Sunday, November 30, 2008
Tanta, Rest In Peace
Aside from a couple brief email exchanges I did not know her personally, but she will be missed.
Jobless In Seattle
It seems most bank branch employees will keep their jobs, but it's going to be a bloodbath in Seattle for back office employees of Washington Mutual.
Up to 19,000 employees of Washington Mutual face being laid off this weekend as JPMorgan Chase turns up the synergy on its recent acquisition.
On Friday, JPMorgan Chase (nyse: JPM - news - people ) said it expects to retain the 22,000 employees who work at Washington Mutual branches and 2,000 workers in the mortgage and wealth management divisions in California, spokesman Tom Kelly told Forbes.com. The company has not yet determined the total numbers to be cut in other states, but it planning to inform all former WaMu employees of their job status by Monday.
Even More Road Rage
This was funny, too:
Mass transit
is just another way for collectivists to manifest their primary personality disorder ... fear of being alone. Given a choice between the peace and solitude of a private vehicle or the cramped, smelly quarters of a train, the collectivists will choose to be with other people, ANY people. So instead of them seeking psychiatric help, we all have to pitch in and buy them a train. Stupid.
posted by jollyroger on Nov. 30, 08 at 12:32 PM |
1 of 11 people liked this comment.
You Can Keep Your SUPERCARS
A reader wrote in suggesting that I shouldn't be pitting cars and mass transit against each other, but instead highlight how providing people with additional options would often make things better for drivers. And it is true that a lot of the policies I support would make things better for many drivers. My SUPERTRAIN doesn't require that your highway be knocked down. I have nothing against cars, I just dislike policies which lead to car dependency. Higher parking rates make it more expensive to park, but also easier to find parking places.
Not everyone minds living in car dependent locations. Fortunately for them, they have plenty of those options and will continue to do so even after decades under my benevolent dictatorship. Not everyone wants to live in New York City, and fortunately for them my plan to convert the country into Manhattan will probably not be very effective.
So, don't worry people, there will still be plenty of highways and parking! Enjoy it!
Not everyone minds living in car dependent locations. Fortunately for them, they have plenty of those options and will continue to do so even after decades under my benevolent dictatorship. Not everyone wants to live in New York City, and fortunately for them my plan to convert the country into Manhattan will probably not be very effective.
So, don't worry people, there will still be plenty of highways and parking! Enjoy it!
Job Market For Tenured Buffoons Looking Pretty Good
But, contra Will, all signs point to an absolutely brutal monthly jobs report on Friday.
And You'll Still Be Able To!
I love drivers who get enraged at the thought of alternative transportation options.
Car
I would rather sit in traffic and listen to my own radio station and be alone in my car than cram into a sardine can. We arent New york and Chicago. I like my car and thats it!!!!!
posted by johnjsmith on Nov 30, 08 at 2:46 am |
1 of 4 people liked this comment.
Clear Policies
Back when the greatest threat to our democracy was the possibility that bloggers might have relevant undisclosed financial ties, I was trying to walk one reporter through the issue (as in, trying to explain how this was really fucking stupid). As with many reporters, he tended to talk about some imaginary ideal of his profession, not the reality, and when I asked him if readers were always made fully aware of any conflicts of interest of all op-ed competitors he sort of sputtered, "they're vetted!" He knew this was bullshit, I knew this was bullshit.
And NBC has "clear policies" that whatever shit they shovel down your throat is really yummy shit, so don't worry your beautiful brains about anything.
And NBC has "clear policies" that whatever shit they shovel down your throat is really yummy shit, so don't worry your beautiful brains about anything.
The Rules
Quite often development patterns are based on misguided rules from the 50s. City Line Ave., a city border street, is a perfect example. And here's a very simple rule which has made it crappy for many years:
Setbacks and parking requirements destroy walkable communities.
What it came up with were proposed changes to the area's 1950s-era zoning that enables the essentials of smart-growth development, such as high-density housing and high-rise office buildings, which limit construction's footprint and increase the likelihood of pedestrian activity.
On both sides of City Avenue, current parking and building setback requirements make it nearly impossible to develop a truly walkable community of housing that sits atop stores, all within a comfortable stroll of offices and the two SEPTA rail lines serving the area.
The new zoning proposal reduces how much buildings are set back from the road to eliminate the unappealing seas of asphalt that front so many office complexes and shops along City Avenue.
Setbacks and parking requirements destroy walkable communities.
Reverse Flow
Now can Dou Lobbs talk about something else?
I'm so old I can remember when Dou covered business. Maybe if he'd spend the last few years covering the Wall Street menace instead of the brown menace things could've been different.
Malaquías Gaspar left his farm village in southern Mexico when the economy soured in the mid-1990s. He headed north illegally and found the proverbial better opportunity in South Florida, where he made a decent living by picking fruit and building homes.
But the U.S. economic crisis has disrupted his life and the lives of countless other illegal immigrants who are now planning to leave or have already left.
I'm so old I can remember when Dou covered business. Maybe if he'd spend the last few years covering the Wall Street menace instead of the brown menace things could've been different.
Sunday Bobbleheads
Document the atrocities.
- ABC's "This Week" — Sens. Jack Reed, D-R.I., and Richard Lugar, R-Ind. ___ CBS' "Face the Nation" — Authors round table. ___ NBC's "Meet the Press" — First lady Laura Bush; Said Jawad, Afghanistan's ambassador to the U.S.; Ted Turner, CNN founder and author of a new memoir. ___ CNN's "Late Edition" — Sens. Robert Menendez, D-N.J., and Arlen Specter, R-Pa.; Sajjan Gohel, director of international security, Asia-Pacific Foundation; Ron Gettelfinger, president of United Auto Workers; Gene Sperling, former Clinton administration economic adviser; Maj. Gen. Mark Hertling, the commander of U.S. forces in northern Iraq. "Fox News Sunday" _ Sens. Lindsey Graham, R-S.C., Claire McCaskill, D-Mo., and Saxby Chambliss, R-Ga.
Saturday, November 29, 2008
Washington
While the women-lack-emotional-maturity take is correct, it's also the case that the Washington press tends to write about just about everybody this way. I don't know if it's because everyone in the media is 11 years old, because everyone in politics is 11 years old, or both. It's very strange.
Zoning Changes
As I wrote yesterday, I don't know Phoenix and have no idea if the new light rail project there makes much sense, but I do know that such projects in places like Phoenix are much more likely to be good ideas if it's understood that development patterns around the rail line should change. It isn't enough to simply say that another way to go from A to B has been created, it should be understood that development, and lifestyle, around the rail line should, over time, evolve to better make use of it. According to this article, there's at least some thinking along those lines.
Nobody Could Have Predicted
In fact, plenty of people did.
Still, it's very wrong to hurt the feelings of our elite overlords by suggesting that they have some responsibility for, well, anything. It makes them very sad. And the sadness of very rich people is something which hurts us all.
Still, it's very wrong to hurt the feelings of our elite overlords by suggesting that they have some responsibility for, well, anything. It makes them very sad. And the sadness of very rich people is something which hurts us all.
Temecula
I have no idea how bad the economic downturn will be nationally, but it's pretty clear that more locally some places are just going to be destroyed.
Friday, November 28, 2008
Blocks!
I don't know Phoenix at all so don't have any opinion whether the light rail system there makes any sense (I mean, over and above my general feeling that they should be built everywhere), but I loved this from a hater:
You might have to walk blocks!
I can't wait for all the complaints we'll hear once the temperature is 110 degrees . . . and the riders find no shade (has anyone looked at those useless wings provided for shade?) while waiting and, worst of all, will have to walk blocks to get where they want to go.
You might have to walk blocks!
Overhead Wires
Regulation and the desirability OF SUPERTRAMS aside, I've frequently come in contact with people who consider overhead wires to be such an abomination that they think that any neighborhood which has them is worst than a third world shanty town. This particular aesthetic bugaboo has long puzzled me. Don't mind them at all.
Route 15 Philadelphia SUPERTRAM.
Route 15 Philadelphia SUPERTRAM.
EATED
Brits take majority stake in Royal Bank of Scotland. Sounds like it's time to fly the Union Jack over Citizen's Bank Park.
They Destroyed Themselves
I think it might have made sense to keep home mortgages out of bankruptcy court when they were actually highly regulated, but the law should be changed now. More than that, if it had been that way for the last few years the financial industry may have been less successful at destroying itself.
