Wednesday, January 30, 2008
Blind Eye
You know... a billion here a couple billion there, pretty soon we're talking some pretty serious Ka-ching.
Seems as long as the boy was in the black, le nabob du banque were willing to look the other way with regard to Monsieur Kerviel's rather large gambling problem.
Seems as long as the boy was in the black, le nabob du banque were willing to look the other way with regard to Monsieur Kerviel's rather large gambling problem.
Chump
Rudy 9ui11iani's campaign has finally come to the grinding halt most had been predicting the last few weeks. And, not for nothing, I could not be more pleased. For sheer cynical exploitation of a single meme his campaign will go down in history, for sheer arrogant delusion it will also go down in history as one of the worst campaigns ever foisted upon this great nation.
Rudy and his advisers showed their complete misunderstanding of the mood of the American people, we're sick of fear Rudy, we've had seven long years of first hand crap from Bush why would we want second hand crap from you?
Judy must be freeeeaking!
Warning: Some of Attaturks postings may not be suitable for small children, small furry friends and rightwing snarkophobes.
Rudy and his advisers showed their complete misunderstanding of the mood of the American people, we're sick of fear Rudy, we've had seven long years of first hand crap from Bush why would we want second hand crap from you?
Judy must be freeeeaking!
Warning: Some of Attaturks postings may not be suitable for small children, small furry friends and rightwing snarkophobes.
In The Mixed
What this report really suggests is that the economic outlook is 'mixed' and noboby really knows what is going to happen next. Which is, for the most part, the worst kind of economy to be in... bears and bulls wandering around in a field unsure as to what to do next. The Fed will cut interest rates again by .5%, the market will clap heartily and ignore the 0.6% growth figure for Q4 2007 afterall, they've been heartily ignoring most bad economic indicators for a year now. What do they care about the economic well being of our nation as long as they can squeeze a buck or two out of the market!
Tuesday, January 29, 2008
Breaking Them In Two
If the polling can be believed, in Florida, and that is a big if, then we are clearly down to a two horse race in the Repuglican presidential nominating process. Both St. McCain and Willard 'Mitt' Romney have problems coming out of Florida and into Super Tuesday on February 5th and, as a lot of observers have remarked, those problems afflict both front runners.
McCain is despised by a majority of his own party, he is considered too liberal by half, even though he has an 82% conservative voting record, and perhaps just a tad too 'maverick' for his own good. His support for both 'comprehensive' immigration reform (Amnesty) and campaign finance reform irritate the base to no end. Obviously he is a foreign policy hawk and that remains the one abiding factor in his pandering to the extreme right of his party but this must alienate the now left leaning independents who have traditionally vascillated between a moderate republican or centrist democrat and have always expressed the warm and fuzzies for 'The Straight Talk Express' however, the Iraq war remains unpopular and will become a bigger issue as we near November. They were bitten twice by Bush and his supposed 'uniter not a divider', 'compassionate conservative' obfuscation, I doubt they will be so tolerant or gullible again. So where does that leave McCain if he can't rely on independents and centrist democrats as a safety valve as we head into the closed primaries? His strength may lie in his opponent.
Romney is without doubt the most vaccuous candidate left standing and his problems are compounded by a faith that the christianists firmly believe is a devil-worshipping cult and it doesn't matter what Mitt says about it they will never be moved from that stance. Mitt is a flip-flopper extraordinaire and that has not gone unnoticed and the longer this thing goes on and he is still in the race and the MSM takes it's traditional position up McCain's butt then Romney is in for one helluva rollercoater ride into ignomy and self-immolation. Unlike Huckabee, who can hide his private prejudices and most vitriolic beliefs behind the shroud of his ministry, Romney's past positions are there for all to see and read and when the base gets hold of them and the MSM magnifies his self serving dalliances with progressive policy positions, coupled with the whole poisonous LDS pile, he's toast.
So it looks like McCain... now, when that reality sinks in with the base, things could get real interesting.
McCain is despised by a majority of his own party, he is considered too liberal by half, even though he has an 82% conservative voting record, and perhaps just a tad too 'maverick' for his own good. His support for both 'comprehensive' immigration reform (Amnesty) and campaign finance reform irritate the base to no end. Obviously he is a foreign policy hawk and that remains the one abiding factor in his pandering to the extreme right of his party but this must alienate the now left leaning independents who have traditionally vascillated between a moderate republican or centrist democrat and have always expressed the warm and fuzzies for 'The Straight Talk Express' however, the Iraq war remains unpopular and will become a bigger issue as we near November. They were bitten twice by Bush and his supposed 'uniter not a divider', 'compassionate conservative' obfuscation, I doubt they will be so tolerant or gullible again. So where does that leave McCain if he can't rely on independents and centrist democrats as a safety valve as we head into the closed primaries? His strength may lie in his opponent.
