First Looks category archive

Techfun looks into where people get their news (emphasis added):

Television is cited as the primary source of news about the economy by more Americans than daily newspapers, the Internet and radio combined. In addition, more than half of those who primarily receive their economic news from television rate the coverage as good. It fails to answer the question “Good compared to what?” Water cooler talk? E-mails from the ConservativeAlertSystem? Rush Limbaugh?

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Ummmmmmmmmm.

Soup.

As Mexico slips into the profound economic crisis circling the globe, unemployment is rising along with food prices. Inflation is running about 8 percent annually, but some basic ”family basket” items such as cooking oil and rice are going up about 200 percent a year, said César Cravioto, head of the city’s Institute of Social Assistance.

City officials hope to dish out 65,000 free or inexpensive meals a day at the soup kitchens, he said.

Coming soon to a kitchen near you.

Bonddad:

Bottom line: these charts aren’t going anywhere.

Tuesday, Triumph Brewing Company, Chestnut two blocks from Front, Philadelphia, Pa., 6 p.

I just checked the weather forecast. I might actually make it this week.

This is just screwy: Pennsylvania started moving its umployement compensation to debit cards. The hook: you get your payments weeks faster than if you opt for checks or direct deposit.

And guess what?

You get to pay for the privilege of getting unemployement benefits with fees to the ATM card issuer (some outfit called ACS State & Local Solutions Inc.):

After getting sacked, he had the presence of mind to read the fine print about the fees associated with his new Pennsylvania unemployment debit card.

Yes, fees. Fees to withdraw unemployment benefits. Fees to transfer. Fees to learn that besides being out of work, you’re broke.

(snip)

The unemployment debit card touts one free withdrawal per month at Wachovia or PNC Bank.

Bank elsewhere or more often, and you’ll pay $1.50 for the privilege of getting your money. Maybe more, depending on “surcharges.”

Two days ago it was 22 Fahrenheits.

Today it’s already 62 Fahrenheits.

Addendum:

It seems to have topped out at 66 Fahrenheits.

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More possible toxic “assets,” resulting from the “free hand of the market’s” allegiance to greed over moral conduct (emphasis added):

Kentucky stopped distributing FEMA emergency meal kits for victims of last week’s ice storm Thursday after authorities warned that the meals may include packets of peanut butter recalled because of possible salmonella.

The kits were shipped to Arkansas and Kentucky to help feed some of the 1.3 million people left without power for days at the height of last week’s ice storm. No illnesses have been reported, but several people consumed the suspect plastic packets of peanut butter.

Note that there is no evidence that the products in question are dangerous.

It could be that dangerous food is being removed from circulation (a good thing) or that good food is being wasted (a very bad thing).

Once again, we see moral bankruptcy of Republican Economic Theory: the “free hand of the market” is amoral and does immoral things if left unwatched.

Buy the book.

John Cole:

Tax cuts are, to Republicans, secular creationism.

Since Republicans know that wealth equals virtue, giving the wealthy more than they deserved simply makes them more virtuous. Doesn’t it?

Harvard econ Prof. Elizabeth Warren, testifying before a Senate Banking committee hearing underway now to judge the performance of the $700 billion bailout, said that the Treasury overpaid by $78 billion in its first round of investments into troubled banks.

Warren said that Treasury spent $254 billion to purchase assets whose actual value was only $176 billion, “a shortfall of about $78 billion,” she said.

Warren said Treasury failed to “price for risk,” and used a metaphor to explain: It’s as if Treasury was looking at 10 paintings and promised to pay $1 million for each, even though “one is a Picasso, one is a Rembrandt” and the other eight are not.

H/T Karen for the link.

Mr. Obama is learning that it is impossible to compromise with persons unwilling to compromise.

Digby analizes.

Via Eschaton.

. . . John Cole said it so I didn’t have to figure out how to say it.

Not much snow, but it was quite pretty in the sun:

More Pix below the Fold

Libretto: George W. Bush. Music: Henry Hey.

Via Coyote’s Byte.

Tonight, Triumph Brewing Company, two blocks east of the Old Customs House on Chestnut (That’s 117 Chestnut), Philadelphia, Pa., 6 p., followed by an author talk at 8 p.

Find out more down the hall and to the left at Mithras’s place.

I go to DL because it’s fun. Driving to and from Philly in bad weather on the Main Street of the East Coast is not fun. It looks the one might cancel out the other yet again.

The issue isn’t accumulation.

The issue is mixing bad driving conditions with idiots.

As the old saying goes,

If you try to make something idiot-proof, God will just build a better idiot.

Inquiring minds want to know.

All joking aside, if these rumors are true, it’s insubordination. And CENTCOM has let the press releases go to its head.

Then, again, the source is questionable and the source’s “about” page doesn’t really have any about.

Wingnuts make stuff up because the truth is not on their side.

Annette John-Hall in today’s local rag:

From Bill Cosby’s rants to pastors’ pulpits, we hear it all the time – the public tongue-lashing of black men. Nothing more than sperm donors, they’re told. You know the definition of irresponsibility? There’s a picture with your name right next to it.

Yet at the same time, we wink and nod at the masters of the universe, those corporate CEOs who refuse to change their greedy behavior – behavior we’re all paying for.

Who has harmed more people?