Blog on the Run: Reloaded

Sunday, August 22, 2010 11:35 pm

Catchin’ up on stuff; or, Odds and ends for Aug. 22

  • Questions more people need to be asking about the deficit, answered.
  • Why, if I lived near DC, I might be tempted to burn a Confederate flag at Glenn Beck’s upcoming rally.
  • I think the F-bomb has become a highly convenient excuse to keep adolescents from seeing a movie that shows how the American government screwed over an American hero and lied to his family.
  • Apparently it’s OK for American journalists to write highly inaccurate articles as long as they do so in the right (pun intended) way. Relatedly, these days, a DC journalist, given the choice between giving a deserved screwing to a colleague and giving an undeserved screwing to the American people in general, will screw the American people every time.
  • Governmental foot-dragging has its intended effect: Tom DeLay walks free. There are no consequences. There is no accountability. Rule of law? Ha.
  • The Internet will be the death of the music bidness as we’ve known it. Of course, no one who has known it will shed a tear, but that doesn’t mean the bidness is going down without a fight. Now they’re partnering with the National Association of Broadcasters, another powerful lobby, to try to get the government to mandate the inclusion of FM radio in future cell phones. Good luck with that. Oh, and die already.
  • The question isn’t why “Dr.” Laura Schlessinger “quit” her radio show after dropping about 11 N-bombs. The question is why any responsible broadcaster ever allowed someone with such obvious mental problems on the air dispensing advice in the first place.
  • Despite rising wheat prices caused by Russia’s drought-driven ban on exports, U.S. wheat farmers aren’t sure they should plant more wheat. Why? They’re pretty sure the wheat market is rigged, just as it was a few years ago. Now someone explain to me again what social utility investment bankers serve. Relatedly, Harper’s makes the case that they’re just playing games with the world’s food supply.
  • August: Stupid American Month.
  • If The New York Times or CNN had contributed $1 million to the Democratic Governors Association, do you think the country would have responded with such a yawn? Me, neither.
  • So will all the Wikileaks critics shut up now that the Pentagon’s own evidence shows Wikileaks tried to work with the Pentagon to redact sensitive information but was rebuffed? Yeah. I thought not.
  • The oil from BP’s Deepwater Horizon disaster? Government reports to the contrary, it’s mostly still out there.
  • When it comes to protecting our rights and our privacy, those commies in Europe are eating The Land of the Free’s lunch.
  • You know how the government has always claimed Guantanamo detainees are “the worst of the worst”? In fact, the government lacks enough evidence to charge 3/4 of them with any crime at all.
  • The $75 billion Home Affordable Mortgage Protection Act is a bust … because Congress, after approving the money, did nothing to ensure that bankruptcy judges would use so-called “cramdown” provisions to make sure the money would do what it was supposed to do. What has happened instead has left a lot of homeowners even worse off than if the government had done nothing and has hampered the recovery of the housing market. And the administration hasn’t bothered to try to get Congress to do the right thing. Heckuva job all the way around.
  • Memo to Army Maj. Gen. Charles E. Chambers: Your punishing soldiers who opted not to attend a concert by an evangelical Christian rock band should carry punishment of its own: loss of your stars and your pension. You violated your oath to protect the Constitution, General, plain and simple.
  • Robert Frank has an interesting proposal that could help both government and consumers: The government should buy up consumer debt, on which consumers are paying 20% and up, and charge consumers 8%. This would put more disposable income in consumers’ hands and give the government a substantially better return on its investment than the 2.8% or so that 10-year bills currently are paying. It makes so much sense that there’s zero chance Congress will pass it because it would hurt deny banks their current flow of blood money.
  • Shorter Paul Volcker: Lending deregulation was bad because allowing higher interest payments on risky sub-prime loans encouraged banks to make more risky loans.
  • Barry Ritholtz: We’re good at saying “What if we had done nothing?” about the bailout, but an even better question is, “What if we had done the right thing?”
  • COOL (as it were): Scientists are working on a way to use carbon dixoide and certain kinds of bacteria to convert crude oil into cleaner-burning methane — while the oil is still in the ground. A separate effort is working on using solar power to convert CO2 to carbon, or carbon monoxide to, in turn, synthesize hydrocarbon fuels.
  • I have found my Official Anthem for the Summer of 2010. Unfortunately, it’s a bit too R-rated to link to, but I’ll give you a hint: It’s by Cee-Lo, from his forthcoming album.
  • Colombian Supreme Court to U.S. military: Don’t let the sun set on you in Bogota. Oops.
  • Thomas Frank, author of What’s the Matter with Kansas?, leaves the Wall Street Journal and tears U.S. news media several new orifices on the way out the door (whether he also grabbed a beer is not clear).
  • The U.S. Chamber of Commerce has apologized for a blog post suggesting that the male-female wage gap and the glass ceiling aren’t real problems, which might actually mean something if it would apologize for everything else it has said and done in that same vein for the past several decades. But it won’t, so it doesn’t.
  • The American Family Association apparently believes our soldiers in Iraq died for nothing. Actually, so do I, inasmuch as that war was illegal from the git. But you know why the AFA believes it? Because Iraq is not a Christian nation.
  • Would someone who considers him/herself a deficit hawk and supports extending George Bush’s tax cuts for millionaires please explain to me how we can afford to do that but cannot afford to put people to work?
  • And, finally, this week’s tasteless joke, from D. Aristophanes at Sadly, No!:

A priest, a rabbi and an imam walk into an Islamic center two blocks from Ground Zero. The bartender says, ‘What’re you drinking?’ and the imam orders him beheaded because sharia law dhimmitude Allahu Akbar alalalalalalalalala flabberty jabberty jabber etc. etc.*

You’ve been a great crowd! We’re here all week!

*Also the priest molests the bartender’s kids and the rabbi drinks their blood.

Wednesday, February 17, 2010 11:08 pm

Quote of the day: reloaded

Filed under: I want my money back. — Lex @ 11:08 pm
Tags: ,

Paul Volcker lays down what I and many others only wish were the law:

“If a big non-bank institution gets in trouble and threatens the whole system, there ought to be some authority that can step in, take over that organization and liquidate it or merge it — not save it. It’s called euthanasia, not a rescue.”

Bonus: Some people who know what they’re talking about agree with him.

Sunday, January 24, 2010 12:08 am

Odds and ends for 1/23

Insider trading at the Fed?: Or tied to the Fed, anyway. Yet one more reason to audit the thing, and I don’t mean just routine annual audits, either.

Meanwhile, over at the New York Stock Exchange, one can also find hinky goings-on.

Prop-trading ban will hit Goldman Sachs a lot harder than Goldman says, according to an independent credit analyst. In the immortal words of Al Capone, I’ll send flowers. If you own Goldman stock, you should consider the strong probability that you’re being lied to.

Roundup of stories on the prop-trading ban and related issues, here.

Whose Kiss of Death is deadlier, Fred Mishkin’s or Alan Greenspan’s? I don’t care as long as at least one of the two works as advertised and Ben Bernanke slithers back off to the private sector.

So if Bernanke doesn’t stay as Fed chair, who should get the job? Zero Hedge nominates John Taylor, whose thoughts on the roots of the current crisis can be found here. I do not agree with everything Taylor believes, but I believe that on balance he would be a substantial improvement on Bernanke. I’d like to know whether someone else might be even better.

Paul Volcker’s rise from exile to the president’s right hand helpfully resurrects a short (well, compared with Barney Frank’s 1,100-page bill) paper on restoring security and stability to the U.S. financial system.

Rx from Ezra Klein: “If Democrats abandon health-care reform in the aftermath of Brown’s victory, the lesson will be that they can’t govern. … A plumber and I both agree that my toilet should work. But if he can’t make it work, I’m not going to pay him any money or invite him into my home. Governance isn’t just about ideology. It’s also about competence and will. That’s where Democrats are flagging.”

Another Rx: The California Supreme Court ruled this week that people with prescriptions for medical marijuana can have/grow all they need, not subject to arbitrary state limits. Yeah, that increases the likelihood of abuse, but there was no medical basis for the old limits. Let doctors make that call.

My BS meter just pegged: The same Lord Hutton who certified, despite questionable evidence, that British weapons inspector David Kelly committed suicide has ordered all records in the case sealed for 70 years.

My BS meter just pegged again: Walter Isaacson reviews the new book by John Yoo in today’s NY Times without ever using the word “torture.”

S.C. Lt. Gov. Andre Bauer says we need to stop feeding poor people because they breed: I am not making this up: “You’re facilitating the problem if you give an animal or a person ample food supply. They will reproduce, especially ones that don’t think too much further than that. And so what you’ve got to do is you’ve got to curtail that type of behavior.” He also called for drug testing for the parents of the 58 percent of S.C. schoolkids who receive free or reduced-price lunch. I think I know who needs the drug test.

