Yes, yes, I know. It was my finest hour, when I predicted a Dow fall to 9,100 when the NYSE was cooking along at about 14,000. Yet Krugman got the Nobel for Economics. Go figure. What's he ever been right about? Well, I won the Nobel Prize of My Mind, which, unfortunately, does not come with a large honorarium and a trip to Stockholm.
February 08, 2010
Wile E. Updates His Dow Projections
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February 07, 2010
Roadblogs to Governance?
Recently (on Groundhog Day) Robert Wright wrote an Op-Ed for the New York Times in which he argued, on a basis I didn't completely understand, that the world of blogging and the Internet in general was making the country "ungovernable" for Obama, citing (I think) the ease of organizing public opinion into pressure groups in a "frictionless, low cost way" that makes it impossible to navigate policies to successful fruition in Washington.
SEC. 2. AUTHORIZATION FOR USE OF UNITED STATES ARMED FORCES.
- (a) IN GENERAL- That the President is authorized to use all necessary and appropriate force against those nations, organizations, or persons he determines planned, authorized, committed, or aided the terrorist attacks that occurred on September 11, 2001, or harbored such organizations or persons, in order to prevent any future acts of international terrorism against the United States by such nations, organizations or persons.
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Labels: Civil liberties
February 04, 2010
Obama, Barack Obama: Shaken, Not Stirred
Director of National Intelligence Dennis C. Blair said in each case a decision to use lethal force against a U.S. Citizen must get special permission...He also said there are criteria that must be met to authorize the killing of a U.S. citizen that include "whether that person is involved in a group that is trying to attack us, whether that American is a threat to other Americans. Those are the factors involved."
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Labels: Civil liberties
Congressional Clown College, Cont.
To amend and extend my remarks: actually (and I of all people should remember this, since I acted as counsel for Friends of the Earth on more than one occasion) Congress did pass the Clean Air and Water Acts and the Endangered Species Act in the early 1970's, and created the Environmental Protection Agency to oversee it all. Those statutory enactments had actual, tangible results that are still everywhere around us, the completely degraded state of our environment notwithstanding. I mean, it's all relative, and you have to put up with minor inconveniences like the Great Pacific Garbage Patch, that roiling gyre of plastic soup just west of here (twice the size of Texas, in fact). And the impending demise of life on Earth because of climate change, which Congress cannot get it together to deal with. Stuff happens.
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February 02, 2010
The Comatose Congress
Frank Rich mentions Alan Brinkley briefly en passant in Rich's Sunday column to the effect that Brinkley has written that Congress is now “entering its fourth decade” of failing to deal with any pressing national problem. A while back, I read Brinkley's The Unfinished Nation, and that is certainly one of the themes of this “liberal” history professor at Columbia. (I think it's kind of telling that we categorize historians according to political ideology, as if admitting the truth of the old bromide that history is simply the polemics of the victor.) The fiasco of “health care reform” over the last year can be added to Congress's Marx Brothers approach to national priorities. Brinkley dates things from the beginning of the Reagan Administration (I guess that's why he's “liberal”), but I'm trying to remember anything which happened in the 1970's which might be characterized as a Congressional breakthrough.
I think we need to go back to the Great Society, and the institution of Medicare to find anything definite which was passed by Congress specifically to assist the American populace. That can be added to Social Security, a Depression-era program, and you've got the main components of the “Entitlements.” The 60's also saw the triumph of Civil Rights legislation, including the Voting Rights Act, which eliminated onerous obstructions of the exercise of the franchise by African-Americans (there's a nice museum in Selma, Alabama, devoted to this landmark breakthrough, worth seeing, just over the river past the “Bloody Sunday” bridge).
