Dan's asking for a lot.
Months delayed and well beyond a reasonable cost, it’s about time the Government Accountability Board either have the vendor they paid several million dollars fix the site, or cancel the contract and find a company that will be held accountable - preferably from Wisconsin - who can.
Dan makes the point that for $2 million, the damn system SHOULD accept data and post it--and that inability to do either is not "a bug"--it's a system-design or main kernel code failure.
Kevin Kennedy is clueless, and so are the stuffed shirts who sit on the Board.
Seems to me that Three Card Monte should place a phone call.
Tuesday, March 31, 2009
Barney Frank: Your New Compensation Manager
Wonder how the folks at USBank, M&I, Chase, Associated Bank, and WellsFargo feel about this:
[I]n a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place.
...It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.”
That should make for some surly tellers, eh?
The bill already passed through Barney's House Committee.
HT: Malkin
[I]n a little-noticed move, the House Financial Services Committee, led by chairman Barney Frank, has approved a measure that would, in some key ways, go beyond the most draconian features of the original AIG bill. The new legislation, the “Pay for Performance Act of 2009,” would impose government controls on the pay of all employees — not just top executives — of companies that have received a capital investment from the U.S. government. It would, like the tax measure, be retroactive, changing the terms of compensation agreements already in place.
...It applies to all employees of all companies involved, for as long as the government is invested. And it would not only apply going forward, but also retroactively to existing contracts and pay arrangements of institutions that have already received funds.In addition, the bill gives Geithner the authority to decide what pay is “unreasonable” or “excessive.”
That should make for some surly tellers, eh?
The bill already passed through Barney's House Committee.
HT: Malkin
"Right Track" Poll: Read ALL of It
The lede blares: The number of Americans who believe that the nation is headed in the right direction has roughly tripled since Barack Obama's election
Umnnnhhhh...
The percentage of Americans in the new poll who said the country is on the right track still stands at just 42 percent...
Further down, Ace finds even more interesting numbers.
Still, the overall numbers look pretty good for Obama, right?
Well, yes. Until you consider the partisan split of the poll, found in the data.
Democrat: 36%
Republican: 25%
Independent: 33%
Even with an 11-point advantage among Democrats, Obama cannot convince a majority that the country is on the right track or that his approach to spending and the deficit is correct.
No matter. The story was prepackaged.
Umnnnhhhh...
The percentage of Americans in the new poll who said the country is on the right track still stands at just 42 percent...
Further down, Ace finds even more interesting numbers.
Still, the overall numbers look pretty good for Obama, right?
Well, yes. Until you consider the partisan split of the poll, found in the data.
Democrat: 36%
Republican: 25%
Independent: 33%
Even with an 11-point advantage among Democrats, Obama cannot convince a majority that the country is on the right track or that his approach to spending and the deficit is correct.
No matter. The story was prepackaged.
Monday, March 30, 2009
Lehman Bros. Genius Investor..../Sarcasm
Oh, yah.
The Pension Benefit Guaranty Corp. (PBGC) is a Gummint agency responsible for paying pensions to people whose pension is supposed to come from a Company--but the Company went out of business and cannot pay the pension.
Think, for example, of Allis-Chalmers retirees. When A-C went down, the pension obligations were transferred to PBGC. Although the payments are smaller, they come from a Gummint Agency--so that's kinda good, no?
No.
Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks.
And which friggin' genius bought into the market at the TOP of the market?
...Charles E.F. Millard, the former agency director who implemented the strategy until the Bush administration departed on Jan. 20, dismissed such concerns. Millard, a former managing director of Lehman Brothers, said flatly that "the new investment policy is not riskier than the old one."
Only the Best and Brightest work for Investment banks on Wall Street.
The NEXT-best and brightest work for Gummint. Just ask any of them.
And remember, they want to handle your Health Care needs, too!!!
HT: Ticker
The Pension Benefit Guaranty Corp. (PBGC) is a Gummint agency responsible for paying pensions to people whose pension is supposed to come from a Company--but the Company went out of business and cannot pay the pension.
Think, for example, of Allis-Chalmers retirees. When A-C went down, the pension obligations were transferred to PBGC. Although the payments are smaller, they come from a Gummint Agency--so that's kinda good, no?
No.
Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks.
And which friggin' genius bought into the market at the TOP of the market?
...Charles E.F. Millard, the former agency director who implemented the strategy until the Bush administration departed on Jan. 20, dismissed such concerns. Millard, a former managing director of Lehman Brothers, said flatly that "the new investment policy is not riskier than the old one."
Only the Best and Brightest work for Investment banks on Wall Street.
The NEXT-best and brightest work for Gummint. Just ask any of them.
And remember, they want to handle your Health Care needs, too!!!
HT: Ticker
More on HR 875, the "Kill Small Farmers" Bill
Earlier, we made a glancing reference to HR 875 (at the bottom of the post.)
Here's a bit more.
Basically, HR 875 sets up a MASSIVE new government bureaucracy called the Food Safety Administration, and compels anything known as a "food establishment" to register with the federal government (paying registration fees of course) and to submit to inspections that are at different intervals depending on the type of "food establishment" you are.
The (formerly) ubiquitous summer roadside vegetable stand appears to be both Category 3 and 5 "food establishments" since they sells "fresh produce in ready-to-eat raw form" and "stores, holds, or transports food products prior to delivery for retail sale".
The explicit exclusions in Section 3 (13)(B) do not exclude roadside vegetable stands.
Section 3 (14) explicitly declares "any farm" (no matter what the size) to be a "FOOD PRODUCTION FACILITY".
Section 406 is a real doozy which places the burden of proof on the small farmer or roadside stand operator to demonstrate that none of their goods were participants in interstate commerce (the basis for this whole thing appears to be the Commerce Clause)
...but if you CANNOT prove that your green beans are NOT going to be eaten in another State...
[you]would risk the potential $1,000,000 fine. (Sec 405(a)(1)(A)
The Government is our Friend.
War is Peace.
The irony is that the organic-farmer crowd is going to be hit with this sledgehammer--and THEY are the tofu-eaters who voted for the (D) criminal-class who is sponsoring the bill.
Eat THOSE lotuses, wackos!
HT: Ace of Spades
Here's a bit more.
Basically, HR 875 sets up a MASSIVE new government bureaucracy called the Food Safety Administration, and compels anything known as a "food establishment" to register with the federal government (paying registration fees of course) and to submit to inspections that are at different intervals depending on the type of "food establishment" you are.
The (formerly) ubiquitous summer roadside vegetable stand appears to be both Category 3 and 5 "food establishments" since they sells "fresh produce in ready-to-eat raw form" and "stores, holds, or transports food products prior to delivery for retail sale".
The explicit exclusions in Section 3 (13)(B) do not exclude roadside vegetable stands.
Section 3 (14) explicitly declares "any farm" (no matter what the size) to be a "FOOD PRODUCTION FACILITY".
Section 406 is a real doozy which places the burden of proof on the small farmer or roadside stand operator to demonstrate that none of their goods were participants in interstate commerce (the basis for this whole thing appears to be the Commerce Clause)
...but if you CANNOT prove that your green beans are NOT going to be eaten in another State...
[you]would risk the potential $1,000,000 fine. (Sec 405(a)(1)(A)
The Government is our Friend.
War is Peace.
The irony is that the organic-farmer crowd is going to be hit with this sledgehammer--and THEY are the tofu-eaters who voted for the (D) criminal-class who is sponsoring the bill.
Eat THOSE lotuses, wackos!
HT: Ace of Spades
Defining Podesta and His Crew of ComBox Wackos
In prose which I could not make up...
Paco calls them "left-wing blog guerrillas," but they're actually the microbial virus that festers within the pathological parasites which infest the pus that oozes from the chancroid sore on the Democratic Party rectal sphincter that is the Obama machine.
DAMN, that's good stuff.
Paco calls them "left-wing blog guerrillas," but they're actually the microbial virus that festers within the pathological parasites which infest the pus that oozes from the chancroid sore on the Democratic Party rectal sphincter that is the Obama machine.
DAMN, that's good stuff.
They Got the Hint!!
Seems like Bill Ayers' speaking fees are diminishing.
First, Boston College.
Boston College yesterday abruptly withdrew two student groups’ invitation to former radical William Ayers to speak on campus Monday.
A BC spokesman said he was unaware of the plan for the controversial figure to speak on campus until contacted by the Herald yesterday afternoon. But students last night were scrambling to hold the speech off-campus.
“After meetings between administrators and students, the decision was made to rescind the invitation,” spokesman Jack Dunn said. Dunn declined to say why, adding only, “We feel the appropriate decision has been reached.”
Now, the Naperville School District.
School Superintendent Alan Leis released the following statement:
The appearance by Dr. Bill Ayers at Naperville North High School next week has been canceled.
On Friday, it was announced through a Talk203 email that we were reviewing the decision to invite him and that we were also exploring the possibility of moving the appearance to another venue.
...Over the weekend, however, it became clear that this issue was not really about where Dr. Ayers was speaking, but that he was speaking at all. Each day, the level of emotion and outrage has seemed to increase, along with the number of emails and phone calls received
...Dr. Ayers' appearance has clearly become a "lightning rod," both inside and outside the District 203 community, because of his past actions. It is clear that any value to our students would be lost in such a highly-charged atmosphere, and that any debate of issues or viewpoints would be overshadowed by media coverage and anger over the event itself.
Gee, that's too bad.
What bonehead faculty moron invited a TERRORIST to speak at a high school?? Why is "Dr." Leis is all so pissypussed about the rebellion by the taxpayers in his district?
They are actually stupider than we think they are, folks.
HT: NewsBusters
First, Boston College.
Boston College yesterday abruptly withdrew two student groups’ invitation to former radical William Ayers to speak on campus Monday.
A BC spokesman said he was unaware of the plan for the controversial figure to speak on campus until contacted by the Herald yesterday afternoon. But students last night were scrambling to hold the speech off-campus.
“After meetings between administrators and students, the decision was made to rescind the invitation,” spokesman Jack Dunn said. Dunn declined to say why, adding only, “We feel the appropriate decision has been reached.”
Now, the Naperville School District.
School Superintendent Alan Leis released the following statement:
The appearance by Dr. Bill Ayers at Naperville North High School next week has been canceled.
On Friday, it was announced through a Talk203 email that we were reviewing the decision to invite him and that we were also exploring the possibility of moving the appearance to another venue.
...Over the weekend, however, it became clear that this issue was not really about where Dr. Ayers was speaking, but that he was speaking at all. Each day, the level of emotion and outrage has seemed to increase, along with the number of emails and phone calls received
...Dr. Ayers' appearance has clearly become a "lightning rod," both inside and outside the District 203 community, because of his past actions. It is clear that any value to our students would be lost in such a highly-charged atmosphere, and that any debate of issues or viewpoints would be overshadowed by media coverage and anger over the event itself.
Gee, that's too bad.
What bonehead faculty moron invited a TERRORIST to speak at a high school?? Why is "Dr." Leis is all so pissypussed about the rebellion by the taxpayers in his district?
They are actually stupider than we think they are, folks.
HT: NewsBusters
Obama's "Religious Master"--a Heretic
Not too surprising to find that Obama/Savior thinks highly of some monk named Joachim, and pretends religiosity by naming the guy.
Yah, but...
The Vatican names Joachim as "a heretic."
See, Joachim's "theology" leads to Marxism.
According to Father Raniero Cantalamessa, preacher to the Pontifical Household, the US President referred in campaign speeches to Gioacchino da Fiore, or Joachim of Fiore, as a ''master of contemporary civilisation'' who had sought to create a better world. Drawing on the Book of Revelation, Gioacchino envisaged a "new age of the Holy Spirit" in which the Church hierarchy would cease to exist and Christians would unite with infidels in an "Order of the Just".
...Father Cantalamessa said: ''Few of those who expound on Gioacchino da Fiore on the internet know, or go to the trouble of finding out, what this character really said." In the latest of a series of Lenten lectures for Pope Benedict XVI and the papal household, he said that, according to ''vogueish'' interpretations, the monk had proposed a "liberal and spiritual Church" able to move beyond dogmas and hierarchies. However, Gioacchino's views were ''false and heretical'', Father Cantalamessa said, since Christian believers were guided not only by the spirit but also by the laws of the Church. "It can be fatal to do without one or the other of these guides."
Now I'm thinking again of Windswept House...
HT: Cosmos
Yah, but...
The Vatican names Joachim as "a heretic."
See, Joachim's "theology" leads to Marxism.
According to Father Raniero Cantalamessa, preacher to the Pontifical Household, the US President referred in campaign speeches to Gioacchino da Fiore, or Joachim of Fiore, as a ''master of contemporary civilisation'' who had sought to create a better world. Drawing on the Book of Revelation, Gioacchino envisaged a "new age of the Holy Spirit" in which the Church hierarchy would cease to exist and Christians would unite with infidels in an "Order of the Just".
...Father Cantalamessa said: ''Few of those who expound on Gioacchino da Fiore on the internet know, or go to the trouble of finding out, what this character really said." In the latest of a series of Lenten lectures for Pope Benedict XVI and the papal household, he said that, according to ''vogueish'' interpretations, the monk had proposed a "liberal and spiritual Church" able to move beyond dogmas and hierarchies. However, Gioacchino's views were ''false and heretical'', Father Cantalamessa said, since Christian believers were guided not only by the spirit but also by the laws of the Church. "It can be fatal to do without one or the other of these guides."
Now I'm thinking again of Windswept House...
HT: Cosmos
Wars and Markets
Big Picture has a perceptive point.
...this points out why the decision to buy any size in RMBS, CDOs and even CDS was so problematic. The commercial and investment banks and funds that chose to invest in these “financial products” – difficult to value, thinly traded, non-uniform — was the root of the problem. That they happened to be so poorly constructed is almost besides the point. Its the non-existent market place for these hold-to-maturity securities. If you are looking for the underlying cause of why some arcane accounting rule is an issue, this is it.
This is why smart funds don’t buy beanie babies or Star Wars collectibles. Its hard to to justify the risk of owning hard to value, thinly traded, very difficult to sell items.
The banks made a poor decision: “Let’s bypass the broad, deeply traded traditional markets and instead create new markets for new products.” Not only that, but they dove headfirst into these markets in huge size. No one should be surprised that the net result was a flawed system of garbage paper, with too little room at the exits in case of emergency.
Not all that different from war-planning--you MUST have an exit strategy or you're likely to become toast when the rubber meets the road. Muscle alone doesn't do the trick--as the British learned here.
Ritholtz has a larger point, of course. That is, that there are all kinds of "markets."
Condemnation of all "markets" founded on the strategically-inept moves of banks in the last 5 years is not well-founded criticism.
...this points out why the decision to buy any size in RMBS, CDOs and even CDS was so problematic. The commercial and investment banks and funds that chose to invest in these “financial products” – difficult to value, thinly traded, non-uniform — was the root of the problem. That they happened to be so poorly constructed is almost besides the point. Its the non-existent market place for these hold-to-maturity securities. If you are looking for the underlying cause of why some arcane accounting rule is an issue, this is it.
This is why smart funds don’t buy beanie babies or Star Wars collectibles. Its hard to to justify the risk of owning hard to value, thinly traded, very difficult to sell items.
The banks made a poor decision: “Let’s bypass the broad, deeply traded traditional markets and instead create new markets for new products.” Not only that, but they dove headfirst into these markets in huge size. No one should be surprised that the net result was a flawed system of garbage paper, with too little room at the exits in case of emergency.
Not all that different from war-planning--you MUST have an exit strategy or you're likely to become toast when the rubber meets the road. Muscle alone doesn't do the trick--as the British learned here.
Ritholtz has a larger point, of course. That is, that there are all kinds of "markets."
Condemnation of all "markets" founded on the strategically-inept moves of banks in the last 5 years is not well-founded criticism.
Obama and Geithner to Run GM Warranty Program?
This should be good.
RedState:
Today, the President of the United States is expected to make significant announcements about GM’s warranty policy. No, that’s not a typo, and yes, it’s remarkable. I didn’t say the President of General Motors, I said of the United States
Oh, man.
RedState:
Today, the President of the United States is expected to make significant announcements about GM’s warranty policy. No, that’s not a typo, and yes, it’s remarkable. I didn’t say the President of General Motors, I said of the United States
Oh, man.
Abp Dolan: If FOCA, Close Down RC Hospitals!
Sykes asked the right question.
'If FOCA passes and is signed, forcing all health practitioners to perform abortions, will the Catholic hospitals close?'
Abp. Dolan, hitting a grand slam:
'If that happens, the Bishops will say "Close 'em down."'
You can bet that some NYC newspaper will be picking up this story.
The Archbishop also mentioned that RC hospitals do about 20% of the hospital business done in this country.
'If FOCA passes and is signed, forcing all health practitioners to perform abortions, will the Catholic hospitals close?'
Abp. Dolan, hitting a grand slam:
'If that happens, the Bishops will say "Close 'em down."'
You can bet that some NYC newspaper will be picking up this story.
The Archbishop also mentioned that RC hospitals do about 20% of the hospital business done in this country.
AP: No More Bailouts for GM and Chrysler
This story was filed around midnight.
The White House says neither General Motors nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit that would dramatically reshape the nation's auto industry.
President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision
Let's see what happens this morning at the official announcement. As you can see, there is 'wiggle room' in the last sentence of the above quote.
The White House says neither General Motors nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit that would dramatically reshape the nation's auto industry.
President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision
Let's see what happens this morning at the official announcement. As you can see, there is 'wiggle room' in the last sentence of the above quote.
Sunday, March 29, 2009
Still "Kinda Thinking" About 4/15's Tea Party?
Stop your self-fumbling and GO!
Amongst the Beltway GOP insiders, the current buzzword is about the need to "rebrand" the Republican Party. We know full well that if they had their way, the Establishment elite -- the Crapweasel Coalition of whiny neurasthenic RINOs -- would "rebrand" conservatism as a moderate, respectable, "center-right" Me-Tooism.
Fuck the elite, and fuck their ideas. We're the right-wing "Animal House," and this is homecoming at Faber.
Ordinary Americans need to think about the nationwide April 15 Tax Day Tea Party protests as a once-in-a-lifetime opportunity for the grassroots to do their own "rebranding." Thanks to Barack Obama, Nancy Pelosi and Harry Reid, conservatives have been handed a chance to demonstrate our solidarity on one of the few issues on which we all agree: Economic liberty, as opposed to the neo-Keynesian, central-planning agenda of Obamanomics. (It Won't Work.)
I especially like the idea of "rebranding" using actual branding-irons. Maybe right on the shiny dome of ourGovernor Capitol Building.
HT: McCain
Amongst the Beltway GOP insiders, the current buzzword is about the need to "rebrand" the Republican Party. We know full well that if they had their way, the Establishment elite -- the Crapweasel Coalition of whiny neurasthenic RINOs -- would "rebrand" conservatism as a moderate, respectable, "center-right" Me-Tooism.
Fuck the elite, and fuck their ideas. We're the right-wing "Animal House," and this is homecoming at Faber.
Ordinary Americans need to think about the nationwide April 15 Tax Day Tea Party protests as a once-in-a-lifetime opportunity for the grassroots to do their own "rebranding." Thanks to Barack Obama, Nancy Pelosi and Harry Reid, conservatives have been handed a chance to demonstrate our solidarity on one of the few issues on which we all agree: Economic liberty, as opposed to the neo-Keynesian, central-planning agenda of Obamanomics. (It Won't Work.)
I especially like the idea of "rebranding" using actual branding-irons. Maybe right on the shiny dome of our
HT: McCain
The Teeny-Bopper Party President
Karen Hall, cited by the Papist.
One of the major reasons for the current insanity is that our president is mind-numbingly immature.
That's why my college-aged children love him so much. He's exactly the same age they are. He cares about the same things -- saving the world based on feelings with no regard to reality and no concern about either history or the future. A vision of utopia that most people have realized, by age thirty or so, cannot co-exist with human nature. And mostly, the thrill of the PAR-TAY!
...He wants to hang with celebrities -- which is even scarier when you realize that Simon Cowell is his idea of a celebrity. The country is falling down around us, and he's trying to schedule a dinner with Simon Cowell?
There's more at the link.
One of the major reasons for the current insanity is that our president is mind-numbingly immature.
That's why my college-aged children love him so much. He's exactly the same age they are. He cares about the same things -- saving the world based on feelings with no regard to reality and no concern about either history or the future. A vision of utopia that most people have realized, by age thirty or so, cannot co-exist with human nature. And mostly, the thrill of the PAR-TAY!
...He wants to hang with celebrities -- which is even scarier when you realize that Simon Cowell is his idea of a celebrity. The country is falling down around us, and he's trying to schedule a dinner with Simon Cowell?
There's more at the link.
Belloc Saw It in 1913
We are reminded that some (ignored) thinkers actually got it right.
...Hilaire Belloc looked forward and anticipated our moment. He argued that what we today call corporate capitalism was fundamentally unstable and would eventually cease to exist.
The instability would be caused by the slow but inexorable concentration of property into fewer and fewer hands. As property became concentrated, power also would become concentrated, and concentrated power is a threat to the state unless, of course, it is co-opted by the state. [Therein lies the genesis of the phrase "too big to fail;" and the application was TARP, the Big3 bailouts, TARP 2, and the proposed 'other entities siezure' laws.] Furthermore, as property became concentrated, the security of individuals would be threatened. People would find themselves in the precarious situation of living paycheck-to-paycheck. Because they possess no capital, they would not be able to provide for themselves in the way that a small farmer or craftsman could. They would be completely dependent upon their wages, and when economic crisis struck and wages were threatened, the insecurity of their situation would become acute. In such a time, it is not hard to image the people clamoring for a solution, rejoicing over a new kind of leader who promises change, if only he is empowered....
And don't think for one second that the Obama/Obey/Pelosi/Reid solution is a good thing:
According to Belloc, the most obvious solution to this economic instability, the path of least resistance, is the acquisition by the state of the major economic interests, e.g. collectivization. This is sometimes called socialism, and, according to Belloc, it is the most natural course. But socialism is not benign or even honest, for the collectivization of property under the authority of the state results not in a more just society but one characterized by glaring inequalities and the loss of freedom for most. As Belloc puts it, “in the very act of collectivism, what results is not collectivism at all, but the servitude of the many, and the confirmation in their present privilege of the few; that is, the servile state.”
Serious times, indeed.
And just in case you think that you can become a small farmer to avoid the inevitable--fuggeddaboutit.
http://www.campaignforliberty.com/blog.php?view=12671
The text of the bill actually allows for the following interpretations:
--Legally binds state agriculture depts to enforcing federal guidelines effectively taking away the states power to do anything other than being food police for the federal dept.
--Effectively criminalizes organic farming but doesn't actually use the word organic.
--Affects anyone growing food even if they are not selling it but consuming it.
--Affects anyone producing meat of any kind including the processing wild game for personal consumption.
--Legislation is so broad based that every aspect of growing or producing food can be made illegal. There are no specifics which is bizarre considering how long the legislation is.
That would be the Cargill/Monsanto/ADM oligopoly-protection act...
...Hilaire Belloc looked forward and anticipated our moment. He argued that what we today call corporate capitalism was fundamentally unstable and would eventually cease to exist.
The instability would be caused by the slow but inexorable concentration of property into fewer and fewer hands. As property became concentrated, power also would become concentrated, and concentrated power is a threat to the state unless, of course, it is co-opted by the state. [Therein lies the genesis of the phrase "too big to fail;" and the application was TARP, the Big3 bailouts, TARP 2, and the proposed 'other entities siezure' laws.] Furthermore, as property became concentrated, the security of individuals would be threatened. People would find themselves in the precarious situation of living paycheck-to-paycheck. Because they possess no capital, they would not be able to provide for themselves in the way that a small farmer or craftsman could. They would be completely dependent upon their wages, and when economic crisis struck and wages were threatened, the insecurity of their situation would become acute. In such a time, it is not hard to image the people clamoring for a solution, rejoicing over a new kind of leader who promises change, if only he is empowered....
And don't think for one second that the Obama/Obey/Pelosi/Reid solution is a good thing:
According to Belloc, the most obvious solution to this economic instability, the path of least resistance, is the acquisition by the state of the major economic interests, e.g. collectivization. This is sometimes called socialism, and, according to Belloc, it is the most natural course. But socialism is not benign or even honest, for the collectivization of property under the authority of the state results not in a more just society but one characterized by glaring inequalities and the loss of freedom for most. As Belloc puts it, “in the very act of collectivism, what results is not collectivism at all, but the servitude of the many, and the confirmation in their present privilege of the few; that is, the servile state.”
Serious times, indeed.
And just in case you think that you can become a small farmer to avoid the inevitable--fuggeddaboutit.
http://www.campaignforliberty.com/blog.php?view=12671
The text of the bill actually allows for the following interpretations:
--Legally binds state agriculture depts to enforcing federal guidelines effectively taking away the states power to do anything other than being food police for the federal dept.
--Effectively criminalizes organic farming but doesn't actually use the word organic.
--Affects anyone growing food even if they are not selling it but consuming it.
--Affects anyone producing meat of any kind including the processing wild game for personal consumption.
--Legislation is so broad based that every aspect of growing or producing food can be made illegal. There are no specifics which is bizarre considering how long the legislation is.
That would be the Cargill/Monsanto/ADM oligopoly-protection act...
Nationalize Health Care? Nope. Localize It and Save.
Torinus makes a very good case for 'localizing' health care.
Zastrow heads QuadMed, a subsidiary of Quad/Graphics Inc., a global printer of magazines. Harry Quadracci, its founder, and Len Quadracci, his brother, concluded 20 years ago that they needed to take control of the front end of the medical delivery system. With 6,000 employees in the Milwaukee area, they had the critical mass to set up their own primary care clinic.
QuadMed now operates eight clinics, five for its employees, two for Briggs & Stratton Corp. and one for MillerCoors LLC.
(At one time, Briggs had its own corporate MD.)
Talk about cost advantage!
On an adjusted basis for demographics and plan design, the consulting firm Mercer put Quad at 18% below its Midwestern peers in 1998. By 2006, Quad's costs were a cumulative 32% below peers.
Serigraph's per life cost in 2008 was $3,640, achieved with aggressive management and a consumer-driven plan. For the same year, Quad, without the benefit of a consumer-driven plan, did better at $3,135 per life.
Compare that with $6,000 per life in the lowest cost plan for state employees. The state's BadgerCare Plus program comes in at $1,957 per recipient, but would be about $6,000 if price controls weren't used to shift costs to the private sector. It uses Medicaid price controls to pay hospitals about 25% of charges, compared with 73% by privately insured plans.
This is the medical version of the Law of Subsidiarity, which suggests that the best solutions are those which are 'closest to the ground.' While it's typically used as a governance model (except by the Democrats), it clearly works in other venues.
The Quad model isn't just about convenient, primary care. It is about what works. Here are some of its important building blocks:
• Quad doctors are paid mostly by base salary, with some small incentives for quality and productivity. That stands in stark contrast to most systems that pay doctors by procedures.
• Each patient/employee using QuadMed has an electronic medical record, but it isn't just about going paperless. The electronic system helps Quad doctors deliver better care and manage chronic diseases such as diabetes.
• Education and incentives to stay out of hospitals figure prominently in the Quad approach. Diabetics, for instance, receive free supplies and medicines to help them stay in control of their blood chemistries.
• Quad employees pay only $6 for an office visit. Catching conditions early and heading them off is a key piece of strategy.
• At the heart of the Quad delivery model is integrated care. Its personnel and systems create what has become known as a medical home, where all records on an employee are kept in a confidential electronic file and where doctors and nurses coordinate tests, imaging, regimens and treatments
This sort of plan, with a little imagination, could be used by any number of larger Government entities--the City of Milwaukee comes to mind--or for that matter, by a County in cooperation with its subsidiary cities.
And with a little more imagination, it could work as a model for co-op plans between a number of small businesses
MMAC, are you listening?
Zastrow heads QuadMed, a subsidiary of Quad/Graphics Inc., a global printer of magazines. Harry Quadracci, its founder, and Len Quadracci, his brother, concluded 20 years ago that they needed to take control of the front end of the medical delivery system. With 6,000 employees in the Milwaukee area, they had the critical mass to set up their own primary care clinic.
QuadMed now operates eight clinics, five for its employees, two for Briggs & Stratton Corp. and one for MillerCoors LLC.
(At one time, Briggs had its own corporate MD.)
Talk about cost advantage!
On an adjusted basis for demographics and plan design, the consulting firm Mercer put Quad at 18% below its Midwestern peers in 1998. By 2006, Quad's costs were a cumulative 32% below peers.
Serigraph's per life cost in 2008 was $3,640, achieved with aggressive management and a consumer-driven plan. For the same year, Quad, without the benefit of a consumer-driven plan, did better at $3,135 per life.
Compare that with $6,000 per life in the lowest cost plan for state employees. The state's BadgerCare Plus program comes in at $1,957 per recipient, but would be about $6,000 if price controls weren't used to shift costs to the private sector. It uses Medicaid price controls to pay hospitals about 25% of charges, compared with 73% by privately insured plans.
This is the medical version of the Law of Subsidiarity, which suggests that the best solutions are those which are 'closest to the ground.' While it's typically used as a governance model (except by the Democrats), it clearly works in other venues.
The Quad model isn't just about convenient, primary care. It is about what works. Here are some of its important building blocks:
• Quad doctors are paid mostly by base salary, with some small incentives for quality and productivity. That stands in stark contrast to most systems that pay doctors by procedures.
• Each patient/employee using QuadMed has an electronic medical record, but it isn't just about going paperless. The electronic system helps Quad doctors deliver better care and manage chronic diseases such as diabetes.
• Education and incentives to stay out of hospitals figure prominently in the Quad approach. Diabetics, for instance, receive free supplies and medicines to help them stay in control of their blood chemistries.
• Quad employees pay only $6 for an office visit. Catching conditions early and heading them off is a key piece of strategy.
• At the heart of the Quad delivery model is integrated care. Its personnel and systems create what has become known as a medical home, where all records on an employee are kept in a confidential electronic file and where doctors and nurses coordinate tests, imaging, regimens and treatments
This sort of plan, with a little imagination, could be used by any number of larger Government entities--the City of Milwaukee comes to mind--or for that matter, by a County in cooperation with its subsidiary cities.
And with a little more imagination, it could work as a model for co-op plans between a number of small businesses
MMAC, are you listening?
Saturday, March 28, 2009
On "Mo' Regulation"
While Geithner's "mo' regulation" mantra may have some positives, Ticker indirectly raises the question 'What's it Good for?'
Is it any wonder that Congress feels free to allow con men in the "banking industry", both foreign and domestic, to literally steal nearly $100 billion dollars of our money through a "bailout" of AIG, passed through the firm as a conduit to banks around the world?
For a moment, forget about UBS and the other foreign banks paid by the "loan" to AIG.
Remember that a number of DOMESTIC Banks also got these payouts. They were payouts covering the bad bets made by AIG's Financial Products unit.
So when the Fed Bank Examiners (and the FDIC examiners) were looking at the books of the domestic banks in question, why did those examiners NOT question the collateral and reserves posted by AIG to back up those bad bets?
In other words, Greenspan & Co.'s 'regulators' did not 'regulate' in the first damn place.
More 'regulation' is the cure?
Is it any wonder that Congress feels free to allow con men in the "banking industry", both foreign and domestic, to literally steal nearly $100 billion dollars of our money through a "bailout" of AIG, passed through the firm as a conduit to banks around the world?
For a moment, forget about UBS and the other foreign banks paid by the "loan" to AIG.
Remember that a number of DOMESTIC Banks also got these payouts. They were payouts covering the bad bets made by AIG's Financial Products unit.
So when the Fed Bank Examiners (and the FDIC examiners) were looking at the books of the domestic banks in question, why did those examiners NOT question the collateral and reserves posted by AIG to back up those bad bets?
In other words, Greenspan & Co.'s 'regulators' did not 'regulate' in the first damn place.
More 'regulation' is the cure?
Shirley's Assault on the Rule of Law
Scrreechin'Shirley Abrahamson--who comes across as a very nice great-granny on her TV ads-- is perfectly comfy with shredding the rule of law in her decisions. (See, e.g., Diane Sykes, Rick Esenberg, or Christian Schneider)
And then she BRAGS about it--as does her sycophant 'Greater Wisconsin Committee' crowd of Hard-Leftist supporters.
Mention of G.W.C. leads us to this perceptive observation on common lefty smear tactics from the Winning McCain.*
One of the tricks of effective propaganda is to connect a new accusation to what "everybody knows" -- that is, to present new information in a way that reinforces the pre-existing beliefs of Conventional Wisdom. Liberals have labored mightily for decades to convince Americans that Republicans are evil racist sexist bigoted homophobes, and so when a conservative says something that can be construed as reinforcing that perception, the smear-mongers say, "A-ha! See? We told you so!" The issue then becomes not so much the specific facts of the latest accusation, but rather the larger question of bad faith (mala fides).
