Friday, January 29, 2010

The Music Industry...



...finally does something right:
Vevo is a music video and entertainment website. It is owned by Sony Music Entertainment, Universal Music Group and Abu Dhabi Media Company. The service was launched officially on 8 December 2009. The video hosting for Vevo is provided by YouTube, with Google and Vevo sharing the advertising revenue. Vevo offers music videos from three of the four major record labels, Universal Music Group, Sony Music Entertainment and EMI.

One of the reasons cited for the launch of Vevo is the competition that music videos have in the form of YouTube. Warner Music Group apparently removed its content from YouTube in March 2009 for this reason, but is said to be considering hosting its content on Vevo. The concept for the site is described as being a Hulu for music videos, with the goal being to attract more high-end advertisers. It is believed that some advertisers are ambivalent to hosting advertising on the YouTube site alongside user-generated video. In the future, the site could host more than just music videos, such as editorials, other types of videos, and user-generated content.
I'm happy. I can watch my favorite videos, like this one, in a high-quality format and without idiotic editing and/or commentary from second-rate hacks who think (foolishly) they're improving them...

And I certainly have no problem with the record companies making money... I have issues with some of HOW they make their money... But not with making money... Because if money isn't made by the music, the musicians will become accountants or something...

And that would not be a good thing...

Worth reading.

Just because I'm "Pro Choice" doesn't mean I like it. But, as this letter shows, people need to have choices:

Letter to the Archbishop of Canterbury

By Eric S MacDonald


Dear Archbishop Williams,

I have been trying for over two years to write this letter, and it never seems to come out right. Your recent letter to the press, co-signed by Archbishop Nichols of Westminster and the Chief Rabbi of the United Hebrew Congregations of the Commonwealth, Jonathan Sacks, spurred me on to bring this process to an end. You will probably say, and with some justice, that you have more important things to consider, but since what you said has led me to a settled distrust of all religion, I believe that you should at least give some consideration to what I have to say.

Late in 2006, I read the speech that you made to the House of Lords regarding Lord Joffe’s assistance in dying bill. The moment I read it, what I had taken to be faith simply died away, and not a shadow of it remains; it is gone forever. Here are the words to which (among others) I took such grave exception: “All religious believers hold that there is no stage of human life, and no level of human experience, that is intrinsically incapable of being lived through in some kind of trust and hope.” With those words faith simply came to an end, with a suddenness and completeness that was quite astonishing, and with it the meaning and purpose of all the years I spent as a priest. I have not taken a step inside a church since that day, and I have no intention of doing so in the future. Not places of holiness after all, but places where too often evil dwells and calls itself good.

While this has been a matter deep personal concern for many years, I have a personal stake in this. I read your speech sometime in October or November 2006, a few months after you delivered it. On 6th September 1998 my wife Elizabeth, much younger than I, had her first symptom of what turned out to be a very aggressive case of MS (multiple sclerosis). She was severely affected almost from the first day – walking uneasily, climbing stairs with great difficulty, and in almost constant pain from the beginning – and by 2003 she could no longer walk at all. Early in 2006 she had liver dysfunction (due to medication she was using to reduce spasticity and some of the pain which had remained at a high level since the start), and was admitted to hospital. Upon her release a month later, she could no longer use her arms to support her body weight, she had no function from her shoulders down, and no feeling, with continuing severe pain, and she was no longer able to use the only drug which had provided some relief. She was finding it more difficult to speak, since her throat was becoming numb. On 6th September 2006, eight years to the day since her first symptom, Elizabeth tried to die by suicide. (Notice, I do not say ‘commit suicide’, but use instead the more appropriate words ‘die by suicide’, since suicide is not a crime – despite the church’s considerable ambiguity (expressed mainly by silence) regarding suicide – and it is often, for people in great distress, the only way to resolve the intolerable burden of their suffering.)

Her attempt to die by suicide failed, and so she began making plans, shortly after her recovery from an overdose of morphine and sleeping pills, to travel to Zürich, where she could receive assistance in dying. It was shortly after this that I read the speech you had made to the House of Lords, and that is doubtless why my response was so intense. (I am not, however, suggesting that my vehemence on that occasion was unjustified.) By that time Elizabeth was already making her plans. She contacted Dignitas, in Zürich – the only place in the whole world where she, as a nonresident, could legally receive assistance in dying. She got the green light from Dignitas early in 2007, and a proposed date for an accompanied death, which would only be activated on the advice of a physician in Switzerland, and only if she still wished to continue with her plans. She made reservations for our flight to Switzerland, reservations for hotel accommodation, arrangements for limousine service in Zürich, and funeral arrangements.

