some other assholes. This scene is repeated 3 billion times every weekend everywhere. We do have real problems in Philadelphia. This just isn't one of them.
Stu should go back to writing about the evils of bike lanes.
Stu should go back to writing about the evils of bike lanes.
9.1% Unemployment Forever
One thing which our elites, especially but not limited to the sociopathic ones, have not come to terms with is there is no reason to expect the unemployment situation to improve...ever... absent serious action. We might be stuck.
Waiting For The Drama
Unlikely, except maybe for Wall Streeters going to medical marijuana dispensaries.
Happy to be wrong.
Treasury Secretary Timothy Geithner suggested Friday that a new round of “dramatic enforcement actions” against Wall Street wrongdoing is coming.
“Stay tuned for that,” Geithner said.
Happy to be wrong.
ACA
I imagine it will, in practical terms, be harder to undo the ACA as time goes on, but one thing would have made it really hard:a public option. At least, a public option that was around for a few years.
Anyway, perhaps some of us didn't say it quite so loudly when the debate was on, but the basic reason for wanting a public option is that private health insurers are incredibly wasteful. They're costly skimmers. They don't actually do anything useful. Perhaps vanquishing an entire industry with the stroke of a pen wouldn't be such a good idea, but the public option would've let it be phased out slowly.
Anyway, perhaps some of us didn't say it quite so loudly when the debate was on, but the basic reason for wanting a public option is that private health insurers are incredibly wasteful. They're costly skimmers. They don't actually do anything useful. Perhaps vanquishing an entire industry with the stroke of a pen wouldn't be such a good idea, but the public option would've let it be phased out slowly.
I Use Every Road
There's a weird mentality out there among some transit opponents, which is basically that mass transit isn't near me, so I won't use it, so don't spend my tax money on it. On the other hand, spending money on roads anywhere will benefit me, whether or not I use them, because I'm a driver. It doesn't quite make sense.
Sme people are just mass transit hater and they're entitled to oppose such projects. But often the reasoning is just weird.
Tea party leaders assailed the plan as “a mass transit tax targeted at financial Titanic MARTA.”
“We all agree there is a traffic problem in metro Atlanta, and we support infrastructure improvements” on roads, read the statement from the Georgia Tea Party Patriots and Atlanta Tea Party. “The project list is not targeted to benefit the majority of citizens in the areas they need relief the most.”
Sme people are just mass transit hater and they're entitled to oppose such projects. But often the reasoning is just weird.
Purpose
Yes, people who devote their lives to opposing abortion never want to face up to the consequences of what that would mean. Laws designed to let women die? That's not what they do! Laws which criminalize abortion? Well we don't really want people to go to jail! And on and on.
But It Doesn't Matter Matter Matter Matter Matter Matter
Is Josh suggesting that talking about the deficit for 18+ months shifted the conversation to the deficit? I thought that was unpossible.
Yet despite the fact that Senate Republicans were able to block a vote on his jobs bill, it seems to have gone with relatively little notice -- probably because it's right there in plain sight -- how much the president's day in and day out push on jobs has simply shifted the national conversation, the focus on what the issue is that requires solving.
Thursday, October 13, 2011
Where We Are
We've been in a conservative ratchet phase in our political discourse since Reagan. I'm not sure what to do about that.
Allison Steele Is A Horrible Person
Really?
Obviously prostitution is a complicated issue, but...really... we helped fuck up everyone's lives is a defense?
Many readers wondered, is it fair to print the photographs of the women, and not of the johns? After all, without the johns, the women would not have been charged at all. To that, I offer that not all police investigations are created equal, and most officers I know would agree that they're not always perfect.
And in this case, we at least know that anyone who told their wife or family that they were headed to the clubhouse on Tuesday for a night with the guys...well, due to the media attention, some of those men might now be in the throes of a punishment much worse than a few hours in jail.
Obviously prostitution is a complicated issue, but...really... we helped fuck up everyone's lives is a defense?
Posh Liam
No I don't care about this, but as a member of the bushy brow crew I'm not sure why anyone would desire a little something extra in the brow department.
Thanks, Yelling At Clouds Man
For telling the truth.
Now that the Very Serious John McCain has admitted that it's bullshit perhaps everyone else can too, and the SuperWankers can go home.
“If there’s a failure on the part of the supercommittee, we will be among the first on the floor to nullify that provision. Congress is not bound by this. If something is passed, we can reverse it,” McCain responded.
Now that the Very Serious John McCain has admitted that it's bullshit perhaps everyone else can too, and the SuperWankers can go home.