Obama adopts another trick from the Bush bag: This time, it’s having the Justice Department’s Office of Legal Counsel retroactively legalize illegal surveillance. So that’s why the Senate never took up Dawn Johnsen‘s confirmation as head of OLC: There’s no way she’d have signed off on this crap.

The pope says priests should blog. I think that’s a great idea, but I think they’ve got other things to do first.

And finally, DJ Earworm’s annual remix of the Billboard magazine Top 25 pop songs of the year, for 2009. This year’s is called “Blame it on the Pop”:

Friday, January 22, 2010 8:21 pm

Odds and ends for 1/22

Double dip: There were 482,000 new unemployment claims for the week ending 1/16, which was 36,000 more than the previous week and 42,000 more than expected. Worse, new emergency unemployment claims, for those who’ve exhausted regular benefits, were up 652,364 to 5,654,544. If this is a green shoot, it’s the kind of green you see when things are rotting.

Theft of a lifetime: The chief strategist for a major international bank accuses the U.S. and U.K. central banks of conspiring to steal wealth from their respective countries’ middle classes. It’s actually a little more complicated than that, but only a little.

Risky business: President Obama has proposed ending proprietary trading by bank holding companies to reduce the level of risk in the market and, therefore, the risk that taxpayers will have to bail out more banks, something Paul Volcker supports. Banks have protested that this is unnecessary on the grounds that prop trading really isn’t a big part of their business (Goldman Sachs puts its prop-trade revenue at 10% of the total). However, observes Zero Hedge with a nice little chart, “the market begs to differ.” Goldman’s own analysis suggests that while prop trading accounts for perhaps 10% of Bank of America’s revenues, because of prop trading’s high margins it accounts for up to 45% of BAC’s earnings. If that’s true, BAC stock, which is supposed to double in price by the end of 2011, could fall 50% instead.

Related: Real conservatives like Obama’s proposal. American “conservatives,” however, not so much.

So, will Goldman Sachs stop being a bank holding company so that it can continue its proprietary trading?: Probably, although it’s kind of in a pickle because currently it has almost 21 billion reasons not to.

Best health-care reform political analysis. Ever: I don’t think it’s correct on the substance, but whether it is or not, I just love the pretty words: “The only path to national health care reform is to pass the Senate bill. Unless Nancy Pelosi and the House leadership can herd three distinct groups of cats — the Blue Dogs, the Stupak coat-hanger crowd and the progressives — HCR is going down in flames, quite possibly for another generation. This is where we’re at. It sucks. It also blows, a seemingly self-canceling phenomenon that is only witnessed in the rarest, most [rear-end]-tasting conditions. And we are witnessing such conditions this very day — a perfect storm of sucking and blowing. That said, if passing the Senate bill verbatim is a once-in-a-lifetime Suckicane meeting a Category 5 Blowphoon head-on, then NOT PASSING ANYTHING AT ALL takes us into the Bruckheimer-Emmerich territory of summer blockbuster-class suckstinction-level blowvents.”

Quote of the day, from Matt Taibbi, on the prop-trading restrictions: “Obviously this is good news, but what I find irritating about it is that the government only starts listening to its voters once the more corrupt option turns out to be untenable.” Yo, Matt, that ain’t true only about banking, either.

The New York Fed and AIG: A timeline, by Bloomberg. Nice.

People thought Rupert Murdoch wouldn’t ruin the Wall Street Journal. People were wrong, although the author concedes the problem is a bit more nuanced than he first claimed.

So if Glenn Beck isn’t talking about going after progressives through the political process, then what’s he talking about? Because when you say you’re going after your political opponents like the Israelis went after Eichmann, you probably know your audience understands that what awaited Eichmann was a gallows.

Barney Frank may actually have a good idea: Blowing up Fannie Mae and Freddie Mac and creating a new system of housing finance. F&F didn’t cause as much of the current housing-bubble crisis as most of their critics claim, but they did contribute, oh, yes, they did.

And they say this like it’s a bad thing: ABC thinks there may not be enough votes in Congress to reconfirm Ben Bernanke. Let’s hope they’re right. Bernanke is a big reason we’re in as much trouble as we are right now.

They’re the Christian Taliban, they’re stone (no pun intended) killers, and they’re based in Newark: Yeah, that’s right: Read about the connections between the PrayforNewark social-action group, the bill in Uganda to execute gays, and the Dominionist movement in the U.S. These are scary people.