G.W.C.'s smear-ad is an excellent example of the above. It simply follows the Conventional Wisdom that "Liberals=Good, Conservatives=Bad," hoping that voters don't get the big picture--that the Constitution is written to facilitate the rule of law. In the ad, Koschnick is pictured as an agent of Wall Street (bad), Big Business (bad), ....you get the picture. Screechin'Shirley, however, is your great-great-grandmama Fairy Godmother. (Really old, but good, right!!)
But SCOWI is not in the business of 'keeping you from foreclosure.' It IS in the business of 'determining whether the foreclosure meets Constitutional standards in Wisconsin.'
Ironically, derogation of the rule of law derogates from the status and importance of judges--not to mention any other civil authorities.
Is that what Abrahamson really wants?
*There's plenty more at the McCain post, including a Clint Eastwood short.
And then she BRAGS about it--as does her sycophant 'Greater Wisconsin Committee' crowd of Hard-Leftist supporters.
Mention of G.W.C. leads us to this perceptive observation on common lefty smear tactics from the Winning McCain.*
One of the tricks of effective propaganda is to connect a new accusation to what "everybody knows" -- that is, to present new information in a way that reinforces the pre-existing beliefs of Conventional Wisdom. Liberals have labored mightily for decades to convince Americans that Republicans are evil racist sexist bigoted homophobes, and so when a conservative says something that can be construed as reinforcing that perception, the smear-mongers say, "A-ha! See? We told you so!" The issue then becomes not so much the specific facts of the latest accusation, but rather the larger question of bad faith (mala fides).
G.W.C.'s smear-ad is an excellent example of the above. It simply follows the Conventional Wisdom that "Liberals=Good, Conservatives=Bad," hoping that voters don't get the big picture--that the Constitution is written to facilitate the rule of law. In the ad, Koschnick is pictured as an agent of Wall Street (bad), Big Business (bad), ....you get the picture. Screechin'Shirley, however, is your great-great-grandmama Fairy Godmother. (Really old, but good, right!!)
But SCOWI is not in the business of 'keeping you from foreclosure.' It IS in the business of 'determining whether the foreclosure meets Constitutional standards in Wisconsin.'
Ironically, derogation of the rule of law derogates from the status and importance of judges--not to mention any other civil authorities.
Is that what Abrahamson really wants?
*There's plenty more at the McCain post, including a Clint Eastwood short.
Doyle Spins, Obey Shrugs
The spin job here is fantastic.
A day after the November elections, Gov. Jim Doyle laid out a grim scenario for U.S. Rep. Dave Obey: Without federal aid, he would be forced to impose across-the-board sales and income tax increases.
That's because Doyle doesn't have the imagination or desire to actually cut or re-direct State spending. And THAT is because Three Card Monte Doyle, like Obey and Obama, are Statists (or, if you like, Corporate Fascists) at heart.
This spending spree has everything to do with Leviathan on Steroids, and nothing to do with fiscal responsibility.
Side note: Doyle obviously tried to position himself as the Leader of the Pack in the story, and wanted Obey to commend him--particularly about the ChooChooDream.
Too bad the JS reporter actually called Obey--who said that Doyle did not have any particularly useful input on any part of Porkulus.
A day after the November elections, Gov. Jim Doyle laid out a grim scenario for U.S. Rep. Dave Obey: Without federal aid, he would be forced to impose across-the-board sales and income tax increases.
That's because Doyle doesn't have the imagination or desire to actually cut or re-direct State spending. And THAT is because Three Card Monte Doyle, like Obey and Obama, are Statists (or, if you like, Corporate Fascists) at heart.
This spending spree has everything to do with Leviathan on Steroids, and nothing to do with fiscal responsibility.
Side note: Doyle obviously tried to position himself as the Leader of the Pack in the story, and wanted Obey to commend him--particularly about the ChooChooDream.
Too bad the JS reporter actually called Obey--who said that Doyle did not have any particularly useful input on any part of Porkulus.
I Fear Steyn Is Right
Mark Steyn comments on an Economist essay.
The nuancey boys were wrong on Obama, and the knuckledragging morons were right. There is no post-partisan centrist "grappling" with the economy, only a transformative radical willing to make Americans poorer in the cause of massive government expansion. At some point, The Economist, Messrs Brooks, Buckley & Co are going to have to acknowledge this.
Exercising hope that Obama is anything other than what he was raised to be (remember, his mentors included a hard-core Marxist, a violent revolutionary, and a race-baiting preacher), is an excercise in futility.
And, yes, even if you don't agree with Steyn's analysis, that pun is worth it.
One more thing: buy more ammo!
The nuancey boys were wrong on Obama, and the knuckledragging morons were right. There is no post-partisan centrist "grappling" with the economy, only a transformative radical willing to make Americans poorer in the cause of massive government expansion. At some point, The Economist, Messrs Brooks, Buckley & Co are going to have to acknowledge this.
Exercising hope that Obama is anything other than what he was raised to be (remember, his mentors included a hard-core Marxist, a violent revolutionary, and a race-baiting preacher), is an excercise in futility.
And, yes, even if you don't agree with Steyn's analysis, that pun is worth it.
One more thing: buy more ammo!
Dees' SPLC Behind Mo. "Scare" Documents
Well, whaddya know?
The warning earlier prompted Americans for Legal Immigration to issue a "national advisory" against relying on any such reports.
The Missouri document, it said, "attempted to politicize police and cast suspicion on millions of Americans. The 'Missouri Documents,' as they came to be called, listed over 32 characteristics police should watch for as signs or links to domestic terrorists, which could threaten police officers, court officials, and infrastructure targets.
"Police were instructed to look for Americans who were concerned about unemployment, taxes, illegal immigration, gangs, border security, abortion, high costs of living, gun restrictions, FEMA, the IRS, The Federal Reserve, and the North American Union/SPP/North American Community. The 'Missouri Documents' also said potential domestic terrorists might like gun shows, short wave radios, combat movies, movies with white male heroes, Tom Clancey Novels, and Presidential Candidates Ron Paul, Bob Barr, and Chuck Baldwin!" ALIPAC wrote.
It said the report cited the Southern Poverty Law Center as a resource.
Senior (read: 'mature and sensible') Missouri law enforcement officials have rescinded the 'warning' document and revised procedures for issuance of similar warnings.
Morry Dees' Southern Poverty Law Center is at the center of a number of controversies, but has made Morry Dees very wealthy.
The warning earlier prompted Americans for Legal Immigration to issue a "national advisory" against relying on any such reports.
The Missouri document, it said, "attempted to politicize police and cast suspicion on millions of Americans. The 'Missouri Documents,' as they came to be called, listed over 32 characteristics police should watch for as signs or links to domestic terrorists, which could threaten police officers, court officials, and infrastructure targets.
"Police were instructed to look for Americans who were concerned about unemployment, taxes, illegal immigration, gangs, border security, abortion, high costs of living, gun restrictions, FEMA, the IRS, The Federal Reserve, and the North American Union/SPP/North American Community. The 'Missouri Documents' also said potential domestic terrorists might like gun shows, short wave radios, combat movies, movies with white male heroes, Tom Clancey Novels, and Presidential Candidates Ron Paul, Bob Barr, and Chuck Baldwin!" ALIPAC wrote.
It said the report cited the Southern Poverty Law Center as a resource.
Senior (read: 'mature and sensible') Missouri law enforcement officials have rescinded the 'warning' document and revised procedures for issuance of similar warnings.
Morry Dees' Southern Poverty Law Center is at the center of a number of controversies, but has made Morry Dees very wealthy.
Friday, March 27, 2009
Smuggling: Coming to a State Near You...
This is hilarious--and only the beginning.
The quest for squeaky-clean dishes has turned some law-abiding people in Spokane into dishwater-detergent smugglers. They are bringing Cascade or Electrasol in from out of state because the eco-friendly varieties required under Washington state law don't work as well...Spokane County became the launch pad last July for the nation's strictest ban on dishwasher detergent made with phosphates
...Many people were shocked to find that products like Seventh Generation, Ecover and Trader Joe's left their dishes encrusted with food, smeared with grease and too gross to use without rewashing them by hand. The culprit was hard water, which is mineral-rich and resistant to soap.
Phosphates are on the top of the shitlist for Wisconsin GreenWeenies, folks.
Had a brief discussion about a related topic---cigarette smuggling---with a pal the other day. There's no comparison between that business and dishwasher soap, to say the least.
50 cases of butts purchased overseas will net around $40K, including all delivery costs. The margin's even better if the cigarettes are stolen off a truck in the USA--about $100K net.
That's just for 50 cases--2500 cartons.
Seems the Russki Mob likes the business...and why not? Doyle engraved an invitation to them this year's budget.
The quest for squeaky-clean dishes has turned some law-abiding people in Spokane into dishwater-detergent smugglers. They are bringing Cascade or Electrasol in from out of state because the eco-friendly varieties required under Washington state law don't work as well...Spokane County became the launch pad last July for the nation's strictest ban on dishwasher detergent made with phosphates
...Many people were shocked to find that products like Seventh Generation, Ecover and Trader Joe's left their dishes encrusted with food, smeared with grease and too gross to use without rewashing them by hand. The culprit was hard water, which is mineral-rich and resistant to soap.
Phosphates are on the top of the shitlist for Wisconsin GreenWeenies, folks.
Had a brief discussion about a related topic---cigarette smuggling---with a pal the other day. There's no comparison between that business and dishwasher soap, to say the least.
50 cases of butts purchased overseas will net around $40K, including all delivery costs. The margin's even better if the cigarettes are stolen off a truck in the USA--about $100K net.
That's just for 50 cases--2500 cartons.
Seems the Russki Mob likes the business...and why not? Doyle engraved an invitation to them this year's budget.
"Green" Energy Jobs? Nope.
...or more accurately, there will be 'green' energy jobs.
But they will kill off more OTHER jobs than are created.
...Based upon the Spanish experience that President Oprompter expressly cited as a model, if he succeeded in his (oddly floating) promise to further intervene in the economy to create 3 million (or is it 5 million?) "green jobs," the U.S. should expect to directly kill by the same programs at least 6.6 million (or as many as 11 million) jobs elsewhere in the economy.
- That is because green jobs schemes in Spain killed 2.2 jobs per job created, or about 9 existing jobs - I'll call them "real" jobs - lost for every 4 that are created. The latter, the study shows, then become wards of the state, dependent on the continuation of the mandates and subsidies, subject to the ritual boom and bust of artifically concocted jobs (read: ethanol).
- This does not include jobs lost due to redirection of resources, but are only the jobs directly killed by the scheme.
Another way in which OprompTer lies. There's never a mention of "net GAINED jobs" in the line of BS--only mention of "created" or "saved" jobs.
Create 5, lose 10--all you'll see is a longer unemployment line and BS press releases.
HT: AmSpec
But they will kill off more OTHER jobs than are created.
...Based upon the Spanish experience that President Oprompter expressly cited as a model, if he succeeded in his (oddly floating) promise to further intervene in the economy to create 3 million (or is it 5 million?) "green jobs," the U.S. should expect to directly kill by the same programs at least 6.6 million (or as many as 11 million) jobs elsewhere in the economy.
- That is because green jobs schemes in Spain killed 2.2 jobs per job created, or about 9 existing jobs - I'll call them "real" jobs - lost for every 4 that are created. The latter, the study shows, then become wards of the state, dependent on the continuation of the mandates and subsidies, subject to the ritual boom and bust of artifically concocted jobs (read: ethanol).
- This does not include jobs lost due to redirection of resources, but are only the jobs directly killed by the scheme.
Another way in which OprompTer lies. There's never a mention of "net GAINED jobs" in the line of BS--only mention of "created" or "saved" jobs.
Create 5, lose 10--all you'll see is a longer unemployment line and BS press releases.
HT: AmSpec
Catholicism: Causing the "Dark Ages"?
Snippet from a First Things review of David Hart’s new book, Atheist Delusions: The Christian Revolution and Its Fashionable Enemies (Yale Press).
(By the way, you should substitute "Catholic" for "Christian" in the below excerpt.)
One of the casual truisms we often hear goes back to the Renaissance and achieved canonical form in Edward Gibbon’s Decline and Fall of the Roman Empire. As Hart puts the prejudice: “that Christianity rejected classical civilization, even sought to destroy it root and branch, and thus inaugurated the Dark Ages.”
In a brilliant chapter on the history of science, Hart paints a very different picture, one that argues (quite convincingly) that pagan religious and metaphysical assumptions (which are invariably intertwined) made it impossible for the ancient world to develop the mode of inquiry we associate with modern science. The utter lack of motion and change were, for religious and metaphysical reasons, thought to be the highest (and thus natural) state of reality. As a result, it was not possible to formulate the law of the conservation of energy.
As Hart shows with wonderful detail and concision, the radical transformation of metaphysics required by Christian convictions about God and creation led to the possibility for the Copernican revolution in astronomy, a revolution thrown into powerful theoretical form by Isaac Newton.
Thus, if we return to the usual Western Civ lecture hall cliché—ancient science was somehow stymied by dogmatic Christians, only to be recovered and given new life by Renaissance free thinkers—then we can see that it is a hopelessly inaccurate cartoon. As Hart points out, “The birth of modern physics and cosmology was achieved by Galileo, Kepler, and Newton breaking free not from the close confining prison of faith (all three were believing Christians, of one sort or another) but from the enormous burden of the millennial authority of Aristotelian science. The scientific revolution of the sixteenth and seventeenth centuries was not a revival of Hellenistic science but its final defeat.”
Yah, well, "what is history to the Left," as Roeser would put it.
(By the way, you should substitute "Catholic" for "Christian" in the below excerpt.)
One of the casual truisms we often hear goes back to the Renaissance and achieved canonical form in Edward Gibbon’s Decline and Fall of the Roman Empire. As Hart puts the prejudice: “that Christianity rejected classical civilization, even sought to destroy it root and branch, and thus inaugurated the Dark Ages.”
In a brilliant chapter on the history of science, Hart paints a very different picture, one that argues (quite convincingly) that pagan religious and metaphysical assumptions (which are invariably intertwined) made it impossible for the ancient world to develop the mode of inquiry we associate with modern science. The utter lack of motion and change were, for religious and metaphysical reasons, thought to be the highest (and thus natural) state of reality. As a result, it was not possible to formulate the law of the conservation of energy.
As Hart shows with wonderful detail and concision, the radical transformation of metaphysics required by Christian convictions about God and creation led to the possibility for the Copernican revolution in astronomy, a revolution thrown into powerful theoretical form by Isaac Newton.
Thus, if we return to the usual Western Civ lecture hall cliché—ancient science was somehow stymied by dogmatic Christians, only to be recovered and given new life by Renaissance free thinkers—then we can see that it is a hopelessly inaccurate cartoon. As Hart points out, “The birth of modern physics and cosmology was achieved by Galileo, Kepler, and Newton breaking free not from the close confining prison of faith (all three were believing Christians, of one sort or another) but from the enormous burden of the millennial authority of Aristotelian science. The scientific revolution of the sixteenth and seventeenth centuries was not a revival of Hellenistic science but its final defeat.”
Yah, well, "what is history to the Left," as Roeser would put it.
The Fallacy of "Taxism" v. Paul Ryan
The Republican Establishment, in the last 20+ years, has fallen into two major traps.
The first is "economism," whereby all is measured according to its monetary worth--resulting in the commodifying of labor and glamorization of Conspicuous Consumption.
The second, a subset, is "taxification," whereby 'good' and 'evil' Gummint policy is measured by whether taxes go up or down.
The Republican Establishment is a bunch of fools.
The first trap is separating Republicans from Flyover Country's 'Reagan Republicans' at an alarming rate.* "Economism" results in illegal aliens (convenient and cheap labor), the exporting of middle-class jobs, and the resulting breakdown of the social contract between business and its employees, not to mention between citizens and the Government owned by K Street/Big Business lobbyists.
The second is a subset of the first and has the same effect (to a lesser degree,) but also has the problem of opening the Party to calls of "hypocrisy." George Bush and Congressional Pubbies spent money like crazy and reduced taxes. This resulted in deficits (!!) But aren't Republicans supposed to be 'fiscally responsible'?
Friggin' geniuses. /sarcasm
Rather than having discussions like this one (e.g.), the Republican Party should be having discussions like the ones Paul Ryan would like to have:
*If you don't believe that, look at the popular vote tabs since Ron Reagan. See the trend-line?
The first is "economism," whereby all is measured according to its monetary worth--resulting in the commodifying of labor and glamorization of Conspicuous Consumption.
The second, a subset, is "taxification," whereby 'good' and 'evil' Gummint policy is measured by whether taxes go up or down.
The Republican Establishment is a bunch of fools.
The first trap is separating Republicans from Flyover Country's 'Reagan Republicans' at an alarming rate.* "Economism" results in illegal aliens (convenient and cheap labor), the exporting of middle-class jobs, and the resulting breakdown of the social contract between business and its employees, not to mention between citizens and the Government owned by K Street/Big Business lobbyists.
The second is a subset of the first and has the same effect (to a lesser degree,) but also has the problem of opening the Party to calls of "hypocrisy." George Bush and Congressional Pubbies spent money like crazy and reduced taxes. This resulted in deficits (!!) But aren't Republicans supposed to be 'fiscally responsible'?
Friggin' geniuses. /sarcasm
Rather than having discussions like this one (e.g.), the Republican Party should be having discussions like the ones Paul Ryan would like to have:
IT'S THE SPENDING, STUPID!!!
*If you don't believe that, look at the popular vote tabs since Ron Reagan. See the trend-line?
BATFE Expose Coming?
Arms and the Law:
I am informed that the issue of Soldier of Fortune magazine will cover a Dept of Justice Inspector General's report on [B]ATFE deployment in Iraq. Gist of reports is that millions have been claimed in fraudulent overtime (as in everyone consistently reporting 16 hour workdays, 7 days a week, or everyone reporting 15.5 hour workdays).
Who coulda thunk it? Federal employees CHEATING? LYING? DEFRAUDING?
There's never been a question that BATFE has a lot of rogues on the payroll.
This should be fun...
I am informed that the issue of Soldier of Fortune magazine will cover a Dept of Justice Inspector General's report on [B]ATFE deployment in Iraq. Gist of reports is that millions have been claimed in fraudulent overtime (as in everyone consistently reporting 16 hour workdays, 7 days a week, or everyone reporting 15.5 hour workdays).
Who coulda thunk it? Federal employees CHEATING? LYING? DEFRAUDING?
There's never been a question that BATFE has a lot of rogues on the payroll.
This should be fun...
Will Rogers on Debt
Grim brings us the Oklahoma Philosopher (re-enacted VERY well...) in a piece which is worth seeing and hearing.
Would that Three Card Monte Doyle and the Obamunists were as perceptive as this cowboy wit!
Would that Three Card Monte Doyle and the Obamunists were as perceptive as this cowboy wit!
Regular Joe Goes "Snap" and Shoots? Nope.
Cramer:
One of the enduring myths that underlies much of the gun control movement is the idea that a lot of murders are committed by ordinary people like you and I who lose their temper one day, grab a gun (because it's readily available), and murder someone...
The FBI studied this theory in the 1970s and found that it was not substantiable.
Same thing today. Cramer quotes Volokh:
...what we learn from the intentional homicide line in Justice Department's Felony Defendants in Large Urban Counties, 2004 (a sample that is representative of the large urban counties that account for roughly half of the nation's violent crimes):
83% had a prior adult arrest (compared to likely 25% or so of the adult U.S. population).
76% had two or more prior adult arrests.
55% had five or more prior adult arrests.
65% had a prior adult conviction.
44% had a prior adult felony conviction (compared to about 7.5% of the adult U.S. population, see Christopher Uggen et al., Citizenship, Democracy, and the Civic Reintegration of Criminal Offenders, 605 Annals Am. Acad. Pol. & Soc. Sci. 281, 288 (2006)).
IOW, there is a pattern of practice with murderers.
And it doesn't start with parking or speeding tickets.
One of the enduring myths that underlies much of the gun control movement is the idea that a lot of murders are committed by ordinary people like you and I who lose their temper one day, grab a gun (because it's readily available), and murder someone...
The FBI studied this theory in the 1970s and found that it was not substantiable.
Same thing today. Cramer quotes Volokh:
...what we learn from the intentional homicide line in Justice Department's Felony Defendants in Large Urban Counties, 2004 (a sample that is representative of the large urban counties that account for roughly half of the nation's violent crimes):
83% had a prior adult arrest (compared to likely 25% or so of the adult U.S. population).
76% had two or more prior adult arrests.
55% had five or more prior adult arrests.
65% had a prior adult conviction.
44% had a prior adult felony conviction (compared to about 7.5% of the adult U.S. population, see Christopher Uggen et al., Citizenship, Democracy, and the Civic Reintegration of Criminal Offenders, 605 Annals Am. Acad. Pol. & Soc. Sci. 281, 288 (2006)).
IOW, there is a pattern of practice with murderers.
And it doesn't start with parking or speeding tickets.
BOHICA ALERT! Bradley Center Problems
Apparently the Bradley Center needs $23 million or so...so Jim Doyle arranged for Wisconsin taxpayers to cough up $500K/year for the next 10 years to fix it up.
But $5 million of your dollars will hardly be enough. The Bradley Center is looking for another $18 million--which is most likely coming from Milwaukee-area taxpayers, folks.
The building, after all, is 21 years old. Twenty one!! Ancient!!
There are lots of needs, according to the Center's document...
1. Seriously outdated mechanical and HVAC systems requiring major upgrades.
2. An aging roof and exterior façade that requires ongoing maintenance.
3. A severely outdated scoreboard that will need to be replaced to ensure the Bradley Center cancontinue to produce sports and special events while sustaining vital sponsorship revenue.
4. Significant and increasing elevator and escalator maintenance.
5. An obsolete hockey rink system that must be replaced.
6. Parking structure repairs and structural maintenance.
7. Substantial exterior grounds repair and maintenance.
8. Outdated event production technology required to produce live sports and special events.
9. Aging and energy inefficient lighting, and worn out electrical and electronics components.
10. Infrastructure of various types including an aging plumbing system.
11. Replacement or refurbishing a substantial portion of 18,000 Bradley Center seats.
12. Security and life safety systems
Yah, hey.
Anyone at Bradley Center ever hear of "accruals"? You know, the concept that you get enough rent income so that you can stash a little cash to pay for maintenance and upgrades when needed?
And what's this "stuff" they need? "Event production" technology? A new scoreboard? Tulips and daisies in the lawn?
How do 'electrical components' wear out? Hell, the lightswitches in most homes last around 50 years or more...
But $5 million of your dollars will hardly be enough. The Bradley Center is looking for another $18 million--which is most likely coming from Milwaukee-area taxpayers, folks.
The building, after all, is 21 years old. Twenty one!! Ancient!!
There are lots of needs, according to the Center's document...
1. Seriously outdated mechanical and HVAC systems requiring major upgrades.
2. An aging roof and exterior façade that requires ongoing maintenance.
3. A severely outdated scoreboard that will need to be replaced to ensure the Bradley Center cancontinue to produce sports and special events while sustaining vital sponsorship revenue.
4. Significant and increasing elevator and escalator maintenance.
5. An obsolete hockey rink system that must be replaced.
6. Parking structure repairs and structural maintenance.
7. Substantial exterior grounds repair and maintenance.
8. Outdated event production technology required to produce live sports and special events.
9. Aging and energy inefficient lighting, and worn out electrical and electronics components.
10. Infrastructure of various types including an aging plumbing system.
11. Replacement or refurbishing a substantial portion of 18,000 Bradley Center seats.
12. Security and life safety systems
Yah, hey.
Anyone at Bradley Center ever hear of "accruals"? You know, the concept that you get enough rent income so that you can stash a little cash to pay for maintenance and upgrades when needed?
And what's this "stuff" they need? "Event production" technology? A new scoreboard? Tulips and daisies in the lawn?
How do 'electrical components' wear out? Hell, the lightswitches in most homes last around 50 years or more...
Put Them in Hyde Park, IL
New folks for Mr. Obama's Neighborhood. I'm sure Bill Ayers will be happy to put them up for a few years.
During his news conference, Blair also said the Obama administration is still wrestling with what to do with the remaining 240 detainees at the Guantanamo Bay Naval Base, which the president has ordered closed.
Some of the detainees, deemed non-threatening, may be released into the United States as free men, Blair confirmed.
That would happen when they can't be returned to their home countries, because the governments either won't take them or the U.S. fears they will be abused or tortured. That is the case with 17 Uighers (WEE'-gurz)...
Blair said the former prisoners would have get some sort of assistance to start their new lives in the United States.
"We can't put them out on the street," he said.
When they arrive in Hyde Park, they will be registered as voters, too.
During his news conference, Blair also said the Obama administration is still wrestling with what to do with the remaining 240 detainees at the Guantanamo Bay Naval Base, which the president has ordered closed.
Some of the detainees, deemed non-threatening, may be released into the United States as free men, Blair confirmed.
That would happen when they can't be returned to their home countries, because the governments either won't take them or the U.S. fears they will be abused or tortured. That is the case with 17 Uighers (WEE'-gurz)...
Blair said the former prisoners would have get some sort of assistance to start their new lives in the United States.
"We can't put them out on the street," he said.
When they arrive in Hyde Park, they will be registered as voters, too.
House Dem Leader: Force Cap-and-Tax! Save the Universe!
This guy understands the consequences, and doesn't give a rip.
Government policy should be crafted to raise the price of carbon-emitting energy sources so consumers are compelled to choose alternative energy, House Democratic Conference Chairman John Larson (D-Conn.) told CNSNews.com on Thursday.
Larson agreed that such a policy would likely result in higher electricity prices for consumers but said this is needed to protect the environment from the possible “catastrophic results” of not implementing a pro-green energy policy
And to top it off, he has a messianic complex:
“I think the government should serve as an impetus to do so, because as I said at the outset, not doing anything -- the catastrophic results that can come from that – are what drives this issue,” ...“We ought to do it in a way that both enhances our economy and our economic opportunity and also preserves the universe and the earth,” said Larson
"Preserves the UNIVERSE"????
Evidently 'punch-drunk' is spreading.........
Government policy should be crafted to raise the price of carbon-emitting energy sources so consumers are compelled to choose alternative energy, House Democratic Conference Chairman John Larson (D-Conn.) told CNSNews.com on Thursday.
Larson agreed that such a policy would likely result in higher electricity prices for consumers but said this is needed to protect the environment from the possible “catastrophic results” of not implementing a pro-green energy policy
And to top it off, he has a messianic complex:
“I think the government should serve as an impetus to do so, because as I said at the outset, not doing anything -- the catastrophic results that can come from that – are what drives this issue,” ...“We ought to do it in a way that both enhances our economy and our economic opportunity and also preserves the universe and the earth,” said Larson
"Preserves the UNIVERSE"????
Evidently 'punch-drunk' is spreading.........
Thursday, March 26, 2009
Obamunism: Silencing the Vatican
Not controlled by ObamaNetwork...
A reliable source tells me that someone representing the Obama administration is about to put pressure on the papal nuncio to the United States to get Archbishop Raymond Burke to be quiet. The Obama complaint is that Archbishop Burke, who is now head of the Apostolic Signatura in Rome, has supported another bishop in his chastisement of Kansas Governor Kathleen Sebelius for her support of abortion. --Austin Ruse, quoted by AmPap
Ruse is a VERY well-connected guy running an NGO, frequenting the UN (and a certifiable good guy pro-lifer,) so this isn't some mad conspiracy thing.
Although it's always safe to conduct a religious war against Catholics, it is not smart.
A reliable source tells me that someone representing the Obama administration is about to put pressure on the papal nuncio to the United States to get Archbishop Raymond Burke to be quiet. The Obama complaint is that Archbishop Burke, who is now head of the Apostolic Signatura in Rome, has supported another bishop in his chastisement of Kansas Governor Kathleen Sebelius for her support of abortion. --Austin Ruse, quoted by AmPap
Ruse is a VERY well-connected guy running an NGO, frequenting the UN (and a certifiable good guy pro-lifer,) so this isn't some mad conspiracy thing.
Although it's always safe to conduct a religious war against Catholics, it is not smart.
Milwaukee Child Welfare--How Bad IS It?
I'll quote a committed Lefty who knows.
What is not being reported is that the system was struggling due to severe underfunding from the State. Take it from someone who was there during that mess, when it would not be unusual for one worker to be responsible for over a hundred cases. Even now, they are receiving tens of millions of dollars more, and despite their claims, things have actually gotten worse. And that is still not enough...
It is also interesting to note that some of the "improvement" that the BMCW is claiming is things that the County had done when they were in charge, but were deemed to be too expensive by the state, like nurses going out to check on medically fragile children and newborns...
Despite these lapses in the reporting, the bulk of the story matches what has been happening for the past ten years. The state is fudging the numbers around to protect their own butts with a complete disregard to the children they are supposed to be serving...
As I have repeatedly stated, the system is broken. No matter how much money they throw at it, it will not be fixed until they change the entire paradigm and approach that they are taking regarding child welfare. There is a reason why case workers are leaving at alarmingly high rates. There is a reason why a majority of foster parents have quit. There is a reason that, despite the larger amount of workers and money being pumped into the system, children are still being hurt.
Read the whole thing.
What is not being reported is that the system was struggling due to severe underfunding from the State. Take it from someone who was there during that mess, when it would not be unusual for one worker to be responsible for over a hundred cases. Even now, they are receiving tens of millions of dollars more, and despite their claims, things have actually gotten worse. And that is still not enough...
It is also interesting to note that some of the "improvement" that the BMCW is claiming is things that the County had done when they were in charge, but were deemed to be too expensive by the state, like nurses going out to check on medically fragile children and newborns...
Despite these lapses in the reporting, the bulk of the story matches what has been happening for the past ten years. The state is fudging the numbers around to protect their own butts with a complete disregard to the children they are supposed to be serving...
As I have repeatedly stated, the system is broken. No matter how much money they throw at it, it will not be fixed until they change the entire paradigm and approach that they are taking regarding child welfare. There is a reason why case workers are leaving at alarmingly high rates. There is a reason why a majority of foster parents have quit. There is a reason that, despite the larger amount of workers and money being pumped into the system, children are still being hurt.
Read the whole thing.
Suicide Bomber Survival
Yup. Somebody studied up on this stuff.
If you want to die, do this:
[Be in] [l]ine-of-sight with the attacker, rush toward the exit and stampede
Those were found to be the victims' most lethal choices both during and after the attack.
HT: Schneier
If you want to die, do this:
[Be in] [l]ine-of-sight with the attacker, rush toward the exit and stampede
Those were found to be the victims' most lethal choices both during and after the attack.
HT: Schneier
Legislative Inanities in Wisconsin: Microstamping
It's not just Three Card Monte Doyle, whose objectives include bankrupting Wisconsin and pushing out industry and commerce along the way.
Our Leggies continue to provide stupidities, too!!
Rep. Leon Young, and Sen. Spencer Coggs, Milwaukee Democrats, want “microstamping” or the process of engraving a firearm’s make, model, and serial number on the tip of the firing pin, so that the info is transferred to the cartridge when the gun is fired.
The concept is to aid law enforcement in reducing crime by tracking spent rounds left at the crime scene.
(HT: PoliticalCapital)
Sorta like Dear Leader's Budget (and Porkulus), the only appropriate response is "It will NOT work!!"
Forget about the cost, estimated at $200.00/handgun. Just use elementary thinking skills (a sure way to confound Leggies.)
1) In order for "microstamping" to work, the firing pin must retain all the 'microstamping' characteristics for the life of the weapon. While that MAY be possible, it is also relatively easy to either: a) swap out for a new firing pin, or b) carefully apply a nail-file to the existing pin.
2) In order for the cops to find casings, the casings have to be left at the scene. That may happen with your common gangbanger slobs--but not with halfway professional crooks, who will police the scene--or even better, use a REVOLVER, which retains the casings internally.
3) There are a whole LOT of weapons already in circulation without 'microstamps.' Generally, a well-maintained handgun or rifle will last a long, long, time (100++ years in a lot of instances.) S'pose that your basic crook can't find any OLD weapons (made before 2010?)
Bozos.
Our Leggies continue to provide stupidities, too!!
Rep. Leon Young, and Sen. Spencer Coggs, Milwaukee Democrats, want “microstamping” or the process of engraving a firearm’s make, model, and serial number on the tip of the firing pin, so that the info is transferred to the cartridge when the gun is fired.