Romney is without doubt the most vaccuous candidate left standing and his problems are compounded by a faith that the christianists firmly believe is a devil-worshipping cult and it doesn't matter what Mitt says about it they will never be moved from that stance. Mitt is a flip-flopper extraordinaire and that has not gone unnoticed and the longer this thing goes on and he is still in the race and the MSM takes it's traditional position up McCain's butt then Romney is in for one helluva rollercoater ride into ignomy and self-immolation. Unlike Huckabee, who can hide his private prejudices and most vitriolic beliefs behind the shroud of his ministry, Romney's past positions are there for all to see and read and when the base gets hold of them and the MSM magnifies his self serving dalliances with progressive policy positions, coupled with the whole poisonous LDS pile, he's toast.
So it looks like McCain... now, when that reality sinks in with the base, things could get real interesting.
The Bush "Boom"
Ezra gives excellent graph and has an excellent argument as the economy comes front and center, not only in the presidential primaries but, as one of the Chimperor's myths/legacies. You see his royal Bushness has presided over a period of growth second only to his father in 'gradualness'. Now one may argue that Bush 43 had 9/11 to contend with, therefore his economic achievements may have been hampered, however, 9/11 happened seven long years ago, more than enough time to readjust to the new realities and challenges posed by those trying times. And, it has been four or five years now of Bush touting the underlying strength of our economy, he used it as a bludgeon against Kerry, if I remember rightly. So let's see where he stacks up shall we:
Damn those statistics eh!
Damn those statistics eh!
Friday, January 25, 2008
'Creative Capitalism'
Although some of my friends would brand me a socialist or even a Trotskyite, I am neither. I believe in capitalism, free markets and progressive globalism, so there! However, capitalism, for me, should not be a one way street where all that is good about an expanding economy, wealth creation and technological advancement ends up benefitting only the few with only nominal and shrinking revenue streams affecting the many. I am a Keynesian when it comes to economic policy and that derives from the strength of that theory, wherein Government and the Private Sector can work in combination for the good of all the people, rich and poor. That one regulates the other is as it should be, what we see today is a direct result of deregulation and a free market run amok, unable or unwilling to constrain or protect itself from the ravages of its own greed and excess.
Bill Gates echoes some of my sentiments in his speech in Davos... but does not go so far as to imagine how one would shape such reconstruction.
Right now, corporate America, supply-side economics and this administration's complex interwoven relationship and adoration for the two, rather than tax codes and regulation, is stifling the intellectual and creative engine that has powered this country to greatness. Right now we are merely tinkering with known technologies, enhancing and repackaging known commodities. The few areas that could provide exciting new industries and exponential growth opportunities are considered too expensive or described as futuristic or just plain cooky! Why?
So, where and when does the next Bill Gates explode on to the scene? Perhaps, as noted by one of my commenters, he is in China or India and what does that say about this country? Only that greed and fear has finally damped the creative fires essential in keeping this country at the vanguard of prosperity. Also, the Chinese and Indian economies are not instinctually innovative rather they are immitative, much less likely to provide the next big thing but find a way to mass produce the next big thing for margins we cannot hope to compete with.
Maybe he will come from old, tired Europe... crikey! Then we'll be in trouble!
Bill Gates echoes some of my sentiments in his speech in Davos... but does not go so far as to imagine how one would shape such reconstruction.
Right now, corporate America, supply-side economics and this administration's complex interwoven relationship and adoration for the two, rather than tax codes and regulation, is stifling the intellectual and creative engine that has powered this country to greatness. Right now we are merely tinkering with known technologies, enhancing and repackaging known commodities. The few areas that could provide exciting new industries and exponential growth opportunities are considered too expensive or described as futuristic or just plain cooky! Why?
So, where and when does the next Bill Gates explode on to the scene? Perhaps, as noted by one of my commenters, he is in China or India and what does that say about this country? Only that greed and fear has finally damped the creative fires essential in keeping this country at the vanguard of prosperity. Also, the Chinese and Indian economies are not instinctually innovative rather they are immitative, much less likely to provide the next big thing but find a way to mass produce the next big thing for margins we cannot hope to compete with.
Maybe he will come from old, tired Europe... crikey! Then we'll be in trouble!
Thursday, January 24, 2008
The Last Of Her Kind
I cannot imagine what it must feel like to be the last of your kind, it must be a very lonely and unsettling place with only memories surviving to warm the heart. I remember seeing Ms. Jones on TV a few years ago, I can't remember the show, maybe it was a National Geographic or a Nova, it doesn't matter, I just remember being very affected by her and her story.
So, today, the last 'Eyak' of Alaska passed away at the age of 89 but, Ms. Jones has left a legacy, her language has been preserved and through her passing perhaps more light may be shed on the many races facing a similar fate.
So, today, the last 'Eyak' of Alaska passed away at the age of 89 but, Ms. Jones has left a legacy, her language has been preserved and through her passing perhaps more light may be shed on the many races facing a similar fate.