Tweety
I really hope the PA Dem party and the DSCC aren't going to consider muscling everyone but Tweety out of the senate primary.
'Tis The Season
Ho Ho Ho:
A worker died after being trampled and a woman miscarried when hundreds of shoppers smashed through the doors of a Long Island Wal-Mart Friday morning, witnesses said.
The unidentified worker, employed as an overnight stock clerk, tried to hold back the unruly crowds just after the Valley Stream store opened at 5 a.m.
His Embroiderer Will Still Have A Job
It was all one big opportunity for George to play dress up, and I doubt the person who embroiders the presidential seal into his undies will be out of a job any time soon.
No Mention Yet
I don't remember if it was last year or the year before when some PR flunkies successfully got all the cable news bobbleheads to babble about "internet monday," a fake day when everybody went on the internet and shopped. So far no appearance yet in google news.
...Oh, never mind. P O'Neill reminds me that it was Cyber Monday. And it's still with us.
...Oh, never mind. P O'Neill reminds me that it was Cyber Monday. And it's still with us.
Thread
The rest of the world actually thinks the persecution of Aafia Siddiqui is an important story. Go figure.
Signed,
Not Atrios
Signed,
Not Atrios
Thursday, November 27, 2008
Turkey Burps
This video expresses the True Meaning of Thanksgiving. Think about it. Also, you think you got problems?
Give Thanks!
Give thanks to Victor David Hanson, America's Crazy Uncle, who informs us that there is no financial crisis and George Bush was a fabulous president, and the only reason anyone thinks otherwise is those crazy "hysterical" kids with their Blackberries, cable news, phat pants, and hula hoops.
Give thanks to Victor David Hanson, because no matter what batshit nuts relatives you were condemned to spend Thanksgiving with, at least you didn't have to put up with Victor David Hanson checking under the gravy boat for Radical Islamicists.
Give thanks to Victor David Hanson, because no matter what batshit nuts relatives you were condemned to spend Thanksgiving with, at least you didn't have to put up with Victor David Hanson checking under the gravy boat for Radical Islamicists.
And We'll Be In WTO Dispute Hell Forever
Does no one remember our trade agreements don't really allow this kind of thing?
Wednesday, November 26, 2008
Rate Spike
It's hard to see a scenario such that once the dust settles long term interest rates don't increase quite a bit.
Deep Thought
Apparently when I wasn't looking they invented "fat-free Half and Half" and rebranded actual half and half "Traditional Half and Half." What will they come up with next, carbon-free gasoline?
And Speaking Of Turkey
Heading into holiday posting schedule for the next few days. If any of the regulars wants to take the opportunity to provide some deep thoughts about biofuels, feel free. Or not! I'll try to keep this place running, but I'll be busy holidaying.
I Like Turkey
I've long been puzzled by the turkey backlash. Get a heritage turkey, cook it on the grill with some smoking chips. Yummy!
Let Her Raise Her Damn Daughters
Please tell me there won't be an infinite number of these columns nitpicking and analyzing Michelle Obama's choices. It's pretty much impossible for a First Spouse to maintain a normal life - continue her career smoothly - and trying to create a tiny bit of normalcy for her young kids is going to require heroic effort. It really doesn't mean anything beyond that.
Wednesday Is New Jobless Day
This week, anyway. 529K new lucky duckies! That's really high.
Monthly jobs report is going to be brutal when it's released early next month.
Monthly jobs report is going to be brutal when it's released early next month.
Please Stop the Stupid
There seems to be this grand debate flowing through some of left blogistan which seems to go something like this:
Liberal blogs must be more critical of Obama!
Liberal blogs won't stop whining about Obama! They should be supportive!
As is always the case, it's my blog and I'll do whatever the fuck with it. Same goes for every other person with a blog. More than that, it's just blogs on the internets and it really doesn't matter that much anyway. Some people are going to feel inclined to nitpick every appointment. Some people are going to feel inclined to wait for the guy to, you know, take office before freaking out every 5 minutes. And it's all good!
Any time the phrase "what the blogs should do..." comes to mind you should probably not type it out. Start your own damn blog and do with it what you want!
Liberal blogs must be more critical of Obama!
Liberal blogs won't stop whining about Obama! They should be supportive!
As is always the case, it's my blog and I'll do whatever the fuck with it. Same goes for every other person with a blog. More than that, it's just blogs on the internets and it really doesn't matter that much anyway. Some people are going to feel inclined to nitpick every appointment. Some people are going to feel inclined to wait for the guy to, you know, take office before freaking out every 5 minutes. And it's all good!
Any time the phrase "what the blogs should do..." comes to mind you should probably not type it out. Start your own damn blog and do with it what you want!
Ouch
That hurts.
WASHINGTON (AP) -- Orders to U.S. factories for big-ticket manufactured goods plunged in October by the largest amount in two years as manufacturing was battered by the overall economic weakness.
The Commerce Department reported Wednesday that orders for durable goods dropped by 6.2 percent last month, more than double the 3 percent decline economists expected.
Tuesday, November 25, 2008
Deep Thought
Wouldn't it have been easier to just divide $3 trillion by 300 million and mail out some checks?
Yum Yum!
Eating more shitpile!
(Reuters) - American International Group Incsays it has completed completed [sic] a $40 billion preferred stock sale to the U.S. Department of Treasury under TARP.
With A Capital 'T'
The FDIC is getting hungry. Maybe it has a tapeworm.
NEW YORK — The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50% to 171 during the third quarter — yet another sign of escalating troubles among the institutions controlling Americans' deposits.
In the second quarter, 117 FDIC-insured institutions were on the list. Now, at 171, the number of institutions on the FDIC's "problem list" is at its highest level since late 1995.
Deep Thought
Who knew there was a few trillion change hiding in the White House couches? Maybe we shoulda rolled it earlier and bought a few SUPERTRAINS?
Behold The Power Of Glenn Greenwald
Brennan's out.
- WASHINGTON (AP) — John Brennan, President-elect Barack Obama's top adviser on intelligence, has taken his name out of the running for any intelligence position in the new administration.
People Will Eat Turkey For Thanksgiving
A truly shocking development.
With the Sarah Palin turkey thing I realized that many conservatives seem to be unable to tell the difference between a fake controversy and a real one. Fake controversies happen when something is just made up or taken out of context and then amplified and made worse through 24 hour coverage and a bit of telephone game reshaping.
Real controversies happen when people watch a Youtube video of Sarah Palin, after having just "pardoned" a turkey, giving an interview in front of a turkey slaughter assembly line.
With the Sarah Palin turkey thing I realized that many conservatives seem to be unable to tell the difference between a fake controversy and a real one. Fake controversies happen when something is just made up or taken out of context and then amplified and made worse through 24 hour coverage and a bit of telephone game reshaping.
Real controversies happen when people watch a Youtube video of Sarah Palin, after having just "pardoned" a turkey, giving an interview in front of a turkey slaughter assembly line.
Memories
Just a couple of months ago.
Christopher Dodd (D-CT), who leads the Banking, Housing and Urban Affairs Committee, agrees that "doing nothing would be even more disastrous." He says the AIG takeover is "sad and tragic," but he believes it's the beginning of the end for the financial crisis, as long as the root cause — the nation's foreclosure problem — is addressed.
Both senators say they see no more government bailouts on the horizon. No other financial entities in trouble meet the standard of Fannie Mae, Freddie Mac or AIG — "that they would melt down the entire system if they went under," Gregg says.
Local Programming Notes
Philly Center City Drinking liberally is in the process of finding a new location. Not sure if it's been settled permanently, but tonight it will be at Triumph Brewing Co., 117 Chestnut. Tell your friends.
Chyron
CNN:
Perhaps he believes this, but that does not mean it is true.
PAULSON: "NOTHING IS MORE IMPORTANT" THAN KEEPING BANKS SAFE
Perhaps he believes this, but that does not mean it is true.
Swap
Just in case it wasn't obvious, basically what the Fed is doing is swapping cash for crap, erasing all of the bad decisions of the past 8 years.
Bygones.
Bygones.
Monday, November 24, 2008
Never Mind
They're going to steal the rest of it, with help of course.
