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Archive for the ‘Gelt’ Category

That thing floating in the punch bowl

Posted by Ron Coleman on October 22, 2008

It’s domestic spending:

Even with the tax cuts, and even with the wars in Iraq and Afghanistan, Bush would have reduced the national debt by nearly half a trillion dollars if he’d kept domestic spending under control. Instead, he did just the opposite: the Medicare drug benefit, No Child Left Behind, and dozens of smaller new spending programs he pushed through a reluctant congress. And the national debt went up by $1.3 trillion.

I’m not sure which is sadder — that these spending programs were approved by the Republican congressional majority forged by genuine fiscal conservatives on a promise of balancing the budget by cutting spending, or that the only other viable political party has been continuously criticizing Bush and the Republican party for not spending even more.

Thank you, Maniakes, for doing the math.  Thank you, thank you, thank you!

This is the legacy George Bush will never live down.

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

Drop Dead; drop 12

Posted by Ron Coleman on October 11, 2008

This Tech CrunchIT article by Steve Gillmor about why I can’t get Twitter to work with instant messaging — a marriage that you’d think would be as obvious as chocolate and peanut butter — was worthwhile, because it clarified what was becoming increasingly obvious:  It’s not about me.  Twitter doesn’t have any idea on earth how to make it work.

Fine and dandy, as far as it goes.

But here’s the icing:  The article is called, “Twitter to IM:  Drop Dead,” and, to make it re-e-e-e-e-eally obvious what the joke was to the many Twitter and IM users who are, in fact, under 40…. and then some… it included a JPEG of the famous New York Daily News front page of October 29, 1975, featuring the late President Gerald Ford’s picture and the headline, “FORD TO CITY:  DROP DEAD,” in reference to his promise to veto any bailout of New York City in the shadow of its threatened bankruptcy.  This decision by Ford may have been the right one, but the News‘s spin — despite its later endorsement — along with Chevy Chase’s libelous depiction of of the President as an oaf on Saturday Night Live, were probably the two most significant MSM contributors to the advent of the Carter Administration.

What’s really, really interesting is the second subhead.  The first one reads, “Abe, Carey rip stand” — that meant, for you youngsters and those tuning in from overseas, “New York Mayor Abe Beame and New York Governor Hugh Carey criticized the President’s statement.”  Of course, they were not only Democrats; they were as responsible as any two people then living for the disastrous situation in the first place.  But the second headline?  Dig this — and now I present you with the JPEG in all its glory:

Twelve points of separation

Twelve points of separation

That’s right:  “Stocks Skid, Down Down 12.”

TWELVE POINTS.

This was back in the ticker-tape days, when stocks were bought and sold the old-fashioned way.  A million shares sold, as I remember it, was a “heavy volume” day on Wall Street.  And the Dow Jones average for the month of October in 1975 was 836.   The Dow overcame that eight-point “slide” and finished the year at 852.

Now, we were talking about Twitter…

Posted in Americana, Gelt, Nuvo-Techno, Social networking | 1 Comment »

Old reliable

Posted by Ron Coleman on October 7, 2008

Mickey Kaus’s first take on the debate sounds so much like a preposterous rationalization that it makes you wonder:

Obama’s great weakness is that he’s an unknown with an unusual (i.e. strange) background. By painting him as a big-spending liberal, McCain oddly made Obama seem less strange, and more acceptable. Voters are used to dealing with big spending liberals — and they also may think that the there’s not enough money for that much big spending anymore anyway.

The only reason this isn’t hopelessly absurd is that if you stare at it long enough you realize that, that last em-dash clause notwithstanding, most voters really have no problem with big spending liberals.

Democracy today is in that part of the cycle where the majority basically votes itself a new raise with each election.  And if it works so great on Wall Street, well why not for the whole darned country?

Posted in Gelt, Politics and Poker | Leave a Comment »

We don’t need no stinkin’ price signals

Posted by Ron Coleman on October 7, 2008

You thought Instapundit was a libertarian?  So did I!  At least on economics issues.  But check this:

BOB ZUBRIN: Obama’s Energy Plan a Mix of Bad and Good. “Moreover, there is one part of the Obama plan which is absolutely splendid, and that is his explicit promise to require flex fuel capability on all new cars sold in the USA by the end of his first term. This is indeed a potential real game changer, especially if the flex fuel standard is written to include not only automobile compatibility with gasoline and ethanol, but methanol as well.” You can make methanol from kudzu. ‘Nuff said.

Well, not ’nuff for me.  What happened to the free market?  Is it inconceivable that oil could be $40 a barrel at the end of Obama’s first term — and cars will either be X dollars more expensive because of this requirement, or perhaps won’t work right, or… whatever?

Whatever, indeed.  We see how easy it is to fix massive policy problems merely by legislating a solution, right?

Posted in Futurama, Gelt, Nuvo-Techno, Politics and Poker, Stragety | 1 Comment »

Defending the indefensible

Posted by Ron Coleman on October 6, 2008

Lehman Brothers’ Richard Fuld is angry:

Fuld said he took “full responsibility” for the bankruptcy of Lehman Brothers and “felt horrible” about it.

But Fuld said he has yet to understand why the federal government helped to bail out the AIG insurance company and other investment banking firms, but did not do so a few days earlier to save Lehman Brothers.

“Until the day they put me in the ground, I will wonder,” Fuld told the Congressional panel, seeming to seethe with anger.

“This is a pain that will stay with me the rest of my life.”