Stimulating, Isn't It!
Republicans, at least the ones I know, are always going on about the almighty market and it's ability to overcome all the ills of the world. The market place will take care of this and the market place will take care of that, as long as we decrease regulation, let the full force of the market spread it's wealth across the breadth of the economy. The market will weed out the weak, enrich the strong and provide everlasting dividends to those brave enough and wealthy enough to swim in its languid pools of prosperity and largesse.
Republicans, at least the ones I know, are always complaining about the welfare state and 'hand outs' to the poor being a drag on the economy. Let each person be responsible for their own destiny they cry, the American economy should not be expected to look after it's young, it's poor, it's despondent and it's sick, we cannot afford 'socialized' medicine, social security is anethema to the free market spirit and unbridled capitalist nature of the American psyche.
Republicans, at least the ones I know, believe that every American should be welcomed into the 'ownership society', we should own our homes and have a vested position in the corporate behemoths who only have our best interests at heart.
Republicans, at least the ones I know, believe that creating individual wealth is all that matters and in the creation of that wealth the individual will be able to constantly attain the trappings of wealth where one no longer has to worry about health care costs, I can afford the best. Education, I send my child to the best private school I can afford. Housing, I'm selling the McMansion for another much bigger one. Social security, I'm not worried about retirement I have a portfolio that will provide more cash than I will ever be able to spend.
But those people are not representative of the 98% of Americans who rely on Government to help fill in missing parts of the American Dream that blood, sweat and tears cannot alone provide. And, they are looking at what is going on right now and probably thinking... what the f*** is going on?
Republicans, at least the ones I know, are always complaining about the welfare state and 'hand outs' to the poor being a drag on the economy. Let each person be responsible for their own destiny they cry, the American economy should not be expected to look after it's young, it's poor, it's despondent and it's sick, we cannot afford 'socialized' medicine, social security is anethema to the free market spirit and unbridled capitalist nature of the American psyche.
Republicans, at least the ones I know, believe that every American should be welcomed into the 'ownership society', we should own our homes and have a vested position in the corporate behemoths who only have our best interests at heart.
Republicans, at least the ones I know, believe that creating individual wealth is all that matters and in the creation of that wealth the individual will be able to constantly attain the trappings of wealth where one no longer has to worry about health care costs, I can afford the best. Education, I send my child to the best private school I can afford. Housing, I'm selling the McMansion for another much bigger one. Social security, I'm not worried about retirement I have a portfolio that will provide more cash than I will ever be able to spend.
But those people are not representative of the 98% of Americans who rely on Government to help fill in missing parts of the American Dream that blood, sweat and tears cannot alone provide. And, they are looking at what is going on right now and probably thinking... what the f*** is going on?
Wednesday, January 23, 2008
965 Lies
I knew they were lying a lot back in those heady days leading up to the invasion of Iraq, one needed only to browse a European web site or read a Knight-Ridder report to find the truth, but I had no idea of the scale of the collective mendacity emanating from the White House in their successful attempt to bamboozle congress and the American people.
Many good people swallowed it whole and even now refuse to accept that their elected officials - Bush/Cheney and their cabal of co-conspirators, Rumsfeld, Powell, Rice, Wolfowitz etc. etc. - could be capable of such blatant lying. Many continue to believe that WMD was found or moved to Syria or is yet to be discovered, they belive that Saddam was in direct talks with Osama Bin Laden and ready at a moments notice to deliver the ficticious WMD to Osama for use in his terror operations against the West - it's hard to deliver what you don't have - many still believe that Saddam had an established nuclear program and US cities would evaporate in a mushroom cloud - I still have no idea how he was going to deliver those ficticious nuclear warheads to US cities, maybe in a suitcase or by FedEx or some otherwise dastardly way, it certainly wasn't by one of his rockets, they were found to be not much more than glorified roman candles. Many still cling to the proof offered by mobile biological labs and viles of anthrax, chemically tipped munitions and confirmed meetings in Prague. It's all complete and utter hogwash.
Now, even the most ardent, ideologically saturated supporter of this administration is entitled to their opinion and even entitled to write misleading, factually incorrect, wholly unsupported screeds in whatever medium they chose for their equally dillusional bretheren but the evidence that we were lied to repeatedly by people we had put our ultimate trust in is incontravirtable.
That several other governments and elements within their intelligence agencies agreed with the ass hats in our White House is not a defence, it is merely further proof of a conspiracy against truth perpetrated by the lot of them.
That Saddam was a bad man, yes he was. Is the world a safer place without him? I see no evidence to support that either. It's just another lie...