Advantages
One of the things I learned (and taught) back in my previous life was the monetary policy was Teh Awesome, in part, because you didn't have to rely on pesky politicians realizing there was a problem, actually getting around to passing legislation to do something about the problem, and coming anywhere close to doing the right thing. Those awesome nonpolitical technocrats at the Fed could do everything that needed to be done faster and, since they weren't pesky politicians, they could do the Right Thing. So, no, Fed staff shouldn't be bitching about fiscal policy inaction, they should be buying helicopters and hiring pilots to start lobbing bags of cash out of them.
Fiscal policy inaction is indeed a problem, but it's a problem that's been baked into the whole "how we think about fiscal and monetary policy" cake for decades. In other words, the guys who controlled the money supply told us they could take care of shit, even shit that was fucked up and bullshit.
Fiscal policy inaction is indeed a problem, but it's a problem that's been baked into the whole "how we think about fiscal and monetary policy" cake for decades. In other words, the guys who controlled the money supply told us they could take care of shit, even shit that was fucked up and bullshit.
Should've Taken The Train
Alleged drunk guy manages to find his way onto train tracks.
The high speed line is a somewhat weird legacy line, but it has no at grade crossings so the idiot had to work pretty hard to get his car there. As the sensible commenters at the link note the high speed line is, in fact, pretty high speed and it's unlikely that the train driver would be at fault in any way.
The high speed line is a somewhat weird legacy line, but it has no at grade crossings so the idiot had to work pretty hard to get his car there. As the sensible commenters at the link note the high speed line is, in fact, pretty high speed and it's unlikely that the train driver would be at fault in any way.
Cheap Solar
Nobody listens to me, but a massive federal program to install solar on roofs everywhere might, you know, create some jobs.
He'd Surely Kick An Ass Or Two
When it comes to the subject of Ronald Reagan, wingnuts are completely impervious to facts. The Gipper rode around America on his horse, killing communists with his bare hands, and he was powered by magic jellybeans and zero federal taxes.
Free Money For Rich Assholes
Working out so well across the globe.
Much of their compensation is in stock, but needless to say those in charge are well compensated.
When taxpayers bailed out Lloyds Banking Group – which was two separate banks Lloyds TSB and HBOS at the time – and Royal Bank of Scotland and the expectation was that the government stake would have begun to be sold off by now. And at a profit.
Instead, three years later, the taxpayer is nursing a loss of close to £32bn on stakes originally worth more than £60bn. The meltdown in the financial markets and the impact of the report by the independent commission on banking to "ringfence" high street banks is being blamed for the fall in the share prices.
Much of their compensation is in stock, but needless to say those in charge are well compensated.
Stop The Fake Prudery
No, mummery isn't "shocked", and nor is anyone else shocked that people sometimes have unapproved sex.
And boo Inqy for running the mugshots of the women. Only one alleged 'John' was arrested.
And boo Inqy for running the mugshots of the women. Only one alleged 'John' was arrested.
It Doesn't Really Matter Matter Matter Matter Matter
There's a weird line emanating from the people in charge, some combination of "we did all we could do" and "nothing we could have done could have changed the constraints." But they spent a lot of time publicly fretting about deficits and confidence fairies and they spent a lot of time trying to solve these nonexistent problems.
Leviathan
One thing I learned about conservatives on the interwebs is that the do seem to believe that evil libruls love Big Guvmint as an end in itself. Sullivan used to spout that kind of thing a lot. And, no, it just isn't true. More than that, if the Bush years had any positive impact on the world it was giving liberals an extra dose of distrust of the power of the state. Conservative glibertarians never get my respect because they spend all their time worrying about imaginary threats to freedoms which don't matter much.
Anyway, no, "more government spending" is not a liberal goal. There's stuff that the state should pay for, there's stuff that the state should pay for and handle in house (less contracting), and there's stuff that the state should be responsible for. Also, too, fewer freedom bombs.
Anyway, no, "more government spending" is not a liberal goal. There's stuff that the state should pay for, there's stuff that the state should pay for and handle in house (less contracting), and there's stuff that the state should be responsible for. Also, too, fewer freedom bombs.
Oh Dear
Time for another blogger ethics panel.
One of Rupert Murdoch's most senior European executives has resigned following Guardian inquiries about a circulation scam at News Corporation's flagship newspaper, the Wall Street Journal.
The Guardian found evidence that the Journal had been channelling money through European companies in order to secretly buy thousands of copies of its own paper at a knock-down rate, misleading readers and advertisers about the Journal's true circulation.
