From Pine View Farm

August, 2011 archive

A Banker’s Suit 0

Paul McMorrow, writing at the Boston Globe, considers the upcoming civil suits against the banksters and their three-card mortgage monte. A nugget:

Trillions of dollars of bad loans went through Wall Street’s mortgage bond pipeline, and they’ve exploded at astounding rates. Deals where half the mortgages went bad are common. One Goldman lawsuit lists a loan pool where 71 percent of the mortgages failed. Wall Street’s defense so far – that sophisticated investors should have known what they were getting into – is tantamount to saying that investors should have known better than to believe SEC filings.

It’s not a defense that inspires confidence. Wall Street soaked the American populace for everything it had, and then the bankers took their bailouts and bonus checks and slunk off toward the Hamptons. Wall Street titans aren’t in jail, but their reckoning is coming to civil courtrooms, and it’s going to be brutal.

Share

Driving While Brown, Commodities Futures Dept. 0

From the introduction:

With the economy flailing – there’s at least one industry – other than Wall Street and Big Oil – that’s booming! And that’s the business of locking up immigrants. Not because there’s more illegal immigration in America today – there’s actually less – but because private prison lobbyists – with the help of paid-off lawmakers who write strict immigration laws like Arizona’s SB1070 – are making sure more and more illegal – and sometimes legal – immigrants are rounded up and thrown in for-profit detention facilities . . . .

Share

“An Armed Society Is a Polite Society” 0

Brotherly love, the polite way:

Jessie Nicole Kessinger was shot and killed by her 10-year-old brother before police were called by family members to the 100 block of Preston Street, according to a news release from the Radford Police Department.

Share

QOTD 0

Al Capp:

The public is like a piano. You just have to know what keys to poke.

Share

Perry’s Prevarications &c. 0

Watch Thom Hartmann engage two right-wing mouthpieces and decide who has the facts.

Share

Strange Equation: Teabaggers and the SDS 0

Shaun Mullen explains:

The last time a fringe group exerted substantial influence over a major political party was in 1972 when the anti-Vietnam War movement rallied beyond George McGovern over Hubert Humphrey, Henry M. Jackson and Edmund Muskie, all of whom could have beaten Richard Nixon.

I remember the 1972 campaign well and Election Night in particular. It was obvious early on that despite Nixon’s unpopularity — he had reneged on his promise to end the war and there were the first stirrings of the Watergate scandal that would abort his second term — that he would win in a landslide. I woke up the next morning and despite having a world-class hangover immediately understood why McGovern had been thrashed. Like the Tea Party, his supporters refused to dial back on their stridency and cool their rhetoric even if the face of probable defeat.

For you whippersnappers, here’s more about the SDS.

Share

Cause for Optimism 0

From a letter to the editor of the the Boston Globe.

Share

Spending Much, Getting Little 0

At Asia Times, Chris Hellman considers U. S. Defense spending and concludes the US needs a 12-step program. Here’s a snippet:

All of this brings another simple, but seldom-asked question to mind: are we safer?

Regardless of what figures you choose to use, one thing is certain: we’re talking about trillions and trillions of dollars. And given the debate raging in Washington this summer about how to rein in trillion-dollar deficits and a spiraling debt, it’s surprising that no one thinks to ask just how much safety bang for its buck the US is getting from those trillions.

Of course, it’s not an easy question to answer, but there are some troubling facts out there that should give one pause. Let’s start with government accounting, which, like military music, is something of an oxymoron. Despite decades of complaints from Capitol Hill and various congressional attempts to force changes via legislation, the Department of Defense still cannot pass an audit. Believe it or not, it never has.

Share

Molding the Future 0

Writing at Bloomberg, Nathan P. Myhrvold suggests that the wrong metaphors are often used to describe social dynamics. He argues this is why bad ideas don’t die and why persons hold on to falsities.

He argues that society is less like an organism (think Hobbes’s Leviathan) and more like a slime mold.

Granted, our species is very intelligent and has developed exquisite communication across the world and through the centuries. But while people are smart enough to anticipate problems, they are also smart enough to make counterarguments. Every good idea in history has had to fight against many bad ideas before winning broad acceptance.

