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Archive for the ‘Gelt’ Category

Sen. Barack McGovern

Posted by Ron Coleman on August 1, 2008

Politico.com:

Sen. Barack Obama (D-Ill.) on Friday announced an “Emergency Economic Plan” that would give families a stimulus check of $1,000 each, funded in part by what his presidential campaign calls “windfall profits from Big Oil.”

Details are in this six-page policy paper.

Sound a little familiar?  We can … hope!  (HT to Jane!)

Posted in Gelt, Politics and Poker, Stragety | 9 Comments »

The “litigant-funded” research canard

Posted by Ron Coleman on July 28, 2008

Rick Hasen expresses understandable concern over a footnote in a recent Supreme Court opinion suggesting that a certain set of studies is not worthy of consideration because it was “litigant-funded.” Here’s the footnote:

The Court is aware of a body of literature running parallel to anecdotal reports, examining the predictability of punitive awards by conducting numerous “mock juries,” where different “jurors” are confronted with the same hypothetical case. [Citations to the literature.] Because this research was funded in part by Exxon, we decline to rely on it.

Hasen is understandably concerned…

There will be cases . . . in which there are no extant studies on an empirical question at the heart of a case. At that point, it makes sense for litigants to fund such research. Indeed, when such research appears in an expert report subject to cross-examination, I assume the Court has no problem relying upon the evidence. So why should it be different when a litigant funds the research, particularly if the research has gone through peer review and of course if the funding source is disclosed so that the opposing side may probe for bias?

It’s idiotic, if there is indeed such a rule. We may as well also end expert testimony, considering that their reports, indeed their testimony, are also “funded” by the litigants proffering them. The WSJ Law Blog is less concerned:

Hugh Young of the Product Liability Advisory Council, one of the organizations that cited the study, says the footnote is “peculiar,” but adds, “I wouldn’t take it as a slap in the face. You don’t have to worry about Exxon buying out the Yale Law Journal.”

I wouldn’t either. I think, in fact, that the footnote must have been political prophylaxis by a pretty political justice. As the WSJ blog asks, “Why would Souter go out of his way . . . to disparage research that supported his concern about the unpredictability of jury awards?” Among those casually “dissed” by this footnote were no less a scholar than the eminent Cass Sunstein.

Well, here’s the thing: It’s the Supreme Court. Souter already knows how he is going to come out on this — Souter is writing a majority opinion overturning the $2.5 billion punitive damage award in the Exxon Valdez case. He doesn’t have to “support” his opinion as against appellate review, but he does have to face his friends in Georgetown who may not like his intellectually honest vote against a preferred liberal outcome. Why not distance the court from any accusation that it was taken in and by supposedly bought- and- paid- or studies? It looks as if Souter is essentially saying, “Don’t even start up with us about those studies and who paid for them. We don’t need them to come to this conclusion, and in order to even avoid the accusation of being blind to bias regarding one of the world’s richest companies, we decline to rely on this stuff. Move on, nothing to see here.”

We can live with that … right?

The only problem with this hypothesis is that affirmatively ignoring something is much more compelling when you don’t actually, uh, write about it. Of course that may have been necessary to effect the necessary distancing. How else would you refute the argument that the studies influenced you?

Well, we decline to worry about that.

(Hat tip to Bill Gratsch.)

Cross-posted on LIKELIHOOD OF CONFUSION®.

Posted in Gelt, Lex scripta | 1 Comment »

Clogging up the lanes

Posted by Ron Coleman on July 20, 2008

At the grocery store, that is. We’ve all seen this. I’ve noticed it before: America’s underclass is eating itself to death.

Posted in Americana, Gelt, Heart and spirit, Oppression | 9 Comments »

Desperate times

Posted by Ron Coleman on July 12, 2008

The Feds “seized” IndyMac, the loosey-goosey mortgage lender:

IndyMac will reopen fully on Monday as IndyMac Federal Bank under Federal Deposit Insurance Corp supervision, but tensions ran high as customers at a branch at its Los Angeles-area headquarters read a notice in the window saying it was closed.

At another branch down the road, a man who said he had more than $200,000 in an account — twice what is normally FDIC guaranteed — argued with a security guard who was closing up.

Of course. The security guard could have exercised his discretion and pulled out a wad of $200K for the guy. Why stop at arguing with him when you could hit him in the face with a pie?

But these are desperate times for people with too much money in the wrong bank, and such irrationality is not really funny. I wish I could have $200,000 to put in a bank, but if I did, I bet I’d be pretty distraught over the prospect of half of it perhaps going underwater with the speculative real estate market.

He need not worry, however: Our Congress is forever committed, bipartisan like and with great humility, solemnity and profundity, to perpetuating, nay, ratcheting up its policy of classic moral hazard, and will make sure that more money from the trough is found to fork over and above any stated FDIC insurance limit.

Because it is only money. Your money.

Cross-posted on Right-Wing News.

UPDATE:  “Too big not to fail”!

Posted in Americana, Gelt, Sisyphus | 1 Comment »

Sleight of hand

Posted by Ron Coleman on July 11, 2008

Slate is so cute:

McCain economic adviser Phil Gramm did his candidate no favors Wednesday when he told the Washington Times that the current economic downturn is a “mental recession.” “We have sort of become a nation of whiners,” Gramm said. “You just hear this constant whining, complaining about a loss of competitiveness, America in decline.” . . .

