20 December 2009
Oh, Copenhagen . . .
19 December 2009
Christmas comes early for the insurance companies
On the bright side - if you had told me in 2004 that in this decade we'd have a $900 billion bill that would provide subsidies to most of the uninsured, ban discrimination based on pre-existing conditions, place a cap on premium costs for low-income workers, cap out-of-pocket expenses, cover more preventive services, expand Medicaid, and end gender discrimination in premium charges, all while shrinking the federal deficit... I'd have said you were tripping on mescaline.
22 November 2009
I think Martin's got it right . . .
" . . . the scale of intervention to support the banks in the UK, US and the euro-area during the current crisis . . . totals over $14 trillion or almost a quarter of global GDP. It dwarfs any previous state support of the banking system."
19 September 2009
06 September 2009
Belated post . . .
05 September 2009
29 August 2009
I guess I really don't like being lectured to by rich kids about the genius of the free market
Here in what the locals like to call “Little Britain”, a nasty spat among the media elite has messily intruded on the public consciousness. The occasion giving rise to the current palaver was a recent speech darkly titled “The Absence of Trust” by none other than James Murdoch at the MacTaggart Series of lectures in Edinburgh on 28th August. The speech was delivered on the twentieth anniversary of a memorable shot-across-the bow delivered by James’ dad, Rupert, at the same venue in which Murdoch-the-elder portrayed (probably accurately) a calcified British television media slumbering, contented and oblivious, on state subsidies as the digital media age beckoned - with Rupert Murdoch chomping at the bit in its vanguard. It was obvious that a speech on such an occasion by Rupert’s son-and-heir called for something special.
And Murdoch-the-younger delivered. In one sense, his was a tired reprise about the size and scope of the ‘beeb, whom competitors love to loathe as a state-sponsored behemoth stifling competition and distorting markets. But, by invoking Orwell, Mr. Murdoch cranked the debate up a notch. “As Orwell foretold,” he reminded us grimly, “to let the state enjoy a near-monopoly of information is to guarantee manipulation and distortion.” This certainly got people’s attention in a nation that takes its Orwell seriously indeed, as was no doubt intended.
It is important to keep in mind that the framework for this discussion – when stripped of all the accompanying sound and fury -- has been utterly upended since dear-old-Dad’s speech of twenty years ago: the debate now must be conducted against a backdrop which recognises the ascendancy of new formats, new media and the “New Media”. The last of these is dominated coincidentally by the Murdoch empire, which today wields enormous power in its own right, seizing market share in Britain, the U.S. and elsewhere, and dominating certain markets (such as television sports). It is for this reason that James Murdoch’s plaintive exhortations to throttle the
In calling for “genuine independence” in the news media, Mr. Murdoch is to be applauded, but his prescription for ensuring such noble aims errs in one crucial respect: it fails to take account a little thing called irony. When the premise of one’s thesis also happens to be utterly self-serving, irony may have an unfortunate cancelling effect. We can only take Mr. Murdoch’s earnestness at face value, which make the passages from Mr. Murdoch’s speech priceless examples of apparent complete lack of self-awareness, among them: “. . . people value honest, fearless, and above all independent news coverage that challenges the consensus,” which is an “inescapable conclusion that we must reach if we are to have a better society.”
“A better society”? Is this what the Fox Networks aspire to?
This guy . . .
26 August 2009
17 August 2009
Sometimes . . .
02 August 2009
Been travellin' . . .
08 June 2009
I'd like to say he's thinking what I'm thinking . . .
As we and our children pony up to pay for this mess, don't ever forget these simple facts.
07 June 2009
Clash of the Titans?
31 May 2009
19 May 2009
What Matt says . . .
You know, Newt Gingrich knows a lot about saying stupid things and being forced out of the job as Speaker. … But one way or the other — I mean, I wasn’t in the room, you weren’t in the room, Newt Gingrich wasn’t in the room. None of us know exactly what happened there. But whatever it is Nancy Pelosi knew about, George W. Bush, Dick Cheney, John Yoo, Jay Bybee, they knew more. And ultimately, when we have a thorough investigation of what happened, the bulk of the blame has to lie with the architects of the policy, not with a member of the opposition party.The GOP playbook hasn't changed a bit: destract, deny, project. And their demographic keeps on shrinking.
