Blog on the Run: Reloaded

Wednesday, February 3, 2010 11:57 pm

Odds and ends for 2/3

Penn State “Climategate” scientist cleared of falsifying data: Three of four charges are dropped, including one claiming he destroyed e-mail; the investigating committee decides it isn’t competent to assess the fourth and punts to a different committee.

Eated: The FDIC closed six banks Friday, bringing the total for the month to 15. Six was the total for the month of January a year ago.

A cautionary note about the strong 4th quarter of GDP: Never, in 50+ years’ worth of data, has a quarter’s GDP growth of 5.7% coincided with a drop in private hours worked (-0.5%). Not sure what that means, but given that we know that productivity growth right now is being driven by layoffs, not capital investment or technological advances, and that 90% of that GDP growth was attributable to stimulus spending only, something’s fishy here.

Lessons from the AIG meltdown from one bureaucrat who sat at the table: I suspect that his conclusions are good because of, not in spite of, the fact that he worked for a state and not the feds.

Contributing factors vs. “but for” factors: Barry Ritholtz divides contributing factors from “but for” factors in deciding how much blame to apportion where for the economic crisis. What’s a “but for” factor? But for X, the crisis wouldn’t have happened. His three major but-for factors? “Ultra-low [interest] rates; unregulated, non-bank subprime lenders; ratings agencies slapping AAA on junk paper.” What about Fannie and Freddie? Contributors, yes, but not but-fors because they arrived so late to the subprime game.

MSNBC’s Dylan Ratigan carves the president a well-deserved new one. Perhaps he hasn’t heard what happened to Ashley Bancroft when she did the same to his predecessor. Who’s she, you ask? Indeed.

If the Democrats had the brains God gave a billy goat, this wouldn’t be happening, but Republican pollster Frank Luntz has laid out a strategy for Republicans to use in fighting financial reform, and I’m pretty sure that because of previous Democratic inaction, Luntz’s strategy will work.

David Rosenberg (via Zero Hedge) says this is all far from over: “We ran some simulations to see what would have happened in 2009 without all the massive amounts of fiscal and monetary stimulus. Instead of real GDP contracting 2.4% for all of 2009, it would have been close to a 4.0% decline. And, as for the last two ‘positive quarters’ — well, Q3 would have been -1.0% QoQ [quarter over quarter] at an annual rate and -1.5% for Q4 (as opposed to the +5.7% annualized print). Still no sign of organic private sector growth and here we have the Fed discussing exit strategies and the Obama team about to soak it to the rich (for anyone who makes over $250k). This is what is otherwise known as a ‘low quality’ recovery.” On the bright side, at least he puts paid to all this “The stimulus didn’t help!” nonsense.

James Fallows explains how circumstances now prevent the traditional conception of bipartisanship from functioning in American politics (at least in Congress). I understand all this — quite well, in fact. Indeed, millions and millions of ordinary Americans understand all this probably as well as Fallows does. The question is: Why is it that so many of the people whose job it is to understand this — David Broder, Chris Matthews, Maura Liaason, and I could go on and on and on — do not understand this? Relatedly, because they do not understand this, why do they still have jobs? Digby gets it: “Can anyone argue that the village just sees all electoral losses as a result of the losing party failing to be “centrist” and “bipartisan” enough?  It doesn’t matter what  the real factors are that drove the electorate.”

Way-cool animated model of the solar system: Go here for hours of family fun!

Friday, December 11, 2009 6:21 pm

Odds and ends for 12/11

Memo to BoingBoing.net: Rick Warren has not “done the right thing.” Rick Warren has merely done the only thing that might stave off a PR disaster for himself and what he laughably passes off as a “ministry.” There’s a difference. “Doing the right thing” would have required Ranger Rick to immediately, loudly and repeatedly denounce state-sanctioned murder of gays (and imprisonment of their families/friends for not reporting them). Now study up; this will be on the final.

Why don’t we have a health-care bill yet? Here’s one reason.

Success! Because why in the world would we want to regulate the financial instrument that almost destroyed the global economy?

Aetna’s solution to Robert Steinback’s health-insurance needs: “Die, Mr. Steinback.” As the brother of two guys with Type 1 diabetes, I feel his pain, and I’m still waiting for someone to explain credibly to me why we don’t need at the least a national, robust public option, if not single-payer.

Not exactly giving us what we like: The Senate health-care proposal is less popular than the public option. How much less popular? Seventeen percentage points. That’s huge.

You want death panels? You can’t handle death panels!

And speaking of panels: Digby has a name for the panel Pete Peterson is proposing to figure out a way to balance the budget: the Bipartisan Committee To Destroy Social Security and Medicare So Wealthy People Don’t Ever Have To Pay Higher Taxes. Prolix but accurate.

Facts matter. So take that, Glenn Beck supporters.

The party of responsibility and accountability, which controls the S.C. legislature, has declined to impeach Gov. Mark Sanford.

Another way to get by without health insurance: Yitzhak Ganon just didn’t go see the doctor. For sixty-five years.

We’ve killed al-Qaeda’s No. 3 guy. Again.

The grownups of fact-checking take on “Climategate.” Their findings will surprise no one and enrage denialists.