Nov. 24 (Bloomberg) -- Treasury Secretary Henry Paulson, less than a week after indicating he would let the Obama administration decide how to use the second half of the $700 billion financial fund, is considering asking for the money.
Paulson may ask Congress for the remaining $350 billion from the Troubled Asset Relief Program as he puts together plans to boost consumer credit. Treasury and Federal Reserve officials are working on an effort to buttress the market for securities backed by auto, student and credit-card loans, Paulson said last week. He’s also assembling an office to address mortgage foreclosures.
Anonymous Cowards And Their Enablers
I appreciate why reporters grant certain people anonymity, but sitting US Senators? WTF?
Labor Immobility
An issue with the housing bust is that it makes homeowners less mobile than they otherwise would be given the difficult of selling their houses/loss of equity which could be used to roll over into new house. Throw in a local recession and they're trapped in a place with no jobs.
The Early Days of Political Blogging
Were indeed craptastically funny. I miss the people who would try to convince me that Instapundit was actually a liberal.
Deep Thought
I'm so old I can remember when spending $8 billion to give more health care to kids would spook the bond markets so badly that it just couldn't be done.
Giving It All Away
Tried to warn them...
WASHINGTON - President Bush said Monday there could be more decisions like the government’s dramatic rescue of Citigroup if other institutions need help.
Peanuts
I guess the Very Serious People are incapable of seeing how absurd this all is.
Nov. 24 (Bloomberg) -- The U.S. government is prepared to lend more than $7.4 trillion on behalf of American taxpayers, or half the value of everything produced in the nation last year, to rescue the financial system since the credit markets seized up 15 months ago.
Tried To Warn Them
As has so often been the case, when the financial crisis hit all the Very Serious People insisted something needed to be done and assumed that no matter how badly the Bush administration fucked things up, something was better than nothing.
Learn people...
Learn people...
Thread
Mornin'. I've been watching Democracy NOW!, where Noam is talking about the election.
Signed,
Not Atrios
Signed,
Not Atrios
Shit Sandwich
So yummy!
Nov. 23 (Bloomberg) -- The U.S. government agreed to protect $306 billion of loans and securities on Citigroup Inc.‘s books against losses, as it seeks to shore up investor confidence in the bank.
Citigroup will, as a fee for the guarantee, provide preferred shares to the Treasury and Federal Deposit Insurance Corp., the regulators said in a statement. The government will also inject $20 billion into the bank from the Treasury’s $700 billion Troubled Asset Relief Program.
Sunday, November 23, 2008
"could set the precedent for other multibillion-dollar financial rescues"
awesome!
Federal regulators were nearing approval of a radical plan to stabilize Citigroup on Sunday in which the government would soak up tens of billions of dollars in losses at the struggling bank, according to people briefed on the discussions.
The plan, which emerged after a harrowing week in the financial markets, would be the government’s third effort in three months to contain the deepening economic crisis. While the negotiations were in flux on Sunday night, the proposal, if applied to other banks, could set the precedent for other multibillion-dollar financial rescues.
Department Of Really Bad Ideas
While I've been more than a little skeptical about Treasury and Fed shotgunning trillions to their rich friends, there are at least germs of arguments here and there for why some of it may be desirable. But the home builders are serving up an even stinkier shit sandwich!
REINFLATE THE BUBBLE! REINFLATE THE BUBBLE!
The builders' lobby is ramping up its sales pitch for a $250 billion stimulus package called "Fix Housing First," arguing that financial markets won't recover until home prices stop falling. They are calling for a generous tax credit for home purchases and a federal subsidy that would lower a homeowner's mortgage rate.
REINFLATE THE BUBBLE! REINFLATE THE BUBBLE!
Yum Yum!
The American taxpayer eats more of Big Shitpile!
...some mixed reporting at the link now. Does this make any sense to anyone?
Even better precedent would be to give a failing company free money!
...some mixed reporting at the link now. Does this make any sense to anyone?
As of Saturday afternoon, the general consensus between officials from Citi and government officials from the US Treasury department and US Federal Reserve is that the government will not takeover Citigroup in the way it took control of AIG—by lending the firm massive amounts of money and in return assuming a huge equity position.
Government officials fear taking over Citigroup would create a precedent: Unlike AIG, Citigroup's balance sheet is relatively healthy, with relatively strong levels of capital particularly compared to most of its competitors.
Even better precedent would be to give a failing company free money!
Great Moments In Washington Post Editorializing
Funny. From last January.
These guys ever right about anything?
There is not yet any proof of a recession, defined as two straight quarters of negative growth; Mr. Bernanke said yesterday that the economy probably grew "at a moderate pace" in the past three months. Nor is there any consensus that a recession, if one comes, will be severe; Goldman Sachs thinks it's likely to be short and mild.
These guys ever right about anything?
Cot Guy
I have to say the whole sleeping in the office thing is a bit weird, but to the extent that it's driven by genuine financial constraints of members of Congress I'd support ameliorating that weirdness by supporting the construction of some sort of Congressional dormitory type thing. Their salaries aren't tiny, but they aren't huge if they're maintaining two residences, including one in high cost DC, and, let's face it, having to maintain a certain level of appearance. I also support increasing their salaries...
And ETRADE
Such exciting times!
NEW YORK (Reuters) - The troubles at E*Trade Financial Corp (ETFC.O: Quote, Profile, Research, Stock Buzz) have worsened and now hinge on whether it can secure U.S. government funds that would bring some relief to its book of bad mortgage loans.
Shares of the discount brokerage tumbled below $1 to its lowest price ever this week, indicating that investors think chances are slim it will secure the $800 million it applied for under the Troubled Asset Relief Program (TARP) rescue program.
Please Give Us Taxpayer Money
So we can use it to run ads telling everyone how awesome we are.
In a bid to reassure investors, Citigroup is running advertisements in US and international newspapers on Sunday underlining its stability.
On The Not So Supertrain
NJT from NYC to Trenton, and then Septa from Trenton to Philadelphia. Since I have a Philadelphia pass, Trenton-Phila. is free on weekends on holidays. Quite a bit slower, but $40+ cheaper.
The Smartest Guys In The Room
Heckuva job:
Citigroup insiders and analysts say that Mr. Prince and Mr. Rubin played pivotal roles in the bank’s current woes, by drafting and blessing a strategy that involved taking greater trading risks to expand its business and reap higher profits. Mr. Prince and Mr. Rubin both declined to comment for this article.
When he was Treasury secretary during the Clinton administration, Mr. Rubin helped loosen Depression-era banking regulations that made the creation of Citigroup possible by allowing banks to expand far beyond their traditional role as lenders and permitting them to profit from a variety of financial activities. During the same period he helped beat back tighter oversight of exotic financial products, a development he had previously said he was helpless to prevent.
Sunday Bobbleheads
Document the atrocities.
- ABC's "This Week" — David Axelrod, senior adviser to President-elect Barack Obama; Sens. Chuck Schumer, D-N.Y., and Richard Shelby, R-Ala. ___ CBS' "Face the Nation" — House Speaker Nancy Pelosi, D-Calif.; Austan Goolsbee, economic adviser to Obama. ___ NBC's "Meet the Press" — Former Secretary of State James Baker; former Commerce Secretary William Daley; Sen. Joe Lieberman, I-Conn. ___ CNN's "Late Edition" — Sens. Carl Levin, D-Mich., and Kay Bailey Hutchison, R-Texas; Gov. Jennifer Granholm, D-Mich.; former Gov. Mitt Romney, R-Mass.; Forbes Inc. CEO Steve Forbes; former Labor Secretary Robert Reich. "Fox News Sunday" _ Reps. Steny Hoyer, D-Md., and John Boehner, R-Ohio; Axelrod.
Saturday, November 22, 2008
Run Run Rudy
Our media loves them some Giuliani, so they're already pushing the Governor Rudy idea. Don't think the voters will support that effort.
And Citi
Eschaton World Industries is also too big to fail.
And on and on...
Nov. 22 (Bloomberg) -- The U.S. government may step in to rescue Citigroup Inc. after a crisis in confidence erased half the bank’s stock-market value in three days, according to investors and analysts.
Citigroup’s $2 trillion of assets dwarfs companies such as American International Group Inc. that got support from the U.S. government this year. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke may favor a rescue to avoid the chaotic aftermath of Lehman Brothers Holdings Inc.’s bankruptcy in September.