Gramm explained that although “the economy is bad,” it doesn’t qualify as a “recession.” And that other part? “When I said we’ve become a nation of whiners, I’m talking about our leaders. I’m not talking about our people.”

The funny part is, recession or not, Gramm and his investors have felt the pain as much as anyone. Just look at the stock of UBS, where Gramm serves as vice chairman. It’s dropped by 70 percent over the last year. (See Daniel Gross’ recent Slate piece to find out why.)

Below that is a chart showing the tanking stock price for UBS.

Funny.  It would be less funny, but more enlightening, to actually demonstrate the existence of a recession, though, as opposed to either the decline of a single security or even of the whole stock market.

Whining is a lot funnier, though.

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

Ain’t coming back

Posted by Ron Coleman on June 30, 2008

Chrysler reports that it’s shutting down minivan production. “Foreman said, ‘These jobs are goin’, boys, and they ain’t comin’ back … to your hometown.” Bruce was right then, and he’d be right to say it now, too, but not for the reasons he thinks.

It’s not because of free trade, or even because folks in other countries are willing to be exploited. It’s not because of gasoline prices or awful automotive design and engineering. It’s not because of a general economic decline.

Those jobs are going, boys, because the structure of American automobile labor arrangements is hopeless — even for the private equity boys who bought Chrysler. Or, maybe, precisely for the private equity boys, who watch dollars and understand what they do better than millions of public shareholders.

They’re watching dollars go into hopelessly out of date union seniority rules, health plans, pensions — the kind of benefits that few credentialed professionals can hope for, much less semi-skilled auto plant labor. And them dollars, boys, they ain’t coming back.

Gas prices will fall, and a lot, in the next year. American cars will continue to get better and better. American factories will continue to put out very good products in the industries in which they’re competitive.

But unless and until the United Auto Workers fundamentally changes itself into something that is culturally, historically and politically it never has been, is not, and probably never can be, they ain’t comin’ back.

Cross-posted on Right Wing News.

Posted in Americana, Gelt, Politics and Poker | 2 Comments »

Fakeout

Posted by Ron Coleman on June 18, 2008

I wrote a piece about Chinese intellectual property reform at LIKELIHOOD OF CONFUSION® that readers of a more political and less legal bent may find interesting.  So go read it!

Posted in Gelt, Lex scripta, Oppression | Leave a Comment »

Which side are you on?

Posted by Ron Coleman on June 12, 2008

Bill Clinton still has the reflexes:

Bill Clinton on Tuesday canceled a commencement speech at the University of California, Los Angeles, because of a lingering labor dispute. . . .

(Click for a cool pink link)

“Due to the ongoing labor dispute, he regrets that he will be unable to participate in commencement this year and he wishes the UCLA graduates the best of luck,” Clinton’s office said a statement.

Being a Democrat still means, evidently, not caring about the merits of a “dispute.” Picket lines are not crossed because “labor” is presumptively on the side of the angels when it institutes an “action” against “management.”

How exactly is that “New Democrat”? True, here “management” is a publicly-funded university, which, unlike the auto industry, can be bled indefinitely for concessions. So I suppose there is, from a welfare-state point of view, no tipping point in this case: More is always available for the next contract, the public trough being bottomless.

But as a general proposition, when do Democrats, or anyone else, move past the concept that the mere declaration by union management leadership that a “labor dispute” exists establishes an irrebuttable presumption that labor is on the right side of that “dispute,” and is entitled to total deference — even to the extent of broaching a prior commitment? For we know how particular President Clinton is about his commitments.

Answer: This Old Left presumption will be challenged when union gelt and manpower, especially public employee union gelt and manpower, cease to be the single most important component of the Democratic Party coalition. In other words, not any time. Ever.

Posted in Gelt, Oppression, Sisyphus | 10 Comments »

Baseball whiffs

Posted by Ron Coleman on June 2, 2008

You’re outta here!

Major League Baseball and the players association struck out on Monday when the U.S. Supreme Court rejected their appeal of a ruling that sided with a company that uses player statistics for fantasy baseball.

The high court declined to hear the appeal of a lower-court ruling that a St. Louis-based company called C.B.C. Distribution and Marketing Inc. has a free-speech right to use the names and performance statistics of famous athletes.

So, that’s that, right? Uh…

After the Supreme Court refused to get involved in the dispute, a spokesman for the players union said, “We’re considering our options.” Officials from Major League Baseball declined to comment.

The only “option” would seem to be the gift of legislation, awarding Baseball unprecedented rights to control names and numbers and what people do with them. Heck, Hollywood gets these kinds of things all the time — they’ve extended copyright until forever, after all. Why can’t Baseball have “such a”?

Or is Senator Spector, looking for a pastime and finding professional sports a fertile field in which to seek some latter-day political relevance, maybe going to be a… problem for the billionaires of baseball?

Cross-posted on LIKELIHOOD OF CONFUSION®.

Posted in Americana, Gelt, Lex scripta | Leave a Comment »

Money does buy happiness?

Posted by Ron Coleman on April 17, 2008

Maybe, maybe not.

As long as all these studies are getting funded, though, everybody’s happy, right?

Posted in Gelt, Heart and spirit, Homo sapiens | 6 Comments »