If this had been my daughter, the lawsuit would’ve been filed before the sun went down: TSA employee plants bag of white powder in college student’s carry-on luggage. Plenty of witnesses — who were afraid to speak up. Excellent! Just what you want when you’re trying to prevent terrorism — people who see something hinky but are afraid to speak up for fear of being arrested!

Apparently they can use lasers to zap away fat!: Which sounds cool, and I am so on board (assuming I can find the money) … just as soon as they figure out where the fat goes.

Odds and ends for 1/21

Does Rielle Hunter know?: Former presidential candidate John Edwards finally admits that he is the father of a former campaign staffer’s daughter. I would say “Stop the presses!” except that the presses stopped on this one a long time ago.

One last party before the walls come down: Morgan Stanley has earmarked 62% of revenues for employee compensation. Not earnings, revenues. Which is good if you’re an employee, because there were no earnings; the company posted an annual loss for the first time in its 74-year history. Goldman Sachs will be paying its employees a comparatively modest 36% of annual revenue, although that amounts to 121% of earnings. Question: What do the (non-employee) stockholders think of this?

What part of “all” did you not understand?: Rep. Darrell Issa, ranking Republican on the House Oversight and Government Reform Committee, is asking committee chairman Edolphus Towns, D-N.Y., to hold Federal Reserve Bank of New York officials in contempt for turning over only some, but not all, subpoenaed documents relating to the AIG bailout. Zero Hedge, which has been on this subject for close to a year, helpfully offers some other questions Issa could raise.

Why do teabagger leaders hate America?: Tea Party leader arrested on first-degree rape charge; search turns up stolen Army grenade launcher; YouTube video features him planning to be a “domestic terrorist.”

Remind me again who’s not being bipartisan enough?: I happen to think the proposed commission is a horrible idea, if not unconstitutional, but still: Congressional Republicans have demonstrated repeatedly that they cannot take “yes” for an answer. Jackasses.

So. Um. Troops to Haiti — why, exactly?: Two possibilities, neither flattering.

OK, maybe the Mayans were right: Quoth DougJ at Balloon Juice, “With unlimited corporate money fueling crazed Nixon-style anger, things are going to get very, very ugly.”

I sort of want to know what exactly Spencer is talking about and I sort of don’t.

Finally, the people who know what they’re talking about get a turn: Obama pushes a Paul Volcker-backed plan to limit the size of banks, so as to eliminate the possibility of “too big to fail.” The idea here is to reduce the taxpayer’s exposure to any privately incurred risk in the financial industry. And that’s a good idea. (Know who else thinks so? Mark Zandi, the guy who advised McCain’s presidential campaign on economics.)

Purse v. policy-making: The pants-wetters want the Khalid Sheikh Muhammad trial not to be held in civilian court. Congressional Republicans are plotting to get some moron Dems to go along with them on barring funding for it. Now, why is it that the existing appropriation is in such a condition that that approach is even possible? And who would know enough about the appropriations process to have made this possible to begin with? Hint: it ain’t anyone with an R after his name.

As Alannis said, this could get messy: Sen.-elect Scott Brown got a lot of support from teabaggers, and he very quickly and publicly blew them off. We know how Rush reacts to that treatment. Let’s see how the teabaggers do.

And people wonder why I think Christianists and Islamists are essentially the same species.

Ethnic profiling won’t help: “An additional concern, [a Senate Intelligence Committee report] says, ‘is a group of nearly 10 non-Yemeni Americans who traveled to Yemen, converted to Islam, became fundamentalists, and married Yemeni women so they could remain in the country.’ One U.S. official, it reports, described them as ‘blond-haired, blue-eyed types’ who ‘fit a profile of Americans whom al-Qaeda has sought to recruit over the past several years.'”

Related: More pants-wetting. C’mon, America, man/woman up, will ya?

And even more pants-wetting, called out by Digby: “Everyone seems to forget that a year ago, Obama only had 58 votes in the Senate and everyone was in a state of near hysteria over his massive institutional power and soaring mandate. Now he has 59 and he’s suddenly impotent.”

As we turn more security operations in Afghanistan over to that country, we need to beware of residual problems.

AWOL pirate: Well, skull of pirate. Skull of total butt-kicking 14th century German pirate Klaus Störtebeker, who — and I must admit this even though I’m from North Carolina — makes Blackbeard look like Richard Simmons. Reward.

Awwww: Shiba Inu puppycam!

