Monday, June 07, 2010
A La Recherche Du Temps Perot
Friday, June 04, 2010
Nobody Asked Me, But...
Thursday, June 03, 2010
Malevolence
WASHINGTON – The economy trudges ahead yet debt dogs many Americans, stressing them out even as they firm up their own financial foundations. [...]
So why aren't the stressed — and the not-so-stressed — feeling better?
For starters, it just doesn't feel much like a recovery to many people.
Unemployment is stubbornly high — 9.9 percent. The jobless face fierce competition for work. Those with a job are watching their paychecks shrink.
A growing number of people are at risk of falling into foreclosure, and only those with the most stellar credit probably can get a new loan. AP-GfK polls show that only 20 percent say the economy is good, compared with 15 percent last year.
Going into 2008, the total amount of consumer debt-- mortgages, car and student loans, and revolving credit-- was roughly equal to the national debt. The bailouts changed that.
I felt the mortgage crisis would trigger a consumer debt crisis for a couple of reasons:
1) A mortgage crisis shakes the very foundation of the American Dream-- to own a home and to maintain and grow equity in that home as a long term investment that will fund your retirement.
2) A mortgage crisis would automatically force banks to tighten their lending to consumers. Since Americans had been outspending their incomes by sizeable amounts and borrowing against their homes to do so, forcing them to rely on savings they were using to pay down debt would tank the economy. There would be panicked borrowing, refinancings, and even full-on foreclosures as people just gave up. Mitigated, of course, by the awful bankruptcy reform of the Bush years. Consumers are now looking at decades of debt piled up ahead of them and no easy solution to shift the burden away from higher priced debt to lower priced HELOCs and mortgages.
3) In addition to tightening credit to consumers, banks would pressure consumer debt by imposing more fees, higher interest rates and tightening rules, all designed to make debt less convenient. And more profitable, of course. But given that the banks had to scrape knees to get past the mortgage crisis (which by all accounts could have been much worse), its understandable they wouldn't want the other shoe to drop, and so would discourage consumer borrowing.
The reflex response would be that consumers had this coming, that instead of buying $150 Nike sneakers and $200 iPods, they should have been working to firm up their own houses.
That's partly true, but is a far more marginal factor than many would admit. Elizabeth Warren, Harvard professor and currently the Congressional watchdog on the bank bailout, has studied consumer debt and finds there are three major contributing factors to why people load up: divorce, job loss, and long term health care costs.
Often, two of those three hit the same family at the same time, and in a number of cases, all three swamp a family. That's not to say that there isn't an awful lot of ridiculous spending going on. An entire marketing sector of the American economy thrives on selling us shit we don't need but must have.
But as with fast food and obesity, there comes a point where even the most ascetic among us finds themselves grasping that iPad off the shelf. It's easy, its a quick fix, and most of all, it gives us the illusion of satisfaction. It is disingenous on the part of those who would blame the broke not to fess up to the fact that the entire consumer economy revolves around being made to look foolish if you have the wrong car or wrong hair color or wrong shoes.
And there is the malevolence of America, and now of the west (seeing as we've infected the planet with our Buymore virus): two sides of the same corporatocracy vying to see which can bankrupt us faster, only we can't file bankruptcy, so we'll be indentured slaves for the rest of our lives.
The fear they should have, the fear I do have, is what happens when the shit hits the fan?
Wednesday, June 02, 2010
When "No" Should Mean "NO!"
If a bank is too big to fail, it’s way too big to exist. If an oil well is too far beneath the sea to be plugged when something goes wrong, it’s too deep to be drilled in the first place.
When are we going to stop behaving so stupidly? We nearly wrecked the economy and we’re all but buried in debt. But we can’t break up the biggest banks, and we can’t raise taxes. Now we’re fouling the magnificent Gulf of Mexico and ruining entire communities along the southern Louisiana Coast.
[...]For a nation that can’t stop bragging about how great and powerful it is, we’ve become shockingly helpless in the face of the many challenges confronting us. Our can-do spirit was put on hold many moons ago, and here we are now unable to defeat the Taliban, or rein in the likes of BP and the biggest banks, or stop the oil gushing furiously from the bowels of earth like a warning from Hades about the hubris and ignorance that is threatening to destroy us.
"BAM!," as they say.
There is a moral underpinning to the story of America in the 21st Century, one that ties in the hubris of the Bush wars with the hubris of the Gulf disaster with the hubris of the bankstas.
We just ain't all that. Our reach has more than exceeded our grasp, as Herbert points out. I think that's because somewhere in the late Twentieth Century, we became enamored with the idea that America can do no wrong, that we can never be evil, and that we can do anything.
We're fucking human, folks, not supermen.
There was a time not that long ago that the spirit of "more, more, more" was understandable, as nonsensical as it was. We had seemingly unlimited resources and unlimited space and time to waste them in the pursuit of, well, anything, but especially the almighty dollar. In the Fifties and Sixties, we started to wake up to the horror of our behavior. We started to acknowledge that prices had been paid in this country by innocent people and the very resources we used so wastefully.