By that time Elizabeth had resolved to have a nonreligious memorial service, since she felt herself so badly let down by you, and by the church that she had known and loved for so many years. For her, too, faith had simply gone dead within her, and she did not want prayers, the eucharist, or any other religious ritual at her burial. At her memorial God was to be mentioned only to try to understand or to criticize belief, not to express or to practice it. She died in Zürich on Friday, 8th June 2007. Her ashes were buried in Canada without religious ceremony, using a service we had composed together, on 23rd June 2007. I thank goodness for Ludwig Minelli and Dignitas – and also for Arthur Bernhard and Gabrielle who were there to help Elizabeth bring her dying to an end after suffering so much and for so long – for their compassion and kindness to Elizabeth and to me. You and the church, god, gods or goddesses, I do not thank. (Interestingly, Arthur Bernhard, as we waited for police and other authorities to go over the evidence of Elizabeth’s death by suicide, remarked that most Swiss favour what Dignitas is doing, but that (in his words): “Christians are always trying to change the law.”)

Had the laws been different, and had Christians (and other religious believers) in Canada, as in Britain, and elsewhere, not opposed so strongly laws which continue to prohibit assistance in dying, I know that Elizabeth would have lived longer, possibly much longer, she would not have had to premise her dying on her ability to travel – since she would have known that, when the time came, and things had become too much of a burden, she could lay her burden down – and I would not have been deprived of her love and presence so soon. Nor would she have been exiled to die in a foreign land, nor have had to live with the continuing anxiety of the possibility of being trapped helplessly in her body. These things I lay at your door. I hold you, and others like you, responsible for Elizabeth’s early death, for the great anxiety which she suffered for so many years, and for the fact that she had to travel so far and with so much pain and distress in order to receive the help in dying that she sought. These are things that I am not disposed to forgive you or the regressive faith that you profess. Nor, at the same time, do I forgive you or the church for the completely inhuman refusal to see that suffering, at the end of life, which can be relieved only by assistance in dying, is as legitimately relieved by such assistance, if the dying person so desires, as the provision of medicines, surgery, and other modalities of treatment or cure are legitimately provided for the relief of illness and suffering in the midst of life. There is no reasonable distinction to be made here, and it is mere unthinking dogmatism that permits you, and others like you, to bring your influence to bear in order to force people to die in whatever misery happens to be dictated by their diseases.

By your words and actions, and by the church’s words and actions, the god you believe in becomes even more cruel than it already apparently is because of all the indiscriminate, and quite unequal, suffering that exists. Instead of permitting relief for those who are dying in great pain and distress by the only means available, or acceptable, to the dying person - assistance in dying, where that option is the dying person’s reasoned choice - you increase unnecessary suffering by refusing, on unintelligible dogmatic grounds, to allow that assistance. Not content with that, you actively campaign, in the name of your beliefs, to see that that refusal is imposed by law upon those who do not share those beliefs with you. Your god, already cruel, is made more cruel by your dogmatism, and people are unjustly denied their choice to see their lives come to an end in a way that is not only consistent with their beliefs, though perhaps in conflict with yours, but, more importantly, without the pain and suffering they wish to avoid. You choose not to treat them as persons capable of making decisions, and impose on them suffering which they seek to escape by exercising their legitimate freedom as persons. Whatever all religious people hold (and I do not think even that is true), why do you think you have a right to impose those beliefs on others? And why do you, with those beliefs, also seek to impose the pain and distress that those who suffer wish, by their own choice, to bring to an end, when life has become, for them, intolerable, and without hope?

I know that you and others provide tangential reasons for refusing to permit the legalization of assistance in dying, as though everyone would be at risk if a policy so humane and respecting of freedom should be instituted. There is no reasonable basis for these beliefs, as you might know if you were to inform yourself of some of the facts, and yet you are prepared to use these beliefs, without apology, to shore up religious beliefs which are without reasonable foundation. You forget, along with your partners in religious crime, Archbishop Nichols and Chief Rabbi Jonathan Sacks, in your joint letter to the press, that those who are dying in great pain and distress, or who are suffering from degenerative conditions which makes their lives unbearable, are extremely vulnerable people. Responding to that vulnerability by limiting care at the end of life to hospice or palliative care is not enough. You claim that the number of those in extreme distress is very small. On what basis do you make that claim? And, in any event, is that small number not worthy of your compassion and consideration? There is not a shred of evidence for your claim that vulnerable people, of any description, would be put at risk by the legalization of assistance in dying for those who request it. In your speech to the House of Lords you made specious reference to the ambiguity of the evidence from Oregon in the United States. There is no basis for such a claim. Those who choose assistance in dying in Oregon are generally better educated than the average and more accustomed to control over their lives, and the same general picture tends to hold true of those who have chosen to go to Switzerland for assistance in dying.