Many good people swallowed it whole and even now refuse to accept that their elected officials - Bush/Cheney and their cabal of co-conspirators, Rumsfeld, Powell, Rice, Wolfowitz etc. etc. - could be capable of such blatant lying. Many continue to believe that WMD was found or moved to Syria or is yet to be discovered, they belive that Saddam was in direct talks with Osama Bin Laden and ready at a moments notice to deliver the ficticious WMD to Osama for use in his terror operations against the West - it's hard to deliver what you don't have - many still believe that Saddam had an established nuclear program and US cities would evaporate in a mushroom cloud - I still have no idea how he was going to deliver those ficticious nuclear warheads to US cities, maybe in a suitcase or by FedEx or some otherwise dastardly way, it certainly wasn't by one of his rockets, they were found to be not much more than glorified roman candles. Many still cling to the proof offered by mobile biological labs and viles of anthrax, chemically tipped munitions and confirmed meetings in Prague. It's all complete and utter hogwash.
Now, even the most ardent, ideologically saturated supporter of this administration is entitled to their opinion and even entitled to write misleading, factually incorrect, wholly unsupported screeds in whatever medium they chose for their equally dillusional bretheren but the evidence that we were lied to repeatedly by people we had put our ultimate trust in is incontravirtable.
That several other governments and elements within their intelligence agencies agreed with the ass hats in our White House is not a defence, it is merely further proof of a conspiracy against truth perpetrated by the lot of them.
That Saddam was a bad man, yes he was. Is the world a safer place without him? I see no evidence to support that either. It's just another lie...
Tuesday, January 22, 2008
The Not So Long Goodbye
Fred Thompson, that rascally rabscallian, the great white hope of the republican party, the aqua velva candidate, the only cure for insomnia I have ever known, drops out of the presidential race.
I guess he stayed in long enough to get McCain past the Huckster in SC. I'm sure that was the plan...
Go now Fred
to Jeri's bosom
and other toys
It's HaiKu baby...
I guess he stayed in long enough to get McCain past the Huckster in SC. I'm sure that was the plan...
Go now Fred
to Jeri's bosom
and other toys
It's HaiKu baby...
Padilla
Even though I am not completely convinced by the governments evidence in this case - considering they have modified their accusations multiple times, dropped charges, stalled in providing defence council the evidence or flat out denied them access, certainly tortured this man and denied him his rights under the constitution until such time as they could no longer support their position and having finally been forced to bring him into the civilian courts against their will - he was at least tried in a court of law and given due process.
He has been found guilty and has been sentenced to 17 years in prison for 'conspiracy' which is a lot different from destroying Chicago with a self-built 'Dirty Bomb' as proclaimed by John Ashcroft at the time of Padillas arrest.
A lot of people may say f*** him, he was a bad boy before all of this, even the Times article refers to his nefarious background in the gangs of Chicago and his long criminal record despite the fact it had nothing to do with the governments case, but no citizen of this country deserves to be treated the way this man was, regardless of the alleged crime. We are a nation of laws whether we are at war or not and once we start bending and manipulating those laws, in an attempt at providing cheap propaganda victories, then, we are no better than the enemy who supposedly is intent on defeating our way of life.
He has been found guilty and has been sentenced to 17 years in prison for 'conspiracy' which is a lot different from destroying Chicago with a self-built 'Dirty Bomb' as proclaimed by John Ashcroft at the time of Padillas arrest.
A lot of people may say f*** him, he was a bad boy before all of this, even the Times article refers to his nefarious background in the gangs of Chicago and his long criminal record despite the fact it had nothing to do with the governments case, but no citizen of this country deserves to be treated the way this man was, regardless of the alleged crime. We are a nation of laws whether we are at war or not and once we start bending and manipulating those laws, in an attempt at providing cheap propaganda victories, then, we are no better than the enemy who supposedly is intent on defeating our way of life.
Friday, January 18, 2008
Pro Life-Support
Has it struck any of Fred Thompson's campaign staff that, perhaps, a large proportion of his supporters may not be 'alive' to vote in November?
Just saying...
Tuesday, January 15, 2008
Flush After Use
The question is, are we in a recession now, not, are we approaching a recession. The question of how mild or serious a recession it will be is the last part of the debate and if the Fed or this administration, along with Congress, doesn't act soon we should have an answer for that question imminently.
Inflation is rising and two thirds of the economy (consumers) are slowing down their spending.
The banking industry is in complete turmoil and selling out to foreign investors, mostly the Chinese central bank and arab kings and emirs flush with petro-dollars.
The housing market has tanked, foreclosures continue at record pace and house prices are declining quicker than you can say 'subprime'.
All in all, this is pretty reflective of Bush's business years, he couldn't find oil in Texas, he used other peoples money to run a baseball operation (that sold Sammy Sosa before he was Sammy Sosa) and was installed in the Governors mansion in Austen just to keep him out of trouble, Texas governor being the most powerless, titular and ceremonial governorship in the Union.
It's the work of 'Gentlemen C MBA's' and it's starting to tell.
Inflation is rising and two thirds of the economy (consumers) are slowing down their spending.