The bizarre scheme included a formal, written contract in which the Journal persuaded one company to co-operate by agreeing to publish articles that promoted its activities, a move which led some staff to accuse the paper's management of violating journalistic ethics and jeopardising its treasured reputation for editorial quality.
Wednesday, October 12, 2011
First Up Against The Wall
My first response when I read this:.
Before clicking through (I have not yet) I know that David Brooks and Gail Collins are, in fact, not giving up anything.
After I clicked through I realized the New York Times is perhaps a commendable jobs program for special needs people.
THE CONVERSATION
To the Barricades
David Brooks and Gail Collins on what they’d give up to balance the budget.
Before clicking through (I have not yet) I know that David Brooks and Gail Collins are, in fact, not giving up anything.
After I clicked through I realized the New York Times is perhaps a commendable jobs program for special needs people.
Why Are The Bond Vigilantes Coming Again?
Thinking about the post below, it occurs to me that two possible reasons - rise in expected inflation/rise in default risk - are often conflated or at least not clearly distinguished.
Also, too, they aren't coming.
Also, too, they aren't coming.
Wrongness
Yes, I actually started to type up a bit to make me not wrong but then I had to go do something. So, yes, low interest rates are, in this case, proof that your economy sucks and not something to be proud of. Low rates can be what Cameron thinks, or pretends to think, they are, the result of fiscal responsibility They aren't now.
Anyway, this is in part a tendency to be sloppy when talking about interest rates. There are long term/short term, nominal/real, and often we lump them together even though they aren't the same thing. Fed can control short term nominal rates, long term nominal rates more set by expected inflation, and while in this country we normally see Treasuries as lacking a risk premium, interest rates, including government debt interest rates, include a risk premium.
Anyway, this is in part a tendency to be sloppy when talking about interest rates. There are long term/short term, nominal/real, and often we lump them together even though they aren't the same thing. Fed can control short term nominal rates, long term nominal rates more set by expected inflation, and while in this country we normally see Treasuries as lacking a risk premium, interest rates, including government debt interest rates, include a risk premium.
I Feel Their Pain
I am in tears. Suicidal even. That we let such poverty exist in this country is truly heinous.
One hopes this young gentleman, in his despair, does not choose to jump from the very high building he likely works in.
Bankers aren’t optimistic about those gains. Options Group’s Karp said he met last month over tea at the Gramercy Park Hotel in New York with a trader who made $500,000 last year at one of the six largest U.S. banks.
The trader, a 27-year-old Ivy League graduate, complained that he has worked harder this year and will be paid less. The headhunter told him to stay put and collect his bonus.
“This is very demoralizing to people,” Karp said. “Especially young guys who have gone to college and wanted to come onto the Street, having dreams of becoming millionaires.”
One hopes this young gentleman, in his despair, does not choose to jump from the very high building he likely works in.
Fools Run The World
I certainly get why Labour was chucked out, but their successors are idiots.
Record low interest rates are not a policy goal. They are a (potential) tool for improving the economy. If they are not enough, then you should use other tools. Like giving people free money.
The Prime Minister told the Commons: "I accept we have got to do more to get our economy moving, to get jobs for our people, but we mustn't abandon the plan that has given us record low interest rates."
Record low interest rates are not a policy goal. They are a (potential) tool for improving the economy. If they are not enough, then you should use other tools. Like giving people free money.
International Embrace Of My Plan To Give People Free Money
No of course it isn't really my original idea, but it is in the realm of 'sounds crazy' so that serious people aren't quite able to embrace it. But in all seriousness, central bankers should be dropping cash from helicopters.
The 'traditional' monetary policy of relying on the banks is going to have at best limited success, given both the zero lower bound on interest rates and the fact that our banking system has turned into the Great Casino. Print money. Give it to people. Our problems are solved!
We need to ensure the extra money leads to higher demand. One good place to start is with the textbook example of printing money to finance consumption - sending every adult in the country a voucher that can be spent in the next three months. Allocating £300 to each of Britain's 50m adults to spend on goods and services would cost £15bn, or 20 per cent of the £75bn created by the new round of QE. (In 1999, the Japanese government distributed $175 vouchers to the public - 99.6 per cent of them were spent within the six-month limit.) Perhaps you can persuade the MPC that this is preferable to buying gilts?
The 'traditional' monetary policy of relying on the banks is going to have at best limited success, given both the zero lower bound on interest rates and the fact that our banking system has turned into the Great Casino. Print money. Give it to people. Our problems are solved!