The continuing claim that you and other religious people make that laws enabling assistance in dying could not be safely or fairly administered is unfounded. The claim that it would endanger the relationship of medical professionals and patients is unfounded, and in many cases doctors’ inability legally to provide relief at the end of life strains such relationships to breaking point, and is sometimes more than the consciences of some doctors can endure. The Dutch concept of ‘overmacht’ comes into play here, and yet you, who profess belief in a loving god, will not allow your conscience to be engaged in a matter of such great moral importance.

Your continuing claim that assistance in dying would endanger palliative and hospice care is specious, since, wherever assisted dying has been introduced, palliative care shows a tendency to improve. Contrary to the belief of religious people that assisted dying stems from a ‘culture of death’, or disrespect for the value of life, those who campaign for assisted dying have, not only a great respect for life, and a deep compassion for the suffering of those who are dying, but also a deeply held belief that individuals should have control over the time and manner of their dying, that dying should not be prescribed merely by the diseases that people suffer and our limited ability, in some cases, to relieve their suffering and distress - a suffering and distress that you are prepared to ignore under the specious pretext that permitting compassion would put lives at risk.

Forcing people to live in conditions that they do not choose is, effectively, to enslave them, to force them to live in conditions of life that they find intolerable. Every act then becomes coerced, and every breath a denial of freedom. Religion, in your hands, is still seeking to use its authority to control the lives of others, and such authority is as malignant in your hands as it was in the hands of some of your predecessors. I am, therefore, bitterly angry with you. I see pictures of you in your fine vestments holding forth confidently on this subject or that (not always with clarity or intelligibility, I might add), and what I see is a moral disaster dressed up in fancy clothes. I believe that you and your church and those who represent you here in this country are partly responsible for the distress, anxiety and uncertainty that my wife Elizabeth suffered during the years of her illness, and almost entirely responsible, along with your fellow believers in other churches and religions, for the anguish which accompanied my wife’s first attempt to die by suicide, all alone, for fear of laws which you and they seek to uphold, and for the subsequent distress of a long journey, and the need to die in another country, far from her family and friends. All this I lay at your door. Your words to the House of Lords, and your recent letter to the press, are amongst the most thoughtlessly callous words that I thought to hear uttered by a Christian, uttered in the name of a god, and completely oblivious to the untold private miseries which so many people have had to suffer and will continue to suffer as a consequence, and I hold you and those with whom you share faith responsible for much of the suffering that my wife experienced both during her life and towards the end, as she sought to end her suffering and the terrifying prospect of further suffering, in the only way left to her: by receiving assistance to help her to die in peace and in dignity, as she chose. As I say, I am not disposed to forgive this thoughtless, uncaring callousness. Indeed, perhaps only a god could atone for such moral evil as, to my mind, you represent. Not, mind you, that I think there is such a god, or such atonement, but it would take a lot to unburden yourself of such heavy moral responsibility for so much gratuitous and unnecessary suffering for which you are, by your words, directly responsible.

Sincerely,

Eric S. MacDonald
(The Rev’d Canon, retired)

And for which they take no responsibility or offer any assistance. All talk and piety, no action.

Wednesday, January 27, 2010

Why we can't afford health care...

Military Budget of United States of America: $515,400,000,000, which is 55% of the budget (including interest payments on military-related borrowings). That's as much as France, China, the United Kingdom, Germany, Japan, Russia, Italy, India, Saudi Arabia, Turkey, South Korea, Brazil, Australia and Canada.

Combined.

We're a third-world country. Seriously. We should stop kidding ourselves. Our financial system is third-world. Our crime and punishment is third-world. We have an economy primarily driven by consumer spending on necessities and exporting raw materials for finished good, like a third-world country...

And our government is third-world -- beholden to the interests of businesses and the rich...