“Citi is in the category of ‘too big to fail,’” said Michael Holland, chairman and founder of Holland & Co. in New York, which oversees $4 billion. “There is a commitment from this administration and the next to do what it takes to save Citi.”
And on and on...
Friday, November 21, 2008
WTO
I've been waiting for someone to bring this up. Remember that whole WTO thing which makes subsidies a no-no? Them neither.
Nov. 21 (Bloomberg) -- A U.S.-triggered spate of global carmaker-bailout proposals may spark trade disputes over whether the Americans are unfairly trying to subsidize their industry or just making up for state aid foreign rivals already enjoy.
As the U.S. considers a lifeline for its automakers, officials in Europe, Canada and Asia are considering their own aid packages -- even as the European Union threatens to lodge a complaint against any U.S. bailout to protect manufacturers from Renault SA in France to Fiat SpA in Italy.
October State Unemployment Data
Was released today, comes out a few weeks after the national data. Find out how your state is doing!
WHEEEEEEEEEEEEEEE
Apparently that thing goes up, too. I guess the investor class is glad that the adults will be taking over soon.
SOS
I don't really care, but I'm finding the whole "has she/hasn't she accepted" stuff about Clinton to be a bit weird. A lot of it's media driven, but there are supposed sources in there somewhere too.
But He Liberated All Iraq!
And in Bushworld, the freeance and peeance has been spreading magically ever since.
Crazy Talk
Apparently Wall Street has decided that announcing you're laying off a bunch of people is probably bad news.
Thursday, November 20, 2008
Privacy
No privacy for you, even if you're president-elect.
WASHINGTON (CNN) -- Records from a cell phone used by President-elect Obama were improperly breached, apparently by employees of the cell phone company, his transition team said Thursday.
Spokesman Robert Gibbs said the team was notified Wednesday by Verizon Wireless that it appears an employee improperly went through billing records for the phone, which Gibbs said Obama no longer uses.
Not An Especially Deep Thought
Given the urgency of current events, along with a desire to downplay the issue during the campaign, I really think there's actually been a shortage of people expressing, in better ways, the basic "holy fucking shit we just elected a black guy named Barack Hussein Obama" point.
He won Indiana!!
He won Indiana!!
Still Going On
About a year go I met a mortgage broker who told me that all the action had just moved to the FHA.
As if they haven't done enough damage. Thousands of subprime mortgage lenders and brokers—many of them the very sorts of firms that helped create the current financial crisis—are going strong. Their new strategy: taking advantage of a long-standing federal program designed to encourage homeownership by insuring mortgages for buyers of modest means.
...
For generations, these loans, backed by the Federal Housing Administration, have offered working-class families a legitimate means to purchase their own homes. But now there's a severe danger that aggressive lenders and brokers schooled in the rash ways of the subprime industry will overwhelm the FHA with loans for people unlikely to make their payments. Exacerbating matters, FHA officials seem oblivious to what's happening—or incapable of stopping it. They're giving mortgage firms licenses to dole out 100%-insured loans despite lender records blotted by state sanctions, bankruptcy filings, civil lawsuits, and even criminal convictions.
And CRE
Not pretty there, either.
Probably just all the loans ACORN forced the banks to make to poor and minority commercial real estate developers.
Nov. 20 (Bloomberg) -- Mortgages on offices, shopping malls and hotels that were based on projections of soaring income during the real estate boom are roiling the bond market.
...
``These kinds of loans written during the height of the real estate boom could be the first to have problems,'' said Christopher Sullivan, who oversees $1.3 billion as chief investment officer at United Nations Federal Credit Union in New York. ``They were underwritten with outlandish expectations on rents and property appreciation that will turn out to be fiction.''
Probably just all the loans ACORN forced the banks to make to poor and minority commercial real estate developers.
Changed His Mind
Nice to see that's possible.
Even nicer that soon it won't matter.
- WASHINGTON (AP) -- With weekly jobless claims benefits at a 16-year high, the White House said Thursday that President George W. Bush would quickly sign legislation pending in Congress to provide further unemployment benefits.
Even nicer that soon it won't matter.
Congestion Pricing
I admit I'm somewhat less than enthusiastic about London-style congestion pricing as I think much of what such a system would accomplish can be achieved by simply jacking up the price of parking everywhere and increasing automobile registration fees. Those aren't perfect solutions, but they're roughly comparable and don't require setting up a complicated monitoring and collection system. My understanding is that simply increasing parking fees wouldn't have worked well in London because a lot of the excess peak period traffic was due to the "school run," parents dropping off and picking up their children at school. No parking necessary.
Do Not Want
This is rather ominous:
And there's some sort of metaphorical awesomeness about the fact that Long Beach's largest single export is recycled cardboard, which we send to China so they can use it to box up electronics and ship them to us.
LONG BEACH, Calif. — Gleaming new Mercedes cars roll one by one out of a huge container ship here and onto a pier. Ordinarily the cars would be loaded on trucks within hours, destined for dealerships around the country. But these are not ordinary times.
For now, the port itself is the destination. Unwelcome by dealers and buyers, thousands of cars worth tens of millions of dollars are being warehoused on increasingly crowded port property.
And for the first time, Mercedes-Benz, Toyota, and Nissan have each asked to lease space from the port for these orphan vehicles. They are turning dozens of acres of the nation’s second-largest container port into a parking lot, creating a vivid picture of a paralyzed auto business and an economy in peril.
And there's some sort of metaphorical awesomeness about the fact that Long Beach's largest single export is recycled cardboard, which we send to China so they can use it to box up electronics and ship them to us.
Everybody Hates Republicans
As they should.
PRINCETON, NJ -- The Republican Party's image has gone from bad to worse over the past month, as only 34% of Americans in a Nov. 13-16 Gallup Poll say they have a favorable view of the party, down from 40% in mid-October. The 61% now holding an unfavorable view of the GOP is the highest Gallup has recorded for that party since the measure was established in 1992.
Free Parking
I agree with Matt that conservative (and libertarian) thinkers, to the extent they exist, should spend some time dealing with local zoning, regulation, and transportation issues. But as one of his commenters points out, conservative voters aren't likely to embrace any of this stuff.
One of my guilty pleasures is reading local forums and the comments at the local newspaper. There is a set of people out there who become absolutely enraged when presented with a situation such that there isn't a free or cheap parking spot available to them. I assume they must come into the city at times or they just wouldn't care, but they're absolutely livid that it isn't Disney City with Unlimited Free Parking Everywhere. That isn't to say the city is perfect - of course it isn't! - but whatever problems it has won't be solved by increasing the number of spaces available for New Jersey SUV drivers.
One of my guilty pleasures is reading local forums and the comments at the local newspaper. There is a set of people out there who become absolutely enraged when presented with a situation such that there isn't a free or cheap parking spot available to them. I assume they must come into the city at times or they just wouldn't care, but they're absolutely livid that it isn't Disney City with Unlimited Free Parking Everywhere. That isn't to say the city is perfect - of course it isn't! - but whatever problems it has won't be solved by increasing the number of spaces available for New Jersey SUV drivers.
Senatorial Courtesy
What I saw of this was quite gross. I appreciate you don't just abandon people you've known for decades, but you don't have to throw a public party on national teevee for them either.
Riding The Bus
Amanda's right that there's a degree of social stigma attached to bus riders, but it's also the case that short distance buses aren't... awesome. They're slow. They stop and start a lot. It isn't a comfortable ride. You have to pay attention so you don't miss your stop. Schedules aren't always followed very closely. They just aren't an extremely pleasant way to get around.
But the general issue - do people stick with public transit - has a lot to do with whether people have the potential to reduce the number of cars in their household. Much of the costs of using an automobile are fixed - insurance, payment/lease, etc... - and aren't reduced (or not reduced by much) if you start commuting with mass transit. Maybe you save a bit relative to your gas cost, but those savings for most people aren't going to be tremendous. You also might enjoy the train a bit more than driving, but the real savings come when you can actually get rid of a car. And in most places in the country, that doesn't come close to being an option. Still, I highly recommend looking for places where it is! But I won't force you to. Not yet, anyway. Not yet.
...addding that while I live in a zero car household, that likely wouldn't be the case if not for a quality local car sharing program. Cars are very useful things! Even in my urban paradise they come in handy quite frequently.