The concept is to aid law enforcement in reducing crime by tracking spent rounds left at the crime scene.
(HT: PoliticalCapital)
Sorta like Dear Leader's Budget (and Porkulus), the only appropriate response is "It will NOT work!!"
Forget about the cost, estimated at $200.00/handgun. Just use elementary thinking skills (a sure way to confound Leggies.)
1) In order for "microstamping" to work, the firing pin must retain all the 'microstamping' characteristics for the life of the weapon. While that MAY be possible, it is also relatively easy to either: a) swap out for a new firing pin, or b) carefully apply a nail-file to the existing pin.
2) In order for the cops to find casings, the casings have to be left at the scene. That may happen with your common gangbanger slobs--but not with halfway professional crooks, who will police the scene--or even better, use a REVOLVER, which retains the casings internally.
3) There are a whole LOT of weapons already in circulation without 'microstamps.' Generally, a well-maintained handgun or rifle will last a long, long, time (100++ years in a lot of instances.) S'pose that your basic crook can't find any OLD weapons (made before 2010?)
Bozos.
Means/Ends: It's Nationalize the Banks
Morris kinda thinks that 'Obamunism' IS a word.
...According to [Dick] Morris [ex-Clintonista], those who are criticizing Obama for his spending, including Daniel Hannan, who represents South East England for the Conservative Party, made famous by a YouTube video eviscerating Keynesian politics, are missing the point. Obama wants to worsen the economic conditions to expand the powers of government according to Morris.
"We are confusing in analyzing the bank bailout and in what Hannan, the other guest you had on - the British Parliamentarian, had on, was also confusing - means with ends," Morris said. "He said, for example that more spending won't solve the recession. Obama doesn't want it to. He wants the recession to permit him to do more spending, and in terms of this bank package, he knows that the public-private partnership isn't going to work. He's doing his best to kill it by all these comments."
...To put it simply, Morris told "Your World," Obama wants to socialize the economy, and bank nationalization will make that possible
Your friendly local (Statist) banker. What a concept!
HT: NewsBusters
Seconded by Vox here...
There's no chance it will work. I'm not even sure it's intended to, as it could merely be intended to pave the way for eventual nationalization
There will be different 'loan application' forms, for sure....
...According to [Dick] Morris [ex-Clintonista], those who are criticizing Obama for his spending, including Daniel Hannan, who represents South East England for the Conservative Party, made famous by a YouTube video eviscerating Keynesian politics, are missing the point. Obama wants to worsen the economic conditions to expand the powers of government according to Morris.
"We are confusing in analyzing the bank bailout and in what Hannan, the other guest you had on - the British Parliamentarian, had on, was also confusing - means with ends," Morris said. "He said, for example that more spending won't solve the recession. Obama doesn't want it to. He wants the recession to permit him to do more spending, and in terms of this bank package, he knows that the public-private partnership isn't going to work. He's doing his best to kill it by all these comments."
...To put it simply, Morris told "Your World," Obama wants to socialize the economy, and bank nationalization will make that possible
Your friendly local (Statist) banker. What a concept!
HT: NewsBusters
Seconded by Vox here...
There's no chance it will work. I'm not even sure it's intended to, as it could merely be intended to pave the way for eventual nationalization
There will be different 'loan application' forms, for sure....
The Solar "Solution"
Oh, yah. This shit works...
How efficient are the solar panels that were inspected by President Obama? The Denver Museum of Science isn’t telling. But you are helping to foot the bill for the solar array that won’t pay for itself until the year 2118…
...A 2008 article in the Denver Business Journal sheds further light on the subject. The article notes the total price of the solar array was $720,000. And Dave Noel, VP of operations and chief technology officer for the Museum, was quoted as saying, “We looked at first installing [the solar array] ourselves, and without any of the incentive programs, it was a 110-year payout.” Noel went on to say that the Museum did not purchase the solar array because it did not “make sense financially.”
Additionally, most solar panels have an expected life-span of 20 to 25 years.
In the case of Denver, the "incentive programs" include a tax paid by ALL electric customers of Xcel Energy.
So the 110-year-payout becomes a 20-year-payout.
Sounds like an 85% "subsidy"--more or less.
Obamunism!
HT: Malkin
How efficient are the solar panels that were inspected by President Obama? The Denver Museum of Science isn’t telling. But you are helping to foot the bill for the solar array that won’t pay for itself until the year 2118…
...A 2008 article in the Denver Business Journal sheds further light on the subject. The article notes the total price of the solar array was $720,000. And Dave Noel, VP of operations and chief technology officer for the Museum, was quoted as saying, “We looked at first installing [the solar array] ourselves, and without any of the incentive programs, it was a 110-year payout.” Noel went on to say that the Museum did not purchase the solar array because it did not “make sense financially.”
Additionally, most solar panels have an expected life-span of 20 to 25 years.
In the case of Denver, the "incentive programs" include a tax paid by ALL electric customers of Xcel Energy.
So the 110-year-payout becomes a 20-year-payout.
Sounds like an 85% "subsidy"--more or less.
Obamunism!
HT: Malkin
Three Card Monte's Gift to HabushHabushHabush et al
Why do I pick on HabushHabushHabush....? Their cheesy synthesized "music" in their commercials.
But there's another reason. Habush and his ilk are the beneficiaries of a Three Card Monte Doyle gift in the budget. It should come as no surprise that this gift is also a perversion of justice AND will make Wisconsin a much-less-desirable State in which to do business.
In brief, expenses will rise, and only the PI lawyers will benefit--plus a few leaky clients of those PI's.
Probably the most significant danger this provision poses to businesses is how it allows for a wide net to be cast when suing businesses. So long as the plaintiff is arguably 50% or less at fault, companies can be sued if their fault is negligible, even if substantially less than the plaintiff‟s. It is another version of the joint and several extortion game: "Sue 'em first, discuss settlement later."
Not only is Doylie's proposal a sure-fire way to make running a business more expensive and risky--it rescinds 13-year-old legislation which was eminently reasonable.
The joint and several liability change in the budget repeals the reforms passed in 1995, which matched liability more closely to fault and fairness. We moved from a "one percent–pay all" system to one requiring at least 51 % at fault before being liable for 100% of the damages. Notably, the 1995 legislation (SB 11/Act 17) had public hearings and the full deliberation of elected officials. These reforms passed by wide margins, with bi-partisan support (24-8 in the Senate and 69-27 in the Assembly).
The Governor’s budget not only abolishes Wisconsin’s bipartisan reforms, it sets forth a system even more radical than existed prior to 1995. Never before have we required someone to pay damages to another who is more at fault. Never before have we required the jury be told how their fault allocations affect awards. And never again should we require someone with as little as one percent fault to pay for 100 percent of damages.
...1% at fault, pay 100% of the greedy trial lawyers' wants...
But there's another reason. Habush and his ilk are the beneficiaries of a Three Card Monte Doyle gift in the budget. It should come as no surprise that this gift is also a perversion of justice AND will make Wisconsin a much-less-desirable State in which to do business.
In brief, expenses will rise, and only the PI lawyers will benefit--plus a few leaky clients of those PI's.
Probably the most significant danger this provision poses to businesses is how it allows for a wide net to be cast when suing businesses. So long as the plaintiff is arguably 50% or less at fault, companies can be sued if their fault is negligible, even if substantially less than the plaintiff‟s. It is another version of the joint and several extortion game: "Sue 'em first, discuss settlement later."
Not only is Doylie's proposal a sure-fire way to make running a business more expensive and risky--it rescinds 13-year-old legislation which was eminently reasonable.
The joint and several liability change in the budget repeals the reforms passed in 1995, which matched liability more closely to fault and fairness. We moved from a "one percent–pay all" system to one requiring at least 51 % at fault before being liable for 100% of the damages. Notably, the 1995 legislation (SB 11/Act 17) had public hearings and the full deliberation of elected officials. These reforms passed by wide margins, with bi-partisan support (24-8 in the Senate and 69-27 in the Assembly).
The Governor’s budget not only abolishes Wisconsin’s bipartisan reforms, it sets forth a system even more radical than existed prior to 1995. Never before have we required someone to pay damages to another who is more at fault. Never before have we required the jury be told how their fault allocations affect awards. And never again should we require someone with as little as one percent fault to pay for 100 percent of damages.
...1% at fault, pay 100% of the greedy trial lawyers' wants...
New CyberTrick: A Ransom Demand
Reported by ComputerWorld.
Cybercrooks have hit on a new twist to their aggressive marketing of fake security software, and are duping users into downloading a file utility that holds users' data for ransom, security researchers warned today.
The new scam takes a different tack: It uses a Trojan horse that's seeded by tricking users into running a file that poses as something legitimate like a software update. Once on the victim's PC, the Trojan swings into action, encrypting a wide variety of document types -- ranging from Microsoft Word .doc files to Adobe Reader .pdf documents -- anytime one's opened. It also scrambles the files in Windows' "My Documents" folder.
When a user tries to open one of the encrypted files, an alert pops up saying that a utility called FileFix Pro 2009 will unscramble the data. The message poses as an semi-official notice from the operating system: "Windows detected that some of your MS Office and media files are corrupted. Click here to download and install recommended file repair application," the message reads.
Clicking on the alert downloads and installs FileFix Pro, but the utility is anything but legit. It will decrypt only one of the corrupted files for free, then demands the user purchase the software. Price? $50.
All of you 3 readers know this, right? NEVER, EVER, download an "update" that is not digitally signed by the vendor--whether Adobe, or MS, or Norton, or whoever.
Cybercrooks have hit on a new twist to their aggressive marketing of fake security software, and are duping users into downloading a file utility that holds users' data for ransom, security researchers warned today.
The new scam takes a different tack: It uses a Trojan horse that's seeded by tricking users into running a file that poses as something legitimate like a software update. Once on the victim's PC, the Trojan swings into action, encrypting a wide variety of document types -- ranging from Microsoft Word .doc files to Adobe Reader .pdf documents -- anytime one's opened. It also scrambles the files in Windows' "My Documents" folder.
When a user tries to open one of the encrypted files, an alert pops up saying that a utility called FileFix Pro 2009 will unscramble the data. The message poses as an semi-official notice from the operating system: "Windows detected that some of your MS Office and media files are corrupted. Click here to download and install recommended file repair application," the message reads.
Clicking on the alert downloads and installs FileFix Pro, but the utility is anything but legit. It will decrypt only one of the corrupted files for free, then demands the user purchase the software. Price? $50.
All of you 3 readers know this, right? NEVER, EVER, download an "update" that is not digitally signed by the vendor--whether Adobe, or MS, or Norton, or whoever.
By 2014, You Will Owe $39,217.00
"You Have Run Out of Our Money!!"
Paul Ryan's page (here) has a report on the Obamunist budget (here) which totes up the public debt of the Federal Government under the Obamunist proposal.
Assuming the President's budget numbers (slightly different from the House budget numbers and the CBO numbers), and assuming that the population of the US will be 322 million in 2014, each and every person in the country at that time will be obligated to pay....
Thirty-nine thousand, two hundred seventeen dollars in Federal debt.
Compared to what?
The 2009 Public Debt/person (306 million) is:
Twenty six thousand, one hundred dollars each.
That's a fifty percent increase in debt for every single man, woman, and child living in the USA in only 5 years.
"You Have Run Out of Our Money!!"
Wednesday, March 25, 2009
The Really Bad News Hit Geithner Today
And it is bad news, indeed--albeit only one incident, so far. But it's not bad news just for Geithner. It's bad for US citizens, their children, and for BennyBoyBernanke.
Stocks lost ground after a weak auction of U.S. government debt stirred worries about how easily Washington will be able to raise money to fund its economic rescue program.
Investors gave an unexpectedly cool response to a $24 billion auction of 5-year Treasury notes Wednesday, which also sent prices for Treasurys lower. --AP
(When T-prices go down, interest rates go up.)
But that's not all of it, folks.
You wouldn't think that would happen on the day that Ben came into the market to buy Treasuries, but it did
Bernanke's Fed was buying T-Bonds today--and despite that, the T-market's prices went DOWN!
We're not done yet:
...the BOE (England) actually had a failed Gilt auction, with insufficient bids for the amount pushed out
The Bank of England (that country's "treasury department") COULD NOT SELL ITS BONDS.
Frankly, I don't expect that Dave Obey and Nancy Pelosi understand the implications of this. Obama may; but only if Geithner tells him at least three times.
Denninger has the Cliff's Notes version:
Cut that crap about "borrow and spend", along with playing "circle jerk" and "I'm gonna threaten to print money!" out right here and now, or run the risk of the Treasury market imploding in your face, taking what is left of the American economy and our capital markets with it.
That rally in Madison? Maybe torches, pitchforks, AND tar & feathers.
Or maybe just a lot of hangman's nooses.
Stocks lost ground after a weak auction of U.S. government debt stirred worries about how easily Washington will be able to raise money to fund its economic rescue program.
Investors gave an unexpectedly cool response to a $24 billion auction of 5-year Treasury notes Wednesday, which also sent prices for Treasurys lower. --AP
(When T-prices go down, interest rates go up.)
But that's not all of it, folks.
You wouldn't think that would happen on the day that Ben came into the market to buy Treasuries, but it did
Bernanke's Fed was buying T-Bonds today--and despite that, the T-market's prices went DOWN!
We're not done yet:
...the BOE (England) actually had a failed Gilt auction, with insufficient bids for the amount pushed out
The Bank of England (that country's "treasury department") COULD NOT SELL ITS BONDS.
Frankly, I don't expect that Dave Obey and Nancy Pelosi understand the implications of this. Obama may; but only if Geithner tells him at least three times.
Denninger has the Cliff's Notes version:
Cut that crap about "borrow and spend", along with playing "circle jerk" and "I'm gonna threaten to print money!" out right here and now, or run the risk of the Treasury market imploding in your face, taking what is left of the American economy and our capital markets with it.
That rally in Madison? Maybe torches, pitchforks, AND tar & feathers.
Or maybe just a lot of hangman's nooses.
The Hard, Cold, Truth
An unpleasant 10 minutes.
But if you like, only watch the first minute or so to get into full schadenfreude mode.
HT: The McCain Who Wins
But if you like, only watch the first minute or so to get into full schadenfreude mode.
HT: The McCain Who Wins
The Democrats' "Bi-Partisanship"
BOHICA, baby.
Budget tales from the House:
7:30 PM Democrats Want to Ram Through Budget with “Reconciliation” Measure
Democrats defeated an amendment, by a vote of 14 to 22, offered by Rep. Paul Ryan (R-WI), the ranking Republican on the House Budget Committee, which would “strike the reconciliation instructions” from the budget. Budget Reconciliation was originally designed as a deficit reduction tool. Democrats, however, seem intent on using it to ram through controversial legislation such as government run health care and a “cap and trade” energy tax. And it essentially strips the power of the minority party to offer any constructive amendments to the budget.
Senator Judd Gregg (R-NH) warned that budget reconciliation would “be the Chicago approach to governing: Strong-arm it through. You’re talking about the exact opposite of bipartisan. You’re talking about running over the minority, putting them in cement and throwing them in the Chicago River.”
Bring torches AND the pitchforks to Madistan. We can't afford either Obamunism OR ThreeCardMonte Doylism, much less both.
We can always take care of the Congresscritters later...
Budget tales from the House:
7:30 PM Democrats Want to Ram Through Budget with “Reconciliation” Measure
Democrats defeated an amendment, by a vote of 14 to 22, offered by Rep. Paul Ryan (R-WI), the ranking Republican on the House Budget Committee, which would “strike the reconciliation instructions” from the budget. Budget Reconciliation was originally designed as a deficit reduction tool. Democrats, however, seem intent on using it to ram through controversial legislation such as government run health care and a “cap and trade” energy tax. And it essentially strips the power of the minority party to offer any constructive amendments to the budget.
Senator Judd Gregg (R-NH) warned that budget reconciliation would “be the Chicago approach to governing: Strong-arm it through. You’re talking about the exact opposite of bipartisan. You’re talking about running over the minority, putting them in cement and throwing them in the Chicago River.”
Bring torches AND the pitchforks to Madistan. We can't afford either Obamunism OR ThreeCardMonte Doylism, much less both.
We can always take care of the Congresscritters later...
Just Turn Over Your Children...
While we fret over the Impossible Dream budget proposed by the Dear Leader...
The House passed a bill yesterday which includes disturbing language indicating young people will be forced to undertake mandatory national service programs as fears about President Barack Obama’s promised “civilian national security force” intensify.
The Generations Invigorating Volunteerism and Education Act, known as the GIVE Act, was passed yesterday by a 321-105 margin and now goes to the Senate.
Under section 6104 of the bill, entitled “Duties,” in subsection B6, the legislation states that a commission will be set up to investigate, “Whether a workable, fair, and reasonable mandatory service requirement for all able young people could be developed, and how such a requirement could be implemented in a manner that would strengthen the social fabric of the Nation and overcome civic challenges by bringing together people from diverse economic, ethnic, and educational backgrounds.”
Section 120 of the bill also discusses the “Youth Engagement Zone Program” and states that “service learning” will be “a mandatory part of the curriculum in all of the secondary schools served by the local educational agency”.
“The legislation, slated to cost $6 billion over five years, would create 175,000 “new service opportunities” under AmeriCorps, bringing the number of participants in the national volunteer program to 250,000. It would also create additional “corps” to expand the reach of volunteerism into new sectors, including a Clean Energy Corps, Education Corps, Healthy Futures Corps and Veterans Service Corps, and it expands the National Civilian Community Corps to focus on additional areas like disaster relief and energy conservation,” reports Fox News.
Yes, the Act mentions uniforms, (nothing about the color 'brown'--yet) and also has a section which will not likely pass 1st Amendment scrutiny.
The House passed a bill yesterday which includes disturbing language indicating young people will be forced to undertake mandatory national service programs as fears about President Barack Obama’s promised “civilian national security force” intensify.
The Generations Invigorating Volunteerism and Education Act, known as the GIVE Act, was passed yesterday by a 321-105 margin and now goes to the Senate.
Under section 6104 of the bill, entitled “Duties,” in subsection B6, the legislation states that a commission will be set up to investigate, “Whether a workable, fair, and reasonable mandatory service requirement for all able young people could be developed, and how such a requirement could be implemented in a manner that would strengthen the social fabric of the Nation and overcome civic challenges by bringing together people from diverse economic, ethnic, and educational backgrounds.”
Section 120 of the bill also discusses the “Youth Engagement Zone Program” and states that “service learning” will be “a mandatory part of the curriculum in all of the secondary schools served by the local educational agency”.
“The legislation, slated to cost $6 billion over five years, would create 175,000 “new service opportunities” under AmeriCorps, bringing the number of participants in the national volunteer program to 250,000. It would also create additional “corps” to expand the reach of volunteerism into new sectors, including a Clean Energy Corps, Education Corps, Healthy Futures Corps and Veterans Service Corps, and it expands the National Civilian Community Corps to focus on additional areas like disaster relief and energy conservation,” reports Fox News.
Yes, the Act mentions uniforms, (nothing about the color 'brown'--yet) and also has a section which will not likely pass 1st Amendment scrutiny.
Socrates' Progeny: Krauthammer
A footnote from the estimable humanist, Fr. James Schall, SJ.
Krauthammer speculates on the reason why he was invited. ...If someone of that journalist’s stature were there (Krauthammer also holds a medical degree from Harvard), it would cast an aura of legitimacy over this most dubious presidential decree.
And as we all know, Krauthammer decided not to go to the ceremony.
Krauthammer’s dissection of the White House’s calculation is something that particularly drew my interest. As I thought about it, the scene reminded me of something. Of course, it was the famous case in the “Apology of Socrates.”
...The local rulers commanded Socrates to cross to the island of Salamis to pick up a certain Leon, an admiral. He was to be returned and executed for failing his duty in a naval battle.
Athenian law required that bodies of the dead (they were not interested in stem cells in those days) were to be returned for proper burial. The episode has a kind of prophetic import. By commanding Socrates and four other gentlemen to go over to pick up Leon, the authorities sought to implicate them in the executions. Socrates’ participation would implicitly make the act seem moral.
Socrates thought the trial that had condemned Leon was illegal. Athenian citizens had to be tried individually, not in a group, as had happened in this case. When the other four came to collect him to go over to grab Leon, Socrates told them to go on. In a famous phrase, he tells us that instead “he went home.”
That is, Socrates would not participate in such an illegal act. ...
A bit of knowledge which is trivia, but NOT 'trivial.'
Krauthammer speculates on the reason why he was invited. ...If someone of that journalist’s stature were there (Krauthammer also holds a medical degree from Harvard), it would cast an aura of legitimacy over this most dubious presidential decree.
And as we all know, Krauthammer decided not to go to the ceremony.
Krauthammer’s dissection of the White House’s calculation is something that particularly drew my interest. As I thought about it, the scene reminded me of something. Of course, it was the famous case in the “Apology of Socrates.”
...The local rulers commanded Socrates to cross to the island of Salamis to pick up a certain Leon, an admiral. He was to be returned and executed for failing his duty in a naval battle.
Athenian law required that bodies of the dead (they were not interested in stem cells in those days) were to be returned for proper burial. The episode has a kind of prophetic import. By commanding Socrates and four other gentlemen to go over to pick up Leon, the authorities sought to implicate them in the executions. Socrates’ participation would implicitly make the act seem moral.
Socrates thought the trial that had condemned Leon was illegal. Athenian citizens had to be tried individually, not in a group, as had happened in this case. When the other four came to collect him to go over to grab Leon, Socrates told them to go on. In a famous phrase, he tells us that instead “he went home.”
That is, Socrates would not participate in such an illegal act. ...
A bit of knowledge which is trivia, but NOT 'trivial.'
NEA Gifts
Want to know where the National Teachers' Union spends its money?
Denver 2008 (Democratic) Convention Planning Committee, $1,000,000
ACORN, $178,000
Gay Lesbian and Straight Education Network, $157,500
One Wisconsin Now, $25,000
Not that any of that is surprising...it's damn near a complete catalog of Nietzsche's "transvaluation of all values" warning.
HT: FoxPoliticsBlog
Denver 2008 (Democratic) Convention Planning Committee, $1,000,000
ACORN, $178,000
Gay Lesbian and Straight Education Network, $157,500
One Wisconsin Now, $25,000
Not that any of that is surprising...it's damn near a complete catalog of Nietzsche's "transvaluation of all values" warning.
HT: FoxPoliticsBlog
Time for RadioMouth Apologies on AIG "Bonus"?
Certain controversialists have made a lot of hay over the AIG "bonus" payments. As I have pointed out (and as has No Runny), this 'outrage' is bogus. Some facts:
1) The vast majority of 'bonus' recipients had NOTHING TO DO WITH CREATING the problem, and have EVERYTHING TO DO WITH FIXING it.
2) The 'bonus' payments are actually "lights-out" or "retention" awards, paid to those who agree to stick around and fix stuff in an orderly fashion. In other words, they are the maintenance crew.
3) In a lot of cases, these are people who could have taken very nice positions with other companies--but chose to both do the 'right thing' AND to be compensated for it.
One individual decided that he's had enough...
...As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised. None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.
Many of the employees have, in the past six months, turned down job offers from more stable employers, based on A.I.G.’s assurances that the contracts would be honored. They are now angry about having been misled by A.I.G.’s promises and are not inclined to return the money as a favor to you.
...I know that because of hard work I have benefited more than most during the economic boom and have saved enough that my family is unlikely to suffer devastating losses during the current bust. Some might argue that members of my profession have been overpaid, and I wouldn’t disagree
By the way--this guy accepted a salary of $1.00/year to do this job, and he intends to donate all the (after-tax) proceeds of his 'bonus' to charities.
1) The vast majority of 'bonus' recipients had NOTHING TO DO WITH CREATING the problem, and have EVERYTHING TO DO WITH FIXING it.
2) The 'bonus' payments are actually "lights-out" or "retention" awards, paid to those who agree to stick around and fix stuff in an orderly fashion. In other words, they are the maintenance crew.
3) In a lot of cases, these are people who could have taken very nice positions with other companies--but chose to both do the 'right thing' AND to be compensated for it.
One individual decided that he's had enough...
...As most of us have done nothing wrong, guilt is not a motivation to surrender our earnings. We have worked 12 long months under these contracts and now deserve to be paid as promised. None of us should be cheated of our payments any more than a plumber should be cheated after he has fixed the pipes but a careless electrician causes a fire that burns down the house.
Many of the employees have, in the past six months, turned down job offers from more stable employers, based on A.I.G.’s assurances that the contracts would be honored. They are now angry about having been misled by A.I.G.’s promises and are not inclined to return the money as a favor to you.
...I know that because of hard work I have benefited more than most during the economic boom and have saved enough that my family is unlikely to suffer devastating losses during the current bust. Some might argue that members of my profession have been overpaid, and I wouldn’t disagree
By the way--this guy accepted a salary of $1.00/year to do this job, and he intends to donate all the (after-tax) proceeds of his 'bonus' to charities.
TOTUS Lies....
The TelePrompter Of The United States lies.
Last night, The One said (again) that 'the Republicans have offered no alternatives' to his spend-spend-spend-spend-spend budget.
That would be the budget which also makes the Upper Midwest (in toto) as barren as Detroit for lack of viable electricity and heating sources (coal and gas); and the budget which begins the annihilation of the health-care system.
Boehner:
"...Eric Cantor and I personally delivered to the President our stimulus proposal at the White House in January. Our plan would create twice as many jobs at half the cost as the President’s plan, and that’s even according to an economic analysis by his chairman of the Council of Economic Advisers. And what was the response? The White House pretended they never even saw it"
Paul Ryan's group will release the (R) counter-proposal to the TelePrompter's budget later this week.
Let's see if that, too, is put into the memory-hole--airbrushed out, just like Kruschev and Uncle Joe--from history.
HT: Malkin
Last night, The One said (again) that 'the Republicans have offered no alternatives' to his spend-spend-spend-spend-spend budget.
That would be the budget which also makes the Upper Midwest (in toto) as barren as Detroit for lack of viable electricity and heating sources (coal and gas); and the budget which begins the annihilation of the health-care system.
Boehner:
"...Eric Cantor and I personally delivered to the President our stimulus proposal at the White House in January. Our plan would create twice as many jobs at half the cost as the President’s plan, and that’s even according to an economic analysis by his chairman of the Council of Economic Advisers. And what was the response? The White House pretended they never even saw it"
Paul Ryan's group will release the (R) counter-proposal to the TelePrompter's budget later this week.
Let's see if that, too, is put into the memory-hole--airbrushed out, just like Kruschev and Uncle Joe--from history.
HT: Malkin
Hope'n'Change? More Like Hopeless for 30-Somethings
The TelePrompter says that 'this is the era of savings and investment.'
The chart says otherwise--particularly if you will be paying Federal taxes for the next 20 years and more.
And the disparity between the TelePrompter's numbers and those of the CBO is a mark of "audacity", alright...
HT: Sykes
Tuesday, March 24, 2009
JS Headline Writer Can't Count
OK, so here's the headline in the business section:
DCD: wage standards wouldn't affect most projects
Hmmmm. Given what I heard yesterday, that's a surprise.
So here's the copy of the story:
A proposal requiring developers that receive city financial assistance to pay "prevailing wage" on their projects would have affected up to 11 of 23 recent projects had it been on the books.
From when I took math (you remember--using little stones to add and subract, and charcoal to mark the totals on the big flat rock), 11 of 23 is 47.826%--DAMN NEAR HALF.
Granted that by dictionary standards, that headline is correct--LESS than half of the projects would not be affected.
But in the real world, outside of 4th/State, "most" denotes a clear majority: 2/3rds, 3/4ths, (or more.) Not 53 out of 100...
Of course, the union-member headline-writer has propaganda to scribble.
Jobs NOW Task Force--Miscellaneous Stuff
A few notes not previously mentioned from the Jobs NOW Task Force meeting.
Doyle's "prevailing wage" requirement are predicted to increase project costs by anywhere from 8% to 14%. --a commercial real-estate guy.
(That would make Ald. Murphy's opposition to the requirement in the City of Milwaukee extremely sensible.)
Sheboygan is trying very hard to retain Thomas Industries--but Louisiana is offering to build them a brand new plant. --a Sheboygan area manufacturing manager
(By coincidence, Belling was discussing this situation. Seems like the Int'l Brotherhood of Electrical Workers is not cooperating at all with the Sheboygan efforts.)
Milwakee area home sales are down by 35% from last year; inventory now down to only 9.5 months. --a prominent local Realtor.
The 'wage-lien' law will make it very difficult for small businesses to obtain financing; it places Bank liens second to unpaid wages up to $10,700/worker --a Bank president.
(I did not see that "$10,700." number during the discussion of the law. Yes, there is a justice issue--but $10+K is at least 10 weeks' pay for the average skilled worker. Does the Legislature really think that the average skilled worker will hang around for NO PAY for 10 weeks?)
The "joint/several" liability change was mentioned at least 4 times--negatively.
More efficient delivery of healthcare can significantly reduce healthcare costs--a prominent commercial insurance broker.
(That is a very interesting remark. He cited ThedaCare in the Fox Valley as an example. We'd like to hear more about that.)
The State of Wisconsin should provide grants to research firms, but only to solve actual problems. --a problem-solving research & development guy.
(His model is a FedGov program. Think DARPA, except the research is contracted out.)
Doyle's "prevailing wage" requirement are predicted to increase project costs by anywhere from 8% to 14%. --a commercial real-estate guy.
(That would make Ald. Murphy's opposition to the requirement in the City of Milwaukee extremely sensible.)
Sheboygan is trying very hard to retain Thomas Industries--but Louisiana is offering to build them a brand new plant. --a Sheboygan area manufacturing manager
(By coincidence, Belling was discussing this situation. Seems like the Int'l Brotherhood of Electrical Workers is not cooperating at all with the Sheboygan efforts.)
Milwakee area home sales are down by 35% from last year; inventory now down to only 9.5 months. --a prominent local Realtor.
The 'wage-lien' law will make it very difficult for small businesses to obtain financing; it places Bank liens second to unpaid wages up to $10,700/worker --a Bank president.
(I did not see that "$10,700." number during the discussion of the law. Yes, there is a justice issue--but $10+K is at least 10 weeks' pay for the average skilled worker. Does the Legislature really think that the average skilled worker will hang around for NO PAY for 10 weeks?)
The "joint/several" liability change was mentioned at least 4 times--negatively.
More efficient delivery of healthcare can significantly reduce healthcare costs--a prominent commercial insurance broker.
(That is a very interesting remark. He cited ThedaCare in the Fox Valley as an example. We'd like to hear more about that.)
The State of Wisconsin should provide grants to research firms, but only to solve actual problems. --a problem-solving research & development guy.
(His model is a FedGov program. Think DARPA, except the research is contracted out.)
AIG Bonus Payments, DEFINED Properly
Because it's important, that's why!!
Fuggeddabout all the BS you hear from professional Radio Agitators (either way) on the AIG bonus payments.
Read the linked article.
You can also read the original post.
THE PAYMENTS WERE MADE TO KEEP EMPLOYEES AT AIG.
THE PAYMENTS WERE NOT MADE TO THE BONZOWACKO CROWD.
THE PAYMENTS WERE MADE TO ASSURE AN ORDERLY DISPOSITION OF THE CRAP.
Fuggeddabout all the BS you hear from professional Radio Agitators (either way) on the AIG bonus payments.
Read the linked article.
You can also read the original post.
THE PAYMENTS WERE MADE TO KEEP EMPLOYEES AT AIG.
THE PAYMENTS WERE NOT MADE TO THE BONZOWACKO CROWD.
THE PAYMENTS WERE MADE TO ASSURE AN ORDERLY DISPOSITION OF THE CRAP.
Hello! Hello! You! The Newspaper!!
Another non-event.
ONE THOUSAND FIVE HUNDRED PEOPLE showed up in downtown Lexington, Ky. to participate in the Kentucky Tea Party protest against the continuing fiscal madness in Washington, DC.
And how many front page stories were there in the newspapers in Lexington and Louisville, or in our own home town paper, the State Journal, about this event?
NONE. ZERO. ZIP.
Given that the JS covered yesterday's Jobs NOW forum, it's likely that they will cover the Madison Tea Party.
Right?
ONE THOUSAND FIVE HUNDRED PEOPLE showed up in downtown Lexington, Ky. to participate in the Kentucky Tea Party protest against the continuing fiscal madness in Washington, DC.
And how many front page stories were there in the newspapers in Lexington and Louisville, or in our own home town paper, the State Journal, about this event?
NONE. ZERO. ZIP.
Given that the JS covered yesterday's Jobs NOW forum, it's likely that they will cover the Madison Tea Party.
Right?