Wednesday, January 6, 2010 10:49 pm

Odds and ends for 1/6

Wall Street vs. Main Street: Despite record profits and record bonuses on Wall Street, overall U.S. payroll withholdings and corporate tax payments in December were down 8.2% (to a multi-year low) and 61.5%, respectively, from December 2008. If you still need proof that the banksters are feasting on the rest of us, well, I’m sorry, you’re just going to have to accept at this point that the sky really is blue, not pink with purple polka-dots.

With sepsis, we can at least hope he suffered some: James von Brunn, the white supremacist who shot and killed a guard at the Holocaust Museum in Washington last June, died today in prison of congestive heart failure and sepsis. Saving the taxpayers the expense of a trial, appeals and execution, von Brunn’s death appears to have been the first considerate thing the 89-year-old ever did in his life.

No matter where in the U.S. you live, one Texas wingnut creationist is deciding which textbooks your kids will use in school. Maybe we should let ‘em secede; the national IQ would probably go up 30 points.

Speaking of wingnuts, Allen Quist is right. Just not in the way he thinks he is.

But … but … but … Democrats are dropping like flies! ABC said so!: As of today, more Republican than Democratic U.S. representatives, U.S. senators and governors are retiring than Democrats. But ABC says Democrats are dropping like flies. This is why I told my reporters not to use subjective terms when objective ones will do.

Speaking of the media, it’s only Jan. 6 and we’ve already had the best media criticism of the year, from commenter PeakVT at Balloon Juice, on why things like Travelgate and Filegate seem to get more media attention than, say, torture and other war crimes: “Republican scandals tend to involve the press corps. For instance, starting an unnecessary war under false pretenses was immensely helped by stenographers like [The New York Times' Judith] Miller. Democratic “scandals” are limited to Democratic politicians, which makes them a lot more fun for the press.”

I’ll believe it when it happens: According to one report, White House anonymice are claiming President Obama will re-nominate Dawn Johnsen to run (and, please God, clean up) the Justice Department’s Office of Legal Counsel. Good news, if true.

I would watch this on pay-per-view: MSNBC’s liberal talk-show host Ed Schultz may run to succeed retiring N.D. Sen. Byron Dorgan. Republicans, who are confident of picking up the seat, think of Schultz as just another Al Franken, and they say that like it’s a bad thing.

Jogging bores me to tears, but I will read any jogging blog that regularly uses lines like this: “I’ve been needling my 67-year-old friend Jim to run the half-marathon with me just so I don’t come in last. What kind of friend exploits a slow-moving retiree? I’ll tell you what kind: the kind who doesn’t want to come in last. “

The legal group that worked hardest to create the modern system of capital punishment now says its efforts have been a failure. Given the risk at which it places innocent defendants, it’s hard to argue otherwise. (And yet I find a way, sort of.)

Quote of the day, via Maru:  “What happens if Rush dies in Hawaii? Will anyone believe the death certificate?”

Another Quote of the Day, from Paul Volcker to BusinessWeek, via Goddard Taegan’s Political Wire: “The American political process is about as broken as the financial system.”

And why not one more Quote of the Day, this one from Jason Linkins at HuffPo on the Apple iSlate and its ilk: “… the short-term ‘end of print’ apocalypse will not be felt by people clutching pricey panes of glass, but by a forgotten class of people who need quality journalism as a stopgap against a whole range of societal ills.”

And James Fallows, for the win: “That is the American tragedy of the early 21st century: a vital and self-renewing culture that attracts the world’s talent, and a governing system that increasingly looks like a joke.”

He says he’s only a sportswriter, but Mike Lupica of the NY Daily News says it all with remarkable economy: “Cheney used to be a much better liar than this.”

Cue the “Applachian Trail” jokes. And worse: U.S. Rep. Joe “You Lie!” Wilson, R-S.C., Tweets about hiking through Panthertown National Forest with an “expert hiker” who also happens to be a babelicious congressional intern. (Although I’ll grant that if he’s dumb enough to Tweet about it, he’s probably guilty of nothing more than bad judgment.)

When Guantanamo inmates get transferred to Illinois, will torture come with them? It’s entirely possible.

I’d just like to say that my friend Andy Duncan rules. Yes, he does. And we’re really looking forward to lunch with him and Sydney on Saturday.

Out of the box. WAY out: As America struggles with an Afghan insurgency and the Center for a New American Security prepares for its June convention, Spencer Ackermann proposes what would be a fascinating keynote program: Gen. David Petraeus … and Gen. Vo Nguyen Giap.

