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!

Saturday, December 19, 2009 3:19 pm

Odds and ends for 12/19

The GOP’s 2010 narrative, courtesy of non-GOP Eli at Firedoglake: “Look, we were the ones who voted against giving Wall Street hundreds of billions of dollars, who voted against that tool at the Fed who doesn’t care about your job, who voted against forcing you to spend your hard-earned money on junk insurance you can’t afford to use.  Obama and the Democrats are screwing you over to funnel money to corporate fatcats, and we’re trying to stop them.” I bet it works, too.

Global-warming conspiracy theoristsat the Pentagon.

The health of the commercial banking industry, as summarized by Peterr: If you’re the FDIC putting your budget together for 2010, “you don’t double your receivership budget if you think bank failures are slowing down.” Fun fact: The figure being doubled was itself almost doubled in mid-year 2009 from what it was set at at the beginning of the year, because of the growth in bank failures.

Glenn Beck, cracked: When I was a kid, Cracked was the less nuanced competitor to Mad magazine. But in the Internet age, Cracked has found its footing. Consider this unpacking of the Glenn Beck phenomenon, which includes this gem: “The difference between a Glenn Beck conspiracy and the coronation scene in Carrie is Carrie didn’t overreact as hysterically.”

Different standards: Can you imagine the media hissy fit if Democrats were to try to filibuster an Iraq-Afghanistan spending bill just to delay some other legislation that was part of the GOP agenda? But when Republicans do it to try to delay health-care legislation, it’s perfectly OK, or at least unremarkable.

Blech: I started off my Christmas break with sinuses stuffy AND running AND hurting, and a lot of chest congestion. I’ve hit the Neilmed bottle twice, and it has helped a little but not as much as I had hoped.  Rather than playing in the snow with Hooper and Victoria, which is what I wanted to do, I’ve spent most of the day in bed. On the bright side, the streets appear navigable, so I should be able to run to the store tomorrow for the appropriate junk food to consume during Panthers/Vikings.

Speaking of which, I am probably deriving far more amusement than I should from the thought that the teams will be playing tomorrow night on the frozen tundra of Bank of America Stadium because the Vikes are now an indoor team. But I’m not under any illusions about who’s going to win, just as I hope John Fox is not under any illusions that Jerry Richardson is going to keep him on.

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.

Thursday, December 3, 2009 9:15 pm

Odds and ends for 12/3

With friends like these: Iraqi lawyer helps U.S., gets tortured by Iraqis for his trouble and now is suing U.S. for $200MM for trying to murder him.

With friends like these, cont.: Someone else unhappy with U.S. conduct in Iraq — the head of Blackwater (now Xe), Erik Prince.

Women’s rights: I wouldn’t say I expect to enjoy reading this book, but I’m looking forward to it. Nick Kristoff can be an insufferable ass sometimes, but on this issue he is doing God’s work and has been for a long time. (h/t: Janice)

Reality check: Who are we, Zbigniew Brzezinski asks, to criticize Afghanistan about government corruption? “Americans, of course, hate hypocrisy,” the LA Times’ Andrew Malcolm observes, “by everyone else.”

Elizabeth Warren for president: “America today has plenty of rich and super-rich. But it has far more families who did all the right things, but who still have no real security.”

The Republicans have a plan for health-care reform: Prevent it by any means necessary.

They also have a plan for fixing the deficit: killing Social Security and Medicare. Actually, that’s backward. It’s not that they want to kill SocSec/Medicare to fix the deficit. It’s that they’re making a big deal about fixing the deficit (now; not so much when it was Bush’s deficit) because that’s a plausible excuse for what they really want to do, which is pulling the New Deal and Great Society up out of our culture by the roots. Unfortunately, they lack the intellectual integrity to say so forthrightly. When they did say so forthrightly, about Social Security, in 2005, they got their heads handed to them.

Call this bluff: The banksters at Royal Bank of Scotland, which got the world’s largest bailout, say they’ll quit if they don’t get their bonuses. Don’t let the door hit you in the bum as you leave, tools.

Dylan Ratigan FTW: Reject Bernanke. He started the damn fire.

Shorter Jonathan Weil: FDIC, man up. Banks, pay up. Amen.

Jason Linkins points out a bit of a discrepancy in criticism of the Afghanistan withdrawal date: Critics suggest that setting a start date for withdrawals will just embolden terrorists to wait until we leave. This ignores the fact that even while we’ve been threatening “to go hard, forever,” the average yearly number of global jihadi terror attacks  has increased 607% since we invaded Iraq. Oops.

Relatedly: George Will takes a couple of cheap shots at Obama, and embraces the flawed slippery-slope argument in the item above, and mistakenly believes that Afghanistan is winnable anymore, but he also believes the right thing for most of the right reasons: This will not end well.

To all the first-time voters who supported Obama because you thought he’d get us out of George Bush’s ill-conceived wars: Here’s to the loss of your political virginity.

Lou Dobbs’ presidential aspirations = FAIL: Anti-immigrant group pulls support. Bwa!

Wednesday, September 30, 2009 6:05 am

But … but … the recession is over!

Filed under: We're so screwed — Lex @ 6:05 am
Tags: ,

Shorter Federal Deposit Insurance Corporation: We’re broke.

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