Monday, March 23, 2009
Isn't Manufacturing Supposed to be Offshored?
The three final speakers at today's Jobs NOW meeting presented, perhaps, the most compelling story line of the whole event. It's about the slow death of manufacturing through benign neglect and through active campaigns for "High Tech" solutions. There are compelling reasons to encourage manufacturing, however, and these speakers made the case well, if only by coincidence.
The first of the three is an entrepreneur who owns a small Milwaukee-area manufacturing-services company. His background is eclectic--he worked with Fr. Groppi at the old St. Boniface parish, then for a couple of "Big Eight" accounting firms, then as the (very successful) co-founder of a dental-care network. He later participated in some Silicon Valley action, and finally returned to Milwaukee, purchasing the business he now operates.
He made an interesting observation: the revenues of manufacturers in the State of Wisconsin exceed the total worldwide revenues of ALL 'biotechnology' firms. And he approvingly quoted an earlier speaker who said that "if you don't mine it, make it, or grow it," you are not creating sustainable wealth.
This speaker was followed by a gentleman who operates a very large machining house, (employing 800 or so), who spoke of the disappearance of manufacturing from the Wisconsin landscape; he was concerned about changes in Wisconsin's 'joint/several' liability laws as well as the 'pooling exclusions' for health insurance; but more than that, he was concerned about the continuing erosion of Wisconsin's manufacturing base. There are 800 families' incomes at stake in his shop alone.
Both these men see manufacturing as a very important contributor to the economic well-being of the State--and the final speaker made that case again, directly and indirectly.
The last speaker was a black man working in the trades. He thought there should be some changes in health-care to make it more affordable, but did not endorse HillaryCare, nor Obama's plan. He was forceful, clear, and to the point.
But that was not the most significant part of his presentation.
During his narrative, he mentioned that his mother worked at Briggs and his dad worked at another large local manufacturer. Neither of those parents were engineers, nor managers. They (most likely) had a high-school education and probably a fair amount of training afforded them by their employers. With only those credentials, his parents were able to assemble a comfortable (but not opulent) life for themselves and for their child(ren.)
THAT is what manufacturing provides. A decent life for 'regular people' who do not have college degrees. An income which allows for raising children comfortably. The final speaker implored the Leggies to find ways to retain manufacturers. He had already made the point that his parents benefitted from that economic powerhouse. He also mentioned that during his career, he had worked 'on-site' as a contractor for GM/Janesville, P&H, and Case/Racine--in other words, manufacturing provided a decent life for him, too.
It never ceases to amaze me that some people would simply allow Wisconsin's manufacturing base (and the mining base, too) to wither on the vine in hopes of 'putting Wisconsin on the High Tech Highway', effectively telling a large group of Wisconsin citizens that they do not have a future in this State. I remind you that if someone is convinced they do not have a future, they will not be seeking one...
Seems to me that the alternative to welfare IS work; but not all work requires Masters' or Ph.D. degrees. Some work only needs willing hands and the ability to learn. It is the kind of work which provides both a comfortable living and a future.
Why ignore it?
The first of the three is an entrepreneur who owns a small Milwaukee-area manufacturing-services company. His background is eclectic--he worked with Fr. Groppi at the old St. Boniface parish, then for a couple of "Big Eight" accounting firms, then as the (very successful) co-founder of a dental-care network. He later participated in some Silicon Valley action, and finally returned to Milwaukee, purchasing the business he now operates.
He made an interesting observation: the revenues of manufacturers in the State of Wisconsin exceed the total worldwide revenues of ALL 'biotechnology' firms. And he approvingly quoted an earlier speaker who said that "if you don't mine it, make it, or grow it," you are not creating sustainable wealth.
This speaker was followed by a gentleman who operates a very large machining house, (employing 800 or so), who spoke of the disappearance of manufacturing from the Wisconsin landscape; he was concerned about changes in Wisconsin's 'joint/several' liability laws as well as the 'pooling exclusions' for health insurance; but more than that, he was concerned about the continuing erosion of Wisconsin's manufacturing base. There are 800 families' incomes at stake in his shop alone.
Both these men see manufacturing as a very important contributor to the economic well-being of the State--and the final speaker made that case again, directly and indirectly.
The last speaker was a black man working in the trades. He thought there should be some changes in health-care to make it more affordable, but did not endorse HillaryCare, nor Obama's plan. He was forceful, clear, and to the point.
But that was not the most significant part of his presentation.
During his narrative, he mentioned that his mother worked at Briggs and his dad worked at another large local manufacturer. Neither of those parents were engineers, nor managers. They (most likely) had a high-school education and probably a fair amount of training afforded them by their employers. With only those credentials, his parents were able to assemble a comfortable (but not opulent) life for themselves and for their child(ren.)
THAT is what manufacturing provides. A decent life for 'regular people' who do not have college degrees. An income which allows for raising children comfortably. The final speaker implored the Leggies to find ways to retain manufacturers. He had already made the point that his parents benefitted from that economic powerhouse. He also mentioned that during his career, he had worked 'on-site' as a contractor for GM/Janesville, P&H, and Case/Racine--in other words, manufacturing provided a decent life for him, too.
It never ceases to amaze me that some people would simply allow Wisconsin's manufacturing base (and the mining base, too) to wither on the vine in hopes of 'putting Wisconsin on the High Tech Highway', effectively telling a large group of Wisconsin citizens that they do not have a future in this State. I remind you that if someone is convinced they do not have a future, they will not be seeking one...
Seems to me that the alternative to welfare IS work; but not all work requires Masters' or Ph.D. degrees. Some work only needs willing hands and the ability to learn. It is the kind of work which provides both a comfortable living and a future.
Why ignore it?
Jobs NOW Task Force--Milwaukee Meeting
We were invited to attend the Jobs NOW Task Force meeting held in Milwaukee this afternoon. Co-chairs of the task force are Rep. Rich Zipperer and Senator Randy Hopper. Other legislators were in attendance--Lazich, LaMahieu, Jim Ott, Pridemore, Fitzgerald, Newcomer, Nygren, Grothmann, Honandel, Darling, and a few others whose names I missed. The event was covered by the Milwaukee Journal-Sentinel's business section and an NPR guy showed up for a while.
(Since I don't use my name, I won't use the names of the individuals who spoke. There will be some vague description of their business, however.)
Sen. Hopper mentioned that earlier in the day he attended a hearing during which another Leggie stated that they "would be happy to tax Wal-Mart out of the State."
That's encouraging (/sarcasm)--but it did not really set the tone for the day.
About 30 business-types spoke; some were larger-Company presidents, some were self-employed but small-business types, and a couple were also representatives of small business associations such as COSBE. That "30" number is significant--a week ago, only 4 people had signed up to attend and comment.
That tells you that momentum is building.
To this observer, there were three noticeable themes.
The first was that very few of the people who spoke addressed Gov. Doyle's spending spree. They certainly did address the cutbacks they had to make in their own businesses due to the recession--one individual is closing out his 401(k) to keep his employees, and another spoke of a client who will be doing the same thing AND who has not taken a paycheck from his own enterprise for 90 days. But the unconstrained spending of the Governor did not get the hammering I expected. There was talk of the effects of the Governor's tax increases--none of it complimentary, but none was vehement. An 'angel investor' specifically mentioned that wealth seemed to be in flight from Wisconsin, at least partially due to the tax climate; another entrepreneur mentioned a couple of Department of Revenue auditors who couldn't seem to be human.
The second theme concerned health insurance cost and availability. Many of the speakers mentioned tweaking the laws to allow more people to purchase insurance at group rates (without going to a 'Healthy Wisconsin' model.)
The third theme was loosely organized around "education." A very forceful and persuasive woman suggested that business owners and managers should embark on a campaign to educate people about who they really are; she rejected the all-to-common shorthand characterization that all business owners are like the NYC bonus-babies.
The OTHER 'education' component had to do with the failure of Milwaukee's public schools (or many of Milwaukee's parents) to adequately educate their children/students for business positions. Many were frustrated by being unable to hire people with simple telephone and word-processing skills; they were not looking for high-level math or writing--just the basics. And they cannot find them.
Generally speaking, the ideas presented were concerned with the future--better incentives for businesses to remain here, or to relocate here; a better health-care climate; and a better-educated next generation which was not antipathetic to business AND capable of taking on common office- or factory-chores.
See the above post for 'the rest of the story.'
(Since I don't use my name, I won't use the names of the individuals who spoke. There will be some vague description of their business, however.)
Sen. Hopper mentioned that earlier in the day he attended a hearing during which another Leggie stated that they "would be happy to tax Wal-Mart out of the State."
That's encouraging (/sarcasm)--but it did not really set the tone for the day.
About 30 business-types spoke; some were larger-Company presidents, some were self-employed but small-business types, and a couple were also representatives of small business associations such as COSBE. That "30" number is significant--a week ago, only 4 people had signed up to attend and comment.
That tells you that momentum is building.
To this observer, there were three noticeable themes.
The first was that very few of the people who spoke addressed Gov. Doyle's spending spree. They certainly did address the cutbacks they had to make in their own businesses due to the recession--one individual is closing out his 401(k) to keep his employees, and another spoke of a client who will be doing the same thing AND who has not taken a paycheck from his own enterprise for 90 days. But the unconstrained spending of the Governor did not get the hammering I expected. There was talk of the effects of the Governor's tax increases--none of it complimentary, but none was vehement. An 'angel investor' specifically mentioned that wealth seemed to be in flight from Wisconsin, at least partially due to the tax climate; another entrepreneur mentioned a couple of Department of Revenue auditors who couldn't seem to be human.
The second theme concerned health insurance cost and availability. Many of the speakers mentioned tweaking the laws to allow more people to purchase insurance at group rates (without going to a 'Healthy Wisconsin' model.)
The third theme was loosely organized around "education." A very forceful and persuasive woman suggested that business owners and managers should embark on a campaign to educate people about who they really are; she rejected the all-to-common shorthand characterization that all business owners are like the NYC bonus-babies.
The OTHER 'education' component had to do with the failure of Milwaukee's public schools (or many of Milwaukee's parents) to adequately educate their children/students for business positions. Many were frustrated by being unable to hire people with simple telephone and word-processing skills; they were not looking for high-level math or writing--just the basics. And they cannot find them.
Generally speaking, the ideas presented were concerned with the future--better incentives for businesses to remain here, or to relocate here; a better health-care climate; and a better-educated next generation which was not antipathetic to business AND capable of taking on common office- or factory-chores.
See the above post for 'the rest of the story.'
P-Mac V. Steininger
Gracious!
P-Mac doesn't like Steininger's essay.
It's almost impossible to cover the territory adequately in either of those essay length-restrictions--so Steininger has this:
The American workforce recognizes that any company is successful in large part because all the employees of that organization contribute to its success. To single out one class of individuals on the executive team and give credit primarily to them is instinctively recognized as wrong. Several years ago, The Wall Street Journal did an interview with the president of a Japanese automobile company who couldn't understand why a reporter wanted to interview him rather than the workers on the assembly line. Is it any wonder that those companies have surpassed American automobile companies in total sales and quality?
---which doesn't explain the current woes of GM or Chrysler very well at all...(hint: union rules and legacy benefits)
And P-Mac has this:
Wall Street doesn’t make things of value. Who does? Interestingly, he mentions George Dalton, who, via Fiserv, made a fortune catering exactly to the financial services sector. For that matter, Steininger made his living running an insurance company. Just saying.
A head-fake. FiServ developed (manufactured) systems which DO 'add value,' providing both instantly available micro-data AND macro-data for financial institutions. Has nothing whatsoever to do with Wall Street--except that some of them are customers.
What Steininger and P-Mac should agree upon is the simple principle that 'Work was made for man, not man for work,' voiced by John Paul II, and the very simple correct predicate of all value-exchange for labor. IOW, all humans have an intrinsic value which should be respected and should be fairly compensated.
The hard part, of course, is figuring out what that 'fair' compensation should really be.
In most cases, those CEO's give up a helluva lot for their success--ask their families. It's more than most of us will give up. Orders of magnitude more.
OK. Now ask those folks whether the yacht, twin Maybachs, and 6Br/5Ba in Great Neck was what they really, really, wanted from life.
And what will happen to all that stuff when they pass from this mortal coil...which is the real payoff question.
P-Mac doesn't like Steininger's essay.
It's almost impossible to cover the territory adequately in either of those essay length-restrictions--so Steininger has this:
The American workforce recognizes that any company is successful in large part because all the employees of that organization contribute to its success. To single out one class of individuals on the executive team and give credit primarily to them is instinctively recognized as wrong. Several years ago, The Wall Street Journal did an interview with the president of a Japanese automobile company who couldn't understand why a reporter wanted to interview him rather than the workers on the assembly line. Is it any wonder that those companies have surpassed American automobile companies in total sales and quality?
---which doesn't explain the current woes of GM or Chrysler very well at all...(hint: union rules and legacy benefits)
And P-Mac has this:
Wall Street doesn’t make things of value. Who does? Interestingly, he mentions George Dalton, who, via Fiserv, made a fortune catering exactly to the financial services sector. For that matter, Steininger made his living running an insurance company. Just saying.
A head-fake. FiServ developed (manufactured) systems which DO 'add value,' providing both instantly available micro-data AND macro-data for financial institutions. Has nothing whatsoever to do with Wall Street--except that some of them are customers.
What Steininger and P-Mac should agree upon is the simple principle that 'Work was made for man, not man for work,' voiced by John Paul II, and the very simple correct predicate of all value-exchange for labor. IOW, all humans have an intrinsic value which should be respected and should be fairly compensated.
The hard part, of course, is figuring out what that 'fair' compensation should really be.
In most cases, those CEO's give up a helluva lot for their success--ask their families. It's more than most of us will give up. Orders of magnitude more.
OK. Now ask those folks whether the yacht, twin Maybachs, and 6Br/5Ba in Great Neck was what they really, really, wanted from life.
And what will happen to all that stuff when they pass from this mortal coil...which is the real payoff question.
Mke Objects to Doylie "Prevailing Wage" Proposal
You know you're in trouble when the City of Milwaukee (a lefty harbor) objects to your proposal.
Milwaukee Alderman Michael Murphy wants the city’s proposed prevailing wage requirements to supersede the proposed rules in the state budget.
Milwaukee’s proposed regulations would require prevailing wages on projects that receive more than $1 million from the city. But Gov. Jim Doyle’s state budget would require prevailing wages on all projects receiving more than $2,000 in public money
First WEAC on autism.
Now the City of Milwaukee on prevailing wage.
Over/Under on the Illegal Alien College Tuition program? When will UW Administration object to THAT provision?
HT: FoxPolitics
Milwaukee Alderman Michael Murphy wants the city’s proposed prevailing wage requirements to supersede the proposed rules in the state budget.
Milwaukee’s proposed regulations would require prevailing wages on projects that receive more than $1 million from the city. But Gov. Jim Doyle’s state budget would require prevailing wages on all projects receiving more than $2,000 in public money
First WEAC on autism.
Now the City of Milwaukee on prevailing wage.
Over/Under on the Illegal Alien College Tuition program? When will UW Administration object to THAT provision?
HT: FoxPolitics
Senior Prank, CIA Version
McMahon found this delightful passage.
The technology topping the Soviets' wish list was for computer control systems to automate the operation of the new trans-Siberian gas pipeline. When we turned down their overt purchase order, the KGB sent a covert agent into a Canadian company to steal the software; tipped off by Farewell, we added what geeks call a Trojan Horse to the pirated product.
"The pipeline software that was to run the pumps, turbines and valves was programmed to go haywire," writes Reed, "to reset pump speeds and valve settings to produce pressures far beyond those acceptable to the pipeline joints and welds. The result was the most monumental non-nuclear explosion and fire ever seen from space."
It woulda made John Belushi proud!
The technology topping the Soviets' wish list was for computer control systems to automate the operation of the new trans-Siberian gas pipeline. When we turned down their overt purchase order, the KGB sent a covert agent into a Canadian company to steal the software; tipped off by Farewell, we added what geeks call a Trojan Horse to the pirated product.
"The pipeline software that was to run the pumps, turbines and valves was programmed to go haywire," writes Reed, "to reset pump speeds and valve settings to produce pressures far beyond those acceptable to the pipeline joints and welds. The result was the most monumental non-nuclear explosion and fire ever seen from space."
It woulda made John Belushi proud!
Surprise!! GM/Chrysler Want "Considerably" More
Over the weekend...
General Motors Corp. and Chrysler LLC may need "considerably" more than the $21.6 billion in aid they requested, which was based on optimistic recovery plans, said Steven Rattner, the Treasury’s chief auto adviser
The companies have received $17.4 billion since December and asked for the additional $21.6 billion in aid last month, an amount that depends on achieving turnaround plans that are "somewhat ambitious," Rattner said.
“It could be considerably higher, I won’t deny that,” Rattner said, when asked whether U.S. aid sought could rise. "Like all management teams they tend to take a reasonably, slightly perhaps, optimistic, view of their business. So it could be more, I can’t rule that out."
It's entirely possible that Obama will pull the plug on GM/Chrysler and force Chapter XI. His political capital is running very low, indeed, at this time.
General Motors Corp. and Chrysler LLC may need "considerably" more than the $21.6 billion in aid they requested, which was based on optimistic recovery plans, said Steven Rattner, the Treasury’s chief auto adviser
The companies have received $17.4 billion since December and asked for the additional $21.6 billion in aid last month, an amount that depends on achieving turnaround plans that are "somewhat ambitious," Rattner said.
“It could be considerably higher, I won’t deny that,” Rattner said, when asked whether U.S. aid sought could rise. "Like all management teams they tend to take a reasonably, slightly perhaps, optimistic, view of their business. So it could be more, I can’t rule that out."
It's entirely possible that Obama will pull the plug on GM/Chrysler and force Chapter XI. His political capital is running very low, indeed, at this time.
Just How Bad IS the "Toxic Asset" Problem?
Less awful than most people think.
Kevin Drum:
...if markets can overvalue assets on the way up — and obviously they can — then they can also undervalue them on the way down. There's a pretty good chance that the toxic waste in question really is worth more than the market is currently willing to pay for it.
He also makes a point which I've made now and then:
...because of a lazy shorthand that a lot of us have fallen into: namely the notion that the value of mortgage-backed securities is certain to keep plummeting because home prices themselves still have another 20-30% to fall. But these securities aren't backed by the value of the homes they represent. They're backed by mortgage payments. Home prices could fall by half, but the value of the securities wouldn't drop by a dime if homeowners kept making their monthly payments. Their value only drops if default rates go up.
Defaults are running at 4.5%, approximately triple the last 20-year average of 1.7%. That can be expected to continue for a while, but not forever (with the usual caveats).
But is this substantial enough to write down ALL mortgage-backed securities?
Nope.
All of which means that it is possible Geithner's plan will work.
Observes JustOneMinute:
The FDIC IRR is at best 2%, when the loan is repaid in full. The Equity IRR is never less than 12.5% (as explained earlier) but can rise if the toxic asset holds its value or appreciates. Finally, We the People experience the "Taxpayer IRR" which is calculated after summing the FDIC cash flows and 80% of the equity flows.
(That is followed by a chart which shows a net positive to the Taxpayer except if the asset-packages deteriorate to less than 40% of CURRENT value. The assumption is that those packages would be purchased at 50% of CURRENT value.)
It actually could work--but there's one more very important component: unemployment must be contained or reduced, and relatively fast.
Kevin Drum:
...if markets can overvalue assets on the way up — and obviously they can — then they can also undervalue them on the way down. There's a pretty good chance that the toxic waste in question really is worth more than the market is currently willing to pay for it.
He also makes a point which I've made now and then:
...because of a lazy shorthand that a lot of us have fallen into: namely the notion that the value of mortgage-backed securities is certain to keep plummeting because home prices themselves still have another 20-30% to fall. But these securities aren't backed by the value of the homes they represent. They're backed by mortgage payments. Home prices could fall by half, but the value of the securities wouldn't drop by a dime if homeowners kept making their monthly payments. Their value only drops if default rates go up.
Defaults are running at 4.5%, approximately triple the last 20-year average of 1.7%. That can be expected to continue for a while, but not forever (with the usual caveats).
But is this substantial enough to write down ALL mortgage-backed securities?
Nope.
All of which means that it is possible Geithner's plan will work.
Observes JustOneMinute:
The FDIC IRR is at best 2%, when the loan is repaid in full. The Equity IRR is never less than 12.5% (as explained earlier) but can rise if the toxic asset holds its value or appreciates. Finally, We the People experience the "Taxpayer IRR" which is calculated after summing the FDIC cash flows and 80% of the equity flows.
(That is followed by a chart which shows a net positive to the Taxpayer except if the asset-packages deteriorate to less than 40% of CURRENT value. The assumption is that those packages would be purchased at 50% of CURRENT value.)
It actually could work--but there's one more very important component: unemployment must be contained or reduced, and relatively fast.
Sunday, March 22, 2009
Notice Something Missing?
Literally thousands have already turned out at "Tea Parties" around the country, including 1,000 in Green Bay, WI.
Forty people threw a protest at the homes of various AIG folks.
Which got national coverage?
HT: The Winning McCain (where there are more posters)
A Little Humor...
Stolen without shame from PowerLine.
A Republican walked into a bar and asked the bartender, "Isn't that Jesus over there?" When the bartender said "Yes," the Republican sent over a drink. "Put it on my tab," he said.
A little later a Libertarian walked in. "Say," he said, "Isn't that Jesus sitting over there?" The barman said, "Yes," so the Libertarian sent over a hamburger.
Presently a Democrat showed up, noticed Jesus and sent over a plate of french fries.
Jesus soon left. On his way out he stopped to talk to the Republican. "Thanks for the drink," he said; "It was really good. Is there anything I can do for you?" "Well," said the Republican, "I'm facing knee surgery..." "Don't say another word," said Jesus as he laid a hand on the man's knee. "You are healed."
Jesus came to the Libertarian and said, "Thanks for the hamburger. It was really good. Is there anything I can do for you?" "Well," said the Libertarian, "I have cataracts..." Jesus placed his fingers on the man's eyes and said, "You are healed."
Finally, Jesus came to the Democrat. He thanked him for the fries and offered him any help he needed. "Don't touch me!" shouted the Democrat, "I'm on Disability!!"
There's more at the link--a few of Biden's remarks from the Gridiron Club dinner, and then an inspirational speech (St. Crispin's Day).
A Republican walked into a bar and asked the bartender, "Isn't that Jesus over there?" When the bartender said "Yes," the Republican sent over a drink. "Put it on my tab," he said.
A little later a Libertarian walked in. "Say," he said, "Isn't that Jesus sitting over there?" The barman said, "Yes," so the Libertarian sent over a hamburger.
Presently a Democrat showed up, noticed Jesus and sent over a plate of french fries.
Jesus soon left. On his way out he stopped to talk to the Republican. "Thanks for the drink," he said; "It was really good. Is there anything I can do for you?" "Well," said the Republican, "I'm facing knee surgery..." "Don't say another word," said Jesus as he laid a hand on the man's knee. "You are healed."
Jesus came to the Libertarian and said, "Thanks for the hamburger. It was really good. Is there anything I can do for you?" "Well," said the Libertarian, "I have cataracts..." Jesus placed his fingers on the man's eyes and said, "You are healed."
Finally, Jesus came to the Democrat. He thanked him for the fries and offered him any help he needed. "Don't touch me!" shouted the Democrat, "I'm on Disability!!"
There's more at the link--a few of Biden's remarks from the Gridiron Club dinner, and then an inspirational speech (St. Crispin's Day).
The Pope in Africa--the Rest of the Story
John Allen is a very meticulous reporter. Bet you didn't know that the Pope said a lot of stuff not related to condomolatry, right?
In Africa, meanwhile, the trip has been a hit, beginning with Benedict's dramatic insistence that Christians must never be silent in the face of "corruption and abuses of power," and extending through a remarkable meeting with African Muslims in which the pope said more clearly and succinctly what he wanted to say three years ago in his infamous Regensburg address...
...Vast and pumped-up crowds flocked to see the pope, and Benedict seemed swept up in the enthusiasm. Twice he referred to Africa as the "continent of hope," and at one point, this consummate theologian even mused aloud about a new burst of intellectual energy in Africa that might generate a 21st century version of the famed school of Alexandria, which gave the early church such luminaries as Clement and Origen
Hmmmmm!
As to condomolatry:
...This perception gap is not exclusively, or even primarily, the media's fault. The reporter from French TV who asked Benedict the condom question aboard the papal plane was well within bounds; AIDS is serious business, and it's fair game to ask the pope about it on his first visit to the continent that's been hardest hit by the disease.
Once the question was popped, the ball was in Benedict's court. Much of the blame for what happened next, therefore, has to lie at his feet.
By that, I'm not taking any position on the substance of the pope's answer, though in fairness he did no more than repeat church teaching on contraception, as well as the nearly unanimous view of every African bishop I've ever interviewed: that condoms give their people a false sense of invulnerability, thereby encouraging risky sexual behavior. That may be debatable, but one can hardly fault the pope for taking his cues from the bishops on the ground. (Ironically, popes usually get in trouble precisely for not listening to local bishops.)
That's debatable. The Pope's munus is to teach the faith, 'in season and out of season'. His task is not to be politically correct, nor to dance on the issues.
Allen has a LOT more at this link (and the links at the bottom of the page.)
In Africa, meanwhile, the trip has been a hit, beginning with Benedict's dramatic insistence that Christians must never be silent in the face of "corruption and abuses of power," and extending through a remarkable meeting with African Muslims in which the pope said more clearly and succinctly what he wanted to say three years ago in his infamous Regensburg address...
...Vast and pumped-up crowds flocked to see the pope, and Benedict seemed swept up in the enthusiasm. Twice he referred to Africa as the "continent of hope," and at one point, this consummate theologian even mused aloud about a new burst of intellectual energy in Africa that might generate a 21st century version of the famed school of Alexandria, which gave the early church such luminaries as Clement and Origen
Hmmmmm!
As to condomolatry:
...This perception gap is not exclusively, or even primarily, the media's fault. The reporter from French TV who asked Benedict the condom question aboard the papal plane was well within bounds; AIDS is serious business, and it's fair game to ask the pope about it on his first visit to the continent that's been hardest hit by the disease.
Once the question was popped, the ball was in Benedict's court. Much of the blame for what happened next, therefore, has to lie at his feet.
By that, I'm not taking any position on the substance of the pope's answer, though in fairness he did no more than repeat church teaching on contraception, as well as the nearly unanimous view of every African bishop I've ever interviewed: that condoms give their people a false sense of invulnerability, thereby encouraging risky sexual behavior. That may be debatable, but one can hardly fault the pope for taking his cues from the bishops on the ground. (Ironically, popes usually get in trouble precisely for not listening to local bishops.)
That's debatable. The Pope's munus is to teach the faith, 'in season and out of season'. His task is not to be politically correct, nor to dance on the issues.
Allen has a LOT more at this link (and the links at the bottom of the page.)
WEAC on Autism Mandate: "Don't Go There"
Playground points out a dilemma.
Many Democrats (and some Republicans) have blindly pursued the autism mandate as a piece of feel-good legislation for years.
WEA Trust, the insurance providing arm of WEAC, has reportedly run all the numbers and determined that the autism mandate would cost each of its members about $120 a year to fund. Needless to say, this has made WEAC unhappy, and they've let Democrats know it
....heh.
Many Democrats (and some Republicans) have blindly pursued the autism mandate as a piece of feel-good legislation for years.
WEA Trust, the insurance providing arm of WEAC, has reportedly run all the numbers and determined that the autism mandate would cost each of its members about $120 a year to fund. Needless to say, this has made WEAC unhappy, and they've let Democrats know it
....heh.
Fed Court Slaps Wisconsin GAB
Couldn't happen to a nicer group of Self-Satisfied Smirking Twits (and I'll leave it to you to figure out whether I refer to the GAB or the Legislators who passed the stupid law).
Swaffer filed a lawsuit challenging requirements that anyone spending more than $25 to influence a referendum register with the Government Accountability Board, create a campaign bank account and disclose names of donors. He challenged a separate law that requires disclaimers saying which group paid for campaign materials.
Swaffer, who was represented by the Indiana-based James Madison Center for Free Speech, argued the laws were unconstitutional burdens on citizens who want their opinions to be heard. A resident from a neighboring town who wanted to donate to the cause, Michael Rasmussen, later joined the suit.
In a ruling issued March16, Stadtmueller agreed both laws were unconstitutional as applied to their $500 campaign on postcards and yard signs opposing the referendum.
"These requirements act to inhibit the open exchange of ideas and political conversations on referendum issues, at least with respect to individual Wisconsinites, like plaintiffs, who seek to inject their opinions into the public debate," he wrote
Naturally, someone found McCabe.
Mike McCabe of the Wisconsin Democracy Campaign, which supports campaign finance laws, said the decision should prompt lawmakers to clarify the laws to make them constitutional. He said he would support raising the trigger for disclosure requirements from $25 to $250 or $500.
I would think $500.00 or $1,000.00 would be appropriate. Doesn't take much to roll up a $500.00 tab these days, and a G-note in a State-wide campaign? Chickenfeed.
HT: BerryLaker
Swaffer filed a lawsuit challenging requirements that anyone spending more than $25 to influence a referendum register with the Government Accountability Board, create a campaign bank account and disclose names of donors. He challenged a separate law that requires disclaimers saying which group paid for campaign materials.
Swaffer, who was represented by the Indiana-based James Madison Center for Free Speech, argued the laws were unconstitutional burdens on citizens who want their opinions to be heard. A resident from a neighboring town who wanted to donate to the cause, Michael Rasmussen, later joined the suit.
In a ruling issued March16, Stadtmueller agreed both laws were unconstitutional as applied to their $500 campaign on postcards and yard signs opposing the referendum.
"These requirements act to inhibit the open exchange of ideas and political conversations on referendum issues, at least with respect to individual Wisconsinites, like plaintiffs, who seek to inject their opinions into the public debate," he wrote
Naturally, someone found McCabe.
Mike McCabe of the Wisconsin Democracy Campaign, which supports campaign finance laws, said the decision should prompt lawmakers to clarify the laws to make them constitutional. He said he would support raising the trigger for disclosure requirements from $25 to $250 or $500.
I would think $500.00 or $1,000.00 would be appropriate. Doesn't take much to roll up a $500.00 tab these days, and a G-note in a State-wide campaign? Chickenfeed.
HT: BerryLaker
Saturday, March 21, 2009
OK. Look Carefully at Your Fingers...
A very interesting item.
“Coates examined the digit ratio of 44 male “high frequency” traders in London who buy and sell securities, sometimes in amounts greater than $1 billion, but hold their positions for minutes, sometimes only seconds. He found that traders with a longer ring finger than index finger made more money.
“We were on the trading floor taking samples for another experiment, and I read an article about digit ratio and sports,” says Coates. “I didn’t put too much stock in the measure, but we thought, ‘Why not look at fingers?’ We were shocked by the results.”
Exposure to high levels of testosterone before birth appears to make men more sensitive to the hormone as adults. In addition to playing a role in sexual functioning, testosterone has been associated with aggressive behavior and enhanced risk taking, and has been shown to predict performance in certain competitive sports.
Coates’ findings are consistent with a Harvard study of testosterone and financial risk taking that appeared in the November 2008 issue of Evolution and Human Behavior. Using an investment game, the Harvard researchers found that higher testosterone levels correlate with financial risk-taking behavior.
Actually, forget YOUR hand and start checking the hands of your friendly local Bank loan officer.
And you thought that reading blogs was just a bunch of opinion hooey BS, eh?
HT: Ritholtz
“Coates examined the digit ratio of 44 male “high frequency” traders in London who buy and sell securities, sometimes in amounts greater than $1 billion, but hold their positions for minutes, sometimes only seconds. He found that traders with a longer ring finger than index finger made more money.
“We were on the trading floor taking samples for another experiment, and I read an article about digit ratio and sports,” says Coates. “I didn’t put too much stock in the measure, but we thought, ‘Why not look at fingers?’ We were shocked by the results.”
Exposure to high levels of testosterone before birth appears to make men more sensitive to the hormone as adults. In addition to playing a role in sexual functioning, testosterone has been associated with aggressive behavior and enhanced risk taking, and has been shown to predict performance in certain competitive sports.
Coates’ findings are consistent with a Harvard study of testosterone and financial risk taking that appeared in the November 2008 issue of Evolution and Human Behavior. Using an investment game, the Harvard researchers found that higher testosterone levels correlate with financial risk-taking behavior.
Actually, forget YOUR hand and start checking the hands of your friendly local Bank loan officer.
And you thought that reading blogs was just a bunch of opinion hooey BS, eh?