The banking industry is in complete turmoil and selling out to foreign investors, mostly the Chinese central bank and arab kings and emirs flush with petro-dollars.
The housing market has tanked, foreclosures continue at record pace and house prices are declining quicker than you can say 'subprime'.
All in all, this is pretty reflective of Bush's business years, he couldn't find oil in Texas, he used other peoples money to run a baseball operation (that sold Sammy Sosa before he was Sammy Sosa) and was installed in the Governors mansion in Austen just to keep him out of trouble, Texas governor being the most powerless, titular and ceremonial governorship in the Union.
It's the work of 'Gentlemen C MBA's' and it's starting to tell.
Betray Us
Right now, in Iraq, the US military is doing the exact same thing as is now backfiring in Pakistan.
Forming and arming loose coalitions with 'Awakening Councils' who will swap allegiances like young lovers swap spit.
One of the big problems with this administration is it's seeming inability to learn from history or accept new realities when confronted by them. They have a myopic, unchallengeable perception of their own invincibility, their own intelligence and their own self perpetuating myth.
They are not gods, they are men and they are consistently and inscrutably wrong all of the time. They refuse to learn from history, prefering to revise it or conjour a rhetorical or literal untruth and pronounce it historic.
Forming and arming loose coalitions with 'Awakening Councils' who will swap allegiances like young lovers swap spit.
One of the big problems with this administration is it's seeming inability to learn from history or accept new realities when confronted by them. They have a myopic, unchallengeable perception of their own invincibility, their own intelligence and their own self perpetuating myth.
They are not gods, they are men and they are consistently and inscrutably wrong all of the time. They refuse to learn from history, prefering to revise it or conjour a rhetorical or literal untruth and pronounce it historic.
No One Could Have Imagined...
... back in 2003 that we would be in Iraq for at least 15 years. I remember Cheney and Wolfie and Rummey and Willie "The Bloody" Kristol and the rest of the preposterous, warmongering blowhards at AEI and Heritage telling us we would be greeted as liberators, the fighting would dissipate quickly, it would pay for itself and we would be out of there within months.
Ah... the heady days of 2003, shock and awe, WMD, mushroom clouds, Iraqi links to Al Qaeda, freedom on the march, mission accomplished, all sweet memories.
How seriously has this country been misled by the 'serious' men in and out of this administration, those starry eyed, rosie cheeked arbiters of American patriotism and American exceptionalism, I would say very, very seriously.
"President Bush has never given a date for a military withdrawal from Iraq but has repeatedly said that American forces would stand down as Iraqi forces stand up. Given Mr. Qadir’s assessment of Iraq’s military capabilities on Monday, such a withdrawal appeared to be quite distant, and further away than any American officials have previously stated in public."
NYT - January 15, 2008
But don't worry folks, the surge is working, everything will be fine, freedom and democracy can get a little messy but we're in the home stretch, just 10 more years to go and this whole Iraqi fiasco will be worth it. We'll look back on these days and laugh, phew! That was close for a minute there huh?
Ask yourself, how many trillions of dollars will we have poured into Iraq by then, how many more of our finest and bravest will have died or been brutally injured and how different will the middle east look in another ten years?
I for one can't get my head around the enormity of ten more years of this crap.
Ah... the heady days of 2003, shock and awe, WMD, mushroom clouds, Iraqi links to Al Qaeda, freedom on the march, mission accomplished, all sweet memories.
How seriously has this country been misled by the 'serious' men in and out of this administration, those starry eyed, rosie cheeked arbiters of American patriotism and American exceptionalism, I would say very, very seriously.
"President Bush has never given a date for a military withdrawal from Iraq but has repeatedly said that American forces would stand down as Iraqi forces stand up. Given Mr. Qadir’s assessment of Iraq’s military capabilities on Monday, such a withdrawal appeared to be quite distant, and further away than any American officials have previously stated in public."
NYT - January 15, 2008
But don't worry folks, the surge is working, everything will be fine, freedom and democracy can get a little messy but we're in the home stretch, just 10 more years to go and this whole Iraqi fiasco will be worth it. We'll look back on these days and laugh, phew! That was close for a minute there huh?
Ask yourself, how many trillions of dollars will we have poured into Iraq by then, how many more of our finest and bravest will have died or been brutally injured and how different will the middle east look in another ten years?
I for one can't get my head around the enormity of ten more years of this crap.
Monday, January 14, 2008
The Power Of Denial
Bush, although not entirely rubbishing the NIE on Iran, rubbishes the NIE on Iran and who to? Why Olmert of course, that other sane, 'serious' leader adamantly opposed to reality. Isn't it striking that Bush has spent a week in the middle east, fluffing despots, stroking kings and emirs and soothing Israeli nationalists whilst espousing the beneficial effects of freedom and democracy. That neither freedom nor democracy are available to any citizen of the middle east, with the exception of fortress Israel, and probably won't be for a very long time, who do you think his audience really was, why, it's us shmucks back in the Good 'Ol US of A of course. This is about this idiots legacy, he's pulling out all the stops for one last push at creating something, anything approaching a positive for his two terms of ineptitude, incompetence and betrayal.