Geoffrey Chaucer, who hath a blog, now also hath a forthcoming book, “a solid volume the which ye kan underlyne and spille egg-salad upon and take yn to yower jacuzzi whanne the mood stryketh yow.” Huzzah!

Those of us who don’t work for the MSNM see this as a feature, not a bug: Time’s Mark Halperin whines, “… politically and personally, the First Couple and their top aides have shown no hankering for the Establishment seal of approval, nor have they accepted the glut of invitations to embassy parties and other tribal rituals of the political class.” That would be because they have a mess to clean up that you pretty much ignored for eight years, jackass.

Charmed life: Tsutomu Yamaguchi, the only person known to have survived both U.S. atomic attacks on Japan, is dead at the age of 93.

Better the devil you know than the other devil you know: Sen. Christopher Dodd’s retirement is coming only because of the virtual certainty that he would be unseated in 2010 because of his coziness with banks. But his successor as chairman of the Senate Banking Committee will be even worse.

What part of “public” were you lying about?: C-SPAN’s Brian Lamb, bless him, reminds Congressional Dem leadership of their promise to have House/Senate reconciliation of health-care reform out in the open.

And yet I languish without, probably because of a relative lack of explosives: The demolition of Texas Stadium now has an official corporate sponsor.

Twitter through history. “Too soon? In the Twitter Era it is probably already too late.” And more.

Thursday, December 17, 2009 11:36 pm

Odds and ends for 12/17

All your drones are belong to us: A readily available, $26 piece of software has allowed Iraqi insurgents to intercept video from U.S. Predator drones. The government has known about this flaw since the weapons’ use in the Balkans in the 1990s but never did anything about it because it “assumed local adversaries wouldn’t know how to exploit it.” As Attackerman (h/t) comments, “Arrogance like this gets people killed.”

All our money are belong to the devil, so send us yours: Televangelist Rod Parsley’s Web site sets a Dec. 31 deadline for contributions and urges, “Will you help take back what the devil stole?” The ministry is in financial trouble primarily because it had to pay a $3.1 million judgment to the parents of a 2-year-old whom a teacher at the ministry severely beat.

Bill Gates sez, “Go ahead, make my day tax my estate!”: The Microsoft founder says we shouldn’t let the estate tax expire. I agree with him. Raise the cap, sure. Index for inflation, of course. But scrap? Nuh-uh.

Relatedly, if you have both money and heirs (Hi, Mom!), you might not sleep very well next year.

Wall Street is killing health care: That’s what taking your company public will do. (Previously.) Just ask the newspaper industry.

Odd couple: Sens. John McCain and Maria Cantwell have jointly introduced legislation to reimpose Glass-Steagall standards on banks. Comments HuffPo’s Jason Linkins: “Give McCain and Cantwell a big round of applause for their effort, because in Washington, this seemingly obvious response to the financial crisis is considered the domain of wild-eyed hippies (and Paul Volcker).”

Which raises a damn good question: Why, in Washington, has the obvious become the domain only of wild-eyed hippies and Paul Volcker, and not of the “serious” politicians/bureaucrats/journalists?

Worthwhile related point: Byron Dorgan warned us at the time that within 10 years we’d be sorry we repealed Glass-Steagall. BZZZT! Wrong! We were sorry within nine years.

Speaking of banksters, looks like Ben Bernanke is going to get reconfirmed. Which would be fine if, like a large majority of the American public, he gave the first damn about putting people back to work. But he doesn’t. Memo to Congressional Democrats: You can steal this issue from the Tea Party, or you can let the Tea Party steal your Congressional seats from you. Your call.

On the bright side, for Democrats and the jobless: A $154 billion economic-stimulus bill passed the House … without a single Republican vote. I’m a longtime deficit hawk, but part of the reason that I am is that I understand that there are times when only fiscal policy can jump-start the economy. So you have to balance the budget or run a surplus in good times to be in position to spend in bad times. And as I’ve said before, the biggest problem of the earlier stimulus package was that even at $787 billion, it was only about half as big as it needed to be (second biggest problem was it relied too heavily on tax cuts, not enough on direct spending).

Here are three more questions to be asked about health-care reform, based on public pledges Obama has made in the past. No one who wanted reform in any form or fashion is going to like the answers. Actually, this piece was so good that I’m going to deviate from standard Odds & Ends formatting and quote from it at some length:

I’ll be evaluating the bill according to three principles:

1. When this plan goes into effect, will it bring an end to the battles that health insurance consumers must wage to retain their coverage, or will the practice of rescission continue?