Shorter Sarah Palin: “Correcting my (many) factual mistakes = making the issue something it’s not.”

Does Fox News want to make us laugh, or is it simply trying to bankrupt Rupert Murdoch?: Even by the rug-burn standards of online polling, this question is so loaded it is leaving big cracks in the digital asphalt.

Green? Shoot!: The number of people shifting to emergency unemployment insurance because their regular coverage had run out topped 379,000 last week, bringing the overall total to a record 4.2 million. At the current rate of increase, the number of people getting emergency payments will top the people getting regular payments (5.5 million) within a month.

Green? Shoot!, the sequel: Independent financial analyst David Rosenberg (via ZeroHedge) says that 1) because of contracting credit and asset deflation, we’re not in a recession, we’re in a depression; 2) the 20% deflation of household assets in the past 18 months — a loss of $12 trillion in value — is “a degree of trauma we have never seen before”, 3) … aw, hell, just go read the whole thing. It’s orders of magnitude more depressing than anything on CNBC, but also appears orders of magnitude more fact-based, unfortunately.

Green? Shoot! Reloaded: Paul Krugman offers some objective criteria by which we might determine exactly what constitutes “good news on the job front.”  Just remember, we’ve got to make up lost ground. A lot of lost ground.

Public pants-wetting: Why do Reps. Trent Franks, Steve King and Sue Myrick hate America?

In news that will surprise exactly zero parents, scientists now say 98% of children under the age of 10 are sociopaths.

And, finally, some good news (h/t: Fred), or, When the Germans say “Prost!”, they mean it: Beer could fight prostate cancer.

Monday, December 7, 2009 9:57 pm

Odds and ends for 12/7

It’s not a game, but somebody forgot to tell the Labor Department:

The real Climategate. ‘Nuff said.

Remembering Mark Pittman: This guy was the real deal.

And if we follow this line of logic to its painfully obvious conclusion, we learn …: Warren Buffett thinks federally subsidizing a competitor of his Business Wire would be bad. How long before he concludes the same thing about subsidizing another of his key investments, Goldman Sachs?

Fire ‘em. And lock ‘em up: Someone at the FDIC is passing inside information. Mary Schapiro needs to be fired, beaten and driven across the landscape like a mangy bison.

Clarity: This is bizarre, in a good way — Zero Hedge and Google have formed a partnership to, among other things, translate government financial info into plain English.

Your flawed premise. Let me show you it: Two (out of the more than 6,000) members of the Academy of Motion Picture Whozawhatsis call for Al Gore’s Oscar to be rescinded in light of the hacked e-mails about global warming. Which would be fine except that Al Gore never got an Oscar. The Oscar went to the director of “An Inconvenient Truth.” Who was not Al Gore.

Opaque is the new transparent: A government meeting on open records and transparency is closed to the media and public. Write your own punchline.

Bummer: Obama rules out drugs, hookers as economic stimuli. Dang.

Someone remind me again who the terrorists are?: AIG execs threaten to walk out en masse if they don’t get their bonuses. Door. Ass. Quoth Digby: “This could be Obama’s equivalent of Reagan and the air traffic controllers if he wants it to be.” Precisely.

Well, yeah, if, by “narrow, ideological interest group” you mean “three-fourths of voters”: Sen. Joe Lieberman, I-Conn., says only a few politically motivated people want a public option for health insurance.

How did I miss this?: Slate had a “Write Like Sarah Palin” contest. On the down side, to be competitive I’d’ve had to drink at least a case in one sitting.

Silenced: Former Guantanamo prosecutor Morris Davis, who once resigned rather than run what he thought was a rigged system of justice at Guantanamo, has been fired from the Library of Congress for continuing to criticize the military-commission system publicly and calling former AG Mike Mukasey out for the pants-wetting anti-American baby he is. The ACLU has taken Davis’s case. Good.

Blessings: Former Fox “News” host Eric Burns counts his: “I have several. Among them is that I do not have to face the ethical problem of sharing an employer with Glenn Beck.”

Quote of the day: From Balloon Juice’s John Cole, on “bipartisan” health-care reform: “You know, as much as our national political chattering classes are enamored with the baby Jesus, I find it amazing that none of them ever managed to hear the story of King Solomon. … every Senator apparently [is] eager to rush home to show off their half of the bloody baby.”

Quote of the day runner-up: From Doc at First Draft, on the Dallas Morning News’ plan to have its news editors reporting to advertising execs: “You can say that there’s a line that’s drawn and that we don’t cross it. That’s all fine and good, but when you keep moving the line the way the DMN has now, you are never sure if you’ll cross the line or the line will cross you.”

Uh, dude?: Sen. Max Baucus, D-Mont., nominated his girlfriend to be a U.S. attorney. That’s not good, but as Marcy points out, Baucus is responsible for an even bigger screwing than that.

So, Bowl Championship Series, how’s that Jenna Jameson-led abstinence campaign going?: Former Bush White House spokesliar Ari Fleischer compares the current college-football bowl system, now despised by a miniscule 85% of Americans, to the Macy’s Thanksgiving Day parade as an irreplaceable tradition.

Inevitable headline: Doh!: Cartoon character C. Montgomery Burns outpolls Rudy Giuliani in NYC mayoral race.

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