HT: Ritholtz
Teapot Boiler: Kolpack, Again
A few days ago we mentioned Ms. Kolpack, who got canned for taking Catholic payroll money while questioning Church doctrine.
The Bishop of Madison, Robert Morlino, a courageous churchman, did the firing--and as you might expect from the Madison area, the Left-O-Wackies are in full shriek mode.
Supporters of a Catholic lay worker fired this month by Madison Bishop Robert C. Morlino for allegedly advocating views contrary to Catholic teaching - a charge she denies - are lobbying to get her job back.
Morlino has agreed to meet in April with parishioners of St. Thomas the Apostle Catholic Church in Beloit, where Ruth Kolpack has worked 26 years, the last 10 as a pastoral associate, to discuss her dismissal.
We hear from Fr. Andy Nelson, who mysteriously arrived in Milwaukee during the regime of Abp. Rembert Weakland, but who had originally been a priest of the Green Bay Diocese.
"This is very sad. There's something wrong with the process when a woman whose track record as a lay minister has been extraordinary," said Father Andrew Nelson, retired rector of Saint Francis de Sales seminary when Kolpack studied there [It is significant that even Andy won't use the term "pastoral associate," which is not to be used except when referring to priests....]
So what did Ms. Kolpack learn while studying under the direction of Fr. Andy Nelson?
[The] troubles began in January, she said, when allegations were made that she, among other things, encouraged non-Catholics to take communion in Catholic churches, believes in women's ordination and believes she can consecrate the Eucharist, a role reserved for ordained clergy
These are not questions like 'whether or not holy water should be kept in church fonts during Lent.' These are extremely serious matters of doctrine--the latter two being irreformable, period.
Kolpack denied the allegations and said they might stem from hypothetical situations she presented in discussions with a Catholic student group at Beloit College or in a private conversation with students afterward.
William Yallaly, an assistant to Morlino, said he did not know the allegations, but debating theology isn't the role of catechism teachers
In the civil order, Ms. Kolpack would be accused of sedition.
Another item not mentioned in the JS report:
Kolpack said Morlino asked her to renounce her master’s thesis, make a profession of faith and take a loyalty oath
This "loyalty oath" is something that Rembert Weakland never bothered to enforce at Marquette University. The NYTimes has a bit on it.
The teachings to which the new oath and a companion ''profession of faith'' require assent include not only matters solemly proclaimed by the church as truths, like the transformation of bread and wine into the body and blood of Jesus during Mass, but many less solemn papal declarations
It would include the teaching on the male priesthood AND the doctrine that only an ordained priest can confect the Eucharist.
It would seem that Ms. Kolpack will not go there.
Supporters have rallied around Kolpack, staging rallies last weekend and circulating petitions to reinstate her.
Yallaly [a Diocesan spokesman] said he didn't know whether that was a possibility and reiterated Morlino's comment to Kolpack's supporters last weekend: "You never say never, but it would be wrong of me to raise hopes in that regard."
"Never" is a long time. Let's hope and pray that Ms. Kolpack experiences metanoia sooner than that.
The Bishop of Madison, Robert Morlino, a courageous churchman, did the firing--and as you might expect from the Madison area, the Left-O-Wackies are in full shriek mode.
Supporters of a Catholic lay worker fired this month by Madison Bishop Robert C. Morlino for allegedly advocating views contrary to Catholic teaching - a charge she denies - are lobbying to get her job back.
Morlino has agreed to meet in April with parishioners of St. Thomas the Apostle Catholic Church in Beloit, where Ruth Kolpack has worked 26 years, the last 10 as a pastoral associate, to discuss her dismissal.
We hear from Fr. Andy Nelson, who mysteriously arrived in Milwaukee during the regime of Abp. Rembert Weakland, but who had originally been a priest of the Green Bay Diocese.
"This is very sad. There's something wrong with the process when a woman whose track record as a lay minister has been extraordinary," said Father Andrew Nelson, retired rector of Saint Francis de Sales seminary when Kolpack studied there [It is significant that even Andy won't use the term "pastoral associate," which is not to be used except when referring to priests....]
So what did Ms. Kolpack learn while studying under the direction of Fr. Andy Nelson?
[The] troubles began in January, she said, when allegations were made that she, among other things, encouraged non-Catholics to take communion in Catholic churches, believes in women's ordination and believes she can consecrate the Eucharist, a role reserved for ordained clergy
These are not questions like 'whether or not holy water should be kept in church fonts during Lent.' These are extremely serious matters of doctrine--the latter two being irreformable, period.
Kolpack denied the allegations and said they might stem from hypothetical situations she presented in discussions with a Catholic student group at Beloit College or in a private conversation with students afterward.
William Yallaly, an assistant to Morlino, said he did not know the allegations, but debating theology isn't the role of catechism teachers
In the civil order, Ms. Kolpack would be accused of sedition.
Another item not mentioned in the JS report:
Kolpack said Morlino asked her to renounce her master’s thesis, make a profession of faith and take a loyalty oath
This "loyalty oath" is something that Rembert Weakland never bothered to enforce at Marquette University. The NYTimes has a bit on it.
The teachings to which the new oath and a companion ''profession of faith'' require assent include not only matters solemly proclaimed by the church as truths, like the transformation of bread and wine into the body and blood of Jesus during Mass, but many less solemn papal declarations
It would include the teaching on the male priesthood AND the doctrine that only an ordained priest can confect the Eucharist.
It would seem that Ms. Kolpack will not go there.
Supporters have rallied around Kolpack, staging rallies last weekend and circulating petitions to reinstate her.
Yallaly [a Diocesan spokesman] said he didn't know whether that was a possibility and reiterated Morlino's comment to Kolpack's supporters last weekend: "You never say never, but it would be wrong of me to raise hopes in that regard."
"Never" is a long time. Let's hope and pray that Ms. Kolpack experiences metanoia sooner than that.
Notre Dame Switches to Moloch-Worship
Not that this is a Sudden Development, or anything...
White House Secretary Robert Gibbs stated today that President Obama will give the commencement address at Notre Dame University this year. The school confirmed the announcement, stating on its website that Obama will also receive an honorary doctor of laws degree at the University's 164th University Commencement Ceremony at 2 p.m. May 17 in the Joyce Center on campus
The University has been kissing the Abortion Behemoth's posterior ever since Hesburgh crawled into the abortofacilitative orbit of John D. Rockefeller II back in the 1960's.
(Money talks.)
And it's fairly clear that ND has absolutely zero regard for the US Bishops.
In 2004, the United States of Conference of Catholic Bishops (USCCB) approved a policy statement called "Catholics in Political Life," which says, with reference to pro-abortion politicians, "They should not be given awards, honors or platforms which would suggest support for their actions."
But Notre Dame will have the approbation of the Obamunists, their Sith-Lord Moloch, and his sister Chaos.
White House Secretary Robert Gibbs stated today that President Obama will give the commencement address at Notre Dame University this year. The school confirmed the announcement, stating on its website that Obama will also receive an honorary doctor of laws degree at the University's 164th University Commencement Ceremony at 2 p.m. May 17 in the Joyce Center on campus
The University has been kissing the Abortion Behemoth's posterior ever since Hesburgh crawled into the abortofacilitative orbit of John D. Rockefeller II back in the 1960's.
(Money talks.)
And it's fairly clear that ND has absolutely zero regard for the US Bishops.
In 2004, the United States of Conference of Catholic Bishops (USCCB) approved a policy statement called "Catholics in Political Life," which says, with reference to pro-abortion politicians, "They should not be given awards, honors or platforms which would suggest support for their actions."
But Notre Dame will have the approbation of the Obamunists, their Sith-Lord Moloch, and his sister Chaos.
"Food Shortage" Is Cap-and-Trade Tactic; Starving the Economy is the Strategy
The Obamunists in the Senate are preparing to strangle your energy use and any recovery from the recession, and will be using Scare Tactics to do it. If they get their way, the poor will be clobbered, and the middle class will be severely hurt. The Ruling Class, however, will continue on their merry way.
Democratic Sens. John Kerry and Barbara Boxer told CNSNews.com that the nation must adopt the Obama administration’s cap-and-trade proposal to reduce carbon emissions, even if it results in massive increases in gasoline and electricity prices.
When CNSNews.com asked the Massachusetts Democrat whether the country could afford cap-and-trade during the recession, Kerry responded, “Yes, yes, yes, and yes.” He added: “The cap and trade system is – in fact – going to help us kick our economy back into gear
"Kick the economy", yes. "Back into gear"?
Well, maybe into Reverse.
“There could be some (price) increases,” Kerry admitted, adding that the “costs of doing nothing could be greater,” including a decline in the food supply. “But there’ll be higher rises if we don’t do it and start to curb these emissions because you’re going to pay more for the adaptations, the loss of food, all the other problems that come along with it.”
There's the tactic. The Obamunists will claim that "global warming" will lead to food shortages; therefore it is imperative to curtail energy use.
The term "chutzpah" doesn't even come close to describing this assertion.
As we all know, 'global warming' stopped in its tracks ten years ago, and it is possible that a counter-cycle of cooling will begin (or may have already begun--see sunspot activity.)
Further, it is also a fact that slightly warmer temperatures are GOOD for agricultural production in temperate climate zones (such as the world's breadbasket, the Upper Midwest.)
Finally, it is a fact that burning corn as "fuel" is prima facie destructive of the food supply.
"Nevermind," said John F'n Kerry, Senator of the United States. "We will subjugate you!!".
How subjugated will you be?
...a 2008 Environmental Protection Agency (EPA) analysis of the cap-and-trade bill introduced last year by Sens. John Warner (R-Va.) and Joe Lieberman (I-Conn.) showed that by 2030 electricity prices will be 44 percent higher than normal and an extra $0.53 will be added to the price of gas as a result of cap-and-trade – with $1.40 added by 2050.
The same report also showed that cap-and-trade will cause the nation’s gross domestic product to decline by as much as 3.8 percent by 2030 (and by 6.9 percent by 2050) than it would be without cap-and-trade.
And those were optimistic projections, folks.
Those figures assumed a 150-percent increase in nuclear power and a marketable system for carbon sequestration--which does not currently exist. Without these two developments, electricity prices were estimated to rise approximately 80 percent above normal by 2030
You didn't see anyone out there building a new nuke yesterday, did you? And there is no 'carbon sequestration' system in sight.
Frankly, the Obamunists don't give a damn.
Obama administration officials have been quite clear that higher energy prices are precisely the point of a cap and trade system. Treasury Secretary Timothy Geithner told the Senate Finance Committee on March 4 that higher energy prices were necessary to control how people use energy
Naturally, this is a regressive tax. Those with significant disposable incomes will not be forced to choose between heating their homes and purchasing food. But those who are at the lower end of the income scale--
Oh, well. Too bad.
Maybe there will be some leftover cake from White House parties.
Democratic Sens. John Kerry and Barbara Boxer told CNSNews.com that the nation must adopt the Obama administration’s cap-and-trade proposal to reduce carbon emissions, even if it results in massive increases in gasoline and electricity prices.
When CNSNews.com asked the Massachusetts Democrat whether the country could afford cap-and-trade during the recession, Kerry responded, “Yes, yes, yes, and yes.” He added: “The cap and trade system is – in fact – going to help us kick our economy back into gear
"Kick the economy", yes. "Back into gear"?
Well, maybe into Reverse.
“There could be some (price) increases,” Kerry admitted, adding that the “costs of doing nothing could be greater,” including a decline in the food supply. “But there’ll be higher rises if we don’t do it and start to curb these emissions because you’re going to pay more for the adaptations, the loss of food, all the other problems that come along with it.”
There's the tactic. The Obamunists will claim that "global warming" will lead to food shortages; therefore it is imperative to curtail energy use.
The term "chutzpah" doesn't even come close to describing this assertion.
As we all know, 'global warming' stopped in its tracks ten years ago, and it is possible that a counter-cycle of cooling will begin (or may have already begun--see sunspot activity.)
Further, it is also a fact that slightly warmer temperatures are GOOD for agricultural production in temperate climate zones (such as the world's breadbasket, the Upper Midwest.)
Finally, it is a fact that burning corn as "fuel" is prima facie destructive of the food supply.
"Nevermind," said John F'n Kerry, Senator of the United States. "We will subjugate you!!".
How subjugated will you be?
...a 2008 Environmental Protection Agency (EPA) analysis of the cap-and-trade bill introduced last year by Sens. John Warner (R-Va.) and Joe Lieberman (I-Conn.) showed that by 2030 electricity prices will be 44 percent higher than normal and an extra $0.53 will be added to the price of gas as a result of cap-and-trade – with $1.40 added by 2050.
The same report also showed that cap-and-trade will cause the nation’s gross domestic product to decline by as much as 3.8 percent by 2030 (and by 6.9 percent by 2050) than it would be without cap-and-trade.
And those were optimistic projections, folks.
Those figures assumed a 150-percent increase in nuclear power and a marketable system for carbon sequestration--which does not currently exist. Without these two developments, electricity prices were estimated to rise approximately 80 percent above normal by 2030
You didn't see anyone out there building a new nuke yesterday, did you? And there is no 'carbon sequestration' system in sight.
Frankly, the Obamunists don't give a damn.
Obama administration officials have been quite clear that higher energy prices are precisely the point of a cap and trade system. Treasury Secretary Timothy Geithner told the Senate Finance Committee on March 4 that higher energy prices were necessary to control how people use energy
Naturally, this is a regressive tax. Those with significant disposable incomes will not be forced to choose between heating their homes and purchasing food. But those who are at the lower end of the income scale--
Oh, well. Too bad.
Maybe there will be some leftover cake from White House parties.
Friday, March 20, 2009
"Inspiring Confidence", Eh? How About "Chaos"??
You can almost hear the capital rushing in to invest here.../sarcasm
President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.
The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.
Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
Scary, to say the least.
If Dear Leader (may his name be blessed) wanted to nudge Chaos into play, this is one very, very, very good way to do it.
HT: Ace
President Barack Obama's budget would generate deficits averaging almost $1 trillion a year over the next decade, according to the latest congressional estimates, significantly worse than predicted by the White House just last month.
The Congressional Budget Office figures, obtained by The Associated Press Friday, predict Obama's budget will produce $9.3 trillion worth of red ink over 2010-2019. That's $2.3 trillion worse than the White House predicted in its budget.
Worst of all, CBO says the deficit under Obama's policies would never go below 4 percent of the size of the economy, figures that economists agree are unsustainable. By the end of the decade, the deficit would exceed 5 percent of gross domestic product, a dangerously high level.
Scary, to say the least.
If Dear Leader (may his name be blessed) wanted to nudge Chaos into play, this is one very, very, very good way to do it.
HT: Ace
Nonsense Non Sequitur Spreads
Sort of like a virus--except that it's a sign of serious logical deficiency, the meme spreads.
Tom McMahon, the acting executive director of Americans United for Change, sends the following message to the Robots.
"The sobering new deficit projections deliver a stark message that the economy is in even worse shape than was previously thought. It also underscores the urgent need to pass the bold initiatives on healthcare, education, energy and the economy laid out the President's budget. If we don't deal with the major underlying problems with the economy and make it possible for business to create jobs, our deficits will only continue to explode. We simply cannot achieve sustainable economic growth without fixing our broken health care system, reducing our dependence on foreign oil, and investing in tomorrow's educated workforce. Bottom line: the most effective way for Congress to begin to regain control of the federal deficit is to support the President's budget plan that is blueprint for rebuilding and renewing America."
Right-o, Tom!! Add a few trillion in DEFICITS to the existing DEFICIT, by attempting a complete hostile takeover of healthcare, education, and energy!
And tell us that these actions will "fix the DEFICIT!!"
HT: AmSpec
Tom McMahon, the acting executive director of Americans United for Change, sends the following message to the Robots.
"The sobering new deficit projections deliver a stark message that the economy is in even worse shape than was previously thought. It also underscores the urgent need to pass the bold initiatives on healthcare, education, energy and the economy laid out the President's budget. If we don't deal with the major underlying problems with the economy and make it possible for business to create jobs, our deficits will only continue to explode. We simply cannot achieve sustainable economic growth without fixing our broken health care system, reducing our dependence on foreign oil, and investing in tomorrow's educated workforce. Bottom line: the most effective way for Congress to begin to regain control of the federal deficit is to support the President's budget plan that is blueprint for rebuilding and renewing America."
Right-o, Tom!! Add a few trillion in DEFICITS to the existing DEFICIT, by attempting a complete hostile takeover of healthcare, education, and energy!
And tell us that these actions will "fix the DEFICIT!!"
HT: AmSpec
This Video Is Worth The Time
Most (not all) of the readers of this blog know the material covered in this video.
It's a VERY good synopsis, concise, and with no polemics.
Of particular interest is the first 3-4 minutes, which clears up the common ignorance about 'what is Fascism? what is Communism?' --showing that in fact, they are two sides of the same coin.
And when you find out who made the video, you will also be a bit surprised. I guarantee that.
HT: Ace
It's a VERY good synopsis, concise, and with no polemics.
Of particular interest is the first 3-4 minutes, which clears up the common ignorance about 'what is Fascism? what is Communism?' --showing that in fact, they are two sides of the same coin.
And when you find out who made the video, you will also be a bit surprised. I guarantee that.
HT: Ace
Chicken Futures and BioTech Stocks
UPDATE: Ace tracked down the support docs. Less here than meets the eye--we think...
Hildebeeste shared her knowledge with Dear Leader.
On February 22, 2005, Barack Obama, a U.S. Senator at the time, placed a trade on a tiny biotechnology company out of Oregon. The biotech company's name is AVI Biopharma.
Records show that Obama purchased tiny AVI Biopharma just above $2 a share.
AVI Biopharma is a biotech that's been around for years. It develops drugs intended for the use to treat infectious diseases... some of which the Department of Homeland Security have deemed "bioterrorism" viruses like West Nile, Dengue fever, SARS and Ebola
8 months after Obama bought the stock, the company was awarded a $28 million contract from the federal government to research treatments against biological warfare or a bioterrorism attack.
AVI Biopharma spiked in price… and days after the announcement, Obama sold his shares and booked a 73% profit.
Just co-incidence.
I recall reading a study (10 years ago??) which demonstrated beyond dispute that US Senators were accumulating net-worth gains at a much greater rate than 'average' US investors.
In some places, that's called "insider trading."
HT: Confederate
Hildebeeste shared her knowledge with Dear Leader.
On February 22, 2005, Barack Obama, a U.S. Senator at the time, placed a trade on a tiny biotechnology company out of Oregon. The biotech company's name is AVI Biopharma.
Records show that Obama purchased tiny AVI Biopharma just above $2 a share.
AVI Biopharma is a biotech that's been around for years. It develops drugs intended for the use to treat infectious diseases... some of which the Department of Homeland Security have deemed "bioterrorism" viruses like West Nile, Dengue fever, SARS and Ebola
8 months after Obama bought the stock, the company was awarded a $28 million contract from the federal government to research treatments against biological warfare or a bioterrorism attack.
AVI Biopharma spiked in price… and days after the announcement, Obama sold his shares and booked a 73% profit.
Just co-incidence.
I recall reading a study (10 years ago??) which demonstrated beyond dispute that US Senators were accumulating net-worth gains at a much greater rate than 'average' US investors.
In some places, that's called "insider trading."
HT: Confederate
Got a Junker? Here's Your Chance!
In the latest dumbass-Congresscritter (redundant, yes) trick...
A “Cash for Clunkers” bill introduced yesterday by Representative Betty Sutton of Ohio, calls for the federal government to offer cash incentives to Americans to trade in their old cars.
Officially known as the “CARS Act” (Consumer Assistance to Recycle and Save), the bill would provide motorists trading in any vehicle over 8 years old with a voucher that would be good towards the purchase of a new car: $5000 for vehicles assembled in North America, and $4000 for those assembled elsewhere.
The old cars would then be scrapped.
But I ran this item JUST so I could quote Moron's great line:
...you probably didn’t know that the most efficient way to achieve national prosperity was to have the government spend money it doesn’t have to pay us to get rid of stuff we already own so that we can go into debt to buy stuff we don’t need.
But then, that’s why we’re not members of the House of Representatives.
Yup. Worth reading every day.
A “Cash for Clunkers” bill introduced yesterday by Representative Betty Sutton of Ohio, calls for the federal government to offer cash incentives to Americans to trade in their old cars.
Officially known as the “CARS Act” (Consumer Assistance to Recycle and Save), the bill would provide motorists trading in any vehicle over 8 years old with a voucher that would be good towards the purchase of a new car: $5000 for vehicles assembled in North America, and $4000 for those assembled elsewhere.
The old cars would then be scrapped.
But I ran this item JUST so I could quote Moron's great line:
...you probably didn’t know that the most efficient way to achieve national prosperity was to have the government spend money it doesn’t have to pay us to get rid of stuff we already own so that we can go into debt to buy stuff we don’t need.
But then, that’s why we’re not members of the House of Representatives.
Yup. Worth reading every day.
Gun-Running to Mexico? UN-Proved!
A number of news stories have stated that 'large quantities' of US-purchased guns are being used by Mexican drug cartels. That is a claim made by BATFE, and our Dear Leader's Enforcer, Eric Holder, agrees.
The stories and charges were based on at least one case tried in Arizona, where a gun dealer was hauled into court, charged with selling over 700 weapons to a "straw buyer."
The Court issued a Directed Verdict in favor of the gun dealer. In other words, the MSM, BATFE, and Eric Holder were all.........ahhhhh.........wrong.
There is no proof whatsoever that any prohibited possessor ended up with the firearms. To
be sure the state produced witnesses who were claimed to be “straw” purchasers. But, as noted by the Ninth Circuit [United States v. Moore, 109 F.3d 1456 (9th Cir. 1997), cert. denied, 522 U.S. 836)] the straw man doctrine means that a person violates 18 U.S.C. § 922 (a)(6) (the statute passed by Congress noted above) “by acting as an intermediary or agent of someone who is ineligible to obtain a firearm from a licensed dealer and making a false statement that enables the ineligible principal to obtain a firearm.” There was no testimony in this case that lawful purchasers bought for an unlawful one.
According to Arms and the Law, there will be an appeal (!) which may or may not violate the principle of double jeopardy.
Meantime, Eric's Boyzzzzz and BATFE will have to find another excuse for trying to pass another "Assault Weapons" ban.
The stories and charges were based on at least one case tried in Arizona, where a gun dealer was hauled into court, charged with selling over 700 weapons to a "straw buyer."
The Court issued a Directed Verdict in favor of the gun dealer. In other words, the MSM, BATFE, and Eric Holder were all.........ahhhhh.........wrong.
There is no proof whatsoever that any prohibited possessor ended up with the firearms. To
be sure the state produced witnesses who were claimed to be “straw” purchasers. But, as noted by the Ninth Circuit [United States v. Moore, 109 F.3d 1456 (9th Cir. 1997), cert. denied, 522 U.S. 836)] the straw man doctrine means that a person violates 18 U.S.C. § 922 (a)(6) (the statute passed by Congress noted above) “by acting as an intermediary or agent of someone who is ineligible to obtain a firearm from a licensed dealer and making a false statement that enables the ineligible principal to obtain a firearm.” There was no testimony in this case that lawful purchasers bought for an unlawful one.
According to Arms and the Law, there will be an appeal (!) which may or may not violate the principle of double jeopardy.
Meantime, Eric's Boyzzzzz and BATFE will have to find another excuse for trying to pass another "Assault Weapons" ban.
AIG: They're "Lights Out" Bonuses
A "lights out" bonus is effected when a company is closing. The company offers some employees a bonus to keep them working until the lights go out. The company does it in its own interests--that is, without these specific employees, the closing would be a helluvamess.
It's a VERY common practice--I can name a number of companies who have executed those agreements in the Milwaukee area.
So AIG stepped in with an offer to employees of Financial Products. Work through all of 2008, and you'd get a lump payment in March 2009. Stick around through 2009, and you'll get paid through 2010. Almost all other forms of compensation -- bonuses, deferred payments and the like -- have vanished.
Who is NOT getting these bonuses?
The handful of souls who championed the firm's now-infamous credit-default swaps are, by nearly every account, long since departed
Here's what's left:
Pasciucco cringed at the notion, articulated by many lawmakers and even President Obama, that Financial Products is a firm of nearly 400 reckless and greedy derivatives traders.
In actuality, he said, nearly all the troublesome sectors of the business -- namely, the risky credit derivatives written on mortgage-backed securities -- are now out of the equation, as are the people who worked on them.
That leaves a small number of employees to untangle the remaining trades in four main areas: commodities, interest rates, currency and equities -- most of which were fully hedged and have caused little problem. The effort also requires a sizable number of "back office" staff,...
In other words, Geithner was correct (albeit one might quibble over how many people are needed...)
More at the link below.
HT: JustOneMinute
It's a VERY common practice--I can name a number of companies who have executed those agreements in the Milwaukee area.
So AIG stepped in with an offer to employees of Financial Products. Work through all of 2008, and you'd get a lump payment in March 2009. Stick around through 2009, and you'll get paid through 2010. Almost all other forms of compensation -- bonuses, deferred payments and the like -- have vanished.
Who is NOT getting these bonuses?
The handful of souls who championed the firm's now-infamous credit-default swaps are, by nearly every account, long since departed
Here's what's left:
Pasciucco cringed at the notion, articulated by many lawmakers and even President Obama, that Financial Products is a firm of nearly 400 reckless and greedy derivatives traders.
In actuality, he said, nearly all the troublesome sectors of the business -- namely, the risky credit derivatives written on mortgage-backed securities -- are now out of the equation, as are the people who worked on them.
That leaves a small number of employees to untangle the remaining trades in four main areas: commodities, interest rates, currency and equities -- most of which were fully hedged and have caused little problem. The effort also requires a sizable number of "back office" staff,...
In other words, Geithner was correct (albeit one might quibble over how many people are needed...)
More at the link below.
HT: JustOneMinute
Obama's New Source of State Gifts
Maybe a better idea than box sets of DVD's...
On Friday, Michelle Obama will begin digging up a patch of White House lawn to plant a vegetable garden, the first since Eleanor Roosevelt’s victory garden in World War II. There will be no beets (the president doesn’t like them) but arugula will make the cut.
On Friday, Michelle Obama will begin digging up a patch of White House lawn to plant a vegetable garden, the first since Eleanor Roosevelt’s victory garden in World War II. There will be no beets (the president doesn’t like them) but arugula will make the cut.
Another Straw for Your Camel From ThreeCardMonte Doyle
You really wanted to pay more in property taxes, right?
Well, Three Card Monte Doyle has just the thing for you!
Education support staff would be treated the same as teachers in terms of how quickly they can enter the state retirement system and when they can retire, under a proposal in Gov. Jim Doyle’s budget.
The changes would increase costs to the system and raise benefits for teachers’ aides, cafeteria workers and clerical staff who would be affected. Exact costs weren’t included in Doyle’s budget or an analysis by the nonpartisan Legislative Fiscal Bureau.
It will add another cost to school districts that are required to contribute to qualified employees’ retirement payments and likely force schools to turn to higher property taxes to make up the difference, Ashley said.
Guess who first cooked this up? The Geriatric himself:
The school board association was the lone opponent to the idea when state Sen. Fred Risser, D-Madison, introduced the bill in 2007
Doyle’s proposal essentially puts teachers’ aides, cafeteria workers and clerical staff, on the same level as teachers and administrators for purposes of retirement eligibility and service credit.
It would allow the support staff to enter the retirement system after meeting the same hours-worked threshold as teachers, which currently is 26 percent less.
Both changes would not only add more people to the retirement system, it would also increase their potential benefit. A breakdown of the 2007 bill’s potential cost said about 19,900 participants in the retirement system could see benefits increased because of the changes, but it did not say how much money that would be.
Who CARES how much it would cost when buying votes with Other People's Money?
Well, Three Card Monte Doyle has just the thing for you!
Education support staff would be treated the same as teachers in terms of how quickly they can enter the state retirement system and when they can retire, under a proposal in Gov. Jim Doyle’s budget.
The changes would increase costs to the system and raise benefits for teachers’ aides, cafeteria workers and clerical staff who would be affected. Exact costs weren’t included in Doyle’s budget or an analysis by the nonpartisan Legislative Fiscal Bureau.
It will add another cost to school districts that are required to contribute to qualified employees’ retirement payments and likely force schools to turn to higher property taxes to make up the difference, Ashley said.
Guess who first cooked this up? The Geriatric himself:
The school board association was the lone opponent to the idea when state Sen. Fred Risser, D-Madison, introduced the bill in 2007
Doyle’s proposal essentially puts teachers’ aides, cafeteria workers and clerical staff, on the same level as teachers and administrators for purposes of retirement eligibility and service credit.
It would allow the support staff to enter the retirement system after meeting the same hours-worked threshold as teachers, which currently is 26 percent less.
Both changes would not only add more people to the retirement system, it would also increase their potential benefit. A breakdown of the 2007 bill’s potential cost said about 19,900 participants in the retirement system could see benefits increased because of the changes, but it did not say how much money that would be.
Who CARES how much it would cost when buying votes with Other People's Money?
Thursday, March 19, 2009
Three Card Monte Doyle: Another Gift to Taxpayers
Oh, what the hell.
The Department of Administration has released its "errata letter," which revises or corrects certain language in the budget bill. ...The letter also reports that the structural deficit in the 2011-13 will be higher than originally projected by the Doyle administration, and will reach $904 million by June 2013.
A few hundred million here, a few hundred million there....
The Department of Administration has released its "errata letter," which revises or corrects certain language in the budget bill. ...The letter also reports that the structural deficit in the 2011-13 will be higher than originally projected by the Doyle administration, and will reach $904 million by June 2013.
A few hundred million here, a few hundred million there....
Meet the New Census-Takers: ACORN
Perfectly fitting for the President of Chaos (bless his name...)
A lawyer for a whistleblower on the activist group ACORN is prepared to tell a House panel Thursday that the group provided liberal causes with protest-for-hire services and coerced donations from the targets of demonstrations through a mob-style "protection" racket.
ACORN called it the "muscle for the money" program, according to prepared testimony Pittsburgh lawyer Heather Heidelbaugh plans to deliver at a hearing of the House Judiciary subcommittee on the Constitution, civil rights and civil liberties.
A copy of her prepared testimony was obtained by The Washington Times.
The protest shakedowns are among a slew of accusations that Ms. Heidelbaugh intends to make against the Association of Community Organizations for Reform Now. She also will accuse the nonprofit group of violating tax, campaign-finance and other laws by sharing a list of President Obama's maxed-out campaign donors to solicit more funds for a get-out-the-vote drive.
The accusations, which are based entirely on sworn court testimony late last year by ACORN whistleblower Anita Moncrief, range from unlawfully coordinating campaign activity with Mr. Obama's presidential campaign to deliberately engaging in voter-registration fraud and misusing federal grant money.
Another reason to have the .357 strapped on: when the Census weenies come calling.
HT: Ace
A lawyer for a whistleblower on the activist group ACORN is prepared to tell a House panel Thursday that the group provided liberal causes with protest-for-hire services and coerced donations from the targets of demonstrations through a mob-style "protection" racket.
ACORN called it the "muscle for the money" program, according to prepared testimony Pittsburgh lawyer Heather Heidelbaugh plans to deliver at a hearing of the House Judiciary subcommittee on the Constitution, civil rights and civil liberties.
A copy of her prepared testimony was obtained by The Washington Times.
The protest shakedowns are among a slew of accusations that Ms. Heidelbaugh intends to make against the Association of Community Organizations for Reform Now. She also will accuse the nonprofit group of violating tax, campaign-finance and other laws by sharing a list of President Obama's maxed-out campaign donors to solicit more funds for a get-out-the-vote drive.
The accusations, which are based entirely on sworn court testimony late last year by ACORN whistleblower Anita Moncrief, range from unlawfully coordinating campaign activity with Mr. Obama's presidential campaign to deliberately engaging in voter-registration fraud and misusing federal grant money.
Another reason to have the .357 strapped on: when the Census weenies come calling.
HT: Ace
Ransom-Note Method: Schaidle's Cross
McCain 'splains the "Ransom-Note" method of Smearology.
Kathy has been victimized by the "ransom note method" of smearing: Selective quotation used by political correctoids to dehumanize conservative critics of multicultural groupthink. As with the Obama administration's attacks on Rush Limbaugh, however, when the Left targets someone who dares to fight back -- and Kathy Shaidle fights fiercely -- the result tends to be that the target becomes a hero to people with common sense.
(The reference is to Kathy Schaidle, a towering Conservative blogger from the Way North.)
In Ms. Shaidle's case, she became a target because of her outspoken support of Israel and her criticism of the Canadian government's use of "human rights" to stifle free speech.