Tuesday, January 26, 2010

Already being investigated for violating two-party laws in the ACORN scam, the "pimp" commits a felony"
NEW ORLEANS — A conservative activist who has caused problems for the community organizing group ACORN and the son of a federal prosecutor were among four people arrested and accused of trying to interfere with phones at U.S. Sen. Mary Landrieu's office.

Activist James O'Keefe, 25, was already in Landrieu's New Orleans office Monday when Robert Flanagan and Joseph Basel, both 24, showed up claiming to be telephone repairmen, according to U.S. Attorney Jim Letten's office. Letten says O'Keefe recorded the two with his cell phone.

Once inside the reception area, Flanagan, the son of acting U.S. Attorney Bill Flanagan in Shreveport, and Basel asked for access to the main phone at the reception desk.

After handling the phone, "Flanagan and Basel next requested access to the telephone closet because they needed to perform work on the main telephone system," Letten's office said.

The men were directed to another office in the building, they're accused of again misrepresenting themselves as telephone repairmen.

They were arrested later by the U.S. Marshal's Service. Details of the arrest were not available. A fourth man, Stan Dai, 24, was also arrested, but Letten's office said only that he assisted the others in planning, coordinating and preparing the operation.
Throw the book at them! After all, we're a Law and Order country... I suggest Club GITMO...

GITMO -- The Reminder

Eight years ago (a few days ago) GITMO opened. Seven hundred men were put there and caged like dogs. The "worst of the worst" that were so dangerous that giving them a trial and treating them like humans was "too dangerous."

One-hundred ninety-eight remain.

Some were murdered through torture, the vast majority released and repatriated. A few of those released, deemed to be non-terrorists, were radicalized and turned to terrorism.

The only thing accomplished through GITMO, so far, has been to create terrorists, recruit for Al Qaeda, remove some bit-players from the scenes and otherwise serving as a bright, shining beacon the rampant, horrid moral-hypocrisy of the United States.

A futile, stupid waste.

EVE Online: Yes, 50 Noobships can actually kill a ship


This is what makes Eve:Online great... Too bad the cheating drove me away...

Wednesday, January 20, 2010

How would you know?

You go to the doctor. You think he's "doing the right thing" for you... Then you read something like this...:
32 accused of $60M in Medicare fraud in 3 states

FORT LAUDERDALE, Fla. -Federal agents arrested 26 suspects in three states Tuesday, including a doctor and nurses, in a major crackdown on Medicare fraud totaling $61 million in separate scams.

Arrests in Miami, Brooklyn and Detroit included a Florida doctor accused of running a $40 million home health care scheme that falsely listed patients as blind diabetics so that he could bill for twice-daily nurse visits.

The U.S. Department of Justice and U.S. Department of Health and Human Services said the indicted suspects lined up bogus patients and otherwise billed Medicare for unnecessary medical equipment, physical therapy and HIV infusions.

Indictments were issued for 32 people in all, but the status of the other suspects wasn't immediately known.

Miami Dr. Fred Dweck, along with 14 people with whom he worked, was accused in an indictment of running a scam to tap a Medicare program that pays very high rates to care for the sickest patients.
...

The raids come a week after a report that Miami-Dade County received more than half a billion dollars from Medicare in home health care payments intended for the sickest patients in 2008, which is more than the rest of the country combined, according to a report by the Department of Health and Human Services' Office of Inspector General. Medicare paid the county about $520 million, even though only 2 percent of those patients receiving home health care live here.

In Detroit's raids, suspects paid recruiters to find patients willing to feign symptoms to justify expensive testing, including nerve conduction studies, federal authorities said.

A mother and son were charged in Brooklyn with billing Medicare $246 per patient for expensive shoe inserts reserved for diabetes patients, even though they only provided cheap, over-the-counter versions.

Including Tuesday's arrests, a Medicare Fraud strike force formed by the Justice and Health departments has now charged suspects accused of bilking Medicare of more than $1 billion in less than two years.

The pilot strike force, which started in Miami in 2007, has indicted more than 460 suspects in Medicare fraud scams. The program is now in Los Angeles, Houston and Detroit. HHS Secretary Kathleen Sebelius also announced Tuesday the operation will expand to Tampa, Fla., Baton Rouge, La., and Brooklyn.

Ok. How would, the consumer, know that your doctor is using you for a cash cow instead of providing the correct course of treatment?

The answer is, you most likely wouldn't. You're probably scared. You, right or wrong, think your doctor is there to help you when... Well, maybe... Maybe not...