I think Brinkley's on to something, which brings up a profound question: what the hell has Congress been doing for the last forty-five years? Really, nothing much at all, which is why I guess I never expected much from this latest effort. If we wanted to generalize broadly (and what else is a blog for?), I guess one could say the goal has been, certainly since the Reagan years, to minimize the role of the federal government except in its one dominant sphere of influence, the maintenance of a big military apparatus and the prosecution of wars of dubious utility. Beginning with the amateurization of air traffic control (what a great idea, Gipper!), government has mainly been about getting out of the way. Out of the way of regulating banks or financial markets, out of taxing the populace (except on a regressive basis, with marginal rates declining), out of protecting American jobs by facilitating the transfer of jobs overseas with the tax code and with numerous free trade agreements designed to encourage offshoring and importation. The relentlessness of Congress's anti-American bias (Big Business excepted, which can leverage the globalization paradigm to its great benefit), has resulted in the clear hollowing-out of America's middle class, the concentration of wealth at the top to an extreme degree, the destruction of the tax basis (aided and abetted in particular by W's mindless tax cuts), soaring deficits, an epidemic of foreclosures, and looming national bankruptcy.
Quite a resumé. Somewhere in there Congressional politics became about one thing and one thing only, the pandering to the public on “social issues,” and, of course, the dire state of our national security. I mean, we're just never going to be safe enough, are we? Since Congress's main donors (Big Business and their brigades of lobbyists) don't really care about any of these issues other than the military-industrial complex, the financial, pharmaceutical, insurance and banking sectors are perfectly content with whatever arrangements Congress works out on the Yahoo Agenda. Sure, gay marriage, no gay marriage, abortion, no abortion: whatever, dudes. Just don't regulate, don't tax, and keep fighting all these pointless wars, because that's how we can tap into the tax revenue on a sustained basis (when you're not bailing us out).
Am I counseling despair? Well, yeah. What do you think? Congress has been asleep for forty-five years, longer than Rip Van Winkle. The tax receipts are down to $2 trillion, against a budget that will surely come in at $4 trillion, as soon as it is Christmas-Treed. The Federal Reserve is playing shell games to create the appearance of money where none exists. Our foreign creditors are looking elsewhere for places to invest. And we still can't cut a dime from military spending; on the contrary, it keeps going up.
Comes a time, you see, when all this neglect begins to exact a terrible price. Not necessarily in a “linear way,” either. As Mike said in The Sun Also Rises, answering a question about how he went bankrupt: “Gradually, and then all at once.”
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January 30, 2010
Barry & the Knuckleheads
Along with most other fair-minded viewers, I came away from Obama's "Question Time" with the National Academy of Nonscientists (a/k/a, the Republican House caucus) with the general impression that the President had cleaned their clock. It put to rest some of the questions I had had about his ability to think and respond on his feet. He slapped these chumps silly, actually. So much so that the Fair & Balanced Network (Faux News) finally cut away from the questioning, much as a Spanish network with delicate sensibilities might cut away from the ultimate stages of a bull fight, I suppose.
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January 27, 2010
My President can dunk over your president
I thought it was a pretty good speech. The O Man brought his A game to the House. He was less deferential, more realistic, and he said a great many things that made sense to me. I think he's beginning to realize that he never got into gear during the first year and needs to make up for lost time.
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Labels: State of the Union
January 26, 2010
If the Senate Democrats were an athletic team...
(In the spirit of the old Mad Magazine. Imagine drawings by Mort Drucker. Alas, I'm no Larry Siegel.)
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Labels: Senate Dems
January 25, 2010
Prez O's First SOTU Address, On Deck
Probably the blog post of mine which prompted the most reaction was something I wrote years ago, when W still ruled the land, called "A Guide to Controlling Your Gag Reflex During the SOTU," or something very close to that. It became apparent during Bush's term that his subjects simply reached the point where they couldn't stand the sight or sound of the man. It was a low point in citizen disaffection, you could say.