2. When this plan goes into effect, will it bring an end to the long-term, intractable debt that millions of hard-working Americans incur, simply because they get sick, get injured and grow old?

3. When this bill is signed into law, will Obama truly be in the position to say he’ll be the last president to “take up the cause,” or will it be obvious that we’ve only kicked the can down the road, and that more needs to be done?

In truth, the way I see things shaping up, I don’t believe that the eventual reform legislation will achieve any of these things. At the same time, I think that if it makes it to Obama’s desk, he’s going to sign it. But, pursuant to the cause of Not Kidding Ourselves, he’d better not call it a victory.

Sounds about right.

Is the Senate health-care bill comparable to the (successful) Dutch health-care system?: No, not really.

Republicans are crawling back toward sanity: Yesterday, Laura Ingraham was likening health-care reform to the Holocaust. Today, Miss. Gov. Haley Barbour is saying it’s only as bad as Jonestown. Whew. I was really afraid they were going off the deep end.


Wednesday, December 9, 2009 11:33 pm

Odds and ends for 12/9

The seat’s hot and he ain’t even in it yet: Bank of America’s chief risk officer, Greg Curl, considered a leading candidate to succeed Ken Lewis as CEO, is under investigation by the New York attorney general for his role in what BofA shareholders were and weren’t told about the bank’s acquisition of Merrill Lynch.

Your incompetence. Let me show you it: Former Fed Chairman Paul Volcker calls for the return of Glass-Steagall and tells the Wall Street Journal’s Future of Finance Initiative, a group of financiers and policy makers, “Your response [to the economic crisis], I can only say, is inadequate. You have not come anywhere close.”

Quote of the day, also from Volcker at this session: “I wish somebody would give me some shred of evidence linking financial innovation with a benefit to the economy.” For good measure, he said the best financial innovation of the past 25 years was the ATM. (Which actually was introduced earlier … but, hey, forget it, he’s rolling.)

Bonus quote of the day, from Gavin M. at Sadly, No!, characterizing hinky academic Stanley Fish: ” …oleoresinous of eye, exuding cheap 1970s tenure …”

Congressman Alan Grayson to Fed Chair Ben Bernanke: Dude, you’re screwing the taxpayers directly AND committing tax fraud!

Oh, snap!: Dick Cheney (laughably) claims trying terrorism suspects in New York will generate more terrorism and calls it treason, so Alan Grayson tells him to “STFU.” This will give Official Washington another case of the vapors, but when Cheney himself once told a senator on the Senate floor to “go [have sex with] yourself,” he really has no room to whine and neither does anyone else.

Crying poor: AIG’s general counsel is leaving because she can’t make it on $500,000 a year. Given her track record of driving companies into ditches, I’m sure she’ll be snapped up in no time. And, yes, I’m being snarky — twelve digits’ worth of my tax money going into AIG in one year entitles me — but, no, I’m not being snarky about her getting snapped up in no time.

“Extreme victimisation,” but not in the way he thinks: Britain slaps a 50% tax on bankers’ bonuses. Will the U.S. follow suit?

Memo to Howard Kurtz: There’s a reason we call you Howie the Putz. And you’re soaking in it.

Well, yeah, if, by “socialism,” he means “a scary word that conservative wankers scream to try to scare people”: Charles Krauthammer calls environmentalism “the new socialism.”

Well, the federal government can just rock *me* to sleep tonight: The TSA posts some of its most sensitive security information on the Internet. But let’s talk about White House party crashers. Or Tiger Woods.

Sauce for the goose other gander: Paul Wolfowitz lost his job for trying to line up a job for his girlfriend. Will Max Baucus?

Zero tolerance for zero tolerance: Confronted with indisputable evidence of an on-screen error, Fox News decides to abandon its zero-tolerance policy for on-screen errors.

Sarah Palin, Woman of the Year?: Pollak says it could happen.