But the general issue - do people stick with public transit - has a lot to do with whether people have the potential to reduce the number of cars in their household. Much of the costs of using an automobile are fixed - insurance, payment/lease, etc... - and aren't reduced (or not reduced by much) if you start commuting with mass transit. Maybe you save a bit relative to your gas cost, but those savings for most people aren't going to be tremendous. You also might enjoy the train a bit more than driving, but the real savings come when you can actually get rid of a car. And in most places in the country, that doesn't come close to being an option. Still, I highly recommend looking for places where it is! But I won't force you to. Not yet, anyway. Not yet.
...addding that while I live in a zero car household, that likely wouldn't be the case if not for a quality local car sharing program. Cars are very useful things! Even in my urban paradise they come in handy quite frequently.
Thursday Is New Jobless Day
Holy crap.
The number of U.S. workers filing new claims for jobless benefits surged last week to their highest level in 16 years, Labor Department data showed on Thursday, as a harsh economic environment forces employers to cut back on hiring.
Initial claims for state unemployment insurance benefits were a seasonally adjusted 542,000 in the week ended Nov. 15 from a revised 515,000 the previous week. That was higher than analysts' forecast for a reading of 505,000 new claims.
Morning Thread
This usually wakes dad up. His Spidey-senses start tingling when we lowly ones post a thread.
--Molly I.
--Molly I.
Wednesday, November 19, 2008
The Bloggers
I've been amused by the frequency at which "the bloggers" has become a new journalistic shorthand for "slightly unreasonable and noisy people on the internets" who the journalist can then courageously disagree with.
Bring Back The 23 Trolley!
Sadly, they probably won't.
Forget the Bridge to Nowhere. How about the Trolley to Nowhere?
The federal and state governments have just spent about $3 million for new trolley tracks, new trolley wires and new trolley poles along newly reconstructed Germantown Avenue in Mount Airy and Chestnut Hill. But will the iconic green-and-cream trolleys, which were "temporarily" removed from service there in 1992, return?
Don't count on it. SEPTA, which prefers buses, says it has no plans to use the new tracks and wires, much to the dismay of local residents and merchants.
This Crisis Just Appeared Out Of Nowhere
As Dean points out, it's quite amazing how no one in this administration is ever responsible for anything that happens. Nobody could have predicted, blah blah blah.
CEOs and Health Care
One of the enduring mysteries... well, maybe not so mysterious... is the fact that more big companies haven't pushed hard for a national health care system. It's really quite impossible to see their failure to do so as acting in the interests of their shareholders in any way, unless they're health insurance companies, of course. Obviously it's just ideological and part of the rich asshole culture. I doubt Rahm's plea to them will be heard.
No New Houses For You
Record low for housing starts.
Nov. 19 (Bloomberg) -- U.S. housing starts and permits for future construction both dropped to record lows in October, signs the housing downturn may extend into a fourth year.
Construction starts on housing fell 4.5 percent in October, less than economists forecast, to an annual rate of 791,000 that was the lowest since records began in 1959, the Commerce Department said in Washington. Building permits, a sign of future residential projects, dropped 12 percent to a 708,000 pace, the lowest since at least 1960.
58
That's a nice number. 59 is a nicer number, prime. And 60 with all those factors is a really nice number. Not likely to be the relevant number this cycle. But I can dream.
Please talk among yourselves.
Tuesday, November 18, 2008
Merkley
First, what Matt said. Apparently the AP sent out a misleading correction earlier, because while Merkley did speak out against Lieberman in the meeting he didn't want to actually reveal what his vote was in a secret vote and the AP went all "does not compute" and got confused.
Merkley was one of the 3 people who spoke out against Lieberman retaining his important gavel in the meeting.
...Oregonian:
...and here's the AP in an updated update:
Merkley was one of the 3 people who spoke out against Lieberman retaining his important gavel in the meeting.
...Oregonian:
WASHINGTON - Six weeks before taking office, Oregon's senator-elect Jeff Merkley gained some notice on Capitol Hill Tuesday by forcefully expressing disappointment bordering on anger with Sen. Joe Lieberman's vocal support for John McCain during the presidential campaign.
Merkley made the comments during a closed-door meeting of all incumbent Democrats and those elected on Nov. 4 to determine what action to take against Lieberman. The Connecticut senator who is an independent who votes with Democrats abandoned his traditional allies during the campaign and strongly questioned Barack Obama's fitness to be president.
``Sen. Lieberman's choices for this last election cycle were very difficult for me personally. I felt a lot of personal pain,'' Merkley said.
...
`I expressed these sentiments because I felt that citizens who work in a grass-roots capacity should share their voice and my voice on this,'' he said.
Merkley stopped just short of saying Lieberman should be stripped of his committee chairmanship. But he suggested that chairmen are party of a party's leadership and should be held to higher standards.
``Folks who are priviledged to serve as a chair are part of the leadership of this team and much is expected of them,'' he said.
...and here's the AP in an updated update:
Senator-elect Jeff Merkley, D-Ore., was critical of Lieberman at the caucus and said afterward in a statement that he was "very personally disappointed by his conduct during the campaign." He wouldn't say how he voted on the resolution.
"Serving as a committee chairman is a privilege, not an entitlement and I expressed those views during today's meeting," Merkley said. "Beyond that, I hope we can move forward as a caucus to do the work we were elected to do."
Civil Rights
Remember, as long as no one is actually cracking his skull, Huckabee's civil rights are not being violated.
Deep Thought
There's definitely a shortage of old white guys in Obama's rumored Cabinet appointees so far.
Better Democrats
I think Jeff Merkley gets points today.
Bernie Sanders, I-Vt., Pat Leahy, D-Vt., and Senator-elect Jeff Merkeley, D-Ore., spoke against allowing Lieberman keep the Homeland Security and Government Affairs post.
Don't Misunderestimate Them
I'd say there's a 20% chance Time does make Sarah Palin person of the year.
No Beaux
I think many believed that it was obvious that Beau Biden would be appointed to replace his Dad, but apparently he's saying no.
SOS
I don't think I'm going to be able to worked up about Obama's personnel decisions generally, but I agree that the idea that Hillary Clinton might go "rogue" or need to be fired is just absurd. The Clintons just drive the media insane.
Does Lisa Miller Have Sex With Goats?
It's a widely held belief. The people who hold it may be jumping to conclusions, but they're not nuts.
Austerity
All kinds of nasty budget cuts going on around the country. Some of these might be strictly necessary, absent federal help, as state and local governments have limited borrowing capabilities. Still, on top of that, there's a strain of "belt tightening is good for us" which runs through elite punditry, as if misery in bad times is just a little bit good for us.
To them I say: suck on this.
To them I say: suck on this.
Monday, November 17, 2008
Deep Thought
Normally it'd be a bit puzzling that Chris Hayes can simultaneously be a child actor on the Sarah Jane Adventures:
And be an all growed up adult writer for The Nation and regular MSNBC guest.
But once time travel is an option, many strange things become possible.
And be an all growed up adult writer for The Nation and regular MSNBC guest.
But once time travel is an option, many strange things become possible.
Joe
Dick Polman is more Sensible Centrist than Dirty Fucking Hippie, and even he thinks Joe should lose his gavel.
Sadly, the Dems' "strength through weakness" plan will likely continue.
Sadly, the Dems' "strength through weakness" plan will likely continue.
Suck On This, Dealers
And the fun begins.
DETROIT - Cash-strapped General Motors Corp. said Monday it will delay reimbursing its dealers for rebates and other sales incentives, an indication that the company is starting to have cash-flow problems.
Company spokesman John McDonald said payments due Nov. 28 will be delayed for two weeks until Dec. 11, while those due Dec. 4 will be paid Dec. 18. The normal weekly schedule will resume after that. He would not say how much money the company will save from the delays.
How About We Take Health Care Off Their Books?
As Josh says, if we're throwing around billions and trillions of dollars we might as well get something good. Instead of writing a big check to the auto companies or loaning them money we could, you know, enroll all their employees in the new national health insurance system.
Going Around And Around
One day generous liberals will finally get that while there are a variety of anti-abortion people, the anti-choice movement is also anti-contraception and generally hostile to female autonomy.
Izzy
aimai celebrates her grandfather's life. Go read the whole thing, as they say.