The bottom line is medical fraud is huge. Just the fake billing runs about $70 billion a year. The "up-coding" and worthless/unnecessary practices and procedures? Nobody knows for sure. But I've read estimates as high as twenty-percent of all medical billings.

And you, as the consumer, do not have the resources or expertise to tell if you're being victimized...

Friday, January 15, 2010

DoJ has on-going criminal investigations...

...but, I'm sure, they won't find anything wrong:

Justice Department eyes possible fraud on Wall Street

WASHINGTON — Turning its scrutiny to bigger fish in the subprime mortgage scandal, the Justice Department is investigating whether lenders or Wall Street firms defrauded investors in the sale of risky mortgage securities, its Criminal Division chief disclosed Thursday.

"We absolutely are looking at the conduct of the securitizers themselves, and what did they say to those who purchased the (securities)," Assistant Attorney General Lanny Breuer told a commission created by Congress to investigate causes of the nation's economic collapse.

"Candidly, (we) have been looking at that for awhile and are looking at that right now in a very key matter."

Breuer didn't identify any company under scrutiny, but Wall Street's biggest investment banks bought many of the $2 trillion in home mortgages issued to shaky borrowers, converted them to high-yield bonds and sold the bonds to investors including pension funds, insurers and foreign banks. Many of the securities have since defaulted, and investors have lost billions of dollars.

Attorney General Eric Holder, who also appeared before the commission, said the economic crisis has brought concern about financial fraud "to the forefront." Holder, who recently announced the creation of a financial fraud task force, said that the Justice Department "is using every tool at our disposal, including new resources, advanced technologies and communications capabilities" to catch perpetrators
.
Though we can hope... The article continues with more "why didn't anyone see this" baloney;

The Justice Department disclosures came on the second day of Financial Crisis Inquiry Commission hearings, as federal and state enforcement officials laid bare the regulatory holes, blunders and lack of foresight that enabled the subprime mortgage industry to churn out millions of ill-fated loans that sank the economy.

Those lapses included:

_ Failing to rein in what Chairwoman Sheila Bair of the Federal Deposit Insurance Corp. called a "shadow banking system" in which major banks ramped up their risks by making hundreds of billions of dollars in exotic, off-the-books bets.

_ Deciding to scale back the FBI's resources for tracking white-collar crime after Sept. 11, and assigning scant personnel at the Securities and Exchange Commission to monitor major investment banks after they were given new freedom in 2004 to take on added risks.

_ Adopting rules in 2004 that restricted state regulators from policing predatory lending and other mortgage abuses, prompting some major lenders to seek federal charters to avoid tough scrutiny.

_ Relying too much on the credit ratings of Wall Street agencies, which had financial incentives to bestow high ratings on dubious mortgage-backed securities.

_ Failing to monitor major banks' compensation arrangements that gave bonuses for completing mortgage securities sales, regardless of the risks of default.

_ Ignoring a warning to Congress by the FBI's investigation chief in 2004 that widespread subprime-related mortgage fraud would lead to a financial crisis.
"I mean, everybody missed everything," said the panel's vice chairman, Bill Thomas, a retired Republican congressman from California.
I really hate to see a Republican cry... They voted for this stuff. They did what ever GWB wanted. They are as guilty.

The best part is we can see, first hand, just what happens with Libertarian-style capitalism. A raw, naked and massively-exploitative grab-fest by which the unprincipled defraud honest people for their own gain.

No more dry economic arguments in coffee houses... Just fraud, poverty and the worst financial collapse since the Great Depression... Experienced by us... Oh joys...

I'd sue the pants off them...

...for violating their fiduciary duties to their customers. It is beyond the pale to advise clients in one direction while shorting them in another because you know their investments are going to fail. I should think it would even be a criminal of fraudulent deception. Not that anyone will prosecute them, Obama has been clear (through his entire career) that he's Corporatist.

Still, it's nice to see, at least, this:
WASHINGTON — Goldman Sachs' chief acknowledged Wednesday that the investment bank engaged in "improper" behavior in 2006 and 2007 when it made huge bets on a housing downturn while peddling as safe more than $40 billion in securities backed by risky U.S. home loans.

Lloyd Blankfein, Goldman's chairman and chief executive, made the surprising concession at the opening hearing of the Financial Crisis Inquiry Commission, a 10-member panel that Congress created to investigate and lay out for the public the causes of the worst financial crisis since the Great Depression.