Pay People To Do Stuff
Yes, yes, just a broken record, here, but there are really plenty of things you can pay people to do. At this point paying people to dig holes and fill them again would be better than not doing so, but fortunately we can find things for people to do that are at least of marginally more value. In the urban hellhole there isn't street cleaning in most places, in part because the city has decided not to pay for it and in part because many neighborhood residents prefer trashy streets to having to move their cars occasionally. Now, maybe the city is correct and it isn't really worth paying for, that people would prefer to have lower taxes or spend their tax money on other things. But it still has some value. And if we started handing out $1000 platinum coins in exchange for a couple of weeks of street cleaning I'm sure there would be some takers.
We Must Destroy It To Save It
In Bachmannlandia, pushing seniors into private medical insurance absent any minor regulations which might possibly make it affordable and/or functioning is "saving Medicare." And if you suggest that the Republican plan to end Medicare is, in fact, the Republican plan to end Medicare, the Village Courtiers will tell everyone you are lying.
If Only People Would Keep Lending Us Money
We keep seeing these explanations for financial crises...it's just liquidity.. They've got plenty of money, they just need just a little more right now... But that little bit more right now involves billions.
Just one more trip to the dog track...
PIGNAL: What happened with Dexia is actually a little bit unusual, and it comes back to the fact that Dexia is an unusual bank. They actually had plenty of capital, which is what these stress tests were designed to test. What it didn't have was access to funding, and a little bit like Bear Stearns in 2008. It needed a lot of short-term capital. And because of the Eurozone debt crisis, banks got increasingly nervous about lending to each other, and so the money just ran out for Dexia.
Just one more trip to the dog track...
I Have A Good Idea
Has anyone tried austerity yet?
UK unemployment rose by 114,000 between June and August to 2.57 million, a 17-year high, according to official figures.
Tuesday, October 11, 2011
The Holdout Problem
No deep insight into what's motivated Slovakian lawmakers (or, really, any opinion on what "should" happen), but perhaps the Yurpeans should have looked into the old urban economics literature on the last holdout problem. Basically, they hold all the cards... pay up!
America Together We Can Do Better
I'm not one who thinks Dem party members are obligated to vote for whatever is thrown at them, but it is hard to see how "run away from Obama's agenda" is collectively a good political strategy. Or, to put it another way, it's probably an individually rational collectively disastrous strategy, a Prisoner's Dilemma kind of thing.
You Can Relax
As to what 'the system' should provide...well, you know, it's roughly that American Dream story we're always telling ourselves about. Try hard enough and you can afford to have a place, have a family, have a bit left over to save in good times, increasing economic prosperity is widely shared, and you don't have to worry that one bad shock (unemployment, health) will essentially destroy all future prospects.
And that's not where we are right now.
And that's not where we are right now.
By The Way, You Failed
I'm becoming a wee bit more radical in my old age, as it becomes clear that due to both corruption and incompetence (and both! no need to choose) the people who run the world aren't going to do their jobs properly. If the system isn't delivering on its promises then, yes, we need a new system.
And The Madness Continues
Austerity is driving Greece deeper into recession, so the solution is, of course, even more austerity.
Just default on everything already.
Just default on everything already.
So Stupid
Needless to say, if this Congress can't even tie its own hands with respect to the SuperWanker Committee they of course can't tie the hands of future Congresses. Yes there's always a bit of rigidity in the system - some changes are stickier than others - but nothing prevents the future supermajority Republican Congress from setting the tax rate on rich people to zero. And then, of course, using the resulting deficit as a reason to zero out Social Security benefits.
Message: Message
Years later, people are more than 'frustrated.' They're penniless, losing their homes, in debt, have zero prospects...
And stop being startled. After years of a crap economy this is to be expected.
"The protests you're seeing are the same conversations people are having in living rooms and kitchens all across America," Plouffe said on ABC's Good Morning America. "People are very frustrated by an economy that does not reward hard work and responsibility, where Wall Street and Main Street don't seem to play by the same set of rules.
And stop being startled. After years of a crap economy this is to be expected.
The poll found that one in four Pennsylvania residents has had someone living in his or her household lose a job or be laid off in the last 12 months - and two out of three had close friends or family members who were put out of work in that time.
More than three out of every four Pennsylvanians said they knew individuals or families who struggle every month to afford basic needs such as rent, utilities, health care, clothes, or food.
"The poverty question was startling," said Joseph Morris, a professor and director of the college's Center for Applied Politics, which conducted the poll, "as was the fact that a strong majority of Pennsylvanians have had to make lifestyle changes because of the economy."
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