It's amusing that it seems many journalists are still stuck in the whole 3 years ago blogger vs. journalists debate. I suppose they're largely reacting to something perpetuated by right wing bloggers, though why anyone ever pays any attention to them I have no idea. Reporters also think the internet has destroyed their business model, and bloggers are somehow the personification of that.
I'm always fascinated that when journalists talk about their profession they do, as aimai says, talk about some Platonic ideal of it rather than the reality. It makes it easier to sniff at the riff raff, but also suggests an amazing lack of awareness about their own profession.
This contempt-for-bloggers stuff is basically contempt for their readers and potential readers. I obviously don't agree with Rupert Murdoch about everything or even everything he's reported as saying in this article, but he's right about this.
For many years, in most places newspapers basically had a monopoly. Owners and publishers and editors convinced themselves of their importance in civic life, an importance they simply assumed rather than proving it every day. Now that they face increased competition, they tend to cling their self-importance rather than trying to adapt.
I do worry that there won't be a business model which will sustain quality local reporting, but I don't weep for institutions which have long condescended to their readers.
It's amusing that it seems many journalists are still stuck in the whole 3 years ago blogger vs. journalists debate. I suppose they're largely reacting to something perpetuated by right wing bloggers, though why anyone ever pays any attention to them I have no idea. Reporters also think the internet has destroyed their business model, and bloggers are somehow the personification of that.
I'm always fascinated that when journalists talk about their profession they do, as aimai says, talk about some Platonic ideal of it rather than the reality. It makes it easier to sniff at the riff raff, but also suggests an amazing lack of awareness about their own profession.
This contempt-for-bloggers stuff is basically contempt for their readers and potential readers. I obviously don't agree with Rupert Murdoch about everything or even everything he's reported as saying in this article, but he's right about this.
"The complacency stems from having enjoyed a monopoly--and now finding they have to compete for an audience they once took for granted. The condescension that many show their readers is an even bigger problem. It takes no special genius to point out that if you are contemptuous of your customers, you are going to have a hard time getting them to buy your product. Newspapers are no exception."
For many years, in most places newspapers basically had a monopoly. Owners and publishers and editors convinced themselves of their importance in civic life, an importance they simply assumed rather than proving it every day. Now that they face increased competition, they tend to cling their self-importance rather than trying to adapt.
I do worry that there won't be a business model which will sustain quality local reporting, but I don't weep for institutions which have long condescended to their readers.
Deep Thought
Support for a GM bailout is negatively correlated with your distance from Michigan.
Joking aside, this is one of those subjects I don't have especially strong opinions about. I think a bad approach to policy is to lurch from crisis to crisis, using each one as an excuse to DO SOMETHING. We should have a general framework for dealing with companies which are too big to fail, as apparently there are a lot of them
Joking aside, this is one of those subjects I don't have especially strong opinions about. I think a bad approach to policy is to lurch from crisis to crisis, using each one as an excuse to DO SOMETHING. We should have a general framework for dealing with companies which are too big to fail, as apparently there are a lot of them
Tom Friedman's War
Just echoing Matt, it's fascinating to read everybody who has suddenly become an expert on the auto industry, and write as if a government bailout would put them in charge of that industry. More than that, it appears we're all fans of government industrial policy now.
Truly strange times.
Truly strange times.
That's Crazy Talk
Only insane liberal bloggers say stuff like this.
WASHINGTON — U.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation's financial system and should take back what is left of the $700 billion "blank check'' it gave the Bush administration.
"It is just outrageous that the American people don't know that Congress doesn't know how much money he (Treasury Secretary Henry Paulson) has given away to anyone,'' the Oklahoma Republican told the Tulsa World.
"It could be to his friends. It could be to anybody else. We don't know. There is no way of knowing.''
Sunday, November 16, 2008
Pain
Citigroup:
These people say that as of Saturday afternoon the exact size of the cuts is not known, but it's expected to be higher than the 23,000 cuts the firm made as of end of the third quarter to its workforce of approximately 350,000 worldwide. These people say the overall size of the cuts that Pandit will announce during a highly anticipated town hall meeting could add up to close to 40,000 depending on the number of asset sales, such as spinning off businesses the firm could pull off in addition to additional planned layoffs.
These people add that during the meeting Pandit will likely cite a specific number of job cuts and say these cuts will occur a relatively short period of time, such as over the next five or six months.
Automatic Stabilizers
Back when I was a young economist in training, we learned that certain programs - such as unemployment insurance and welfare - would kick in to offset the impact of an economic downturn. Such programs aren't nearly as big or generous as they once were, so... not so much anymore.
Fuck Michigan, They Don't Vote For Us Anyway
I'm not especially surprised that the Republican senators oppose a Big Auto bailout, though I am a bit surprised at the harshness of the rhetoric.
WASHINGTON — Top Republican senators said Sunday they will oppose a Democratic plan to bail out Detroit automakers, calling the U.S. industry a “dinosaur” whose “day of reckoning” is coming. Their opposition raises serious doubts about whether the plan will pass in this week’s postelection session.
Democratic leaders want to use $25 billion of the $700 billion financial industry bailout to help General Motors, Ford Motor and Chrysler.
Putting The City In The Suburbs
I haven't seen this area so I don't know exactly what it's like, but you see this kind of thing popping up all over the place, where mixed use development gets plunked down in, say, an existing mall parking lot.
The situation a lot of places face is that they've gotten too dense for the imagined nice aspects of suburban sprawl development to exist. Getting around by car isn't easy anymore; it's hard. There's really no going backwards, so the question is whether they can understand that density, if done right, can actually have advantages too.
The situation a lot of places face is that they've gotten too dense for the imagined nice aspects of suburban sprawl development to exist. Getting around by car isn't easy anymore; it's hard. There's really no going backwards, so the question is whether they can understand that density, if done right, can actually have advantages too.
Sunday Bobbleheads
Document the atrocities.
ABC's ''This Week'' -- Gov. Arnold Schwarzenegger, R-Calif.
------
CBS' ''Face the Nation'' -- Rep. Barney Frank, D-Mass.; Sen. Richard Shelby, R-Ala.; Gov. Bobby Jindal, R-La.; former House Speaker Newt Gingrich, R-Ga.
------
NBC's ''Meet the Press'' -- Sen. Carl Levin, D-Mich.; Shelby; T. Boone Pickens, chairman of the energy investment fund BP Capital.
------
CNN's ''Late Edition'' -- Commerce Secretary Carlos Gutierrez; Reps. Charles Rangel, D-N.Y., and Marsha Blackburn, R-Tenn.; Ted Turner, CNN founder and author of a new memoir.
------
''Fox News Sunday'' -- Sens. Jon Kyl, R-Ariz., and Byron Dorgan, D-N.D.; Gov. Tim Pawlenty, R-Minn.; former Lt. Gov. Michael Steele, R-Md.
Sunday Thread
by Molly Ivors
What TBogg said.
The kind of person who contributes money to deny their fellow citizens their civil rights are not someday magically going to be part of the solution: they're the problem. These are not people to be reasoned with; they're ignorant, they're haters and they're bigots and the only thing people like that understand is power.
So when they stick their noses in other people's affairs, they forfeit the right to be considered just another "ordinary person". They're involved and they would be foolish to expect that those other people in whose private affairs they have meddled wouldn't return the favor. As they say: you pays your money and you takes your chances.
You don't get to heaven above by trampling someone else's heaven on earth.
What TBogg said.
The kind of person who contributes money to deny their fellow citizens their civil rights are not someday magically going to be part of the solution: they're the problem. These are not people to be reasoned with; they're ignorant, they're haters and they're bigots and the only thing people like that understand is power.
So when they stick their noses in other people's affairs, they forfeit the right to be considered just another "ordinary person". They're involved and they would be foolish to expect that those other people in whose private affairs they have meddled wouldn't return the favor. As they say: you pays your money and you takes your chances.
You don't get to heaven above by trampling someone else's heaven on earth.
Saturday, November 15, 2008
Late Night.
More thread. But that doesn't mean that atrios won't show up in five minutes with more gypsy shit.
Fire
Well, that's pretty awful. I lived next to the hill that got destroyed by the 1993 Laguna fire, though it was basically rebuilt by the time I got there. Every few months they'd send some goats out to eat up all the brush.
