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Archive for the ‘Gelt’ Category

Bitter, bitter, bitter

Posted by Ron Coleman on August 26, 2009

Yes, it’s getting right ugly for prospective lawyers right now — even the elite “Tier One” crowd. Here’s the article in the New York Times that has all the law-firm-associate blogs hopping; and here’s a sample hop sent to me by a Biglaw alumnus, now in house managing someone’s regulatory compliance, and who says “Thank God I’m not a lawyer any more.”  The definitive take, of course, is at Above the Law, which deems the story mere “dog bites man.”

Personification of Power, Newark historic courthouse

I can’t complain.  I have many times, but… I can’t.

Posted in Gelt, Lex scripta, Metropolis, Sisyphus | Leave a Comment »

Paying the bill for life

Posted by Ron Coleman on August 17, 2009

Craig S. Karpel states something so obvious that everyone is operating on the exact opposite presumption:

Americans are being urged to worry about the nation spending 17% of its gross domestic product each year on health care—a higher percentage than any other country. Addressing the American Medical Association in June, Barack Obama said, “Make no mistake: The cost of our health care is a threat to our economy.” But the president is mistaken. Japan spends 8% of its GDP on health care—the same as Zimbabwe. South Korea and Haiti both spend 6%. Monaco spends 5%, which is what Afghanistan spends. Do all of these countries have economies that are less “threatened” than that of the U.S.? . . .

The U.S. health-care economy should be viewed not as a burden but as an engine of growth. Medical and orthopedic equipment exports increased by 65.1% from 2004 through 2008. Pharmaceutical exports were up 74.6%. The unprecedented advances expected to come out of American stem cell, nanotechnology and human genome research—which other countries’ constricted health sectors cannot support—will send these already impressive figures skyward.

Craig explains how we forget the fact that after food and shelter — which, incidentally, though they are more important than health care, the government does not manage or provide for the vast majority of us — health care is the most important thing we should spend money on, if not dying is on the agenda.

The problem is, however, that health care is a lot like plumbing or, as I have learned, legal services:  No one enjoys spending money on fixing something just so it will stop being broke and go back to just plain working as it did before.  This is premised on a common enough, but utterly mistaken, view of the universe that does not account for the fact that everything in the physical world requires maintenance, investment and attention over its usable life in order to keep working.  In fact, it is a cost of doing business, not an unfair imposition on us, to lay out what it costs for clear good pipes, good legal and financial situations and good medical care.   And while that doesn’t mean you shouldn’t shop around, you are going to get what you pay for.

As long as you’re still allowed to shop around, that is.

Craig will be interviewed today on Fox News Network by Neil Cavuto. l The show is on from 4:00 to 5:00 p.m. Eastern; he’ll be on at about 4:05.  You can watch online here.

Posted in Gelt | 1 Comment »

The seven percent solution

Posted by Ron Coleman on July 23, 2009

Dave Price writes about choice and risk:

Ace makes a great point on one of the many problems in the health care bill:

On Fox & Friends, they offered another good talking point: Currently 90% of all Americans are covered by insurance. Obama’s vaunted plan will cover, theoretically, another 7%.

So: We’re destroying the entire system to move from 90% to 97% coverage? And that 7%, of course, includes a lot of young people who think they don’t need health insurance because they’re young and healthy (and, in fact, they’re right, according to the statistics; even more right when you consider that each young person is forced to pay way too much for health care, as he subsidizes older customers).

I’m one of those people.  I don’t have health insurance now, and I haven’t ever carried it when I wasn’t working a W-2 job, because I’m generally healthy and don’t particularly want to subsidize people who are more likely to require medical care. It’s possible, of course, I could regret this decision due to circumstances beyond my control, but I’d prefer to put that money into investments and play the odds by making an effort to stay healthy via exercise and supplements and generally engaging in low-risk behavior.

It would be great if everyone talking about this issue read Dave’s piece, in its entirety, to just be exposed to this perspective and his typically lucid analysis.

Posted in Gelt, Stragety | Leave a Comment »

The existential threat

Posted by Ron Coleman on July 20, 2009

Maybe this is for real now.  Maybe the sky really is falling, and all my measured lectures for loyal and genteel opposition were wrong, wrong, wrong after all.

Because, you know, it’s really always about the money.  And look what the New York Post, via Instapundit, is reporting:

Congress is now spending about $3 trillion more than it did in 1945, at the end of World War II, once numbers are adjusted for inflation.

The only thing that surprises me about this is that this is only happening for the first time just now.

Of course, 1945 was a mighty expensive year, and I would have bet 1944 was even more costly.  I would have been wrong, though:

Year    GDP-US    Total Spending-total
1940    101.4    20.42
1941    126.7    24.35
1942    161.9    45.58
1943    198.6    92.71
1944    219.8    109.95
1945    223.1    118.18

(Courtesy of the U.S. Government Spending website.)  Astonishing.  We’re breaking through every conceivable measure of indebtedness, and doing so recklessly, ineffectually and irreversibly.