18 May 2009
Getting silly now
17 May 2009
And he, too, shall be judged . . .
18 April 2009
Teabagging Michelle Malkin
Here's a choice excerpt at the end - really puts the empty rhetoric and paint-by-numbers faux rage of the rudderless right in perspective:
yeah, government waste sucks, it’s rampant at every level, and taxes are a vicious racket, and everyone should be pissed off . What’s hilarious about the teabaggers, though, is how they never squawk about waste until the spending actually has a chance of benefiting them. You will never hear of a teabagger crying about OPIC giving $50 million in free insurance to some mining company so that they can dig for silver in rural Bolivia. You won’t hear of a teabagger protesting the $2.5 billion in Ex-Im loans we gave to GE through the early part of this decade, even as GE was moving nearly a hundred thousand jobs overseas over the course of ten years. And Michelle Malkin’s readers didn’t seem to mind giving IBM millions in Ex-IM and ATP loans at the same time it was giving its former CEO, Lou Gerstner, $260 million in stock options.
In other words teabaggers don’t mind paying taxes to fund the salaries of Bolivian miners, Lou Gerstner’s stock options, deliveries of “sailboat fuel,” the Hermes scarves on Sandy Weill’s jet pillows, or even the export of their own goddamn jobs. But they do hate it when someone tries to re-asphalt their roads, or help bail their slob neighbor out of foreclosure. And God forbid someone propose a health care program, or increased financial aid for college. Hell, that’s like offering to share your turkey with the other Pilgrims! That’s not what America is all about! America is every Pilgrim for himself, dammit! Raise your own motherfucking turkey!
13 April 2009
Yeah - What about a "Bill of Obligations" . . . ?
01 April 2009
31 March 2009
14 March 2009
I wouldn't bet on the dollar . . .
Never been a better trainwreck . . .
03 March 2009
01 March 2009
Being treated like grown-ups
21 February 2009
Report from the bunker
While it may be true, as everyone seems to have concluded, that most bankers are indeed minions of beelzebub, Satan alone should not be blamed for the current mess. Unless we want to make greed a capital offence it's pretty pointless to get all uppity about avaricious bankers. After all, we were the ones who gave them the rope to hang us all with.
It is important to keep in mind that in the parlance of our times, thanks to Reagan revolution, it has been long accepted conventional wisdom that all government is bad, and regulators are particularly bad, which I think often explained the quality of regulators I myself have come into contact with. This is not always true: some have been astute and very good – but for a long time they have been radically underpaid and maligned to the point of irrelevance.
So why should anyone be surprised when the end result is massive and comprehensive regulatory failure?
The financial system, though complex, can work if risks are correctly assessed. The problem is that under conditions of large liquidity, which we had when credit was cheap, the quest for “returns” encourages excessive risk taking and exposes the system’s vulnerabilities:
- Market participants that work for fees (mortgage brokers, payments receivers) don’t have incentives to monitor the quality of loans, only to increase the quantity of loans.
- The same thing happens with the credit rating agencies which supply “ratings” for the structured products and do not face any financial responsibility to cover losses from their mistakes.
- Regulatory Arbitrage: different financial institutions undertaking similar activities face different regulations (especially capital requirements).
- Principal-Agent Problem: huge disparity in traders’ maximum loss (zero bonus) vs. investors’ losses (the full capital invested).
Stick to baseball, George
07 February 2009
Let me get this straight . . .
- $3 TRILLION (all in) ***
- resurgent Al Qaeda
- undermined multilateral nuclear anti-proliferation efforts
- massive loss of American foreign policy and intelligence agencies credibility
- depletion of armed forces capabilities
- distraction from Afghanistan
- maybe someday "democracy will flower in the middle east" (like it did in Palestine, except they elected Hamas to power - oops)
- Zero
- $780 billion
- Only hope for avoiding crippling global depression (tax cuts for the rich repeatedly proven ineffective as stimulus)
- All but three Senators.
Our Greatest Jurist
02 February 2009
Hoover Lives!
Bring out your Dead!