Like the individual mold cells in a slime colony, most people mainly pursue their self-interest, influenced only partially by a concern for the common good. And our individual agendas often conflict. You can’t balance the federal budget, for example, without goring somebody’s ox. Do we raise taxes, cut spending, eliminate subsidies? Every option is resisted by some people.

What’s more, society as a whole isn’t rational. In politics, religion and other areas of culture, people disagree on the worth of competing ideas. There is no equivalent to the scientific method that can determine in a robust way which ideas match the real world, and which ones can be ruled out. So conflicting ideologies persist indefinitely.

Got a point. Worth a read.

Share

Nothing To Do, Nowhere To Go 0

Back over 400k:

Jobless claims climbed by 9,000 to 408,000 in the week ended Aug. 13, the highest in a month, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a rise in claims to 400,000, according to the median forecast. The number of people on unemployment benefit rolls rose, while those receiving extended payments fell.

Look for those no longer receiving extended benefits in your friendly local tent city.

Laying off more police officers will no doubt fix this.

Share

The Wages of Bushomics Is Unemployment 0

Via Jay Bookman.

Share

Off the Leash! 0

Tom Tomorrow
Click for a larger image

Share

Abercrombie and Fitch’s Situational Ethics 0

Abercrombie and Fitch, who haven’t always had a stellar record, has had enough. A nugget from the story:

Clothing retailer Abercrombie & Fitch said it would offer “substantial payment” to MTV’s The Jersey Shore’s cast members to stop wearing the brand on air.

Mike “the Situation“ Sorrentino may have to find some new attire for his “gym, tan, laundry“ routine.

Share

QOTD 0

Robert F. Kennedy, from the Quotemaster (subscribe here):

There are people in every time and every land who want to stop history in its tracks. They fear the future, mistrust the present, and invoke the security of the comfortable past which, in fact, never existed.

Share

Site Redesign, Wrap-Up Trivia 0

A few final tweaks over the last two days:

  • Changed the color of the “submit” button for the search and comments from that garish red to green.
  • Figured out how to wrap the slogan to the width of the banner picture, which I find more attractive than the full screen width.
  • Changed the wording of the “more” tag from “Read more” to “Finish reading this post.” (That one took the most hunting to find.)

I’m taking Jack Handy away because I just checked his website and there may be licensing issues. I originally got the plugin from WordPress, but the plugin is also gone. I believe in fair use, but this plugin may go beyond that.

Look for some fun with the banner picture soon. Other than that, I’m done.

Share

More on Koch in Schools 0

The undercurrent of racism in teabaggery is turning into a riptide.

Share

The Right to Petition for Redress of Grievances 0

You can’t make this stuff up.

In what appears to be an effort to avoid the free-for-all town halls that have plagued recent contentious congressional recesses, Rep. Paul Ryan (R-WI) and other Republican members of Congress have chosen to charge admission to their home-district appearances.

Share

Clouds 0

We had some unusual clouds Monday night.

I understand rain was pouring down at the beach front, which is a ways from here (we got only a smattering), and I could see both the tops and bottoms of the thunderheads:

Clouds

Read more »

Share

Double Your Pleasure, Double Your Think 0

At the Guardian, Hadley Freeman explores the confusing world of wingnut doublethink. A snippet:

Perhaps the most blatant use of doublethink was Mitt Romney’s self-serving claim last week that “corporations are people, my friend”, which managed to be both deeply Orwellian as well as sounding like an offcut from It’s a Wonderful Life. It doesn’t even require a tiptoe of imagination, let alone a leap, to envisage Lionel Barrymore as evil Mr Potter cackling to James Stewart as poor George Bailey: “Corporations are people, George!”

(Incidentally, a version of this self-entitled mentality was echoed by Megyn Kelly on Fox News, the GOP mouthpiece, last week when she ferociously defended her right to maternity leave, despite having derided “entitled programmes” in the past. As Jon Stewart pointed out: “They’re really only entitlements when they’re something other people want. When it’s something you want, they’re a hallmark of a civilised society.”)

Share

It’s Not the Candidate 0

Jonathan Bernstein points out that a “traditional” Republican doesn’t have a chance as a Republican candidate. A snippet from the article:

The other thing I’d say to Republicans disappointed in the current choices (as Ross Douthat says he is today) is this: What you’re upset with isn’t the candidate — it’s the party.

Bernstein link via Balloon Juice.

Share