And now, we're scrambling. We've given up trying to come up with the richer bounty of our nation in an effort to gather the bits and scraps of what we used to be able to do. We don't want progress, because that's scary. We want what we had, and we want more of it. It's comfortable. It's a known evil. We're used to it.
The problem is, of course, it's running out, and so is our time, unless we change course and start looking forward. We're so desperate to reclaim past glories that we'll build monuments to our greed and stupidity, like 5,000 foot deep wells that no one can fix and banks so big that their income could stabilize Greece inside of three months.
It has to stop. We have to have a meaningful dialogue, one that doesn't involve what we can do, but what we should do. Not what we can accomplish, but why.
Tuesday, June 01, 2010
Israel Or Not?
Monday, May 31, 2010
Friday, May 28, 2010
Nobody Asked Me, But...
Thursday, May 27, 2010
Poor Little Rich Girl
Wednesday, May 26, 2010
Speaking Truth To Power(less)
WASHINGTON — President Obama’s luncheon Tuesday with Senate Republicans was not televised like a similar session earlier this year with the House opposition, but evidently it would have made for captivating theater.
By nearly all accounts, pent-up frustrations boiled over as the president and the very lawmakers who have consistently opposed much of his agenda engaged in spirited and at times confrontational exchanges over immigration, spending, White House tactics and other issues during a private 75-minute session.
In particular, note this bit of idiocy from Bob "Put A" Corker "In It".
And Senator Bob Corker of Tennessee suggested that the administration had been less than sincere in trying to seek a bipartisan deal on the financial regulatory overhaul, which was passed last week with just four Republican votes.
“To come in on the Tuesday after it all occurred and to now talk about seven or eight items he wants to do in a bipartisan way, I just asked him how he could reconcile that duplicity,” Mr. Corker said. “I was very aware that we were props today as we move into an election cycle.”
Tuesday, May 25, 2010
The Korea The Problem
An Appeal
I consider myself fortunate, in that I can pay my own way through life. I don't need to borrow much money, and when I do, I can pay it back easily. So I don't need friends for that, and my friendships are based on mutual attraction and emotional support.
Monday, May 24, 2010
Dumb And Dumberest
Sarah Palin, who popularized the "drill, baby, drill" slogan as the GOP vice presidential candidate, criticized President Obama's efforts to clean up the Gulf oil spill.
The former Alaska governor, speaking on "Fox News Sunday," questioned whether there's "any connection" between Obama's campaign donations from oil companies and him "taking so doggone long to get in there, to dive in there, and grasp the complexity and the potential tragedy that we are seeing here in the Gulf of Mexico," the Los Angeles Times reports.
Palin said she remains a "big supporter" of oil drilling but "these oil companies have got to be held accountable."
First, a small digression: Obama accepted $900,000 in donations from Big Oil. Palin accepted $2.8 million. So if she's pointing that finger, then maybe she ought to realize that precisely three more of her own fingers are pointing right back at her.
Next, if you choose to believe in the freedom of an oil company to explore and drill for oil with minimal government oversight, as her former President George W. Bush believed AND as Sarah Palin obviously believes, then you have to also believe, hand in hand with this idea, that when the shit hits the fan, it's up to the corporation you've allowed to rape the environment to clean it up themselves, without governmental assistance.
You can't privatize profits and socialize costs, in other words.
Sarah Palin is running scared, desperately scared, to the Nanny Statist position in order to distance herself from her own whorish attitudes.
Accidents happen. The problem is, there's a big difference between me falling over a turned-up carpet in my home and a large, wealthy (there's the keyword here) multinational petroleum producing country, one especially that has attached itself so closely with trying to be "green" (Beyond Petroleum, indeed!) admitting it was underqualified to attempt such a well in the first place, as it had zero experience with a spill at those depths.
That's not an accident, that's criminal negligence! It's a little like letting your kid have the car to drive to the mall, and finding out later he crashed it into a building 1,000 miles away. There's a deliberate, almost malicious, hubris involved.
The economy of the Gulf, so badly battered by Hurricane Katrina, and so crippled by the recent housing bubble burst, is now officially dead. There is no coming back from this. Homes that cost a million dollars or even a hundred thousand dollars just six years ago will be worth pennies on the dollar. Tourism, dead. Fishing, dead for the foreseeable future. The wetlands that protect the coast from hurricanes will not recover in time for the hurricane season, creating enormous devastation if even a small hurricane or tropical storm slams into that coast.
If you're going to focus on governmental responsibility, focus on the "oil men" who ran this country for the past decade or so, the ones who rubber stamped nearly every drill permit request.
The idiots who somehow believed that drilling in the Gulf would demonstrably lower the prices of oil in the United States. The same idiots who either somehow blindly missed the truth of commodity markets-- that all crude goes onto the exchange, unless you nationalize the oil industry like Venezuela has, which is socialist, and skim your needs first, then try to sell the rest on the markets-- or decided to hoodwink the entire nation, especially the low-normals of the Republican party who swallowed their shit, hook line and sinker.