I cannot say my expectations were high. But Sen. DeMint (R) of South Carolina does seem to be an even bigger ignoramus than I'd realized. On This Week this morning he actually said: "Let's don't say it's a stimulus when it's a government spending plan." A 'Stimulus plan' is pretty much by definition a spending plan, though of course it can include tax reductions as well.As noted, my expectations are not high. But I'm wowed by the amount of nonsense and lies that are being injected into this debate.Also, high on the list, of course, is the fact that basically all the 'wasteful' spending that's being discussed amounts to a total of what ... maybe 2 or 3 billion out of $819 billion total? Why is this point not being made more clearly?
It's enough to make one want to swing a cat around in the middle of a medieval plague!
01 February 2009
Conspiracy Alert
Homeland Security Live Alert
31 January 2009
Krugman
Let’s talk about the magnitude of the looming health care disaster.
Just about all economic forecasts, including those of the Obama administration’s own economists, say that we’re in for a prolonged period of very high unemployment. And high unemployment means a sharp rise in the number of Americans without health insurance.
After the economy slumped at the beginning of this decade, five million people joined the ranks of the uninsured — and that was with the unemployment rate peaking at only 6.3 percent. This time the Obama administration says that even with its stimulus plan, unemployment will reach 8 percent, and that it will stay above 6 percent until 2012. Many independent forecasts are even more pessimistic.
Why, then, aren’t we hearing more about ensuring health care access?
Now, it’s possible that those of us who care about this issue are reading too much into the administration’s silence. But let me address three arguments that I suspect Mr. Obama is hearing against moving on health care, and explain why they’re wrong.
First, some people are arguing that a major expansion of health care access would just be too expensive right now, given the vast sums we’re about to spend trying to rescue the economy.
But research sponsored by the Commonwealth Fund shows that achieving universal coverage with a plan similar to Mr. Obama’s campaign proposals would add “only” about $104 billion to federal spending in 2010 — not a small sum, of course, but not large compared with, say, the tax cuts in the Obama stimulus plan.
It’s true that the cost of universal health care will be a continuing expense, reaching far into the future. But that has always been true, and Mr. Obama has always claimed that his health care plan was affordable. The temporary expenses of his stimulus plan shouldn’t change that calculation.
Second, some people in Mr. Obama’s circle may be arguing that health care reform isn’t a priority right now, in the face of economic crisis.
But helping families purchase health insurance as part of a universal coverage plan would be at least as effective a way of boosting the economy as the tax breaks that make up roughly a third of the stimulus plan — and it would have the added benefit of directly helping families get through the crisis, ending one of the major sources of Americans’ current anxiety.
Finally — and this is, I suspect, the real reason for the administration’s health care silence — there’s the political argument that this is a bad time to be pushing fundamental health care reform, because the nation’s attention is focused on the economic crisis. But if history is any guide, this argument is precisely wrong.
[...] One more thing. There’s a populist rage building in this country, as Americans see bankers getting huge bailouts while ordinary citizens suffer.
I agree with administration officials who argue that these financial bailouts are necessary (though I have problems with the specifics). But I also agree with Barney Frank, the chairman of the House Financial Services Committee, who argues that — as a matter of political necessity as well as social justice — aid to bankers has to be linked to a strengthening of the social safety net, so that Americans can see that the government is ready to help everyone, not just the rich and powerful.
The bottom line, then, is that this is no time to let campaign promises of guaranteed health care be quietly forgotten. It is, instead, a time to put the push for universal care front and center. Health care now!
30 January 2009
Just my opinion
19 January 2009
Yes, the Damage can be undone . . .
During his eight years in office – fat ones, for the most part, from a fiscal point of view – President George W. Bush moved the budget balance from surplus to structural deficit. Demographic and other pressures will worsen the position over the next decade or two. Now comes a fiscal expansion that will be only partly counter-cyclical: some of the new president’s spending will not reverse automatically as the economy recovers. A structural deficit of the sort taking shape is unsustainable and will be corrected one way or the other – if not by a timely change in policy, then by a new and potentially even worse financial calamity.
18 January 2009
And, as twilight fades to black for the glory that has been the Cheney/Bush years . . .
http://pewforum.org/deathpenalty
It seems to me that the reaction of people of faith to this tendency of democracy to obscure the divine authority behind government should be not resignation to it but resolution to combat it as effectively as possible, and a principal way of combating it, in my view, is constant public reminder that – in the words of one of the Supreme Court’s religion cases in the days when we understood the religion clauses better than I think we now do – "we are a religious people whose institutions presuppose a supreme being".