Wednesday, October 21, 2009 10:46 pm

More odds and ends

  • The Galleon insider-trading case, in which billionaire Raj Rajaratnam was charged and the securities-rating firm Moody’s was implicated? Has been assigned to Judge Jed Rakoff. Yeah, this Jed Rakoff. (I hope the judge is taking extremely good care of his health, if you know what I mean, because he is making life intolerable for some very, very wealthy and powerful people.)
  • Former Fed Chairman Paul Volcker, who got us both into and out of the ’81-’82 recession, thinks we need to kind of restore the Glass-Steagall Act, which kept commercial banks from doing investments (and being dragged under when those investments went south) before its 1999 repeal. But he’s having trouble selling that idea to all the Goldman Sachs alumni on Team Obama.
  • If this hearing in fact happens tomorrow — I read or heard somewhere it could get delayed — it could get real ugly real fast for Fed Chairman Ben Bernanke and former Treasury Secretary Hank Paulson. Hell, it might even get ugly for current Treasury Secretary Tim Geithner. I’d be OK with any and/or all suffering some consequences, because you don’t have to be a Harvard MBA to know Bank of America shareholders got screwed.
  • Speaking of Hank Paulson, turns out that while he was still secretary, he met in Moscow with the board of Goldman Sachs. But nothing improper happened. Really. Move along; nothing to see here. These are not the droids banksters you’re looking for.
  • Dana Perino, concern troll. Memo: advice on how to conduct yourself from a PR standpoint from someone who used to take money to call people traitors and supporters of terrorists is probably not worth what you’re paying for it.
  • Shorter Congressman Jeb Hanserling (R-Texas): I’m here to protect banks; screw the consumers.
  • Another Republican, this time John McCain, thinks another earmark, this one $325,000 for earthquake study in Memphis, is a waste of money, and once again is wrong. Three words: New Madrid Fault.
  • Shorter Timothy Noah: Whatever happened to, you know, reporting?; or, The public option was always popular, you morons — you just pretended otherwise or weren’t paying attention.
  • More Noah, because this is just so good and so true: “Political reporters are momentum junkies, forever plotting out momentary trends to infinity. If they were meteorologists, they’d interpret 90-degree temperatures in July to predict 160-degree temperatures in December.”
  • John Cole righteously dopeslaps neocon pinhead Pete Wehner.
  • Sure, Sarah Palin’s $29 book can become a bestseller — when you sell it for $9 or give it away with a magazine subscription.
  • The Bush and Obama administrations actually threatened not to share intelligence with the U.K. if it released evidence of our torture of a guy named Binyam Mohammed. (Yeah, let’s stop sharing info with our oldest and most trusted ally. Genius.) Fortunately, Britain’s highest court is calling their bluff.
  • The maker of Tasers, which has long claimed that Tasers aren’t lethal, now concedes that they might be, potentially, well, a little bit, um, lethal. I’m guessing someone finally talked to their lawyer and figured that just maybe they might want to do a little butt-covering.
  • Socialism … and its potential benefits.
  • OTOH, let’s foster competition and innovation, not hinder it.

Finally, a bit of a health-care roundup:

  • The House Judiciary Committee voted 20-9 today to strip the health-insurance industry of its federal antitrust exemption. This is such a good idea that three Republicans even went along with it. I dearly hope my own representative, Howard Coble, was one of them. (thomas.loc.gov hasn’t been updated yet so I don’t know.)
  • You can too get a hip replacement under the Canadian health-care system even if you’re of retirement age. Ignore the urban legends/propaganda.
  • Sen. Richard Burr’s health-care reform plan: fail. Not epic fail, not actual sabotage of what the bill purports to support, but also not enough recognition of certain economic and financial realities.
  • Expand Medicare to include — well, anyone who wants in? That’s a public option even some Blue Dogs can believe in.
  • And even if we choose a real public option, the Congressional Budget Office says it won’t cost as much as opponents have been claiming.
  • Apparently, U.S. Sen. Arlen Specter had no idea that some people were unable to start their own businesses, or stuck in jobs they hate or aren’t suited for, because they can’t afford the health insurance costs they’d have to pay if they made those moves. I mean, c’mon, how imaginative do you have to be before that possibility occurs to you?
  • Last but not least, Al Franken humbles a Hudson Institute hack on health-care finance:


Senator Al Franken: I think we disagree on whether or not the healthcare reform we’re talking about now in Congress should pass. And you said that, kind of the way we’re going will increase bankruptcies. I want to ask you, how many bankruptcies because of medical crises were there last year in Switzerland?

Diana Furchtgott-Roth: I don’t have that number in front of me but I could find out and get back to you.

Franken: I can tell you how many it was. It’s zero. Do you know how many medical bankruptcies there were last year in France?

Furchtgott-Roth: I don’t have that number but I can get back to you if you like.

Franken: The number is zero.
…

Thursday, September 24, 2009 6:17 am

Shorter Paul Volcker

Ur not doin it rite, n00bs!

View this document on Scribd

Pwned!

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