I'll willingly cede to the idea that Iran is a sponsor of state terrorism with their links to Hezbollah and possibly Hamas, that they have fostered an antagonistic attitude toward their immediate neighbors and the West and that they continue to be ruled by ignorance, intolerance and bigotry. However, much of the same could be said about Saudi Arabia, Egypt and the numerous emirates surrounding them who's only difference is, they are willing to pay lip service to western leaders in return for international indifference to their closed, sociopathic, absolute monarchies.
Iran is really no different from the rest of the middle east with the caveat that they are less willing to play the game, we in our infinite arrogance, insist they play.
I'll willingly cede to the idea that Iran is a sponsor of state terrorism with their links to Hezbollah and possibly Hamas, that they have fostered an antagonistic attitude toward their immediate neighbors and the West and that they continue to be ruled by ignorance, intolerance and bigotry. However, much of the same could be said about Saudi Arabia, Egypt and the numerous emirates surrounding them who's only difference is, they are willing to pay lip service to western leaders in return for international indifference to their closed, sociopathic, absolute monarchies.
Iran is really no different from the rest of the middle east with the caveat that they are less willing to play the game, we in our infinite arrogance, insist they play.
Friday, January 11, 2008
Our Robust Economy V
The markets responded to Bernanke's spirited talk of another 'substantial' cut in the interest rate later this month by gaining a credible amount yesterday. Today, however, more bad news prevails with Merrill Lynch taking a bigger hit than expected and American Express getting in on the bad loan caravel.
Also, savvy investors, and there has to be some of them out there, realize that cuts to the interest rate are designed to ease credit and borrowing fears essentially in the housing market... the one market where, right now, nothing's going to help until a major reorganization or underwriting of the, as yet undefined, crapload of worthless debt takes place.
It looks and smells like panic!
Also, savvy investors, and there has to be some of them out there, realize that cuts to the interest rate are designed to ease credit and borrowing fears essentially in the housing market... the one market where, right now, nothing's going to help until a major reorganization or underwriting of the, as yet undefined, crapload of worthless debt takes place.
It looks and smells like panic!
Thursday, January 10, 2008
Tonkin Bay Redux
The BBC (Those Commies) includes video shot from the Iranian side perhaps earlier in a, what appears to be, routine exchange... They really are little speed boats and I understand that you could conceiveably pack them with explosives and ram them into the side of a battle ship but, why?
The disembodied voice at the end just sounds silly and nothing like the Iranian captain communicating with the American ships earlier.
Update: ABC News reports the USN is uncertain just where the disembodied voice came from... as fish tales go, this ones getting a lot fishier. Not that anyone could accuse this administration of making stuff up and stuff, I mean their record is impeccable when it comes to telling the American people the truth!
The disembodied voice at the end just sounds silly and nothing like the Iranian captain communicating with the American ships earlier.
Update: ABC News reports the USN is uncertain just where the disembodied voice came from... as fish tales go, this ones getting a lot fishier. Not that anyone could accuse this administration of making stuff up and stuff, I mean their record is impeccable when it comes to telling the American people the truth!
Greed Is Good
See... Wall Street wants another interest rate cut to provide stimulus to, not the economy but, their bonus packages:
"And then there is self-interest. Wall Street traders and investment bankers are counting on drastic rate cuts to help make stock prices rise, says Albert M. Wojnilower, a consultant to Craig Drill Capital, a hedge fund. Rising stock prices, in turn, help lift year-end bonuses, which were relatively small this past year.
“It is easier for people on Wall Street,” Mr. Wojnilower said, “to cloak their personal desires in a national concern.”"
Go read the whole thing.
Update: What Wall Street wants, Wall Street gets! I feel so much better for those poor guys...
"And then there is self-interest. Wall Street traders and investment bankers are counting on drastic rate cuts to help make stock prices rise, says Albert M. Wojnilower, a consultant to Craig Drill Capital, a hedge fund. Rising stock prices, in turn, help lift year-end bonuses, which were relatively small this past year.
“It is easier for people on Wall Street,” Mr. Wojnilower said, “to cloak their personal desires in a national concern.”"
Go read the whole thing.
Update: What Wall Street wants, Wall Street gets! I feel so much better for those poor guys...
Our Robust Economy IV
Like most republican economic, foreign and domestic policy initiative disasters, most of the damage is self inflicted. Take our current mortgage crisis as outlined by Krugman in a recent NYT opinion piece.
