First Looks category archive

DougJ’s post at Balloon Juice considers the implications.

It includes part of a lengthy email from a senior manager at a hedge fund. That itself is worth your while.

Not for this guy. He dug his own hole.

The Army Corps of Engineers:

The Army Corps of Engineers that constructed a new river levee system through Alamosa (Colo.) a decade ago is now telling the City of Alamosa the levee may be flawed – and the city might have to pay to fix it.

Alamosa City Manager Nathan Cherpeski brought the situation to the city council’s attention during his weekly Friday update and commented further about it on Monday. He said although the Corps designed the current levee, and it was built according to the Corps’ design, the Corps is now telling the city the levee was constructed incorrectly.

The big problem with the levee is the tree growth on the land side of the levee, Cherpeski said. He pointed out that the Corps left many large trees in place when it constructed the new levee in 1997 but is now apparently blaming the city for the potential structural problems the trees could cause to the levee.

You remember the Corps. That’s the outfit that built the levees in New Orleans.

Yeah, those levees. The ones that fell over.

Via Harry Shearer.

Does anyone actually read Maureen Dowd? I can never get past the headlines.

The fish don’t seem to see the wider world around them. Or, if they do, it is distorted by the water.

Atrios poses the question.

(Aside: Many Washington insiders, like some of my friends, seem to think that today’s Republican Party bears some resemblance to the Republican Party that they grew up with 40 or 50 years ago, a party that included good, decent, sensible persons, such as President Jerry Ford, persons with whom one could disagree, yet still respect.

It does not.)

Transcrupt here.

“They’re in fundamental denial about their insolvency . . . . The financial sector wants to get as much for itself as it can.”

Translation: The banks are lying to themselves and to us. And we’re screwed.

They are not “too big to fail.” They have already failed.

Proposal: Nationalize them, liquidate them, and dress their executives in orange jumpsuits and have them pick up litter along the highways.

If they miss Greenwich and the Hamptons, let them pick up litter in Greenwich and the Hamptons.

Video via TPM.

Muzak goes Chapter 11. I don’t know whether they are responsible for the sound track in my local super market, but, if they are, good riddance.

Muzak Holdings, the maker of background music heard in elevators, filed for Chapter 11 bankruptcy protection on Tuesday.

Via Skippy the Bush Kangaroo, where there’s an interesting capsule history of the firm.

Time nominates the 25 persons most responsible for the crash. (They include the “American Consumer” as one, rather than as 300 million. Guess that would have messed up their “top 25” thing.)

Via the Huffington Post.

See here.

TerranceDC takes a stab at figuring out what’s wrong with Wall Street.

Brendan makes a phone call.

Temperature in the high 50 Fahrenheits, mostly sunny, 45 mph wind gusts.

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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