Blankfein and senior officers of three other of the nation's most prominent banks told the panel that serious flaws in their risk models and business practices contributed to Wall Street's meltdown and the massive taxpayer bailouts that followed. The commission also heard testimony that the banks and quasi-government mortgage giant Fannie Mae recklessly took on as much as 95 times more risk than they could cover, and that Wall Street excels "at pulling the wool over the eyes of the American people."
But, of course, the problem really was government. Just ask any Libertarian, they'll tell you that it was government interference in the market that caused all these ills... And what we need is less regulation, not more.

Dimon, whose company has been the least tarnished by the crisis, said that in retrospect it should have been obvious that mortgages given to people with little or no proof of income was a terrible idea.
No shit. That's one of the reasons I quite the industry almost immediately after I got my mortgage brokers license. I thought I was going to help good people get good loans. That's how it was sold to me.

What really was: lie to get bad people loans that can be sold...

And while I had other issues, it so turned me off that I was not willing to go past those issues.

Thursday, January 7, 2010

Fifteen Years Ago...

Iran was just 10-years away10-years away from the bomb:
Iran is much closer to producing nuclear weapons than previously thought, and could be less than five years away from having an atomic bomb, several senior American and Israeli officials say.

"The date by which Iran will have nuclear weapons is no longer 10 years from now," a senior official said recently, referring to previous estimates. "If the Iranians maintain this intensive effort to get everything they need, they could have all their components in two years. Then it will be just a matter of technology and research. If Iran is not interrupted in this program by some foreign power, it will have the device in more or less five years."

The reassessment of Iran's nuclear potential is now described by Israeli officials as the most serious threat facing their country.

Senior Israeli officials say that if the program is not halted, they will be forced to consider attacking Iran's nuclear reactors, a tactic they used against Iraq in 1981, when Israeli warplanes bombed an Iraqi reactor.

"When we look at the future and ask ourselves what is the biggest problem we will face in the next decade," a senior Israeli military official said, "Iran's nuclear bomb is at the top of the list."
They've been saying this crap a lot longer than 15 years... The first I remember hearing it was when Reagan was president back in the early 80's.

The price of an artifical duality:

From the Wall Stree Journal:
Ignoring the Oracles: You Are With the Free Markets, or Against Them

It’s hard to tell what’s more striking about Raghuram Rajan’s 2005 presentation at the Kansas City Fed’s Jackson Hole symposium — the way many of the dangers he laid out came to pass, or the way he was attacked, and then discounted. (Read the full story.).

Mr. Rajan came to the conference, dedicated to soon-to-retire Fed Chairman Alan Greenspan, with strong bona fides as a pro market advocate. He and University Chicago colleague Luigi Zingales wrote a 2003 book, “Saving Capitalism from the Capitalists,” that argued at length that free-market capitalism is the best way to organize an economy, and that free financial markets – through their ability to direct funds to where the economy needs them most – are crucial to the system’s success. But when he suggested at Jackson Hole that markets could get it badly wrong sometimes, and that central banks should consider responding to that, he was lambasted as nostalgic for the old days of highly regulated banking.

Fed Governor Donald Kohn – who for years has played the role of providing intellectual ballast to the central bank’s decisions and now serves as its Vice Chairman – said that for central bankers to enact policy’s aimed at stemming risk-taking would “be at odds with the tradition of policy excellence of the person whose era we are examining at this conference.” Former Treasury Secretary Lawrence Summers said the premise of Mr. Rajan’s paper was “misguided.”

“This is a common feature of people when they come across dissent – they want to put you in a box and label you and dismiss you,” says Mr. Zingales. “He is definitely not anti-market. That’s the most mistaken characterization of Raghu.”

The episode suggests one reason that the crisis went unchecked: A dangerous all-or-nothing orthodoxy had come to dominate the policy debate, where one was either for free markets or against them.

Another reason that many policymakers may have missed the risks is that macroeconomists didn’t have a good understanding of the changes that were occurring within financial markets and the banking system.

There has long been a marked distinction between economists who study finance and economists who study the broader economy, with limited communication between the groups. As a young Harvard University economist, Mr. Summers argued this was a dangerous shortcoming in a now famous screed, where he unfavorably compared finance specialists to “ketchup economists” who are too narrowly focused on their field of study, while also complaining about general economists tendency to continually rediscover conclusions that the finance specialists had come to long ago.