...What's interesting to me is that I also know conservatives who have been smeared as anti-Semites (or "unpatriotic conservatives") because of their criticism of U.S.-Israel policy.
Think, for example, of PJBuchanan or Joe Sobran...
Here, however, McCain errs (only the second one I know of...):
The wise and informed observer recognizes in these opportunistic smears the Left's fundamental dishonesty of discourse. The Left supports Hamas and Hezbollah and Mahmoud Ahmadinejad, and anyone who criticizes this blood-drenched tacit alliance will be viciously smeared as a Muslim-hating bigot. But if the Left spots a conservative who happens to be critical of the U.S.-Israel alliance, then the target is smeared as a Jew-hating bigot.
If one questions US policy towards Israel in the US, the principal name-callers are NeoCons, not Liberals. Think, again, of PJBuchanan and Joe Sobran.
On the other hand, his conclusion is well-stated.
There is no safety in silence. Fuck those lying left-wing [and NeoCon] crapweasels. I'm with Kathy!
Kathy has been victimized by the "ransom note method" of smearing: Selective quotation used by political correctoids to dehumanize conservative critics of multicultural groupthink. As with the Obama administration's attacks on Rush Limbaugh, however, when the Left targets someone who dares to fight back -- and Kathy Shaidle fights fiercely -- the result tends to be that the target becomes a hero to people with common sense.
(The reference is to Kathy Schaidle, a towering Conservative blogger from the Way North.)
In Ms. Shaidle's case, she became a target because of her outspoken support of Israel and her criticism of the Canadian government's use of "human rights" to stifle free speech.
...What's interesting to me is that I also know conservatives who have been smeared as anti-Semites (or "unpatriotic conservatives") because of their criticism of U.S.-Israel policy.
Think, for example, of PJBuchanan or Joe Sobran...
Here, however, McCain errs (only the second one I know of...):
The wise and informed observer recognizes in these opportunistic smears the Left's fundamental dishonesty of discourse. The Left supports Hamas and Hezbollah and Mahmoud Ahmadinejad, and anyone who criticizes this blood-drenched tacit alliance will be viciously smeared as a Muslim-hating bigot. But if the Left spots a conservative who happens to be critical of the U.S.-Israel alliance, then the target is smeared as a Jew-hating bigot.
If one questions US policy towards Israel in the US, the principal name-callers are NeoCons, not Liberals. Think, again, of PJBuchanan and Joe Sobran.
On the other hand, his conclusion is well-stated.
There is no safety in silence. Fuck those lying left-wing [and NeoCon] crapweasels. I'm with Kathy!
Need Exorcism? Symptoms Here
From (of all places) Time magazine.
Q) So how is a priest supposed to figure out that an exorcism is warranted? How do they judge who is and who isn't a worthy candidate?
A) The ritual stipulates that there are three signs that the priest has to look for: abnormal strength, the ability to understand unknown languages and the knowledge of hidden things. But they're very arbitrary, even those things. So they have to be in concert with something else. And typically what priests look for is what they call the aversion to the sacred, which is a person's inability to pray, to say the name of Jesus or Mary, to even look at the priest. Typically, when the person comes to see them, it's the last thing they want to do. They tend to have gone to see many doctors in search of a medical cure for whatever is afflicting them. They don't believe that the problem is demonic.
Interesting and concise.
...usually, the more dramatic cases deal with people who are screaming, using their voice, shoving and punching, getting up, smacking their head against the wall — just very violent...
Well, that takes in a lot of LeftOWackies and high school kids (but I repeat myself.)
HT: CMR
Q) So how is a priest supposed to figure out that an exorcism is warranted? How do they judge who is and who isn't a worthy candidate?
A) The ritual stipulates that there are three signs that the priest has to look for: abnormal strength, the ability to understand unknown languages and the knowledge of hidden things. But they're very arbitrary, even those things. So they have to be in concert with something else. And typically what priests look for is what they call the aversion to the sacred, which is a person's inability to pray, to say the name of Jesus or Mary, to even look at the priest. Typically, when the person comes to see them, it's the last thing they want to do. They tend to have gone to see many doctors in search of a medical cure for whatever is afflicting them. They don't believe that the problem is demonic.
Interesting and concise.
...usually, the more dramatic cases deal with people who are screaming, using their voice, shoving and punching, getting up, smacking their head against the wall — just very violent...
Well, that takes in a lot of LeftOWackies and high school kids (but I repeat myself.)
HT: CMR
Condoms, AIDS, Benedict, and Harvard
Contrary to the condomolatry, Benedict XVI:
I would say that this problem of AIDS cannot be overcome with advertising slogans. If the soul is lacking, if Africans do not help one another, the scourge cannot be resolved by distributing condoms; quite the contrary, we risk worsening the problem. The solution can only come through a twofold commitment: firstly, the humanization of sexuality, in other words a spiritual and human renewal bringing a new way of behaving towards one another; and secondly, true friendship, above all with those who are suffering, a readiness — even through personal sacrifice — to be present with those who suffer. And these are the factors that help and bring visible progress.
And, from Harvard:
“We have found no consistent associations between condom use and lower HIV-infection rates, which, 25 years into the pandemic, we should be seeing if this intervention was working.” --Edward C. Green, director of the AIDS Prevention Research Project at the Harvard Center for Population and Development Studies
Further,
“The pope is correct,” Green told National Review Online Wednesday, “or put it a better way, the best evidence we have supports the pope’s comments. He stresses that “condoms have been proven to not be effective at the ‘level of population.’”
“There is,” Green adds, “a consistent association shown by our best studies, including the U.S.-funded ‘Demographic Health Surveys,’ between greater availability and use of condoms and higher (not lower) HIV-infection rates."
Right offhand, I suspect Prof. Green is going to 'be retired' soon.
HT: ProEcclesia
I would say that this problem of AIDS cannot be overcome with advertising slogans. If the soul is lacking, if Africans do not help one another, the scourge cannot be resolved by distributing condoms; quite the contrary, we risk worsening the problem. The solution can only come through a twofold commitment: firstly, the humanization of sexuality, in other words a spiritual and human renewal bringing a new way of behaving towards one another; and secondly, true friendship, above all with those who are suffering, a readiness — even through personal sacrifice — to be present with those who suffer. And these are the factors that help and bring visible progress.
And, from Harvard:
“We have found no consistent associations between condom use and lower HIV-infection rates, which, 25 years into the pandemic, we should be seeing if this intervention was working.” --Edward C. Green, director of the AIDS Prevention Research Project at the Harvard Center for Population and Development Studies
Further,
“The pope is correct,” Green told National Review Online Wednesday, “or put it a better way, the best evidence we have supports the pope’s comments. He stresses that “condoms have been proven to not be effective at the ‘level of population.’”
“There is,” Green adds, “a consistent association shown by our best studies, including the U.S.-funded ‘Demographic Health Surveys,’ between greater availability and use of condoms and higher (not lower) HIV-infection rates."
Right offhand, I suspect Prof. Green is going to 'be retired' soon.
HT: ProEcclesia
The Bernanke/Obama Nuking of the Dollar: Chaos Next?
We mentioned that Bernanke is embarking on a very, very dicey course by purchasing long-dated US bonds.
That is substantiated by this article from Asia Times.
In brief:
PRChina has a lot of USD reserves, and they keep them in two accounts: the "official," about $1.95Trillion, and the "secret", about $450Bn. Their entire currency portfolio is now about 70% USD-denominated assets, which they would prefer to be about 50%.
They'll get rid of the $450Bn in "secret" funds through purchases of hard assets globally (petroleum, minerals, etc.) and manipulate the purchases so that they do not 'crash' the USD in the process.
Not too hard, because PRChina's US securities portfolio is heavily weighted to the short side (bills) as opposed to the long side (bonds.)
Then the article gets a bit dark.
The bubble in US Treasuries is getting increasingly massive and unstable with each week that passes. Deepening global risk aversion is keeping investors lined up, so far, to buy Treasuries - especially short-dated ones. And the deepening economic crisis in the US is moving its own citizens to join in the buying spree.
If the Treasuries bubble persists for much longer, and especially if it continues to mount, the massive and dangerous distortions in the global financial system and the Treasuries-induced strangulation of its credit markets will only become more severe, likely leading to a meltdown somewhere in the emerging markets, one of whose effects will almost certainly spread to engulf the severely weakened Western European and US financial sectors and plunge particularly the US economy into a deep depression, with potent negative effects upon the dollar.
Such an eventuality will tend to force global investors to evaluate the safe-haven appeal of the dollar based much more on the fundamentals of the US economy, and that will portend a stampede out of the dollar and a potentially chaotic bursting of the massive Treasuries bubble. Hence, even if the US finds buyers for its huge sums of new sovereign debt now beginning to flood the markets, the picture does not look good for the dollar beyond the short term.
Obviously, if the US reaches the point where it fails to find sufficient buyers for its new flood of Treasuries, that will also become a perilous situation for the dollar and for the huge Treasuries bubble, which will almost certainly burst as global investors seek better stores of wealth in hard assets, following the lead of China's central bank.
Either way, the US is engaged in the implementation of extremely risky and potent inflationary, dollar-debasing policies, making a loss of global confidence in the dollar in the short to medium term a virtual certainty. Even if the massive spending does restore economic growth, the US economy is likely to remain very weak for some time. That will make it extremely difficult for the US Federal Reserve to tighten monetary policy to fight off the inevitable and potent inflation that will result from today's shortsighted policies.
The fork:
When the Fed attempts to tighten, the US economy will likely be plunged into a second-round recession or depression, with obviously awful effects upon the dollar. But if the Fed fails to tighten sufficiently and quickly, runaway inflation will ravage the currency anyway.
Prudent, forward-looking Chinese officials have clearly assessed the entire situation as one demanding careful but swift action to ensure that its huge reserves are not imperiled by what has obviously become an untenable global rush into an unstable and perilous dollar bubble.
Hence, China's central bank is enacting with a sense of urgency prudent measures, both explicit and clandestine, to significantly decrease exposure to the dollar. If the details of such measures should become sufficiently public and should attract undue global attention before China accomplishes its goals, a dollar panic might be triggered.
This risk, though perhaps not major, does exist nonetheless, and it is significantly increasing as China undertakes new measures that might attract undue and unwanted global attention. However, it is also likely that China will enjoy cover and gain breathing space to enact its prudent measures while much of the rest of the world continues to rush into the bubble.
Now you know why the O-and-Savior delivered those remarks a week ago (or so) blathering about 'US securites' being "safest investments on Earth."
Except, of course, it's not likely that Obama has any idea of what he's talking about in that regard, whereas the Chinese treasury-types really DO know what they are talking about.
"Since the subprime crisis evolved into the international financial crisis in September last year, we have executed the central authorities' plans to cope with the international financial crisis and launched the emergency response mechanism. We have closely followed developments, made timely adjustments to risk management, taken decisive and forward-looking measures to evaluate and remove risks ... "''--Fang Shangpu, deputy director of the State Administration of Foreign Exchange, PChina
Limbaugh is of the opinion that 'chaos is Obama's best friend.'
We may well find out what that REALLY means in the next 12 months or so.
HT: Shoebox/Eggster
That is substantiated by this article from Asia Times.
In brief:
PRChina has a lot of USD reserves, and they keep them in two accounts: the "official," about $1.95Trillion, and the "secret", about $450Bn. Their entire currency portfolio is now about 70% USD-denominated assets, which they would prefer to be about 50%.
They'll get rid of the $450Bn in "secret" funds through purchases of hard assets globally (petroleum, minerals, etc.) and manipulate the purchases so that they do not 'crash' the USD in the process.
Not too hard, because PRChina's US securities portfolio is heavily weighted to the short side (bills) as opposed to the long side (bonds.)
Then the article gets a bit dark.
The bubble in US Treasuries is getting increasingly massive and unstable with each week that passes. Deepening global risk aversion is keeping investors lined up, so far, to buy Treasuries - especially short-dated ones. And the deepening economic crisis in the US is moving its own citizens to join in the buying spree.
If the Treasuries bubble persists for much longer, and especially if it continues to mount, the massive and dangerous distortions in the global financial system and the Treasuries-induced strangulation of its credit markets will only become more severe, likely leading to a meltdown somewhere in the emerging markets, one of whose effects will almost certainly spread to engulf the severely weakened Western European and US financial sectors and plunge particularly the US economy into a deep depression, with potent negative effects upon the dollar.
Such an eventuality will tend to force global investors to evaluate the safe-haven appeal of the dollar based much more on the fundamentals of the US economy, and that will portend a stampede out of the dollar and a potentially chaotic bursting of the massive Treasuries bubble. Hence, even if the US finds buyers for its huge sums of new sovereign debt now beginning to flood the markets, the picture does not look good for the dollar beyond the short term.
Obviously, if the US reaches the point where it fails to find sufficient buyers for its new flood of Treasuries, that will also become a perilous situation for the dollar and for the huge Treasuries bubble, which will almost certainly burst as global investors seek better stores of wealth in hard assets, following the lead of China's central bank.
Either way, the US is engaged in the implementation of extremely risky and potent inflationary, dollar-debasing policies, making a loss of global confidence in the dollar in the short to medium term a virtual certainty. Even if the massive spending does restore economic growth, the US economy is likely to remain very weak for some time. That will make it extremely difficult for the US Federal Reserve to tighten monetary policy to fight off the inevitable and potent inflation that will result from today's shortsighted policies.
The fork:
When the Fed attempts to tighten, the US economy will likely be plunged into a second-round recession or depression, with obviously awful effects upon the dollar. But if the Fed fails to tighten sufficiently and quickly, runaway inflation will ravage the currency anyway.
Prudent, forward-looking Chinese officials have clearly assessed the entire situation as one demanding careful but swift action to ensure that its huge reserves are not imperiled by what has obviously become an untenable global rush into an unstable and perilous dollar bubble.
Hence, China's central bank is enacting with a sense of urgency prudent measures, both explicit and clandestine, to significantly decrease exposure to the dollar. If the details of such measures should become sufficiently public and should attract undue global attention before China accomplishes its goals, a dollar panic might be triggered.
This risk, though perhaps not major, does exist nonetheless, and it is significantly increasing as China undertakes new measures that might attract undue and unwanted global attention. However, it is also likely that China will enjoy cover and gain breathing space to enact its prudent measures while much of the rest of the world continues to rush into the bubble.
Now you know why the O-and-Savior delivered those remarks a week ago (or so) blathering about 'US securites' being "safest investments on Earth."
Except, of course, it's not likely that Obama has any idea of what he's talking about in that regard, whereas the Chinese treasury-types really DO know what they are talking about.
"Since the subprime crisis evolved into the international financial crisis in September last year, we have executed the central authorities' plans to cope with the international financial crisis and launched the emergency response mechanism. We have closely followed developments, made timely adjustments to risk management, taken decisive and forward-looking measures to evaluate and remove risks ... "''--Fang Shangpu, deputy director of the State Administration of Foreign Exchange, PChina
Limbaugh is of the opinion that 'chaos is Obama's best friend.'
We may well find out what that REALLY means in the next 12 months or so.
HT: Shoebox/Eggster
State (D) Mentions "Crisis": Bootlegging
Commenting on the cigarette-tax increase:
Rep. Gary Sherman, D-Port Wing, said while he doesn't oppose the cig tax increase, he wonders at one point high taxes will create a "black market" for "contraband" tobacco.
"At some point you reach a point where non-market things happen ... which would be a much bigger crisis than the one we have happening," he said.
Crisis, Gary? You're going to approve $1.7 BILLION in tax increases and an ~8% INCREASE in State spending, and you refer to penny-ante black market traffic as a "crisis"?
Rep. Gary Sherman, D-Port Wing, said while he doesn't oppose the cig tax increase, he wonders at one point high taxes will create a "black market" for "contraband" tobacco.
"At some point you reach a point where non-market things happen ... which would be a much bigger crisis than the one we have happening," he said.
Crisis, Gary? You're going to approve $1.7 BILLION in tax increases and an ~8% INCREASE in State spending, and you refer to penny-ante black market traffic as a "crisis"?
Bernanke's Really BIG Bet
Market Ticker:
The problem with the direct Treasury [bonds] purchase is the potential precedent.
See, Ben will effectively "overpay" for these bonds. As we saw in England with their buy this results in an immediate "sold to you!" response. Their "bid to cover" was insane, showing that essentially everyone and their brother was attempting to unload these bonds into the Bank of England - knowing full well that once this policy starts it always ends badly, and when you are given the opportunity to sell at higher than actual market value you take it.
(The Bank of England's offer to purchase Brit bonds is what he's talking about. Bond-holders offered SEVEN++ times the bonds that the BoE had offered to purchase.)
The danger is that in trying to suppress the long end of the curve is that it can fail. That is, the move we had today (which was massive) can be fleeting - and then reverse. This of course would force Ben to do it again, and again, and again. Ultimately he could wind up owning the entire long end of the curve or even worse, the entire $6 trillion public Treasury float.
This is the "economic collapse" scenario, because further government spending in such a situation requires the dilution of all existing money in the system by the same amount spent.
The article is a bit technical and covers a few other bases. Ticker offers two outcomes--one which is slightly optimistic about the recovery paying off the nuke-waste mortgages and other credit in some orderly fashion--the other suggesting that you should be prepared to grow your own veggies and chickens and get up to speed on barter.
The problem with the direct Treasury [bonds] purchase is the potential precedent.
See, Ben will effectively "overpay" for these bonds. As we saw in England with their buy this results in an immediate "sold to you!" response. Their "bid to cover" was insane, showing that essentially everyone and their brother was attempting to unload these bonds into the Bank of England - knowing full well that once this policy starts it always ends badly, and when you are given the opportunity to sell at higher than actual market value you take it.
(The Bank of England's offer to purchase Brit bonds is what he's talking about. Bond-holders offered SEVEN++ times the bonds that the BoE had offered to purchase.)
The danger is that in trying to suppress the long end of the curve is that it can fail. That is, the move we had today (which was massive) can be fleeting - and then reverse. This of course would force Ben to do it again, and again, and again. Ultimately he could wind up owning the entire long end of the curve or even worse, the entire $6 trillion public Treasury float.
This is the "economic collapse" scenario, because further government spending in such a situation requires the dilution of all existing money in the system by the same amount spent.
The article is a bit technical and covers a few other bases. Ticker offers two outcomes--one which is slightly optimistic about the recovery paying off the nuke-waste mortgages and other credit in some orderly fashion--the other suggesting that you should be prepared to grow your own veggies and chickens and get up to speed on barter.
Pocan: Another Amateur Spinner
This twerp is co-chair of Joint Finance!
Rep. Mark Pocan (D-Madison), cochairman of the Legislature's Joint Finance Committee, defended Gov. Jim Doyle's proposed 2009-'11 budget today in the wake of a new report that says it includes $1.7 billion in tax and fee increases.
In a statement, Pocan said the Democratic governor's spending plan "does not include an increase in the sales tax rate" of 5%.
"It does not include an across-the-board income tax increase for the average family," Pocan added. "Nor does it include a directed property tax increase. Given the state’s $5.7 billion deficit, that alone is a significant accomplishment for working families in Wisconsin.
Right-o, SmileyFace.
The "profit" tax on gasoline refiners will be paid by Wisconsin residents (if it passes Constitutional muster) and is a regressive tax on low-income people.
The cigarette tax is another regressive tax.
The corporate tax increase will be paid either by: 1) people who purchase goods from affected Companies or 2) people who work for those firms who will NOT get wage/salary increases as a result.
And the increased debt floated by the State will tax the bejabbers out of our children, and THEIR children, if they are stupid enough to stay here.
Rep. Mark Pocan (D-Madison), cochairman of the Legislature's Joint Finance Committee, defended Gov. Jim Doyle's proposed 2009-'11 budget today in the wake of a new report that says it includes $1.7 billion in tax and fee increases.
In a statement, Pocan said the Democratic governor's spending plan "does not include an increase in the sales tax rate" of 5%.
"It does not include an across-the-board income tax increase for the average family," Pocan added. "Nor does it include a directed property tax increase. Given the state’s $5.7 billion deficit, that alone is a significant accomplishment for working families in Wisconsin.
Right-o, SmileyFace.
The "profit" tax on gasoline refiners will be paid by Wisconsin residents (if it passes Constitutional muster) and is a regressive tax on low-income people.
The cigarette tax is another regressive tax.
The corporate tax increase will be paid either by: 1) people who purchase goods from affected Companies or 2) people who work for those firms who will NOT get wage/salary increases as a result.
And the increased debt floated by the State will tax the bejabbers out of our children, and THEIR children, if they are stupid enough to stay here.
TelePrompter Takes Responsibility for AIG Bonuses
Well, more or less, sorta.
President Barack Obama said he will take the blame for bonuses being paid at American International Group Inc. if it will settle an intense finger pointing under way over how such payments were possible at a company that has received tremendous taxpayer aid.
"Washington is all in a tizzy and everybody is pointing fingers at each other and saying it's their fault, the Democrats' fault, the Republicans' fault," he said at a town hall meeting Wednesday.
REPUBLICANS? Ace reminds the TelePrompter:
...The only Republican in this mess is Olympia Snowe, whose contribution to the bill was language prohibiting the controversial bonuses.
It was a Democrat, Chris Dodd, who changed that language to permit the bonuses, at the behest of a Democrat, Tim Geithner, who was appointed by another Democrat, Barack Obama.
So who...exactly is saying it's the Republicans' fault except for our graciously blame-accepting president?
It was the TelePrompter that said it, Ace. Not the Savior.
President Barack Obama said he will take the blame for bonuses being paid at American International Group Inc. if it will settle an intense finger pointing under way over how such payments were possible at a company that has received tremendous taxpayer aid.
"Washington is all in a tizzy and everybody is pointing fingers at each other and saying it's their fault, the Democrats' fault, the Republicans' fault," he said at a town hall meeting Wednesday.
REPUBLICANS? Ace reminds the TelePrompter:
...The only Republican in this mess is Olympia Snowe, whose contribution to the bill was language prohibiting the controversial bonuses.
It was a Democrat, Chris Dodd, who changed that language to permit the bonuses, at the behest of a Democrat, Tim Geithner, who was appointed by another Democrat, Barack Obama.
So who...exactly is saying it's the Republicans' fault except for our graciously blame-accepting president?
It was the TelePrompter that said it, Ace. Not the Savior.
Sean Hackbarth at McCain's Site
Ex-Wisconsin blogger makes it bigtime w/pic on national blog.
Maybe it's a compromising position. Maybe not.
Maybe it's a compromising position. Maybe not.
There's A Word for People Like Eric Himpton Holder
....and it is NOT "intelligent."
Attorney General Eric Holder said some detainees being held at Guantanamo Bay, Cuba, may end up being released in the U.S. as the Obama administration works with foreign allies to resettle some of the prisoners.
OK, Eric. Your hometown first.
You dumbass lawyer.
HT: HotAir
Attorney General Eric Holder said some detainees being held at Guantanamo Bay, Cuba, may end up being released in the U.S. as the Obama administration works with foreign allies to resettle some of the prisoners.
OK, Eric. Your hometown first.
You dumbass lawyer.
HT: HotAir
Obama's Next Move: Regulating Compensation
PowerLine quotes the O-and-Savior.
People are rightly outraged about these particular bonuses, but just as outrageous is the culture that these bonuses are a symptom of that have existed for far too long; a situation where excess greed, excess compensation, excess risk taking have all made us vulnerable and left us holding the bag
(It would NOT have 'left us holding the bag' if we had simply flushed the toilet in the first place...but nevermind.)
It means that shareholders and board of directors have to hold executives more accountable for their compensation scales. You know, the fact that these guys are looking for bonuses having run down AIG begs the question of why were they making that much beforehand when nobody was criticizing them? ...
(Or taking campaign contributions from them?)
The financial regulatory package that we're designing as well as the economic policies that we want to put in place are going to put an end to that culture
...we believe in the free market. We believe in capitalism. We believe in people getting rich. But we believe in people getting rich based on performance and what they have add in terms of value and the products that services that they create
Thisstreet-hustler community organizer is going to determine "value-added" in products and services?
That's reassuring.
People are rightly outraged about these particular bonuses, but just as outrageous is the culture that these bonuses are a symptom of that have existed for far too long; a situation where excess greed, excess compensation, excess risk taking have all made us vulnerable and left us holding the bag
(It would NOT have 'left us holding the bag' if we had simply flushed the toilet in the first place...but nevermind.)
It means that shareholders and board of directors have to hold executives more accountable for their compensation scales. You know, the fact that these guys are looking for bonuses having run down AIG begs the question of why were they making that much beforehand when nobody was criticizing them? ...
(Or taking campaign contributions from them?)
The financial regulatory package that we're designing as well as the economic policies that we want to put in place are going to put an end to that culture
...we believe in the free market. We believe in capitalism. We believe in people getting rich. But we believe in people getting rich based on performance and what they have add in terms of value and the products that services that they create
This
That's reassuring.
On Presidential NCAA Brackets
So was it Obama who filled in the brackets, or was it the TelePrompter?
Like Ron Paul? Homeland Security Is Watching You!
Your Department of Homeland Security has a lot of things to keep watch over.
Like Ron Paul supporters.
The State of Missouri circulated an 8-page document to all its LEO agencies which included Ron Paul supporters among "militia" movements which bear watching. Oh--yah--anti-abortion groups are included. You know--they have weaponized their rosaries...
The document tells state officials to be on the lookout for violent extremists while conflating them with pretty much anyone who criticizes the government.
But it wasn't some over-eager Missouri AG-Office twink that came up with the original document--it was Janet Napolitano's Department of Homeland Security.
One of the symbols which Napolitano's DHS connects with "violent militia groups" is the Gadsden flag (above).
HT: AmSpec
Fed Creates $1Trillion---Dollar Dumps v. Euro
"Helicopter Ben" has finally grabbed the reciprocal. And the recession? It's YOUR fault!
The Federal Open Market Committee, ...moved markets this afternoon with its announcement that it was going to buy lots more mortgage securities (up to $750 billion more) and start buying long-term Treasuries (up to $300 billion worth) for the first time in a very long time
But the financial world and America's position in it are... complicated.... We now owe lots of money to creditors outside the U.S., and when they see the Fed buying long-dated Treasuries they're bound to start worrying about what that means for the dollar. If they get too worried, they could drive up interest rates here and counter the impact of the Fed's purchases. So there are limits to the Fed's magical powers, and they already began showing up in currency markets this afternoon, with the dollar falling sharply against the euro and other foreign currencies. The adventure continues.
Next effect: FoMoCo and AutoNation will get their wish. Petroleum WILL go up in price; the only question is whether gasoline will hit the "target" of $4.00/gallon.
We learn that the recession is YOUR fault:
Jan Hatzius...said the Fed had adopted a “kitchen sink” strategy of throwing everything it had to jolt the economy out of its downward spiral.
But while Mr. Hatzius applauded the decision, he cautioned that the central bank could not solve the economy’s problems by expanding cheap money.
“Even if the Fed could make interest rates negative, that wouldn’t necessarily help,” Mr. Hatzius said. “We’re in a deep recession mainly because the private sector, for a variety of reasons, has decided to save a lot more. You can have a zero interest rate, but if you just offer more money on top of the money that is already available, it doesn’t do that much.”
Mr. Hatzius knows about blowing money away--which is what he wants from the "private sector."
He's the Chief Economist for Goldman Sachs, which recieved $$UmptyZillion in taxpayer dollars through AIG and through the "bailout" program.
The Federal Open Market Committee, ...moved markets this afternoon with its announcement that it was going to buy lots more mortgage securities (up to $750 billion more) and start buying long-term Treasuries (up to $300 billion worth) for the first time in a very long time
But the financial world and America's position in it are... complicated.... We now owe lots of money to creditors outside the U.S., and when they see the Fed buying long-dated Treasuries they're bound to start worrying about what that means for the dollar. If they get too worried, they could drive up interest rates here and counter the impact of the Fed's purchases. So there are limits to the Fed's magical powers, and they already began showing up in currency markets this afternoon, with the dollar falling sharply against the euro and other foreign currencies. The adventure continues.
Next effect: FoMoCo and AutoNation will get their wish. Petroleum WILL go up in price; the only question is whether gasoline will hit the "target" of $4.00/gallon.
We learn that the recession is YOUR fault:
Jan Hatzius...said the Fed had adopted a “kitchen sink” strategy of throwing everything it had to jolt the economy out of its downward spiral.
But while Mr. Hatzius applauded the decision, he cautioned that the central bank could not solve the economy’s problems by expanding cheap money.
“Even if the Fed could make interest rates negative, that wouldn’t necessarily help,” Mr. Hatzius said. “We’re in a deep recession mainly because the private sector, for a variety of reasons, has decided to save a lot more. You can have a zero interest rate, but if you just offer more money on top of the money that is already available, it doesn’t do that much.”
Mr. Hatzius knows about blowing money away--which is what he wants from the "private sector."
He's the Chief Economist for Goldman Sachs, which recieved $$UmptyZillion in taxpayer dollars through AIG and through the "bailout" program.
Wednesday, March 18, 2009
Don't Cry For Me--Bail Me Out, Instead!
Here's a guy whose banks are tapping their fingers--and he's desperate.
“In case anyone missed his point, Michael Jackson, CEO of AutoNation, the largest auto dealer in the U.S., was more explicit: ‘Mr. Mulally said it very elegantly last night and I will say it more straightforward. We need more expensive gasoline.’
“While last year's energy spike briefly encouraged small-car sales, Mr. Jackson complained that those sales have plummeted with gas prices. ‘I have fuel-efficient vehicles parked at my dealerships as far as the eye can see. I can't give them away.’ He figures a tax that guarantees a gas-price floor of $4 a gallon is a ‘good start.’ Mr. Mulally, for his part, talked about how good Ford's sales of small cars were in Europe, and that ‘one of the reasons is that gasoline and diesel is somewhere between seven and nine dollars a gallon.’"
In other words, he's on the brink of BK and needs a bailout. Not all that different from FoMoCo chairman (and personal-G5-commuter) Mulally's comment, referenced in the link.
Quoted in the WSJournal, caught by P-Mac.
“In case anyone missed his point, Michael Jackson, CEO of AutoNation, the largest auto dealer in the U.S., was more explicit: ‘Mr. Mulally said it very elegantly last night and I will say it more straightforward. We need more expensive gasoline.’
“While last year's energy spike briefly encouraged small-car sales, Mr. Jackson complained that those sales have plummeted with gas prices. ‘I have fuel-efficient vehicles parked at my dealerships as far as the eye can see. I can't give them away.’ He figures a tax that guarantees a gas-price floor of $4 a gallon is a ‘good start.’ Mr. Mulally, for his part, talked about how good Ford's sales of small cars were in Europe, and that ‘one of the reasons is that gasoline and diesel is somewhere between seven and nine dollars a gallon.’"
In other words, he's on the brink of BK and needs a bailout. Not all that different from FoMoCo chairman (and personal-G5-commuter) Mulally's comment, referenced in the link.
Quoted in the WSJournal, caught by P-Mac.
Retaliation in Maricopa County?
Badger picked up an interesting article.
Indicted Maricopa County Supervisor Don Stapley was not appointed to a special task force on the implementation of the federal economic recovery plan, despite a claim to that effect made by his lawyers in a court motion, a White House spokeswoman said Wednesday
Stapley’s attorney, Paul Charlton, said there was a mix-up in terminology and acknowledged the supervisor has not been appointed to a task force by Vice President Joe Biden, as was claimed in a motion filed Tuesday.
Here's the fun part.
Wednesday, Sheriff Joe Arpaio and County Attorney Andrew Thomas, who brought the case against Stapley...
You think it's just "co-incidence" that Sheriff Joe's being 'investigated' by Eric Holder's boyzzz?
Indicted Maricopa County Supervisor Don Stapley was not appointed to a special task force on the implementation of the federal economic recovery plan, despite a claim to that effect made by his lawyers in a court motion, a White House spokeswoman said Wednesday
Stapley’s attorney, Paul Charlton, said there was a mix-up in terminology and acknowledged the supervisor has not been appointed to a task force by Vice President Joe Biden, as was claimed in a motion filed Tuesday.
Here's the fun part.
Wednesday, Sheriff Joe Arpaio and County Attorney Andrew Thomas, who brought the case against Stapley...
You think it's just "co-incidence" that Sheriff Joe's being 'investigated' by Eric Holder's boyzzz?
Nobody Wants T-Bonds? or Bills?
Not exactly what you want to see if you're Tim Geithner--a drop in long-Treasury buys by foreigners.For that matter, T-Bills aren't exactly being vacuumed off the shelves, either.
MarketTicker warned about this:
Bernanke bluffed and the bond market called it. He cannot monetize several trillion in new issue plus the entirety of the 10 and 30 year bonds out there to stop a bond market sell-off. In addition, the market no longer believes him, as evidenced by today's price action. A serious bond-market sell-off will ramp the cost of all credit, including mortgages and commercial loans.