Just for the record:
"But Mr. Greenspan wasn’t the only top official who put ideology above public protection. Consider the press conference held on June 3, 2003 — just about the time subprime lending was starting to go wild — to announce a new initiative aimed at reducing the regulatory burden on banks. Representatives of four of the five government agencies responsible for financial supervision used tree shears to attack a stack of paper representing bank regulations. The fifth representative, James Gilleran of the Office of Thrift Supervision, wielded a chainsaw.
Also in attendance were representatives of financial industry trade associations, which had been lobbying for deregulation. As far as I can tell from press reports, there were no representatives of consumer interests on the scene.
Two months after that event the Office of the Comptroller of the Currency, one of the tree-shears-wielding agencies, moved to exempt national banks from state regulations that protect consumers against predatory lending. If, say, New York State wanted to protect its own residents — well, sorry, that wasn’t allowed."
Of course, one must remember that the people described above are the 'serious' leaders your average Repug fetishizes about.
Python got them just about right!
Just for the record:
"But Mr. Greenspan wasn’t the only top official who put ideology above public protection. Consider the press conference held on June 3, 2003 — just about the time subprime lending was starting to go wild — to announce a new initiative aimed at reducing the regulatory burden on banks. Representatives of four of the five government agencies responsible for financial supervision used tree shears to attack a stack of paper representing bank regulations. The fifth representative, James Gilleran of the Office of Thrift Supervision, wielded a chainsaw.
Also in attendance were representatives of financial industry trade associations, which had been lobbying for deregulation. As far as I can tell from press reports, there were no representatives of consumer interests on the scene.
Two months after that event the Office of the Comptroller of the Currency, one of the tree-shears-wielding agencies, moved to exempt national banks from state regulations that protect consumers against predatory lending. If, say, New York State wanted to protect its own residents — well, sorry, that wasn’t allowed."
Of course, one must remember that the people described above are the 'serious' leaders your average Repug fetishizes about.
Python got them just about right!
Wednesday, January 09, 2008
Obama
I watched both acceptance speeches and all the concession speeches last night, obviously Obama's was transcendant although I thought both Romney and Huckabee came across pretty well, I guess being in a blue state will have that blunting effect on their more hysterical flights of fancy. McCain was absolutely awful whilst Hillary was sufficiently contrite and humble and engaged. But back to Obama and why I want to know more about him, his speech was inspiring and provoking, his cadence almost perfect and the speech itself eloquent and succinct. My favorite 'graph:
We have been told we cannot do this by a chorus of cynics who will only grow louder and more dissonant in the weeks to come. We’ve been asked to pause for a reality check. We’ve been warned against offering the people of this nation false hope. But in the unlikely story that is America, there has never been anything false about hope. For when we have faced down impossible odds; when we’ve been told that we’re not ready, or that we shouldn’t try, or that we can’t, generations of Americans have responded with a simple creed that sums up the spirit of a people. Yes We Can.
Transcript (h/t Crooks & Liars)
We have been told we cannot do this by a chorus of cynics who will only grow louder and more dissonant in the weeks to come. We’ve been asked to pause for a reality check. We’ve been warned against offering the people of this nation false hope. But in the unlikely story that is America, there has never been anything false about hope. For when we have faced down impossible odds; when we’ve been told that we’re not ready, or that we shouldn’t try, or that we can’t, generations of Americans have responded with a simple creed that sums up the spirit of a people. Yes We Can.
Transcript (h/t Crooks & Liars)
Hillary
Being a New Yorker for eighteen years (12 in NYC), I feel I know Hillary pretty well, I like her, I have seen her in person and witnessed her charm and personal appeal. I understand she inspires myriad emotions across the political spectrum, she is a Clinton and with that name goes that territory. Although I have stated I like her that does not mean I agree with her on policy or philosophy. I am probably much closer to Edwards policywise than I am to Hillary but I like her and was pleased to see her win in New Hampshire.
Her win gives me the opportunity to get to know someone I really haven't paid too much attention to and that is Obama. I've caught bits of his speeches and compared some of his policy proposals with both Edwards and Clinton and as much as I agree that the Democrats have a great field, I have tended to concentrate on Edwards and Clinton. That now, with Hillary's victory in New Hampshire, will change. Now we have ample opportunity to truly here from these candidates and I for one will be watching and listening.
Her win gives me the opportunity to get to know someone I really haven't paid too much attention to and that is Obama. I've caught bits of his speeches and compared some of his policy proposals with both Edwards and Clinton and as much as I agree that the Democrats have a great field, I have tended to concentrate on Edwards and Clinton. That now, with Hillary's victory in New Hampshire, will change. Now we have ample opportunity to truly here from these candidates and I for one will be watching and listening.
Tuesday, January 08, 2008
Our Robust Economy III
It's getting really ugly... if Countrywide tries to reorganize under Chapter 11, the rest will follow, the long term problem being that there is a lot of worthless crap on all of their books due to the record number of defaults and foreclosures and no-one will be willing to swallow that, especially lenders and creditors.