Keeping Score
Highlighted this before, but on the teevee on Sunday we have:
7 Appearances by Republican current elected officeholders
3 Appearances by Democratic current elected officeholders.
2 Appearances by Republican former elected officeholders.
1 Appearance by a Bush Cabinet Secretary.
T. Boone Pickens
Ted Turner.
7 Appearances by Republican current elected officeholders
3 Appearances by Democratic current elected officeholders.
2 Appearances by Republican former elected officeholders.
1 Appearance by a Bush Cabinet Secretary.
T. Boone Pickens
Ted Turner.
Tiny Bit Of Truth
I don't think McCain lost because he wasn't conservative enough, but I do think the fact that he was all over the place on every issue didn't help him. He didn't need to be "more conservative" but "more consistent."
New Blood
Like Booman, I was pleased that I wasn't familiar with a lot of names on Obama's transition team. My unfamiliarity doesn't necessarily tell me much about them, but I think a benefit of an Obama versus a Clinton administration is that there will at least be some new blood in town. Not saying everyone he hires or should hire will be Washington outsiders, but we'll at least see a reshuffling of the Washington deck a bit. I'm sure we'll be seeing plenty of former Clintonites in power, but they won't all be the same Clintonites we've been seeing all these years, if that makes sense.
It's About Time
I think the Dems probably should have moved a bit more quickly on that oversight board.
Friday, November 14, 2008
Not Inevitable
No, the internet in its very open and public form was not inevitable. We're quite lucky, in fact. And with the net neutrality battle ongoing, its permanence isn't guaranteed either.
Any Given Sunday
I was about to do a post on this topic, the fact that the Sunday shows haven't been eager to change their guest balance.
Here's Media Matters' original report on Sunday show guests.
Here's Media Matters' original report on Sunday show guests.
Wingnut Wars
Awesome.
ABC News' Rick Klein Reports: A conservative California congressman announced Friday that he's mounting a leadership challenge to House Minority Leader John Boehner, as the GOP continues to assess the fallout from last week’s election losses.
Rep. Dan Lungren, R-Calif., becomes the first rank-and-file House member to announce his intent to challenge the top House Republican in next week’s leadership elections. The No. 2 and No. 3 House Republicans have said they’re stepping down from their posts, but Boehner is seeking another term as minority leader.
Speaking Out
I appreciate that newly minted Senators might be a bit reticent on the whole Lieberman situation, but kudos to Senator Leahy for acknowledging that Joe has been a very bad boy indeed.
Broke Consumers
The retail sales figures added to my pessimism about the economy. I expected a big consumer pullback in '03, but it never materialized. People have forgotten, but things seemed pretty bleak then. Unemployment was hovering around 6% - not super high, but worrying - and I figured that consumers pulling back would break the back of the economy. Consumers didn't do that, presumably because they were happily using their homes as ATMs, and the economy rebounded, if a bit anemically, propelled by the housing boom.
Cabinet Speculation
Most of it is even more useless than campaign horse race journalism. If they must do it they could at least provide more useful information about the people they're speculating about, but instead it's all just a soap opera.
Like That Will Happen
Lieberman is smug sanctimony in human form. Apologizing isn't something he does.
Hacktackular
I think there's a place in our political discourse for hacks, though it isn't entirely clear that newspapers should grant them additional authority by giving them space on their opinion pages. I mean, newspapers can do whatever they want, but it tends to go against their generally professed norms.
Retail Sales Collapse
It's really quite stunning, and it's hard to see how it gets better soon.
I'm pessimistic because I worry that with Bush in office nothing sensible can be done quickly enough, and side debates about the auto companies provide a distraction (it may be an important debate, but it isn't central to the question of immediate stimulus). Last Spring we did the shitty stimulus of giving people a few bucks, which unsurprisingly didn't cause the pony to appear. We need extension of unemployment benefits, food stamp increases, SUPERTRAIN and other infrastructure expenditures, and of course aid for state and local governments. And it's needed, you know, yesterday.
(source)
I'm pessimistic because I worry that with Bush in office nothing sensible can be done quickly enough, and side debates about the auto companies provide a distraction (it may be an important debate, but it isn't central to the question of immediate stimulus). Last Spring we did the shitty stimulus of giving people a few bucks, which unsurprisingly didn't cause the pony to appear. We need extension of unemployment benefits, food stamp increases, SUPERTRAIN and other infrastructure expenditures, and of course aid for state and local governments. And it's needed, you know, yesterday.
(source)
I'm A Bit Less Optimistic
Krugman:
I'm actually more worried than I was. Appropriate federal intervention - not bailing out Hank's buddies - is necessary and hasn't been forthcoming. State and local governments are going to be cutting budgets and laying off people without help.
The economic news, in case you haven’t noticed, keeps getting worse. Bad as it is, however, I don’t expect another Great Depression. In fact, we probably won’t see the unemployment rate match its post-Depression peak of 10.7 percent, reached in 1982 (although I wish I was sure about that).
I'm actually more worried than I was. Appropriate federal intervention - not bailing out Hank's buddies - is necessary and hasn't been forthcoming. State and local governments are going to be cutting budgets and laying off people without help.
Thursday, November 13, 2008
To Broadway
Frank Bruni, who covered Gore in 2000, later became a restaurant critic. And their '08 Obama campaign reporter is becoming a theater critic.
I think people who are good (if they are good) at this type of thing have genuine talent, but I just don't think editors should see campaign journalism as theater/food criticism. Good critics of this type can be good at explaining certain types of things, but those types of things really aren't what should be the central elements of political reporting. A small part of it, sure, but not the primary part.
I think people who are good (if they are good) at this type of thing have genuine talent, but I just don't think editors should see campaign journalism as theater/food criticism. Good critics of this type can be good at explaining certain types of things, but those types of things really aren't what should be the central elements of political reporting. A small part of it, sure, but not the primary part.
No Auto Bailout For You
Dodd sez it isn't going to happen in this Congress for the auto makers.
While I have mixed feelings about such a thing generally, it's pretty interesting that we're propping up the fake economy and letting the real economy wither.
While I have mixed feelings about such a thing generally, it's pretty interesting that we're propping up the fake economy and letting the real economy wither.
My Life
It occurs to me the last time I saw a movie in a theater was when Batman came out. Netflix tells me the last time I returned a DVD was around 9/23.
Anything worth watching?
Anything worth watching?
Fortunately, Not A Big Deal Anymore
I'm so old I can remember when Camille Paglia's peculiar form of wingnuttery actually seeped its way into the broader discourse. Fortunately it really isn't the case anymore. Keep smacking your readers in the face, Salon.
All Palin All The Time
When I first turned on the teevee this morning, there she was, talking to me. I could understand the media fascination with her a bit more if there weren't numerous other shiny soccer balls they could be chasing.
The Column Little Tommy Friedman Should Write
Or, at least, read.
But to have been so completely and fundamentally wrong about so huge a disaster as what we have done to Iraq — and ourselves — is outrageous enough to prove that people like me have no business posing as wise men, and, more importantly, that The New York Times has no business continuing to provide me with a national platform.
In any case, I have made a decision: as of today, I will no longer write in this or any other newspaper. I will immediately desist from writing any more books about how it’s time for everyone to climb on board the globalization high-speed monorail to the future. I will keep my opinions to myself. (My wife suggested that I try not to even form opinions, but I think she might have another agenda.)
Doing Everything Wrong
I think it's important to keep in mind the fact that this looming economic disaster was preventable. The Wise Old Men of Washington and Wall Street have fucked everything up due to a combination of greed and and adherence to ideology regardless of what the facts are. There were many moments in the past few years when something could have been done to at least minimize the problems, and at every step they've done the wrong thing.
Nobody could have predicted...
It's gonna get weird out there.
Nobody could have predicted...
It's gonna get weird out there.
High And Low
This is a decent article about the Italian Market, which is in my neighborhood. Struggle is to keep it thriving while still maintaining a mix of both upmarket and downmarket offerings.
Decent photo gallery.
Decent photo gallery.
Thursday is New Jobless Day
Holy crap:
The number of U.S. workers filing new claims for jobless benefits rose last week to 516,000, the highest level since the weeks following the Sept. 11, 2001 attacks, the Labor Department reported on Thursday.
...
Continuing claims reached 3.897 million for the week ended Nov. 1, the latest period for which the data was available, which was an increase from 3.832 million the prior week and marked the most people filing for ongoing unemployment assistance in a quarter of a century. Continuing claims were 3.95 million in the week ended Jan. 15, 1983.