And that was in January of '08.
About Face!! March!!
The American Legion was.........ahhh..........persuasive.
“We are glad that President Obama listened to the strong objections raised by The American Legion and veterans everywhere about this unfair plan,” said National Commander David K Rehbein of The American Legion. “We thank the administration for its proposed increase in the VA budget and we are always available to assist by providing guidance to ensure a veterans health care system that is worthy of the heroes that use it.”
Following a meeting this afternoon with The American Legion and other veterans service organizations, the White House announced that it will no longer considering billing insurance companies or veterans for their service-connected disabilities.
One thing counts.
Votes.
“We are glad that President Obama listened to the strong objections raised by The American Legion and veterans everywhere about this unfair plan,” said National Commander David K Rehbein of The American Legion. “We thank the administration for its proposed increase in the VA budget and we are always available to assist by providing guidance to ensure a veterans health care system that is worthy of the heroes that use it.”
Following a meeting this afternoon with The American Legion and other veterans service organizations, the White House announced that it will no longer considering billing insurance companies or veterans for their service-connected disabilities.
One thing counts.
Votes.
Collapse, Get Big Bonus!!
Fannie Mae/Freddie Mac has the formula down.
All you really have to do is go into receivership (collapse)--and then you pay out big "retention" bonus bucks to the bigwigs whoruined run the joint.
Fannie Mae plans to pay retention bonuses of as much as $611,000 each to key executives this year as part of a plan to keep hundreds of employees from leaving the government-controlled company.
Rival mortgage finance company Freddie Mac is planning similar awards, but has not yet reported on which executives will benefit.
The two companies, which together own or back more than half of the home mortgages in the country, have been hobbled by skyrocketing loan defaults. Fannie recently requested $15 billion in federal aid, while Freddie has sought a total of almost $45 billion
I have a suggestion.
Find the former executives and retain THEM--in Club Fed. For several years. Like maybe 20-to-life.
As to the current guys: screw the bonus plans. Who in Hell would hire anyone with "Fan/Fred" on their resume? They're not going anywhere soon.
All you really have to do is go into receivership (collapse)--and then you pay out big "retention" bonus bucks to the bigwigs who
Fannie Mae plans to pay retention bonuses of as much as $611,000 each to key executives this year as part of a plan to keep hundreds of employees from leaving the government-controlled company.
Rival mortgage finance company Freddie Mac is planning similar awards, but has not yet reported on which executives will benefit.
The two companies, which together own or back more than half of the home mortgages in the country, have been hobbled by skyrocketing loan defaults. Fannie recently requested $15 billion in federal aid, while Freddie has sought a total of almost $45 billion
I have a suggestion.
Find the former executives and retain THEM--in Club Fed. For several years. Like maybe 20-to-life.
As to the current guys: screw the bonus plans. Who in Hell would hire anyone with "Fan/Fred" on their resume? They're not going anywhere soon.
FOCA's Little Sister
The O-and-Savior is moving quickly toward very dangerous waters.
"On Friday afternoon, February 27, the Obama Administration placed on a federal website the news that it intends to remove a conscience protection rule for the Department of Health and Human Services. That rule is one part of the range of legal protections for health care workers—for doctors, nurses and others—who have objections in conscience to being involved in abortion and other killing procedures that are against how they live their faith in God.
"As Catholic bishops and American citizens, we are deeply concerned that such an action on the government’s part would be the first step in moving our country from democracy to despotism."
Cardinal George is facile with English--and the term is chosen carefully.
HT: Shepherd
"On Friday afternoon, February 27, the Obama Administration placed on a federal website the news that it intends to remove a conscience protection rule for the Department of Health and Human Services. That rule is one part of the range of legal protections for health care workers—for doctors, nurses and others—who have objections in conscience to being involved in abortion and other killing procedures that are against how they live their faith in God.
"As Catholic bishops and American citizens, we are deeply concerned that such an action on the government’s part would be the first step in moving our country from democracy to despotism."
Cardinal George is facile with English--and the term is chosen carefully.
HT: Shepherd
Brazilian Bishops: "You Don't Know What You're Talking About"
The press has played up the story. A Brazilian Bishop ex-comm'ed a doctor for performing an abortion, killing two babies. (Reminder: excommunication is self-incurred--the only function of the Bishop is to confirm the fact.)
At any rate, a Rome-based Cardinal told the press that he didn't approve.
The Brazilian has (in effect) told the Cardinal to shove it.
The article is, in other words, a direct attack of the defense of the lives of the three children vehemently made by Archbishop José Cardoso Sobrinho and leaves evident how much the author does not have the necessary data or information to speak on the matter, due to his utter ignorance of the facts
Not the first time that Rome's been in the dark.
At any rate, a Rome-based Cardinal told the press that he didn't approve.
The Brazilian has (in effect) told the Cardinal to shove it.
The article is, in other words, a direct attack of the defense of the lives of the three children vehemently made by Archbishop José Cardoso Sobrinho and leaves evident how much the author does not have the necessary data or information to speak on the matter, due to his utter ignorance of the facts
Not the first time that Rome's been in the dark.
Romney? Be Serious!
Just because a bunch of kids at CPAC like his looks?
... if Mitt Romney is the political answer for conservatives, the question must be, "How might the conservative movement commit intellectual suicide in the quickest manner possible?" His ideas about health care are virtually indistinguishable from those offered by President Obama, save for the fact that Romney is more disingenuous than Obama regarding the reforms he has in mind. Regarding the auto industry, he is indecipherable, having taken both pro-bailout and anti-bailout positions (the former as a candidate, the latter as an ex-candidate in the New York Times, and yes, it's just another of the usual set of politically opportunistic Romney flip-flops). His alleged fiscal discipline was on vacation during his governorship in Massachusetts. And he is fond of making the case for protectionism and, as your post pointed out, tighter business regulation, asset valuation divorced from market realities, and industrial policy for any troubled sector with political support.
To be fair, one can't necessarily say that what Romney believed yesterday represents what he believes today, or that what he believes today represents what he will believe tomorrow (witness his incredibly well-timed flip-flops on abortion, gay rights, gun control, and a whole host of social issues). Yet the fact that this unprincipled political chameleon is being offered as "the last, best hope for conservatism" (to steal a phrase) speaks volumes about the intellectual and political wreckage on the Right at the moment.
Other than that, he's a nice guy!
The Corner, via ProEcclesia
... if Mitt Romney is the political answer for conservatives, the question must be, "How might the conservative movement commit intellectual suicide in the quickest manner possible?" His ideas about health care are virtually indistinguishable from those offered by President Obama, save for the fact that Romney is more disingenuous than Obama regarding the reforms he has in mind. Regarding the auto industry, he is indecipherable, having taken both pro-bailout and anti-bailout positions (the former as a candidate, the latter as an ex-candidate in the New York Times, and yes, it's just another of the usual set of politically opportunistic Romney flip-flops). His alleged fiscal discipline was on vacation during his governorship in Massachusetts. And he is fond of making the case for protectionism and, as your post pointed out, tighter business regulation, asset valuation divorced from market realities, and industrial policy for any troubled sector with political support.
To be fair, one can't necessarily say that what Romney believed yesterday represents what he believes today, or that what he believes today represents what he will believe tomorrow (witness his incredibly well-timed flip-flops on abortion, gay rights, gun control, and a whole host of social issues). Yet the fact that this unprincipled political chameleon is being offered as "the last, best hope for conservatism" (to steal a phrase) speaks volumes about the intellectual and political wreckage on the Right at the moment.
Other than that, he's a nice guy!
The Corner, via ProEcclesia
Embracing the ACLU in the Judiciary
Oh, yah.
President Obama has nominated U.S. District Court Judge David Hamilton for the vacancy in the Seventh Circuit. The media immediately lauded the pick as "moderate." They must have been reading that off of JournoList, because he is no moderate.
He was a fundraiser for ACORN and vice president for litigation at the Indiana ACLU, where he also was a board member, before becoming a judge. There's the time (a mere seven years) he held up an abortion waiting period and was firmly rapped by the Circuit he is nominated to join:
...Although Salerno does not foreclose all pre-enforcement challenges to abortion laws, it is an abuse of discretion for a district judge to issue a pre-enforcement injunction while the effects of the law (and reasons for those effects) are open to debate
"Abuse of discretion"--just a bit foreboding, no?
HT: Ace
President Obama has nominated U.S. District Court Judge David Hamilton for the vacancy in the Seventh Circuit. The media immediately lauded the pick as "moderate." They must have been reading that off of JournoList, because he is no moderate.
He was a fundraiser for ACORN and vice president for litigation at the Indiana ACLU, where he also was a board member, before becoming a judge. There's the time (a mere seven years) he held up an abortion waiting period and was firmly rapped by the Circuit he is nominated to join:
...Although Salerno does not foreclose all pre-enforcement challenges to abortion laws, it is an abuse of discretion for a district judge to issue a pre-enforcement injunction while the effects of the law (and reasons for those effects) are open to debate
"Abuse of discretion"--just a bit foreboding, no?
HT: Ace
Yup. He's In Charge of AIG Fin'l Products
Interesting choice of blazer, no? Goes well with the T-shirt.
...the Times article reports the division is now run by Gerry Pasciucco, a former vice chairman of Morgan Stanley. On the left, you can see a recent photograph of Mr. Pasciucco from a party in Belle Haven, sporting a Che Guevara t-shirt, blue blazer and handkerchief, with some sort of sporting drink I'm unable to identify (possibly a mojito?).
Is this the guy Iowahawk writes about?
Morgan Stanley took $10Bn in TARP, and a whole 'nother $1 billion from AIG's counterparty-payouts.
HT: Ace
Modestly: I TOLD You So!
Would you lend ThreeCardMonte Doyle $1.5BN?
Some are a bit hesitant.
The state hopes to sell $1.52 billion in bonds, which have a minimum purchase price of $5,000, as a way to shore up the budget. For example, a new 10-year bond, which is exempt from federal tax, carries a 4.75% yield for someone in the 28% tax bracket.
That's a good yield for a 10-year bond, said Wendy Stojadinovic, senior fixed-income manager at MBO Cleary Advisors Inc. in Milwaukee. However, she said, she's reluctant to invest without seeing exactly how the cash flow needed to pay off the bonds will work.
The bonds are tied to the 1998 settlement by tobacco companies with states over medical costs caused by tobacco products. The $1.52 billion is roughly what the companies are scheduled to pay the state government from 2010 to 2037.
Got that? (Hint: it's in the very fine print...)
Stojadinovic said she wants to know more about the likelihood of tobacco companies continuing to make payments.
"I'd be more comfortable with more essential-service revenue bonds, like the water or sewer revenues," she said.
Marquette University accounting professor Robert Yahr said he wonders how receptive the market will be for those who need cash and want to sell the bonds before they mature.
"For people investing for the first time, hopefully they have other investments and have an investment adviser so they can get some professional advice," Yahr said.
That's what we call VERY cautious endorsement.
HT FoxPolitics
Some are a bit hesitant.
The state hopes to sell $1.52 billion in bonds, which have a minimum purchase price of $5,000, as a way to shore up the budget. For example, a new 10-year bond, which is exempt from federal tax, carries a 4.75% yield for someone in the 28% tax bracket.
That's a good yield for a 10-year bond, said Wendy Stojadinovic, senior fixed-income manager at MBO Cleary Advisors Inc. in Milwaukee. However, she said, she's reluctant to invest without seeing exactly how the cash flow needed to pay off the bonds will work.
The bonds are tied to the 1998 settlement by tobacco companies with states over medical costs caused by tobacco products. The $1.52 billion is roughly what the companies are scheduled to pay the state government from 2010 to 2037.
Got that? (Hint: it's in the very fine print...)
Stojadinovic said she wants to know more about the likelihood of tobacco companies continuing to make payments.
"I'd be more comfortable with more essential-service revenue bonds, like the water or sewer revenues," she said.
Marquette University accounting professor Robert Yahr said he wonders how receptive the market will be for those who need cash and want to sell the bonds before they mature.
"For people investing for the first time, hopefully they have other investments and have an investment adviser so they can get some professional advice," Yahr said.
That's what we call VERY cautious endorsement.
HT FoxPolitics
"We Have Doyle; You're FIRED!": SEIU
No surprise here.
The Service Employees International Union, considered the most influential union in the nation, has notified the union that represents about 220 of its national field staff and organizers that 75 of them are being laid off. In return, the workers’ union, which goes by the somewhat postmodern name of the Union of Union Representatives, has filed unfair labor practices charges against SEIU with the National Labor Relations Board. The staff union’s leaders say that SEIU is engaging in the same kind of practices that some businesses use — laying off workers without proper notice, contracting out work to temp firms, banning union activities and reclassifying workers to reduce union numbers.
See, the SEIU doesn't need organizers any more.
They have Jim Doyle to make membership mandatory in Wisconsin. Why pay those people?
The Service Employees International Union, considered the most influential union in the nation, has notified the union that represents about 220 of its national field staff and organizers that 75 of them are being laid off. In return, the workers’ union, which goes by the somewhat postmodern name of the Union of Union Representatives, has filed unfair labor practices charges against SEIU with the National Labor Relations Board. The staff union’s leaders say that SEIU is engaging in the same kind of practices that some businesses use — laying off workers without proper notice, contracting out work to temp firms, banning union activities and reclassifying workers to reduce union numbers.
See, the SEIU doesn't need organizers any more.
They have Jim Doyle to make membership mandatory in Wisconsin. Why pay those people?
Buy More Guns (and Ammo...)
Eric Holder, our Dear Leader's Enforcer-in-Chief, is playing the O-and-Savior game very well, indeed. It's called the Big Non-Sequitur. (The "Big Lie" is so....20th Century...)
Obama tells us that the recession can be 'fixed' by taxing CO2, giving a college education to every US citizen, and drowning the country in long-term debt.
Of course, the recession was caused by the sudden deflation of the Real Estate Bubble--but facts don't matter.
So you get the same Non-Sequitur foofoodust from Holder.
"As President Obama indicated during the campaign, there are just a few gun-related changes that we would like to make, and among them would be to re-institute the ban on the sale of assault weapons," Holder said. "I think that will have a positive impact in Mexico, at a minimum."
Holder said reinstating the ban would decrease the flow of guns from the U.S. into Mexico. He declined to offer a timeframe for any re-implementation; Justice Department spokesman Matt Miller also declined comment on Tuesday.
Pure, unadulteraded, bullshit.
...Wayne LaPierre, executive vice president of the National Rifle Association, told FOXNews.com that Holder's "argument in general is bizarre."
"It's a delusion to say that diminishing the Second Amendment in America is somehow going to stop these ruthless drug cartels in Mexico."
Guys who can spend $500 million/year to acquire guns and ammo, mostly from 3rd-world sources and from corrupt military members in Mexico, are not in the least bit worried about a supply interruption from the US--particularly since the cartels' arms are largely unavailable in the US.
Obama tells us that the recession can be 'fixed' by taxing CO2, giving a college education to every US citizen, and drowning the country in long-term debt.
Of course, the recession was caused by the sudden deflation of the Real Estate Bubble--but facts don't matter.
So you get the same Non-Sequitur foofoodust from Holder.
"As President Obama indicated during the campaign, there are just a few gun-related changes that we would like to make, and among them would be to re-institute the ban on the sale of assault weapons," Holder said. "I think that will have a positive impact in Mexico, at a minimum."
Holder said reinstating the ban would decrease the flow of guns from the U.S. into Mexico. He declined to offer a timeframe for any re-implementation; Justice Department spokesman Matt Miller also declined comment on Tuesday.
Pure, unadulteraded, bullshit.
...Wayne LaPierre, executive vice president of the National Rifle Association, told FOXNews.com that Holder's "argument in general is bizarre."
"It's a delusion to say that diminishing the Second Amendment in America is somehow going to stop these ruthless drug cartels in Mexico."
Guys who can spend $500 million/year to acquire guns and ammo, mostly from 3rd-world sources and from corrupt military members in Mexico, are not in the least bit worried about a supply interruption from the US--particularly since the cartels' arms are largely unavailable in the US.
Moonbat Day: March 21
Orders from Rahm and the O-and-Savior (bless his name) have been issued:
Opening our doors and talking to our neighbors is the only way we'll make President Obama's economic plan a reality. Take the next step now by hosting or attending a Pledge Project Canvass the weekend of Saturday, March 21st. Build your community's support for President Obama’s approach to renewing and rebuilding America by knocking on doors and asking your neighbors to get involved. Take part in the Pledge Project by hosting a canvass in your community now.
So it looks like I'll be open-carrying the .357 on Saturday when I answer the door.
And, yes, there will be events in the Milwaukee area.
HT: NewsBusters
Opening our doors and talking to our neighbors is the only way we'll make President Obama's economic plan a reality. Take the next step now by hosting or attending a Pledge Project Canvass the weekend of Saturday, March 21st. Build your community's support for President Obama’s approach to renewing and rebuilding America by knocking on doors and asking your neighbors to get involved. Take part in the Pledge Project by hosting a canvass in your community now.
So it looks like I'll be open-carrying the .357 on Saturday when I answer the door.
And, yes, there will be events in the Milwaukee area.
HT: NewsBusters
You Can't Afford Obamism Tax-and-Cap
No, it's not "just" $646 Billion for 'cap and trade.'
More like $2 TRILLION--about 300% of the O-and-Savior's first stupid-wild-ass-guess (SWAG.)
At the meeting, Jason Furman, a top Obama staffer, estimated that the president’s cap-and-trade program could cost up to three times as much as the administration’s early estimate of $646 billion over eight years. A study of an earlier cap-and-trade bill co-sponsored by Mr. Obama when he was a senator estimated the cost could top $366 billion a year by 2015.
A White House official did not confirm the large estimate, saying only that Obama aides previously had noted that the $646 billion estimate was “conservative.”
No wonder Obama's going to appear on Leno. He's a comedian.
Just a brief reminder: two-thirds of Wisconsin's electricity will be hit by this tax--and that means YOU will pay more for your light and heat. Wisconsin's industrial and agricultural economies will be hit by this tax--meaning YOU will pay more for food...if you have a job after the manufacturers simply pick up and leave the USA.
More like $2 TRILLION--about 300% of the O-and-Savior's first stupid-wild-ass-guess (SWAG.)
At the meeting, Jason Furman, a top Obama staffer, estimated that the president’s cap-and-trade program could cost up to three times as much as the administration’s early estimate of $646 billion over eight years. A study of an earlier cap-and-trade bill co-sponsored by Mr. Obama when he was a senator estimated the cost could top $366 billion a year by 2015.
A White House official did not confirm the large estimate, saying only that Obama aides previously had noted that the $646 billion estimate was “conservative.”
No wonder Obama's going to appear on Leno. He's a comedian.
Just a brief reminder: two-thirds of Wisconsin's electricity will be hit by this tax--and that means YOU will pay more for your light and heat. Wisconsin's industrial and agricultural economies will be hit by this tax--meaning YOU will pay more for food...if you have a job after the manufacturers simply pick up and leave the USA.
Tell Us Again About the "Benevolent" CRA
LeftoWackies have insisted that the Community Redevelopment Act (CRA), a Carter-era invention put on steroids by Clinton & Co., is actually very benevolent, and certainly did NOT have anything to do with nuclear-waste mortgages.
Uh-huh.
A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.
[The] East Bridgewater Savings Bank... stand[s] out among a flurry a failing banks, with no delinquent loans or foreclosures on its books, the Journal reported. East Bridgewater Savings didn’t even need to set aside in money in 2008 for anticipated loan losses.
But rather than reward Petrucelli's tactics, the FDIC recently criticized his bank for not lending enough, slapping it with a "needs to improve" rating under the Community Reinvestment Act, the Journal reported. . . . .
...meaning that the Bank MUST start losing money here and there.
HT: Lott
Uh-huh.
A Massachusetts bank that has defied the odds and remained free of bad loans amid the economic crisis is now being criticized by the Federal Deposit Insurance Corp. for the cautious business practices that caused its rare success.
[The] East Bridgewater Savings Bank... stand[s] out among a flurry a failing banks, with no delinquent loans or foreclosures on its books, the Journal reported. East Bridgewater Savings didn’t even need to set aside in money in 2008 for anticipated loan losses.
But rather than reward Petrucelli's tactics, the FDIC recently criticized his bank for not lending enough, slapping it with a "needs to improve" rating under the Community Reinvestment Act, the Journal reported. . . . .
...meaning that the Bank MUST start losing money here and there.
HT: Lott
Obama to Strongarm CO2 Tax and HillaryCare
Following the QueenNancy blueprint...
Senior members of the Obama administration are pressing lawmakers to use a shortcut to drive the president's signature initiatives on health care and energy through Congress without Republican votes, a move that many lawmakers say would fly in the face of President Obama's pledge to restore bipartisanship to Washington.
Republicans are howling about the proposal to expand health coverage and tax greenhouse gas emissions without their input, warning that it could irrevocably damage relations with the new president.
The shortcut, known as "budget reconciliation," would allow Obama's health and energy proposals to be rolled into a bill that cannot be filibustered, meaning Democrats could push it through the Senate with 51 votes, instead of the usual 60. Presidents Ronald Reagan and Bill Clinton both used the tactic to win deficit-reduction packages, while George W. Bush used it to push through his signature tax cuts
That method is not even flying with Senate Democrats.
Lincoln is one of seven Democrats who last week joined 21 Republican senators in declaring their opposition to using reconciliation to expedite Obama's plan to auction off permits for the release of greenhouse gases such as carbon dioxide, a proposal known as cap and trade. That legislation "is likely to influence nearly every feature of the U.S. economy," the letter says, adding that any move to put it on a fast track or to limit debate "would be inconsistent with the administration's stated goals of bipartisanship, cooperation, and openness."
You say you want a revolution?
Senior members of the Obama administration are pressing lawmakers to use a shortcut to drive the president's signature initiatives on health care and energy through Congress without Republican votes, a move that many lawmakers say would fly in the face of President Obama's pledge to restore bipartisanship to Washington.
Republicans are howling about the proposal to expand health coverage and tax greenhouse gas emissions without their input, warning that it could irrevocably damage relations with the new president.
The shortcut, known as "budget reconciliation," would allow Obama's health and energy proposals to be rolled into a bill that cannot be filibustered, meaning Democrats could push it through the Senate with 51 votes, instead of the usual 60. Presidents Ronald Reagan and Bill Clinton both used the tactic to win deficit-reduction packages, while George W. Bush used it to push through his signature tax cuts
That method is not even flying with Senate Democrats.
Lincoln is one of seven Democrats who last week joined 21 Republican senators in declaring their opposition to using reconciliation to expedite Obama's plan to auction off permits for the release of greenhouse gases such as carbon dioxide, a proposal known as cap and trade. That legislation "is likely to influence nearly every feature of the U.S. economy," the letter says, adding that any move to put it on a fast track or to limit debate "would be inconsistent with the administration's stated goals of bipartisanship, cooperation, and openness."
You say you want a revolution?
Is Obama Tossing Dodd Under the Bus?
The Administration's story is that Sen Chris Dodd (D-CountryWide) inserted language allowing big bonuses for bailout-recipient firms.
Maybe not. Greenwald asserts that it was Obama and Geithner who wanted to retain the existing bonus arrangements.
Greenwald quotes the Wall Street Journal of 2/14:
The most stringent pay restriction bars any company receiving funds from paying top earners bonuses equal to more than one-third of their total annual compensation. That could severely crimp pay packages at big banks, where top officials commonly get relatively modest salaries but often huge bonuses.
As word spread Friday about the new and retroactive limit -- inserted by Democratic Sen. Christopher Dodd of Connecticut -- so did consternation on Wall Street and in the Obama administration, which opposed it.
And Greenwald re-states it:
...it was Dodd, not Obama officials, who wanted the prohibition applied to all compensation agreements, past and future. The provision which shielded already-promised bonus payments from the executive compensation limits ended up being inserted at the insistence of Geithner
More:
At the same time, The Hill reported that "President Obama and the chairman of the Senate Banking Committee [Dodd] are at odds on how to rein in the salaries of top executives whose companies are being propped up by the federal government" and that "most of the administration's concern stems from the Dodd's move to trump Obama's compensation provisions by seeking more aggressive restrictions." Let's repeat that: the Obama administration was complaining because the compensation restrictions Dodd wanted were too "aggressive."
It's been reported that Dodd is in trouble (at this time) in Connecticut approaching his re-election run of 2010. The Pubbies think they have a chance with a RINO.
While we know that Dodd is a slimeball, it's becoming more and more clear that Obama's bus is climbing over lots of bodies.
Get the popcorn--this will be a helluva show.
Maybe not. Greenwald asserts that it was Obama and Geithner who wanted to retain the existing bonus arrangements.
Greenwald quotes the Wall Street Journal of 2/14:
The most stringent pay restriction bars any company receiving funds from paying top earners bonuses equal to more than one-third of their total annual compensation. That could severely crimp pay packages at big banks, where top officials commonly get relatively modest salaries but often huge bonuses.
As word spread Friday about the new and retroactive limit -- inserted by Democratic Sen. Christopher Dodd of Connecticut -- so did consternation on Wall Street and in the Obama administration, which opposed it.
And Greenwald re-states it:
...it was Dodd, not Obama officials, who wanted the prohibition applied to all compensation agreements, past and future. The provision which shielded already-promised bonus payments from the executive compensation limits ended up being inserted at the insistence of Geithner
More:
At the same time, The Hill reported that "President Obama and the chairman of the Senate Banking Committee [Dodd] are at odds on how to rein in the salaries of top executives whose companies are being propped up by the federal government" and that "most of the administration's concern stems from the Dodd's move to trump Obama's compensation provisions by seeking more aggressive restrictions." Let's repeat that: the Obama administration was complaining because the compensation restrictions Dodd wanted were too "aggressive."
It's been reported that Dodd is in trouble (at this time) in Connecticut approaching his re-election run of 2010. The Pubbies think they have a chance with a RINO.
While we know that Dodd is a slimeball, it's becoming more and more clear that Obama's bus is climbing over lots of bodies.
Get the popcorn--this will be a helluva show.
Growing the Gummints: Porky and Budget
Think the Fed Gummint is big now?
Wait a few months.
The $787 billion stimulus bill, when combined with the $410 billion omnibus bill, will nearly double the year-to-year spending of several federal agencies, eventually “sucking money out of the private economy” and taking a whack out of Americans’ standards of living, conservative economists warn
...Based on a report that factors omnibus plus stimulus spending, federal departments face a major problem: How to spend all the money Congress and the Obama administration have allocated.
The report indicates that spending by the departments of Labor and Health & Human Services will increase by 91 percent this fiscal year. The U.S. Department of Transportation, and the U.S. Department of Housing and Urban Development, will jump by 139 percent.
Interior and Agriculture -- mere paupers when it comes to budget hikes – will enjoy budgets 45 percent larger than they were last year. In other words, the budget footprints of Interior and Agriculture will swell by about half in a single year.
And yes, I know it started with GWBush.
Wait a few months.
The $787 billion stimulus bill, when combined with the $410 billion omnibus bill, will nearly double the year-to-year spending of several federal agencies, eventually “sucking money out of the private economy” and taking a whack out of Americans’ standards of living, conservative economists warn
...Based on a report that factors omnibus plus stimulus spending, federal departments face a major problem: How to spend all the money Congress and the Obama administration have allocated.
The report indicates that spending by the departments of Labor and Health & Human Services will increase by 91 percent this fiscal year. The U.S. Department of Transportation, and the U.S. Department of Housing and Urban Development, will jump by 139 percent.
Interior and Agriculture -- mere paupers when it comes to budget hikes – will enjoy budgets 45 percent larger than they were last year. In other words, the budget footprints of Interior and Agriculture will swell by about half in a single year.
And yes, I know it started with GWBush.
Mo' Mortgage Fraud, Please!!
You may despise QueenNancy for her personal imperialism---demanding the USAF G-5 for her family's use, for example. Or for her brazen defiance of "her" Church's authority on the abortion and ESCR questions. Or for her willingness to starve Americans of domestically-produced petroleum.
It's a lot worse than that.
In the House, Speaker Pelosi’s changes to the House rules make it impossible to get recorded votes so voters can hold them responsible for the worst tax increases, earmarks and more.
Case in point: Republican Study Committee Chairman Tom Price (R-Ga) offered an amendment last week to make people who lied on their mortgage applications -- i.e. committed bank fraud -- ineligible for the mortgage bailout Obama has just put in motion. Price’s motion failed on a voice vote: he was refused a recorded vote under Pelosi’s new rules. The Democrats have rigged the deal so voters can’t hold them accountable.
A VOICE VOTE on allowing fraudsters to be "bailed out"?
And the House Democrats APPROVED allowing fraudsters to be bailed out?
Oh, yah. That's QueenNancy's way.
It's a lot worse than that.
In the House, Speaker Pelosi’s changes to the House rules make it impossible to get recorded votes so voters can hold them responsible for the worst tax increases, earmarks and more.
Case in point: Republican Study Committee Chairman Tom Price (R-Ga) offered an amendment last week to make people who lied on their mortgage applications -- i.e. committed bank fraud -- ineligible for the mortgage bailout Obama has just put in motion. Price’s motion failed on a voice vote: he was refused a recorded vote under Pelosi’s new rules. The Democrats have rigged the deal so voters can’t hold them accountable.
A VOICE VOTE on allowing fraudsters to be "bailed out"?
And the House Democrats APPROVED allowing fraudsters to be bailed out?
Oh, yah. That's QueenNancy's way.
Tuesday, March 17, 2009
Spitzer on AIG
Some interesting stuff here.
Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars?
...we need to go back to the very first decision to bail out AIG, made, we are told, by then-Treasury Secretary Henry Paulson, then-New York Fed official Timothy Geithner, Goldman Sachs CEO Lloyd Blankfein, and Fed Chairman Ben Bernanke last fall. Post-Lehman's collapse, they feared a systemic failure could be triggered by AIG's inability to pay the counterparties to all the sophisticated instruments AIG had sold. And who were AIG's trading partners? No shock here: Goldman, Bank of America, Merrill Lynch, UBS, JPMorgan Chase, Morgan Stanley, Deutsche Bank, Barclays, and on it goes. So now we know for sure what we already surmised: The AIG bailout has been a way to hide an enormous second round of cash to the same group that had received TARP money already
...aren't we in the midst of reopening contracts all over the place to share the burden of this crisis? From raising taxes—income taxes to sales taxes—to properly reopening labor contracts, we are all being asked to pitch in and carry our share of the burden. Workers around the country are being asked to take pay cuts and accept shorter work weeks so that colleagues won't be laid off. Why can't Wall Street royalty shoulder some of the burden? Why did Goldman have to get back 100 cents on the dollar? Didn't we already give Goldman a $25 billion capital infusion, and aren't they sitting on more than $100 billion in cash?
And a few more questions:
Was it already known who the counterparties were and what the exposure was for each of the counterparties?
What did Goldman, and all the other counterparties, know about AIG's financial condition at the time they executed the swaps or other contracts? Had they done adequate due diligence to see whether they were buying real protection? And why shouldn't they bear a percentage of the risk of failure of their own counterparty?
What is the deeper relationship between Goldman and AIG? Didn't they almost merge a few years ago but did not because Goldman couldn't get its arms around the black box that is AIG? If that is true, why should Goldman get bailed out? After all, they should have known as well as anybody that a big part of AIG's business model was not to pay on insurance it had issued.
Well, maybe SOME contracts are more sacred than others?
HT: Cunning Realist
Everybody is rushing to condemn AIG's bonuses, but this simple scandal is obscuring the real disgrace at the insurance giant: Why are AIG's counterparties getting paid back in full, to the tune of tens of billions of taxpayer dollars?
...we need to go back to the very first decision to bail out AIG, made, we are told, by then-Treasury Secretary Henry Paulson, then-New York Fed official Timothy Geithner, Goldman Sachs CEO Lloyd Blankfein, and Fed Chairman Ben Bernanke last fall. Post-Lehman's collapse, they feared a systemic failure could be triggered by AIG's inability to pay the counterparties to all the sophisticated instruments AIG had sold. And who were AIG's trading partners? No shock here: Goldman, Bank of America, Merrill Lynch, UBS, JPMorgan Chase, Morgan Stanley, Deutsche Bank, Barclays, and on it goes. So now we know for sure what we already surmised: The AIG bailout has been a way to hide an enormous second round of cash to the same group that had received TARP money already
...aren't we in the midst of reopening contracts all over the place to share the burden of this crisis? From raising taxes—income taxes to sales taxes—to properly reopening labor contracts, we are all being asked to pitch in and carry our share of the burden. Workers around the country are being asked to take pay cuts and accept shorter work weeks so that colleagues won't be laid off. Why can't Wall Street royalty shoulder some of the burden? Why did Goldman have to get back 100 cents on the dollar? Didn't we already give Goldman a $25 billion capital infusion, and aren't they sitting on more than $100 billion in cash?