What does the man with this plan, President Obama have to say about all this?  Addressing the risk his fellow chefs may be balking at applying, as icing on the cake of fiscal collapse, the nationalization of the medical care sector (not to mention the criminalization of private medicine), he wants us to think big picture:

President Obama yesterday sought to reassure the public that his overhaul plan was financially sound and asked lawmakers not to “lose heart.”

“This is what the debate in Congress is all about — whether we’ll keep talking and tinkering and letting this problem fester,” Obama said in his weekly radio and Internet address.

“Or whether we’ll seize this opportunity — one we might not have again for generations — and finally pass health-insurance reform this year, in 2009.”

You know, it’s one thing to soft-pedal atomic-bomb type radical changes such as are being proposed for the healthcare system as “reform.”   How much more do we expect from a politician?  But when you are already betting the company on a radical fiscal policy that crosses lines not last crossed since the time our country’s very existence was threatened, and you think “reform” is the “opportunity we might not have again for generations” — it begins to sound a tad like you’re, I don’t know, being very unrealistic about certain things.

Like whether “we” will have any generations to speak of, government-of-these-United-States-wise.

I am now bona-fide worried.  Read the rest of this entry »

Posted in Gelt, Politics and Poker, Sisyphus | 1 Comment »

You get what you pay for

Posted by Ron Coleman on July 15, 2009

And even more so when you’re paying — or not paying — in Canadian.

Free health care is going to be so awesome!

Posted in Euroids, Gelt | 4 Comments »

And time off for good behavior?

Posted by Ron Coleman on July 9, 2009

The 71-year old Bernard Madoff isn’t going to appeal his 150-year sentence, it turns out.

“We won’t be appealing the sentence,” Madoff’s lawyer, Ira Sorkin, said Thursday. He declined to say why the decision was made.

How about the fact that a successful appeal could well get the sentence cut, I don’t know, maybe in half?

Maybe even by two-thirds?

Yeah.  Would not have been the brightest use of stolen money.

(More on sentences of this nature at Colin Samuels’ new blog, by the way.)

Posted in Gelt, Lex scripta | Leave a Comment »

Support Scott Ott!

Posted by Ron Coleman on July 5, 2009

ScottOttHeadTransparencyMy fellow blogger Scott Ott, the man behind the inimitable “Scrappleface” but in real life the executive director of a non-profit organization serving children, is seeking to become the next Lehigh County, Pennsylvania Executive. His campaign is premised on the idea that his years of business experience have prepared him to take bold action to reduce taxes, cut spending and lead to what he calls “a customer service revolution in county government.”  Without knowing more, most of us agree that almost any disemployment of any incumbent is good for American these days.

Scott makes his case in much more detail on his site.  Like you, I haven’t been to Lehigh County too much lately.  But I do know Scott and his work and his view of things, and I think this moment presents a great opportunity to see what the righty-side blogosphere can do for one of its own and for the common weal.  In the process we can also make a little history by demonstrating what bloggers and their readers — whether we think of ourselves as “citizen journalists,” soldiers in an “army of Davids,” or just mainly a bunch of wiseguys — can actually do politically, in a focused and local way, and perhaps take us to the next step of initiating real change from the very grass roots up.

I’m involved in this because Scott and I have been shmoozing about his campaign (we met while on Pajamas TV duty ever so briefly) and I was amazed he didn’t have a blog-support strategy mapped out.  Well, maybe now we do.  It’s not fancy.  He needs buzz, he needs moral support, but guess what — most of all he needs money.  So:

There are essentially three ways that a blogger can participate in this campaign. Read the rest of this entry »

Posted in Blogophilia, Gelt, Politics and Poker, Social networking | 1 Comment »

I didn’t make him for you

Posted by Ron Coleman on June 22, 2009

Wired.com says the sky is falling because Apple is, surprise, letting business considerations govern who does and doesn’t get to sell stuff for iPhones, and under what conditions:

Free Press, a group that advocates the idea of an open internet — that is, one in which consumers have the right to browse the web and run internet applications without restrictions — is the latest of several organizations to call out Apple for its inconsistencies. Free Press alleges that Apple crippled SlingPlayer, a TV-streaming application for iPhone, so that it would only work on a Wi-Fi connection; the initial version worked with a 3G cellular network connection as well as Wi-Fi. The SlingPlayer restriction is inconsistent with Apple’s approval of the Major League Baseball application, which provides live-streaming of sports events on both Wi-Fi and 3G connections, the group said.

“That strikes us as odd and potentially nefarious because it really represents a carrier picking and choosing applications for consumers as opposed to letting consumers decide which videos they want to watch,” said Ben Scott, policy director of Free Press. “It’s exactly the sort of thing you’d expect in an internet experience that’s controlled by the carrier.”

Yeah, it’s exactly the sort of thing you’d expect from a business that is in the business of, uh, business.  Instapundit, seizing on the title of this piece, “How Apple and AT&T Are Closing The Mobile Web,” understandably says he “doesn’t like the sound of this” — which, of course, is exactly why that title was chosen.  But it’s okay, Glenn.  It just sounds like free enterprise.  That’s a sound you like almost as much as a puppy in a blender!