Finally, many academic economists privately worried that a housing bubble was building, and that it’s bursting would cause severe problems, but didn’t publicize their concerns. An exception is New York University’s Nouriel Roubini, who in 2006 said that the U.S. was almost certainly heading into a recession. Mr. Roubini is often characterized as a grand stander, but Mr. Rajan says that he deserves credit for acting on his convictions.

“Most academics are really reluctant to take part in the public dialog, because the public dialog requires you to have an opinion about things you can’t really be sure about,” says Mr. Rajan. “They fear talking about things where everything is not neatly nailed in a model. They stay away and let the charlatans occupy the high ground.” – Justin Lahart
I don't think I can beat the drum long or loud enough -- markets must be regulated in order to function in ways that benefit both business and the humans that run them. And without the proper regulation, well, we have disaster...

His point, by the way:
Incentives were horribly skewed in the financial sector, with workers reaping rich rewards for making money, but being only lightly penalized for losses, Mr. Rajan argued. That encouraged financial firms to invest in complex products with potentially big payoffs, which could on occasion fail spectacularly.
It was gambling with other people's money. If you won, you kept part of the proceeds. If you lost, you still got paid though you had to find new people...

Wednesday, January 6, 2010

I love The Onion...

And I've lived this... More than once...
SOMERVILLE, MA—Despite his advanced age, near-complete physical decay, and constant bouts of renal failure, area cat Socrates vehemently refuses to die, sources reported Tuesday.

"He's a sweet old guy, and he's been through a lot," said Brian Pressman, 33, who received the cat as a birthday present during middle school. "But no matter how weak he seems or how many times he's diagnosed with something fatal, he just keeps bouncing back. Every single time."

Added Pressman, with a sigh, "He sure is a persistent one."

In the past week alone, Pressman has taken Socrates to visit the veterinarian three times, missing a half day of work on Monday to treat the stubborn cat for a nagging eye infection. Once there, however, the veterinarian discovered that Socrates had developed ulcers and would require special medication that will likely lengthen the 19-year-old feline's life for another unknown period of time.

The seemingly indestructible Socrates is currently on five separate prescriptions at a monthly cost of $224.

Modern medicine helps keep Socrates alive for God knows how much longer.
"We came to peace with the fact that Socrates might pass away when we found that tumor on his head last Christmas," said wife Emily Pressman, 31, whose 2-year-old son David has thus far been unable to kill the cat despite his playful but relentless physical abuse. "And then again in April when he fell off the table and hurt his leg. Frankly, I figured it would only be a matter of time after that, but he's still here. Still kicking."

"We never could have imagined that he'd live this long," she added. "Not in a million years."

Socrates, who apparently rejects the very concept of mortality, sleeps an estimated 20 hours a day and hasn't had a solid bowel movement in more than a year, Pressman told reporters. Moreover, the cat requires a twice-daily subcutaneous saline and electrolyte injection to manage the severe kidney problems that began three years ago. The couple takes turns completing this humiliating, time-consuming task, and must also perform the animal's morning feeding ritual—which requires a special food for older cats to be ground up and watered down so Socrates' feeble teeth and digestive tracts can better handle it.

"Just like clockwork, Socrates and I are up bright and early every morning at six when he starts howling and howling," Emily Pressman said. "Sometimes it's more like 5:30 if he's having one of his vomiting spells. Of course, that's assuming he hasn't woken us up already with those deep, mournful moans. But once I force-feed him his hyperthyroid pills and clean up the mess, he's usually pretty quiet for the rest of the day. I tend to forget he's even around."

Of all the occasions in the past few years when Socrates has somehow managed to escape death's cold embrace, none was more harrowing, the Pressmans said, than the summer of 2004, when a weak and anguished Socrates was rushed to the hospital with the deadly feline virus panleukopenia.

"He was in such pain that we were hoping and praying that Socrates would go to a better place," Brian Pressman said. "That was over five years ago. Luckily, the doctors figured out a treatment that only cost $2,700, and here we are today. Alive and well. Five years later. It's a miracle, all right."

"I honestly don't know what I'd do without him," Pressman added. "Besides not have a cat anymore."

Monday, January 4, 2010

God is part of the "Culture of Death..."

Really, read the whole Bible, not just the parts you use to sock-puppet:

"And if men struggle with each other and strike a woman with child so that she has a miscarriage, yet there is no further injury, he shall surely be fined as the woman's husband may demand of him; and he shall pay as the judges decide. "But if there is any further injury, [to the woman] then you shall appoint as a penalty life for life, eye for eye, tooth for tooth, hand for hand, foot for foot... (NAS, Exodus 21:22-24)
And it goes beyond that. Infanticide and abortion were widely practiced throughout all of biblical history, including the time of Jesus. And there is not ONE passage speaking against these practices.