The fuckheads who approved this license for BP. Those are the people you should be pointing fingers at. They ought to be strung up.
Friday, May 21, 2010
Nobody Asked Me, But...
Wednesday, May 19, 2010
I Rand So Far
Tuesday, May 18, 2010
Tangled Web
A 7-to-2 majority of the Supreme Court ruled today that Congress has the authority to pass a law allowing federal prisoners who have been deemed "sexually dangerous" to be held beyond the date of their original sentence.
The law, a provision of the Adam Walsh Child Protection and Safety Act, was passed in 2006. A lower court had ruled that Congress overstepped its boundaries in passing the law.
But Justice Stephen Breyer, writing for the majority, found that the Constitution grants Congress the authority to enact the law.
"The statute is a necessary and proper means of exercising the federal authority that permits Congress to create federal criminal laws, to punish their violation, to imprison violators, to provide appropriately for those imprisoned, and to maintain the security of those who are not imprisoned but who may be affected by the federal imprisonment of others," he wrote.
Clearly, there are some menaces to society: an uncontrollable serial killer would be one, a legally insane person who is unable to distinguish right from wrong and acts accordingly would be another. As I oppose the death penalty in all cases, these are people for whom a prison cell or hospital room (as the case may be) should be the next and last residence. These are people for whom due process presumably has been carried out and an impartial judge or jury has established the forfeiture of their civil rights.
The issues become muddled beyond that. The issue at bar in yesterday's SCOTUS was whether the Federal government could pass a law that superseded state laws with respect to a class of criminal. The issue that SHOULD have been at bar, in my opinion, was whether a "sexually dangerous person" could be detained indefinitely, even after he or she had served a sentence imposed after a trial.
The wonder of American jurisprudence is, once you've served whatever penalty you've incurred as the result of your criminality, the system deems you a whole citizen again. That may not work in practice as nicely as it sounds, of course. You still have a black mark on your record, and that can work against you in job-seeking, or future criminal investigations, as well as societal stigma. None of that is illegal, and none of that should be prevented at law.
In this case, for sex offenders, it seems we have to truncate that right.
Monday, May 17, 2010
Radar Love
Friday, May 14, 2010
Nobody Asked Me, But...
Thursday, May 13, 2010
Strange Bedfellows
Tea Party activists and other conservatives are planning rallies next month in support of Arizona's tough new immigration law, which has come under attack from Democrats, Latino groups and some maverick Republicans.But a growing chorus of conservative evangelical leaders has broken with their traditional political allies on the right. They're calling the Arizona law misguided and are attempting to use its passage to push for federal immigration reform that includes a path to citizenship for illegal immigrants.
The group, which includes influential political activists such as Richard Land, head of the Southern Baptist Convention's public policy wing, and Mathew Staver, dean of the Liberty University School of Law, will soon begin lobbying Republican leaders in Washington to support comprehensive immigration reform under President Obama.
Huh?
It does my heart good, as a liberal Christian of long standing, to see some of Jesus' teachings finally make it into a large segment of Christianity. It does beg the question, "what took you so long?" because frankly, any progress from marching lock-step with the elements of hatred in this nation is a good thing.
But the question will have to be asked at some point.
The question that cannot be begged at this point is why? What is it about this issue that finally got someone wearing a backwards collar, or at least pretending to, to sit up and take notice that Jesus would likely demand better treatment for these people.
This nation, this great and bountiful nation, not even half full, has plenty: plenty of room, plenty of resources, plenty of energy, plenty of moxie. We can afford to take more people in.
Hell, given immigration's role in the bounty that is America, right now we NEED immigrants. Immigration, first generation Americans who brought families and friends over to America, are the single biggest economic engine in American history. No other factor, anywhere or anyone, can be shown to have created as much wealth as our simple act of stamping a passport and letting someone work.
So we need people who aren't afraid to walk down a street to earn a paycheck, to pay their fair share of taxes, and to enjoy the rights and privileges of an American in full.
You'll notice nothing in that paragraph talks about illegal immigration. That's because if I had my way, there wouldn't be any. If you wanted in, and were willing to work towards your citizenship, you're legal. Period. And if you're here to commit crimes, you're out. Period. It's just that simple. Any other standard is a standard of fear.
And I don't engage in fear.
And you'll notice that the only moral component of that argument is the motivation to crime of the person in question. None of this speaks to the objections of anti-immigrant forces in the land, about fairness or legalities or discrimination. To me, these arguments are precisely why religious leaders of all stripes need to pick up the banner. World history tells us that most immigrants have been persecuted in other nations and that most persecutions have occured either as racial or religious discrimination, sometimes both.
If they can be tarred with hate, the thinking should go, then I'm next. Again, we look to history and the French Revolution to understand the zealotry fomenting in the far right Teabaggers. It can, and will, go to extremes if it is not combatted and halted at every turn.
If we can tear the evangelicals away, even a little, we can do a world of good for our nation. It starts here.