The anti-Apple screed segues into a legitimate look about the real technological limits the mobile web is approaching, in terms of network capacity.   But it completely elides the difference between “the Internet” and “the mobile Web” and “what you can put on an iPhone.”  I mean, come on:

“If you’re going to allow video to stream on the 3G network, you can’t pick and choose which video services operate,” Scott said. “You have to let them all operate, otherwise that’s not the internet.”

You “can’t”?  Otherwise, what again?  Oh — “it’s not the Internet.”

What a bunch of babies it is, this “Internet” you speak of, Wired.

Posted in Gelt, Nuvo-Techno, Scientificus | 1 Comment »

The UAW hedges its bets

Posted by Ron Coleman on June 3, 2009

Mickey Kaus explains, as only he can, how the UAW Administration Obama Administration have made sure the UAW has hedged all its bets in this customized, union-friendly bankruptcy at GM.

You should read the whole thing in order to understand how hopeless this situation is.  And that means reading right down to the very bottom, where he makes the point everyone seems to forget:

If the process had to start last November, though, it seems unfair to blame only Obama.

Quite unfair.

Posted in Futurama, Gelt, Past is prologue, Politics and Poker | 1 Comment »

Slow burn

Posted by Ron Coleman on May 31, 2009

The New York Times writes, regarding the General Motors bankruptcy:

Rarely has a company fallen so far and so fast as General Motors.

“Fast”?  Hello?!

Actually, Michelene Maynard doesn’t really mean that:  She documents the exact opposite of a “fast” fall in the otherwise perfectly good article that follows.  It’s just that, well, you know those blogs — no one edits the darn things, right:

“I never ever could have believed that one day this thing would go that way,” said Jim Wangers, a retired G.M. executive who was part of the team that developed the Pontiac GTO, and the author of “Glory Days,” about Pontiac’s heyday in the muscle-car era of the 1960s….

The company did have vast numbers of loyal buyers, but G.M. lost them through a series of strategic and cultural missteps starting in the 1960s.

It bungled efforts in the 1980s to cut costs by sharing the underpinnings of its cars across different brands, blurring their distinctiveness.

G.M. gave in to union demands in 1990 and created a program that paid workers even when plants were not running, forcing it to build cars and trucks it could not sell without big incentives.

The Times article ultimately avoids a key issues by the light of everyone with an ounce of economics understanding:  Those union demands, and that giving in to them, made the structural cost of buying any GM car completely uncompetitive, even when they were desirable to own.

Was this GM’s fault?  It probably could have done a lot more to bargain tough with its unions.  But how much more?  Was a GM lockout going to happen in any version of the America most of us have ever known?  How was GM to deal with this:

[In 2007, the UAW’s President Ron] Gettelfinger . . . . declared that he is not in a “concessionary mood.” UAW workers at Ford and GM agreed to a health-care cost-sharing deal during an unusual round of mid-contract negotiations in 2005. Closing the competition gap with Japanese auto makers now, Mr. Gettelfinger insists, requires not more concessions by auto workers—but a Japanese-style government health-care system for all workers.

“We pay more, but get less,” he thundered to roaring applause at a recent NAACP luncheon . . .

Before the 2005 “givebacks,” the Detroit Three companies picked up the entire health-care tab for all their hourly workers—active, retired, dependents and, incredibly, even laid-off workers till they found other jobs. Workers were not required to pay any premiums, deductibles or co-pays-except for routine physical exams and prescription drugs. The 2005 deal left these benefits virtually untouched . . .  In short, for a grand total of $752 in out-of-pocket annual costs, UAW retirees and their spouses get full medical coverage for life. Given the huge retiree population that the Big Three support—GM has three times more retirees than active workers—this has saddled them with a combined unfunded health-care liability exceeding $100 billion. . . .

UAW workers still enjoy a health-care deal that no one else in America or Japan—or quite possibly the planet—does. Yet Mr. Gettelfinger said last week that the 2005 health-care givebacks were the toughest decision he ever made in his entire career. This is a startling admission that reflects the depth of the UAW’s entitlement mentality, and its detachment from the world that its fellow Americans inhabit. But such lavish expectations are unsustainable under any system—American or Japanese. This is a reality that Mr. Gettelfinger must accept. Otherwise, he may well push U.S. auto makers over the cliff—and his comrades with them.

It remains to be seen whether and to what extent Prime Minister Obama and his union-financed Congress will do their best to put Humpty Dumpty–the UAW, that is, no matter whether it bears a BUICK, CHEVROLET or CADILLAC nameplate–back together again.  When you’re spending a trillion dollars a year, after all, picking up another $100 million is nothing, especially when you hold so much stock in the debtor.

Better question:  Will conservatives (I didn’t say Republicans) do anything to stop the process by which we might indeed join the lot of them as they proceed, Wile E. Coyote-like, down into the gulch?  Or have we so diluted our voices with nonsense such as screaming about Obama’s date with his wife, his use of teleprompters and his choice of mustard that when it comes to policy discussions that really matter, we’re…

Just about as market-friendly, idea-wise, as GM?

Posted in Gelt, Sisyphus, Stragety | 1 Comment »