By 2008, suburbs were home to the largest and fastest-growing poor population in the country. Between 2000 and 2008, suburbs in the country’s largest metro areas saw their poor population grow by 25 percent—almost five times faster than primary cities and well ahead of the growth seen in smaller metro areas and non-metropolitan communities. As a result, by 2008 large suburbs were home to 1.5 million more poor than their primary cities and housed almost one-third of the nation’s poor overall. http://www.brookings.edu/papers/2010/0120_poverty_kneebone.aspx
Kyle Bass’ Hayman Advisors estimate that 45% of the $4.5 trillion in sovereign debt to be issued in 2010, or $2.025 trillion, will be American. Multiple voices have expressed grave doubts about the true identity of the buyers of US debt. There are serious suspicions that most of it has anonymously been bought by the Federal Reserve, simply for lack of other buyers. And that would mean the country buys its own debt, presumably in an effort to keep Treasuries attractive internationally.
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January 21, 2010
Things Are "Changing" All Right
Probably the best blog I read on a regular basis is Glenn Greenwald's Salon column, which is alternatively labeled "Unclaimed Territory," which is how his old independent blog used to be titled. Glenn gets quoted a lot in news media, and is something of a thorn in the side of Establishment journalism because of his habit of pointing out the systematic fallacies in "Beltway Conventional Wisdom." You might summarize Glenn's main point this way: what is cited as "mainstream opinion" in America is actually nothing of the kind; rather, it is a self-serving consensus worked out by media and political elites as a justification for what they would like to keep doing regardless of "mainstream opinion." Whether he is conscious of it or not, I think Greenwald's ideas are derivative of Noam Chomsky's seminal insight, that "manufactured consent" actually controls the parameters, or bandwidth, of "acceptable" political opinion in American public life.
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Labels: American Political Scene
January 20, 2010
So long, Massuchusetts
The one positive development I can see in the election of Scott Brown to Ted Kennedy's former seat in the Senate is that I don't think we'll have to listen to Harry Reid talk about the "60 vote rule" nearly as much anymore. Indeed, I imagine that 2010 will be Harry's own last year in the Senate, since if the Republican "tsunami" is going to sweep anyone from office in November, surely Mr. Mumbles would be one of the first to go.
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Labels: American Politics
January 18, 2010
The Mysterious Mr. O
I've spent a fair amount of time trying to come to terms with my feelings about the Obama Administration, my pervasive sense of disappointment and loss of interest in the political process in general. As the old Yiddish saying has it, live long enough and you'll see everything; and I don't recall ever being this surprised (I think that's the word) by a candidate as I've been by Barack Obama.
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Labels: Obama Presidency
January 16, 2010
Blague, Fr.: trick, joke or blunder
I wonder if the French are influenced by the homonymic referent. That they find it difficult to take blogs seriously as a result.
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Labels: Blogging, the thing itself
January 10, 2010
Once Again, Back in the USSA
I see where the Governator of Kal-ee-fornee-yuh has asked (more or less demanded) about $4 billion to help close the state's yawning budget deficit. The Austrian muscleman even played the ROI Card, which was perhaps a harbinger of things to come. Most things American, after all, begin in the Golden State. Historically, California has received about 78 cents for each dollar it sends to Washington in the form of taxes. Ahnold pointed this out in his petition. That's more significant than it might seem on first hearing.
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Labels: American fragmentation
January 05, 2010
The Irresistible Rise of Arturo We
Sometimes it seems that there has been a Zelig quality to my life, an accidental placement of myself at the scene of some historically significant event which I did not appreciate at the time was of such moment. As one example, I was working at Cowell Hospital on the Berkeley campus the day that Governor Ronald Reagan ordered the student body bombed with tear gas. I helped the nurses as we ran from room to room closing the double-hung windows on the second floor to protect the patients, some of whom were pretty sick already, after all.
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8:04:00 PM
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Labels: American democracy
Obama Cracks Whip, Connects Dots
I used to Connect the Dots. Remember those sketch books with pages of heavy pulp paper? You could look at the dots and know before you started that it was a clown or a horse, but it was still thrilling to Connect the Dots and see an actual image that you drew, sort of. I Connected a Lot of Dots in my youth.
"While there will be a tendency for finger pointing, I will not tolerate it," he told the high-level officials, according to the statement.
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Labels: Homeland Insecurity