Not Applying For An Obama Administration Job
Reasons fairly obvious:
- A seven-page questionnaire being sent by the office of President-elect Barack Obama to those seeking cabinet and other high-ranking posts may be the most extensive — some say invasive — application ever. The questionnaire includes 63 requests for personal and professional records, some covering applicants’ spouses and grown children as well, that are forcing job-seekers to rummage from basements to attics, in shoe boxes, diaries and computer archives to document both their achievements and missteps. Only the smallest details are excluded; traffic tickets carrying fines of less than $50 need not be reported, the application says. Applicants are asked whether they or anyone in their family owns a gun. They must include any e-mail that might embarrass the president-elect, along with any blog posts and links to their Facebook pages.
Costume And Lair
I don't wear pajamas, though admit that despite having an office I often work in the basement because that's where the big screen teevee is. And I luv me some big screen Chris Matthews.
Mornin'
Why doesn't the right-wing care that a crazy messianic foreigner has poured billions of dollars into destroying America?
I guess if they didn't hear it on Fox, they don't know....
Signed,
Not Atrios
I guess if they didn't hear it on Fox, they don't know....
Signed,
Not Atrios
B to the K
I don't know for sure that just letting GM filing for bankruptcy is the best route, but if it isn't then it just means there's something wrong with our bankruptcy laws and/or our dealings with "too big to fail" companies.
The system needs to have standard ways of dealing with these things. If the ones in place don't work, we need new ones, not free money for failures.
But not everyone agrees that a Chapter 11 filing by G.M. would be the disaster that many fear. Some experts note that while bankruptcy would be painful, it may be preferable to a government bailout that may only delay, at considerable cost, the wrenching but necessary steps G.M. needs to take to become a stronger, leaner company.
Although G.M.’s labor contracts would be at risk of termination in a bankruptcy, setting up a potential confrontation with its unions, the company says its pension obligations are largely financed for its 479,000 retirees and their spouses.
The system needs to have standard ways of dealing with these things. If the ones in place don't work, we need new ones, not free money for failures.
Wednesday, November 12, 2008
WHEEEEEEEEEEEEE
Another exciting day at the dog track. No worries, though, because Wolf Blitzer's going to interview Sarah Palin.
And GE
We're all banks now.
Nov. 12 (Bloomberg) -- General Electric Co. said the U.S. government agreed to insure as much as $139 billion in debt for lending arm GE Capital Corp., the second time in a month it has turned to a federal program designed to help companies during a global credit crunch.
Granting GE Capital, which isn’t a bank, access to a new Federal Deposit Insurance Corp. program may reassure investors and help the unit compete with banks that already have government protection behind their debt, said Russell Wilkerson, a spokesman for the Fairfield, Connecticut-based company. Coverage would be for about $139 billion, or 125 percent of total senior unsecured debt outstanding as of Sept. 30 and maturing by June 30.
Meanwhile
Over there.
An Iraqi soldier has shot dead four U.S. soldiers and wounded three others while out on patrol in the northern Iraqi city of Mosul, according to the Iraqi Interior Ministry.
An Interior Ministry source told ABC News, on condition of anonymity, that an argument broke out between the Iraqi soldier, Barazen Mohammed, and an American colleague while they were on a joint patrol in western Mosul.
That's Why Democrats Keep Losing Elections
Of course they don't, but I think one thing missing from this conversation is that a lot of people on "our side" have been invested in this idea for awhile. Losing means failure, and failure is an opportunity to try to push the party in whatever direction you imagine it should be pushed. I was in a couple of meetings in Washington with various groups of people after the 2006 election where variations of that phrase kept popping out of peoples' mouths like a habitual tic, even though the Democrats had just, you know, won.
Surreal
Hank Paulson is on my teevee bragging about just how fast he funneled taxpayer money to financial institutions.
Tuesday, November 11, 2008
Sorta Weird
I'd actually forgotten that the CT Supremos made a ruling mandating the option of same sex marriage.
As stupid and horrible as it is that this is even an issue, I admit we've gone a bit farther a bit faster than I expected. Proph H8 is a setback, but one way or another it'll be overturned fairly soon.
As stupid and horrible as it is that this is even an issue, I admit we've gone a bit farther a bit faster than I expected. Proph H8 is a setback, but one way or another it'll be overturned fairly soon.
Class
If, say, a left of center magazine or some other Washington institution wanted to engage in a bit of class-based affirmative action, I have a fairly simple suggestion. Just make sure you reach out beyond elite schools. I've attended and taught at a variety of institutions, and some excellent students can be found most places. And while I don't know the hiring practices of random left of center magazines, or for Congressional staffs, or for the Washington Post, it wouldn't surprise me if first round resume weeding is frequently done based on the college the applicants attended.
Observation
Sarah Palin is still getting more press attention than Joe the Biden, and he's going to be Vice President and she's not.
Parking Meters
Good plan to raise parking meter rates in Center City Philadelphia. At $1/hr they're absurdly low. Though I think raising the fine parking at an expired meter to $56 is a bit excessively punitive. Somehow misread $35 as $56. Simels regrets the error.
How Many Seats?
There is a weird underplaying of the degree of Democratic victory this time. Sure, they didn't win quite as many seats as some pollsters and pundits predicted, but even at the height of the Great And Glorious Republican Revolution, back when Democrats were doomed to irrelevancy for generations, they maxed out at just 232 House seats. Dems have about 256 at the moment, with a couple of races not yet decided.
Most Hilarious Campaign Moment
I think I was blocking most of it out in real time due to the horror of it all, but I'm starting to recover some of the memories.
Perhaps when McCain met Levi?
Perhaps when McCain met Levi?
If Only They'd Done This A Year Ago
Any plan to reduce mortgage interest rates/principals for people struggling pay them is somewhat problematic, as it does provide an incentive for people to get behind so they can get a better deal. Still, the reason to do it is that foreclosures are costly for both parties, they inflict large negative externalities on neighborhoods, and many homes are underwater so those who own the mortgages wouldn't be able to get more money back on foreclosure sales anyway. This way, maybe people get to stay in their homes and Freddie and Fannie have a chance to get their money without going through costly foreclosure proceedings/sales.
Debate
To clarify, I didn't mean to suggest that one should never ever have a political discussion with someone who disagrees with you. The context is blogs and political discourse and the contemporary conservative movement, whatever the hell that is.
Not Just The War
And not just that he campaigned for McCain and supported Republican senators.
Joe's bad for a lot of reasons.
Joe's bad for a lot of reasons.
Wingnuttery's Latest Obsession
Is the Fairness Doctrine. I know there are some on the left who support it. I don't for various reasons. But Obama doesn't support it. There's no serious movement in Congress to reinstate it. It isn't part of the current list of priorities of the Vast Left Conspiracy. But wingnuts will obsess, because they're very silly people. Actually, some obsess about it because they're very stupid people. And some obsess about it because they think it's political useful to do so even though they know it's bullshit. Not worth my time trying to distinguish between the groups.
Shorter Atrios And Thers
Well, maybe not shorter, but since I guess there might be a bit of confusion let me clarify. One cannot ignore wingnuttery, but we long ago realized that there is no reason to engage it seriously. That's why we mock it and treat it with the contempt it deserves. This was true a week ago, and it's still true today. I don't know why smart people felt like they should engage with it seriously a week ago, but nor should those same people feel like they can just ignore it now.
Often one has to engage with specific bits of horseshit that bubble up into the mainstream to correct errors of fact and logic, but wingnuts? Just point and laugh. They weren't trying to have a "serious good faith debate" last week, and they aren't this week. But they're still there.
Often one has to engage with specific bits of horseshit that bubble up into the mainstream to correct errors of fact and logic, but wingnuts? Just point and laugh. They weren't trying to have a "serious good faith debate" last week, and they aren't this week. But they're still there.
The End of Wingnuttery
Echoing Thers, no it doesn't stop. Politics isn't an academic panel. "Debate" is a game, not a way to achieve anything.
56, 57, 58...
The Minnesota Senate race is now in the lawyers, guns and money phase. You can help, if you're so inclined, with the money part of it.
Monday, November 10, 2008
And Amex
I'll send in my application for Eschaton World Industries to be classified as a bank holding company tomorrow.
Subscribe to:
Posts (Atom)