And a few more questions:
Was it already known who the counterparties were and what the exposure was for each of the counterparties?
What did Goldman, and all the other counterparties, know about AIG's financial condition at the time they executed the swaps or other contracts? Had they done adequate due diligence to see whether they were buying real protection? And why shouldn't they bear a percentage of the risk of failure of their own counterparty?
What is the deeper relationship between Goldman and AIG? Didn't they almost merge a few years ago but did not because Goldman couldn't get its arms around the black box that is AIG? If that is true, why should Goldman get bailed out? After all, they should have known as well as anybody that a big part of AIG's business model was not to pay on insurance it had issued.
Well, maybe SOME contracts are more sacred than others?
HT: Cunning Realist
"Smart" Diplomacy, Eh?
He PO's and insults the Brits.
He confuses the Russkis.
He PO's the Mexicans.
Now, he insults the Brazilians.
His meet and greet with the U.S. president was bumped to Saturday, and when the White House announced his official visit, they misspelled his name
And there's more!
President Obama did not respond to greeting messages from America's Mideast allies until weeks after he'd entered the White House. The Iraqi leadership had to wait three weeks. Afghan President Hamid Karzai waited 40 days. Leaders of traditional allies such as Morocco, Egypt, Turkey, Jordan and Saudi Arabia didn't wait as long - but got only protocol calls devoid of political content
...Richard Holbrooke, the special envoy to Afghanistan and Pakistan, spoke of his desire to engage the Taliban but cited "scheduling problems" in not meeting America's friends among Afghan and Pakistani elites. In Kabul, he made it all but clear that the new administration sees the Karzai presidency as part of the "Bush legacy." In Pakistan, he sent signals that Washington is not keen on supporting President Asif Ali Zardari's government.
Secretary of State Hillary Clinton granted Lebanon's Prime Minister Fouad Siniora only a photo-op handshake during a conference on Gaza held in Egypt. Siniora, whose coalition government faces a crucial election in June, had hoped for a "convincing show of American support." Instead, he was cold-shouldered.
Friggin' genius, that O-and-Savior.
Yah.
He confuses the Russkis.
He PO's the Mexicans.
Now, he insults the Brazilians.
His meet and greet with the U.S. president was bumped to Saturday, and when the White House announced his official visit, they misspelled his name
And there's more!
President Obama did not respond to greeting messages from America's Mideast allies until weeks after he'd entered the White House. The Iraqi leadership had to wait three weeks. Afghan President Hamid Karzai waited 40 days. Leaders of traditional allies such as Morocco, Egypt, Turkey, Jordan and Saudi Arabia didn't wait as long - but got only protocol calls devoid of political content
...Richard Holbrooke, the special envoy to Afghanistan and Pakistan, spoke of his desire to engage the Taliban but cited "scheduling problems" in not meeting America's friends among Afghan and Pakistani elites. In Kabul, he made it all but clear that the new administration sees the Karzai presidency as part of the "Bush legacy." In Pakistan, he sent signals that Washington is not keen on supporting President Asif Ali Zardari's government.
Secretary of State Hillary Clinton granted Lebanon's Prime Minister Fouad Siniora only a photo-op handshake during a conference on Gaza held in Egypt. Siniora, whose coalition government faces a crucial election in June, had hoped for a "convincing show of American support." Instead, he was cold-shouldered.
Friggin' genius, that O-and-Savior.
Yah.
De Nile: Obama's Party
P-Mac observes.
At every turn, the response of the left – again, with the exception of the weeks after 9/11 and at the outset of the Iraq war – has been not to propose alternative ways of combating the violence of radical Islamists but instead to deny that such people pose a real problem. One can see why. The left’s multiculti presumptions, starting with the premise that the West is to blame for everything, cannot admit to the invalidity of the Islamists’ complaint or aims. One doubts that many on the left can even fully grasp that anyone should take religion so seriously as to be motivated to blow oneself up in the interest of killing lots of infidels. This deters the left from wanting even to engage the issue.
Well, Patrick, ir-religion is a mark of the Left.
And, related:
The corresponding blind spot for conservatives now accused of saying merely no is that, supposedly, we cannot admit to government ever being the solution and, so, we cannot see the virtue in Obama’s use of government to fix the economy. Only this elides the reality that, a fringe of radical libertarians aside, no serious current exists in conservatism to get rid of government entirely. The Pentagon, after all, is part of it. You need a government, if only to throw away the key after locking up all the criminals.
Keeping the Pentagon is a good idea. The rest-- meh.
At every turn, the response of the left – again, with the exception of the weeks after 9/11 and at the outset of the Iraq war – has been not to propose alternative ways of combating the violence of radical Islamists but instead to deny that such people pose a real problem. One can see why. The left’s multiculti presumptions, starting with the premise that the West is to blame for everything, cannot admit to the invalidity of the Islamists’ complaint or aims. One doubts that many on the left can even fully grasp that anyone should take religion so seriously as to be motivated to blow oneself up in the interest of killing lots of infidels. This deters the left from wanting even to engage the issue.
Well, Patrick, ir-religion is a mark of the Left.
And, related:
The corresponding blind spot for conservatives now accused of saying merely no is that, supposedly, we cannot admit to government ever being the solution and, so, we cannot see the virtue in Obama’s use of government to fix the economy. Only this elides the reality that, a fringe of radical libertarians aside, no serious current exists in conservatism to get rid of government entirely. The Pentagon, after all, is part of it. You need a government, if only to throw away the key after locking up all the criminals.
Keeping the Pentagon is a good idea. The rest-- meh.
The Anti-Doyle: Sanford of South Carolina
Yes, there are such critters as Responsible Governors.
One is in South Carolina. He wrote O-and-Savior (bless his name) a couple of weeks ago to request that the Porkulus funds headed for SC be used to reduce the bonded debt of the State.
Naturally, O-and-Savior told him no.
Next round:
I've made clear my opposition to using debt to solve a problem created in the first place by too much debt - and I don't believe this to be an unreasonable position
(see what I mean--the "anti-Doyle"?)
I'd offer the following as a clarification to our using a portion of the stimulus funds to paying down our state's sizable debt. With regard to the Education Stabilization Fund monies (ARRA § 14002(a)(1)) that must be used "for the support of * education," we think it would be consistent with statutory requirements to use this $577 million to pay down the roughly $579 million of principal for State School Facilities Bonds and Research University Infrastructure Bonds over two years. This would immediately free up over $162 million in debt service in the first two years and save roughly $125 million in interest payments over the next 13 years, which could then be directed towards other educational purposes - just as paying off a mortgage early frees up the typical monthly payment for other uses
The rest of the letter addresses two other areas of debt-reduction (Unemployment Comp is one.)
ThreeCardMonte Doyle, having driven Wisconsin to the brink of bankruptcy, is forced to offer bonds to State residents--claiming that 'the regular system' for short-term borrowing is 'broken.'
It's not broken, folks. Banks won't lend ThreeCardMonte the money. They saw what he did to the Transportation Fund and the over-charges on cellphones.
One is in South Carolina. He wrote O-and-Savior (bless his name) a couple of weeks ago to request that the Porkulus funds headed for SC be used to reduce the bonded debt of the State.
Naturally, O-and-Savior told him no.
Next round:
I've made clear my opposition to using debt to solve a problem created in the first place by too much debt - and I don't believe this to be an unreasonable position
(see what I mean--the "anti-Doyle"?)
I'd offer the following as a clarification to our using a portion of the stimulus funds to paying down our state's sizable debt. With regard to the Education Stabilization Fund monies (ARRA § 14002(a)(1)) that must be used "for the support of * education," we think it would be consistent with statutory requirements to use this $577 million to pay down the roughly $579 million of principal for State School Facilities Bonds and Research University Infrastructure Bonds over two years. This would immediately free up over $162 million in debt service in the first two years and save roughly $125 million in interest payments over the next 13 years, which could then be directed towards other educational purposes - just as paying off a mortgage early frees up the typical monthly payment for other uses
The rest of the letter addresses two other areas of debt-reduction (Unemployment Comp is one.)
ThreeCardMonte Doyle, having driven Wisconsin to the brink of bankruptcy, is forced to offer bonds to State residents--claiming that 'the regular system' for short-term borrowing is 'broken.'
It's not broken, folks. Banks won't lend ThreeCardMonte the money. They saw what he did to the Transportation Fund and the over-charges on cellphones.
Who Was Judas? And What's Fasting?
Judas is neither a master of evil nor the figure of a demoniacal power of darkness but rather a syncophant who bows down before the anonymous power of changing moods and current fashion. But it is precisely this anonymous power that crucified Jesus, for it was anonymous voices that cried, "Away with him! Crucify him!" --Pope Benedict XVI
Related:
...St. Basil got closer when he said that “the first commandment Adam received” was a prohibition on eating, which Basil called “the divine law of fasting and temperance.” Basil was right, but only half right. To see why, we need to look back at Adam’s original fast in the garden.
Before God told Adam he could not eat from the tree of knowledge, he had already offered all the trees of the garden for food. “Behold I have given you every plant yielding seed that is on the face of all the earth, and every tree which has fruit yielding seed; it shall be food for you,” (Genesis 1:29) ...
...Adam’s fast from the tree showed how he was supposed to handle everything God offered him. If Adam was going to feast on the fruit of the other trees, he would have to “dress and keep the garden.” If he was going to mine that gold, the good gold, down in Havilah (Genesis 2:11–12), he would have to trudge down there, or sail down the Pishon River, and start digging. To enjoy the full abundance of what his Father offered, he was going to have to wait, and work, a long time. To enjoy the banquet, he had to fast until he, and it, were prepared.
Of course, Adam didn’t want to wait. Eve saw that the fruit of the tree was good for food, and desirable to make one wise, so she ate and Adam joined in. Adam sinned because he wanted it all—wisdom, authority, a full belly, the whole abundant goodness of creation—now. He sinned because he grabbed for the feast
Judas was unable to fast from Fashion...
HT: Happy Catholic/First Things
Related:
...St. Basil got closer when he said that “the first commandment Adam received” was a prohibition on eating, which Basil called “the divine law of fasting and temperance.” Basil was right, but only half right. To see why, we need to look back at Adam’s original fast in the garden.
Before God told Adam he could not eat from the tree of knowledge, he had already offered all the trees of the garden for food. “Behold I have given you every plant yielding seed that is on the face of all the earth, and every tree which has fruit yielding seed; it shall be food for you,” (Genesis 1:29) ...
...Adam’s fast from the tree showed how he was supposed to handle everything God offered him. If Adam was going to feast on the fruit of the other trees, he would have to “dress and keep the garden.” If he was going to mine that gold, the good gold, down in Havilah (Genesis 2:11–12), he would have to trudge down there, or sail down the Pishon River, and start digging. To enjoy the full abundance of what his Father offered, he was going to have to wait, and work, a long time. To enjoy the banquet, he had to fast until he, and it, were prepared.
Of course, Adam didn’t want to wait. Eve saw that the fruit of the tree was good for food, and desirable to make one wise, so she ate and Adam joined in. Adam sinned because he wanted it all—wisdom, authority, a full belly, the whole abundant goodness of creation—now. He sinned because he grabbed for the feast
Judas was unable to fast from Fashion...
HT: Happy Catholic/First Things
Lefty Lynn Adelman--No Respect
After sentencing a child-porn addict to SIX MONTHS in slam (about 1/6th of the prosecutor's recommendation,) LeftyLynn Adelman describes how he came to his conclusion.
"Accordingly, I concluded that the range under the 2008 guideline was worthy of little respect or deference."
Which happens to be precisely what normal people think about Adelman.
"Accordingly, I concluded that the range under the 2008 guideline was worthy of little respect or deference."
Which happens to be precisely what normal people think about Adelman.
Wiggy's Gem of the Day
Wigderson buried himself in Irish Independence history and came up with something which is applicable today--and not even in Ireland.
I shall hear of ingratitude! I name the argument to despise it and the men who make use of it; I know the men who use it are not grateful, they are insatiate; they are public extortioners, who would stop the tide of public prosperity and turn it to the channel of their own emolument; I know of no species of gratitude which should prevent my country from being free, no gratitude which should oblige Ireland to be the slave of England. In cases of robbery and usurpation, nothing is an object of gratitude except the thing stolen, the charter spoliated. A nation’s liberty can not, like her treasures, be meted and parceled out in gratitude; no man can be grateful or liberal of his conscience, nor woman of her honor, nor nation of her liberty; there are certain unimpartable, inherent, invaluable properties, not to be alienated from the person, whether body politic or body natural. With the same contempt do I treat that charge which says that Ireland is insatiable; saying that Ireland asks nothing but that which Great Britain has robbed her of, her rights and privileges; to say that Ireland will not be satisfied with liberty, because she is not satisfied with slavery, is folly. I laugh at that man who supposes that Ireland will not be content with a free trade and a free constitution; and would any man advise her to be content with less?
Well said!
I shall hear of ingratitude! I name the argument to despise it and the men who make use of it; I know the men who use it are not grateful, they are insatiate; they are public extortioners, who would stop the tide of public prosperity and turn it to the channel of their own emolument; I know of no species of gratitude which should prevent my country from being free, no gratitude which should oblige Ireland to be the slave of England. In cases of robbery and usurpation, nothing is an object of gratitude except the thing stolen, the charter spoliated. A nation’s liberty can not, like her treasures, be meted and parceled out in gratitude; no man can be grateful or liberal of his conscience, nor woman of her honor, nor nation of her liberty; there are certain unimpartable, inherent, invaluable properties, not to be alienated from the person, whether body politic or body natural. With the same contempt do I treat that charge which says that Ireland is insatiable; saying that Ireland asks nothing but that which Great Britain has robbed her of, her rights and privileges; to say that Ireland will not be satisfied with liberty, because she is not satisfied with slavery, is folly. I laugh at that man who supposes that Ireland will not be content with a free trade and a free constitution; and would any man advise her to be content with less?
Well said!
Another Piece of the 'Collapse Puzzle'
And you never heard of it...
Immediately after the CFMA legislation was passed, a few observers raised concerns. Frank Partnoy, a former derivatives trader at Morgan Stanley (now law professor at the University of San Diego), is the author of ”F.I.A.S.C.O.: Blood in the Water on Wall Street’,’ a 1997 book warning about the danger of derivatives. In 2000, referring to CFMA, he noted: (writes Ritholtz)...
“The new bill’s second impact, in the swaps market, is less direct but still worrisome. The act ends an argument about whether swaps qualify for regulation by making it clear that they are not regulated if a participating company or individual has $10 million in assets. That means that the swaps activities of most companies and mutual funds are not regulated. Yet few investors know what swaps are. And there’s almost no publicly available information about specific trades in this market, now bigger than many stock or bond markets. By contrast, futures trading takes place on exchanges; an investor can find closing quotes for futures in a newspaper’s financial section.”
The Ritholtz item was written in 1997...
FYI, CFMA was pushed mostly by (R) pols with a few (D)'s tossed in--and signed by Bill Clinton.
And "Mr. Imaginary Recession," Phil Gramm, added a little language which helped...
.....Enron.
Immediately after the CFMA legislation was passed, a few observers raised concerns. Frank Partnoy, a former derivatives trader at Morgan Stanley (now law professor at the University of San Diego), is the author of ”F.I.A.S.C.O.: Blood in the Water on Wall Street’,’ a 1997 book warning about the danger of derivatives. In 2000, referring to CFMA, he noted: (writes Ritholtz)...
“The new bill’s second impact, in the swaps market, is less direct but still worrisome. The act ends an argument about whether swaps qualify for regulation by making it clear that they are not regulated if a participating company or individual has $10 million in assets. That means that the swaps activities of most companies and mutual funds are not regulated. Yet few investors know what swaps are. And there’s almost no publicly available information about specific trades in this market, now bigger than many stock or bond markets. By contrast, futures trading takes place on exchanges; an investor can find closing quotes for futures in a newspaper’s financial section.”
The Ritholtz item was written in 1997...
FYI, CFMA was pushed mostly by (R) pols with a few (D)'s tossed in--and signed by Bill Clinton.
And "Mr. Imaginary Recession," Phil Gramm, added a little language which helped...
.....Enron.
"Mark-to-Market" vs. Solvency Buffers
Long, not terribly technical article here.
The gist?
Accrual accounting provides a balance sheet solvency buffer; Fair Value accounting takes the buffer away and can lead to increased volatility in earnings and capital.
(Fair Value is the functional equivalent of "Mark to Market.")
When FVA/Mark-to-Market was introduced, the 'slop bucket' was evaluated based on "fire sale" pricing. In truth, that's not the best way to value any asset, unless you ARE having a "fire sale." (See Circuit City, e.g.)
The effect? Big hits to reserves and capital, leading to a lot of meltdowns.
Yes, a lot of bankers woulda/coulda/shoulda taken writedowns on their toxic assets, perhaps more quickly than they were doing under the old protocols.
But now we are all living under "mark-to-market" pricing--at least indirectly. That old car you have in the driveway--is it worth $2,500.00? $1,500.00? Or $100.00? Same with that old vertical-mill in the shop.
Maybe YOU don't care--but your banker does, these days.
The gist?
Accrual accounting provides a balance sheet solvency buffer; Fair Value accounting takes the buffer away and can lead to increased volatility in earnings and capital.
(Fair Value is the functional equivalent of "Mark to Market.")
When FVA/Mark-to-Market was introduced, the 'slop bucket' was evaluated based on "fire sale" pricing. In truth, that's not the best way to value any asset, unless you ARE having a "fire sale." (See Circuit City, e.g.)
The effect? Big hits to reserves and capital, leading to a lot of meltdowns.
Yes, a lot of bankers woulda/coulda/shoulda taken writedowns on their toxic assets, perhaps more quickly than they were doing under the old protocols.
But now we are all living under "mark-to-market" pricing--at least indirectly. That old car you have in the driveway--is it worth $2,500.00? $1,500.00? Or $100.00? Same with that old vertical-mill in the shop.
Maybe YOU don't care--but your banker does, these days.
Fun Fact on Nat "King" Cole
Bet you didn't know that Cole was a piano prodigy--and first appeared with an instrumental-jazz group.
Wow.
HT: Powerline
Wow.
HT: Powerline
10,000 at California Tea Party
Crowd estimates vary, but...
Radio personalities John and Ken recently hosted a “taxpayer revolt” in Fullerton with a crowd of between 8,000 and 15,000
The [LA] Times chose the lowest numbers out there; other estimations were much closer to the radio station’s claimed 15,000. According to Jon Fleischman, the Fullerton Police Department estimated the crowd at 15,000. This citizen journalist also reports the number at 15,000. According to the Orange County Register, police estimated the crowd at 8000. (Are these different police?)
Whether 8,000 or 15,000--that's a lot of people.
Radio personalities John and Ken recently hosted a “taxpayer revolt” in Fullerton with a crowd of between 8,000 and 15,000
The [LA] Times chose the lowest numbers out there; other estimations were much closer to the radio station’s claimed 15,000. According to Jon Fleischman, the Fullerton Police Department estimated the crowd at 15,000. This citizen journalist also reports the number at 15,000. According to the Orange County Register, police estimated the crowd at 8000. (Are these different police?)
Whether 8,000 or 15,000--that's a lot of people.
AIG's Bonuses
Ill-timed in the extreme.
But...
If the Feds (or States, for that matter) set a precedent of abrogating contractural agreements between employers and employees....
Think about that.
But...
If the Feds (or States, for that matter) set a precedent of abrogating contractural agreements between employers and employees....
Think about that.
"Free Felons! Fire Prosecutors! Arrest Drivers!!"
This bozo Governor we have...
State Attorney General J.B. Van Hollen and Waukesha County District Attorney Brad Schimel on Monday criticized Gov. Jim Doyle's proposed budget, saying cuts to law enforcement would compromise public safety
Schimel said during a news conference at the Waukesha County Courthouse that Doyle's proposed two-year spending plan calls for a 6.5% cut in district attorneys' budget for 2010.
Since more than 90% of the DA budget is for prosecutor wages and benefits, the only place to make cuts will be in the number of prosecutors, Schimel said
OK, that's Part One.
Van Hollen said public safety would suffer under proposals by the governor to save money by releasing some felons from prison early, terminating extended supervision early and decreasing GPS monitoring of some sex offenders.
The state budget Doyle proposed last month would allow low-risk inmates to shave off up to a third of their sentences if they followed prison rules. Doyle has said 500 to 1,000 inmates would likely be released over two years, saving up to $27 million
That's Part Two.
Remember that ThreeCardMonte Doyle actually INCREASES overall State spending by 8 or 9%.
So it's not like Doyle can't spend money--it's that he won't spend money on stuff like "public safety."
Van Hollen, as well as police chiefs from a number of local departments, also was critical of an unfunded state mandate in the proposed budget that imposes new traffic-stop record-keeping responsibilities on departments in counties with populations of 125,000 or more beginning in 2011...The data would be used to study whether there are racial disparities in traffic stops, according to Van Hollen
And the reason for THAT, the third of today's Trifecta of Dumb Doyle Deeds?
Under current law, officers can issue tickets for not wearing seat belts only during stops for other traffic offenses. By changing the law, Wisconsin can reap $15 million to $20 million a year in federal transportation funds, Sensenbrenner said.
To help win votes for the tougher seat-belt enforcement law, the traffic-stop data requirement was added to the budget proposal to ensure that seat-belt enforcement is being applied fairly, Sensenbrenner said
He's pimping out state residents for $15 million from John Fed.
State Attorney General J.B. Van Hollen and Waukesha County District Attorney Brad Schimel on Monday criticized Gov. Jim Doyle's proposed budget, saying cuts to law enforcement would compromise public safety
Schimel said during a news conference at the Waukesha County Courthouse that Doyle's proposed two-year spending plan calls for a 6.5% cut in district attorneys' budget for 2010.
Since more than 90% of the DA budget is for prosecutor wages and benefits, the only place to make cuts will be in the number of prosecutors, Schimel said
OK, that's Part One.
Van Hollen said public safety would suffer under proposals by the governor to save money by releasing some felons from prison early, terminating extended supervision early and decreasing GPS monitoring of some sex offenders.
The state budget Doyle proposed last month would allow low-risk inmates to shave off up to a third of their sentences if they followed prison rules. Doyle has said 500 to 1,000 inmates would likely be released over two years, saving up to $27 million
That's Part Two.
Remember that ThreeCardMonte Doyle actually INCREASES overall State spending by 8 or 9%.
So it's not like Doyle can't spend money--it's that he won't spend money on stuff like "public safety."
Van Hollen, as well as police chiefs from a number of local departments, also was critical of an unfunded state mandate in the proposed budget that imposes new traffic-stop record-keeping responsibilities on departments in counties with populations of 125,000 or more beginning in 2011...The data would be used to study whether there are racial disparities in traffic stops, according to Van Hollen
And the reason for THAT, the third of today's Trifecta of Dumb Doyle Deeds?
Under current law, officers can issue tickets for not wearing seat belts only during stops for other traffic offenses. By changing the law, Wisconsin can reap $15 million to $20 million a year in federal transportation funds, Sensenbrenner said.
To help win votes for the tougher seat-belt enforcement law, the traffic-stop data requirement was added to the budget proposal to ensure that seat-belt enforcement is being applied fairly, Sensenbrenner said
He's pimping out state residents for $15 million from John Fed.
Farmers' Markets Face Extinction
You kinda enjoyed that West Allis farmers' market--or the one in Brookfield?
Fuggeddaboutit.
DeLauro's act has 39 co-sponsors and was referred to the House Agriculture Committee on Feb. 4. It calls for the creation of a Food Safety Administration to allow the government to regulate food production at all levels ...
Federal regulators will be tasked with ensuring that food producers, processors and distributors – both large and small – prevent and minimize food safety hazards such as food-borne illnesses and contaminants such as bacteria, chemicals, natural toxins or manufactured toxicants, viruses, parasites, prions, physical hazards or other human pathogens.
Under the legislation's broad wording, slaughterhouses, seafood processing plants, establishments that process, store, hold or transport all categories of food products prior to delivery for retail sale, farms, ranches, orchards, vineyards, aquaculture facilities and confined animal-feeding operations would be subject to strict government regulation.
Under the act, every food producer must have a written food safety plan describing likely hazards and preventative controls they have implemented and must abide by "minimum standards related to fertilizer use, nutrients, hygiene, packaging, temperature controls, animal encroachment, and water."
It's also called the "Eliminate Competitors Act"--just like the ineffably moronic CPSIA--because only very large operations have the throw-weight to comply with the act's terms.
Fuggeddaboutit.
DeLauro's act has 39 co-sponsors and was referred to the House Agriculture Committee on Feb. 4. It calls for the creation of a Food Safety Administration to allow the government to regulate food production at all levels ...
Federal regulators will be tasked with ensuring that food producers, processors and distributors – both large and small – prevent and minimize food safety hazards such as food-borne illnesses and contaminants such as bacteria, chemicals, natural toxins or manufactured toxicants, viruses, parasites, prions, physical hazards or other human pathogens.
Under the legislation's broad wording, slaughterhouses, seafood processing plants, establishments that process, store, hold or transport all categories of food products prior to delivery for retail sale, farms, ranches, orchards, vineyards, aquaculture facilities and confined animal-feeding operations would be subject to strict government regulation.
Under the act, every food producer must have a written food safety plan describing likely hazards and preventative controls they have implemented and must abide by "minimum standards related to fertilizer use, nutrients, hygiene, packaging, temperature controls, animal encroachment, and water."
It's also called the "Eliminate Competitors Act"--just like the ineffably moronic CPSIA--because only very large operations have the throw-weight to comply with the act's terms.
Monday, March 16, 2009
Veterans' Treatments Part of HillaryCare Strategy
Apparently the O-and-Savior wants third-party (private) insurance plans to pay for service-related disabilities and injuries.
The leader of the nation’s largest veterans organization says he is “deeply disappointed and concerned” after a meeting with President Obama today to discuss a proposal to force private insurance companies to pay for the treatment of military veterans who have suffered service-connected disabilities and injuries. The Obama administration recently revealed a plan to require private insurance carriers to reimburse the Department of Veterans Affairs (VA) in such cases.
For the moment, let's leave the moral issue out of it (it's clear that Obama never lets 'moral issues' bother him, anyway.)
Why is this happening?
To facilitate HillaryCare.
This is easy, folks. Third-party insurance is most often obtained through the workplace. That means that employer-insurance costs will rise when veterans enter the pool.
And THAT will increase the pressure on employers, who will be just that much more interested in offloading the plans (and costs) to another willing party.
Such as The Gummint.
I've mentioned the "squeeze play" before; this is another facet of the same game.
You heard it here first.
The leader of the nation’s largest veterans organization says he is “deeply disappointed and concerned” after a meeting with President Obama today to discuss a proposal to force private insurance companies to pay for the treatment of military veterans who have suffered service-connected disabilities and injuries. The Obama administration recently revealed a plan to require private insurance carriers to reimburse the Department of Veterans Affairs (VA) in such cases.
For the moment, let's leave the moral issue out of it (it's clear that Obama never lets 'moral issues' bother him, anyway.)
Why is this happening?
To facilitate HillaryCare.
This is easy, folks. Third-party insurance is most often obtained through the workplace. That means that employer-insurance costs will rise when veterans enter the pool.
And THAT will increase the pressure on employers, who will be just that much more interested in offloading the plans (and costs) to another willing party.
Such as The Gummint.
I've mentioned the "squeeze play" before; this is another facet of the same game.
You heard it here first.
"You Will Be Catholic!": Bp. Morlino
One good thing about Albatross--when they criticize Bp. Morlino (Madison), you know he did something good.
The issue was the firing last week of Ruth Kolpack from her job as pastoral associate of St. Thomas the Apostle Church in Beloit.
The firing came in a meeting with Bishop Robert Morlino. Kolpack said Morlino asked her to renounce her master’s thesis, make a profession of faith and take a loyalty oath
These next grafs are the meat of the matter.
Kolpack said her thesis discussed the evil that can come of blind obedience. She said she can understand how that could be a red flag for the bishop.
“But if he would’ve read the whole paper, he would’ve understood it... he didn’t give it a chance,” she said.
The thesis also criticizes the church’s language of worship, which refers to God with words such as “he” or “Father.”
Kolpack said that’s harmful.
Ms. Kolpack buried that little "non-masculine" heresy by mentioning "blind obedience," which is not exactly a nuanced, Master's-Thesis kinda term, is it? Perhaps Ms. Kolpack is pandering a bit?
Here's a clue for Ms Kolpack:
When asked about inclusive language, diocese spokesman Brent King said no one has the right to change the words of the liturgy
Unless you were educated at Guess-Where:
Kolpack said she came to these beliefs as she studied feminist and liberation theology at St. Francis Seminary, where she earned her master’s degree in divinity in 2003. She said that 2003 thesis was never a problem, until now
That's just wonderful news for us in Milwaukee, ain'a?
The REAL wonder is that it took Bp. Morlino this long to attend to business.
The issue was the firing last week of Ruth Kolpack from her job as pastoral associate of St. Thomas the Apostle Church in Beloit.
The firing came in a meeting with Bishop Robert Morlino. Kolpack said Morlino asked her to renounce her master’s thesis, make a profession of faith and take a loyalty oath
These next grafs are the meat of the matter.
Kolpack said her thesis discussed the evil that can come of blind obedience. She said she can understand how that could be a red flag for the bishop.
“But if he would’ve read the whole paper, he would’ve understood it... he didn’t give it a chance,” she said.
The thesis also criticizes the church’s language of worship, which refers to God with words such as “he” or “Father.”
Kolpack said that’s harmful.
Ms. Kolpack buried that little "non-masculine" heresy by mentioning "blind obedience," which is not exactly a nuanced, Master's-Thesis kinda term, is it? Perhaps Ms. Kolpack is pandering a bit?
Here's a clue for Ms Kolpack:
When asked about inclusive language, diocese spokesman Brent King said no one has the right to change the words of the liturgy
Unless you were educated at Guess-Where:
Kolpack said she came to these beliefs as she studied feminist and liberation theology at St. Francis Seminary, where she earned her master’s degree in divinity in 2003. She said that 2003 thesis was never a problem, until now
That's just wonderful news for us in Milwaukee, ain'a?
The REAL wonder is that it took Bp. Morlino this long to attend to business.
On Silence in Music
Stolen from another church musician (for a good reason.)
Quoting a music teacher:
While helping someone practice recently, I noted that he was not picking his finger up off of one of the keys soon enough when changing chords. When I corrected his mistake, I remarked that, "In music, the absence of sound is every bit as important as the presence of sound. If all notes sounded all the time, it would be cacophonous. Silence is required for the notes to become music."
Which goes to a larger point about church music, foreshadowed in the OT.
Then the LORD said, "Go outside and stand on the mountain before the LORD; the LORD will be passing by." A strong and heavy wind was rending the mountains and crushing rocks before the LORD--but the LORD was not in the wind. After the wind there was an earthquake--but the LORD was not in the earthquake. After the earthquake there was fire--but the LORD was not in the fire. After the fire there was a tiny whispering sound. When he heard this, Elijah hid his face in his cloak and went and stood at the entrance of the cave. (New American Bible, 1 Kings 19:11-13a)
Curious that some do not yet understand that, eh?
Quoting a music teacher:
While helping someone practice recently, I noted that he was not picking his finger up off of one of the keys soon enough when changing chords. When I corrected his mistake, I remarked that, "In music, the absence of sound is every bit as important as the presence of sound. If all notes sounded all the time, it would be cacophonous. Silence is required for the notes to become music."
Which goes to a larger point about church music, foreshadowed in the OT.
Then the LORD said, "Go outside and stand on the mountain before the LORD; the LORD will be passing by." A strong and heavy wind was rending the mountains and crushing rocks before the LORD--but the LORD was not in the wind. After the wind there was an earthquake--but the LORD was not in the earthquake. After the earthquake there was fire--but the LORD was not in the fire. After the fire there was a tiny whispering sound. When he heard this, Elijah hid his face in his cloak and went and stood at the entrance of the cave. (New American Bible, 1 Kings 19:11-13a)
Curious that some do not yet understand that, eh?
Meaningless Obama Drivel, Part 48,651: SBA
The article is written as though the propaganda is meaningful...
Seeking to counter a chorus of unhappy Republicans and nervous Wall Street investors, President Barack
Seeking to counter a chorus of unhappy Republicans and nervous Wall Street investors, President Barack