It’s really stunning.  I am all for capitalism, free markets, even wildly disparate distributions of wealth — of which, believe me, I have precious little.  You have to read through this whole article, however, to see what to me has always been at the heart of this little game:  Wall Street has, for a long, long time now, been utterly out of touch with the real value of money…  the value of what it provides… and any sense whatsoever of,

well,

reality.

He’s angry?  He’s … in pain? Read the rest of this entry »

Posted in Americana, Gelt, O Mores! | 1 Comment »

Panic, greed good

Posted by Ron Coleman on September 17, 2008

Buy Goldman:

Stronger-than-expected earnings from Goldman Sachs Group Inc and Morgan Stanley Tuesday failed to reassure investors who staged a run on Bear Stearns in March and drove Lehman Brothers Holdings Inc LEH.P into bankruptcy Monday.

And despite assurances from Goldman and Morgan Stanley — the two remaining major investment banks — that they had ample cash and capital, investors fled.

Good old “investors.”  Well, those are not investors, actually; they are speculators.

What a grand time to buy Goldman Sachs!   Morgan Stanley I don’t know from, but Goldman?  Gold, man.  For the medium run, and the long haul of course too. (Update:  A-yup!)

Now as to the likes of Lehman Brothers?  The obvious question is whether the trustee in bankruptcy is going to take a harsh look at those massive “performance bonuses” I-bankers get over the last few years and politely ask for that money back.

Or not so politely.

Why not?

Posted in Gelt, Stragety | 2 Comments »

With privileges like that…

Posted by Ron Coleman on September 12, 2008

Instapundit:

NO POLITICAL ANGLE HERE: Newsweek: Working Moms Bad for Kids. “A new study finds that children of privileged families fare worse when the mother works outside the home.”

Fair enough questioning the timing, Glenn.  But probably not much to question about the conclusion.  It’s hard making it on one income these days, but it’s probably harder on kids to be “privileged” in terms of household income but having to “do without” their own mom most of the day.

Posted in Americana, Gelt, Homo sapiens, Suburbia | 2 Comments »

With donations like that…

Posted by Ron Coleman on August 11, 2008

… you don’t need to sell things:

A bartender from Chicago, Stephanie works two jobs and wants to go back to college to study biology. After her roommate donated her eggs to a fertility clinic, Stephanie, who asked that her real name not be used to protect her privacy, said she decided to help an infertile couple and make $7,000 in the process.

Stephanie said if not for the faltering economy, she would not be donating her eggs. . . . “I make roughly $800 a week. The $7,000 will help, but its not going to pay for an education. I’m still going to have to take out loans,” Stephanie said.

Is selling something for $7,000 called “donating” now? It’s the word ABC uses in the headline, too.

Oh, and “Stephanie” the bartender’s economic analysis? Also donated, evidently. And worth every penny.

Posted in Gelt, Medialites, Sisyphus | 2 Comments »

Vanity press

Posted by Ron Coleman on August 7, 2008

Instapundit links to a Drudge report that no one is buying Nancy Pelosi’s book. That’s hardly surprising; most congressional “leaders” are uninspiring and uninspired. The support of their respective caucuses is in fact a counter-indication of originality or boldness, which are just about the only thing anyone reading a book by a politician can hope for. (Unless he’s really skinny, I guess.)

The sad part for Pelosi is that the practice by which publishers bestow massive donations on their favored politicians via utterly unrecoverable publishing “advances” was barred by the House of Representatives. Therefore she could not get even a fraction of the phenomenal sweetheart advance paid to then Senator-elect Hillary Clinton for her various scribblings — which, while they were bought by many, still did not come close to earning out the advance paid by a publishing industry supposedly beset by economic crisis.

That means Pelosi must have really thought people would want to buy her book.

Chilling. That’s what enough time in Congress does to people.

UPDATE: Left-wing “media monitor” Media Matters insists that the Hillary Clinton book did, in fact, earn out its advance — making it the exception that proves the rule, but an exception nonetheless. Read the rest of this entry »

Posted in Gelt, Narcissus Rex, Politics and Poker | 7 Comments »

Copyright law has been stood on its head and Bill Patry doffs his cap

Posted by Ron Coleman on August 5, 2008

Copyright doyen Bill Patry explains why he shut down his brilliant copyright law blog. Some of it had to do with his inability to prevent people from ascribing his personal views to his employer, Google. Some of it had to do with a sort of spiritual exhaustion (despite being a pretty spiritual guy). But naturally, this is the reason that got my attention:

Copyright law has abandoned its reason for being: to encourage learning and the creation of new works. Instead, its principal functions now are to preserve existing failed business models, to suppress new business models and technologies, and to obtain, if possible, enormous windfall profits from activity that not only causes no harm, but which is beneficial to copyright owners. Like Humpty-Dumpty, the copyright law we used to know can never be put back together again: multilateral and trade agreements have ensured that, and quite deliberately.

It’s depressing, and he’s probably right. Again: He says copyright’s “principal functions now are to preserve existing failed business models, to suppress new business models and technologies, and to obtain, if possible, enormous windfall profits from activity that not only causes no harm, but which is beneficial to copyright owners.”

What ever kind of thing could he be talking about? (Hat tip to Carol Ruth Shepard.)

Cross-posted in slightly expanded form on LIKELIHOOD OF CONFUSION®.

Posted in Blogophilia, Gelt, Lex scripta | 1 Comment »