And, NO, the fact people mistranslated "Thou Shall Not Murder" to "Thou Shall Not Kill" doesn't cut the mustard. Unless you are, of course, ignorant and refuse to be educated.

Of course, what would you expect from a God that demanded human sacrifice through most of his existence...

Saturday, January 2, 2010

The Economist's View

A great article from the website in the title. Recommended reading if you want to understand some fundamental changes in the tax code and how they've impacted 90% of America:
Is our tax system helping us create wealth and build a stable society? Or is it breeding deep problems by redistributing benefits to the top while maintaining burdens for the rest of Americans?

Think about that in terms of this stunning fact teased from the latest Federal Reserve data by Barry Bosworth and Rosanna Smart for the Brookings Institution: The average net worth of middle-income families with children whose head is age 50 or younger, is smaller today than it was in 1983.
I've made the argument, in the article, many times. The tax code is written to protect the rich and exploit the middle class. Even as "taxes" go "down" they don't go down for the middle class. They go up through payroll taxes and the inability for the middle class to take advantage of the various tax strategies present in the Internal Revenue Code.

I tell people, constantly, you have to make a lot of money in order to create wealth and favorable situations in order to truly save taxes. Anyone who thinks differently is being played for a fool.

Anyway, any tax code that concentrates wealth in the hands of a few, and then protects that wealth, will destroy the economic foundations of a country. You can see these kinds of economies all over the world in second-and-third-world countries.

The concept that underlies this is, in part, known as "rent seeking:"
What Does Rent-Seeking Mean?

When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.

Investopedia explains Rent-Seeking

An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don't create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group.
You're not creating wealth by making tax cuts for the rich. You're just engaged in rent seeking.
Then there is the concentration of inherited wealth, which uses rent-seeking to maintain itself, which has been the subject of many economic studies:
Countries in which billionaire heirs' wealth is large relative to G.D.P. grow more slowly, show signs of more political rent-seeking, and spend less on innovation than do other countries at similar levels of development. In contrast, countries in which self-made entrepreneur billionaire wealth is large relative to G.D.P. grow more rapidly and show fewer signs of rent seeking. We argue that this is consistent with wealthy entrenched families' having objectives other than creating public shareholder value. Also, the control pyramids through which they are entrenched give wealthy families preferential access to capital and enhanced lobbying power. Entrenched families also have vested interest in preserving the value of existing capital.
That's a good paper by-the-way. I've read it.

The funny thing is, when you read it you realize that President Bush was the perfect example of what is wrong with American style capitalism which is far more about rent-seeking than entrepreneurship than most would believe. He was an abject failure at EVERY BUSINESS VENTURE, yet he's worth about $20 million. All acquired through various forms of rent seeking and political patronage, not talent.

And, if you don't like Bush as an example... American automobile manufacturers fill the bill exactly. And the hell-hole that is Detroit is the result.

The bottom line is that, as a group, the multi-generational wealthy don't innovate. They don't like to risk their inherited wealth. Yet they dominate our economy. In a country where truly talented people cannot get an opportunity, but the inept scions of the wealthy become president... Failure and mediocrity is on the horizon.

Friday, January 1, 2010

Hoping for the "best."

Limbaugh in the Hospital:
HONOLULU -- Conservative radio host Rush Limbaugh plans to address the media at 10:45 a.m. Hawaii time on Friday.

He remained at a hospital in Hawaii Thursday night, a day after being admitted for chest pains.

According to his radio program, Limbaugh underwent a complete examination on Thursday that gave doctors more information about his condition.
I, of course, hope he dies. He's a man who has made himself incredibly rich by taking garden-variety racism and hatred to new heights. I know the wing-nut machine will get a replacement for him. I'm sure they're lining up for a shot at "king asshole" as soon as Rush kicks the bucket.

But, still, Limbaugh is about as evil, in the fat-evil-grand-vizier sort of way, as you can get. And his death will, for a time, make the world a better place.

As for the conservatives whining about the "liberal hate." Fuck off is all I have to say. There's a big difference between hating, slandering and deriding someone for their inherent characteristics of birth and those who practice spreading the gospel of hate every day of their life.