From an updated NYT report:
Many traders have been betting recently that the lender might need to file for bankruptcy. Countrywide denied that rumor Tuesday, and its stock partially recovered from a plunge. Still, it remained sharply lower on the day; Lehman Brothers said in a note that Countrywide's earnings power has declined severely, and The New York Times reported the company fabricated documents related to the bankruptcy case of a Pennsylvania homeowner.
From an updated NYT report:
Many traders have been betting recently that the lender might need to file for bankruptcy. Countrywide denied that rumor Tuesday, and its stock partially recovered from a plunge. Still, it remained sharply lower on the day; Lehman Brothers said in a note that Countrywide's earnings power has declined severely, and The New York Times reported the company fabricated documents related to the bankruptcy case of a Pennsylvania homeowner.
Ahhhtishoo...
It will be interesting to see if the old adage 'When America sneezes, the rest of the world catches a cold' still holds true as we slip steadily into recession.
The Eurozone has had mixed economic indicators of late but the Asian economy, led by a still robust China, has shown signs of limping out of its historic economic malaise.
Of course, the denial here in the US is palpable with Wall St. putting on a brave face and the Preznit, once a cheerleader - always a cheerleader, offering only the usual smokescreen of undefined economic stimulae and tacit promises that he will not increase taxes on his rich buddies. As for the rest of the American citizenry... you're on your own kid!
The Eurozone has had mixed economic indicators of late but the Asian economy, led by a still robust China, has shown signs of limping out of its historic economic malaise.
Of course, the denial here in the US is palpable with Wall St. putting on a brave face and the Preznit, once a cheerleader - always a cheerleader, offering only the usual smokescreen of undefined economic stimulae and tacit promises that he will not increase taxes on his rich buddies. As for the rest of the American citizenry... you're on your own kid!
Thursday, January 03, 2008
Surge
As Matt Yglesias explains, all the talk of Victory and Surge success is, well, a little premature. Violence has been reduced in Iraq in the sense that not as many GI's are being blown to sithereens as there were pre-surge. However '07 was the deadliest year for US troop fatalities and the new civilian numbers are horrendous with over 23,000 Iraqi men, women and children dying in the violence.
And, the ultimate strategy of the Surge has failed completely. Matt explains:
The weird thing about the surge is that it's failure has been much more unambiguous. The theory behind the surge was clear. Some people said more troops would bring more security to Iraq. Critics of that idea noted that sending more troops would be logistically unsustainable. Surge theorists posited that a temporary increase in force levels would create a temporary increase in security that would open window of opportunity for political reconciliation that would allow for a permanent increase in security. So the surge was implemented. As of September, the surge had failed to generate the political reconciliation that would allow for a permanent increase in security. Surge supporters told skeptics we had to give it more time. Three months later, the surge has still failed to generate the political reconciliation that would allow for a permanent increase in security.
Now we're near the point of de-surging -- the window is closing rapidly and nobody thinks the opportunity will be seized. And yet surge fans are declaring victory. It's doesn't make sense. The surge's architects laid out admirably clear goals for it. Laid them out and unambiguously failed to meet them.
I have yet to have it adequately explained to me what Victory In Iraq actually is.
The 'Surge' being such a large component of ultimate victory has failed it's mandate... what next?
And, the ultimate strategy of the Surge has failed completely. Matt explains:
The weird thing about the surge is that it's failure has been much more unambiguous. The theory behind the surge was clear. Some people said more troops would bring more security to Iraq. Critics of that idea noted that sending more troops would be logistically unsustainable. Surge theorists posited that a temporary increase in force levels would create a temporary increase in security that would open window of opportunity for political reconciliation that would allow for a permanent increase in security. So the surge was implemented. As of September, the surge had failed to generate the political reconciliation that would allow for a permanent increase in security. Surge supporters told skeptics we had to give it more time. Three months later, the surge has still failed to generate the political reconciliation that would allow for a permanent increase in security.
Now we're near the point of de-surging -- the window is closing rapidly and nobody thinks the opportunity will be seized. And yet surge fans are declaring victory. It's doesn't make sense. The surge's architects laid out admirably clear goals for it. Laid them out and unambiguously failed to meet them.
I have yet to have it adequately explained to me what Victory In Iraq actually is.
The 'Surge' being such a large component of ultimate victory has failed it's mandate... what next?
One Hand Clapping
Rudy is really quite despicable, I don't know how anyone could consider him 'Presidential' no matter how afraid one is of brown people invading the mother country. His campaign is one of fear and intolerance, but my biggest fear about this is having someone as idiotically ill-informed and ill-prepared as Rudy Giuliani in charge of the most powerful country on earth.
I'm sure there are many slips of the tongue on the campaign trail, but not knowing who our combat partners are in Afghanistan is frankly, embarrassing.
I'm sure there are many slips of the tongue on the campaign trail, but not knowing who our combat partners are in Afghanistan is frankly, embarrassing.
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