Socialist governments traditionally do make a financial mess.
They always run out of other people's money.
Margaret Thatcher
Slam of the Day
Larry Summers' Dan Quayle Moment...
The wise man has an advantage over the brilliant man. Socrates himself pointed it out. Brilliant men think they know something. Socrates knew his limitations. He knew he know nothing. Larry Summers is no Socrates…- Bill Bonner
The quote from Bonner's latest piece that jumps out at me is this: "When Greenspan took his post at the Fed a total of about $250 billion of US debt was in foreign hands; today it is $5.6 trillion." Remember Greenspan was nominated late in the Reagan Administration to replace Volcker. I'm concerned about vulnerability of the markets if effectively there was a run on the dollar, if foreign investors wanted to salvage as much as they can get for their bonds.... The Fed is playing with fire.
Parking Penalties: Municipal Extortion
I did a gig back at some paper manufacturer on the outskirts of Los Angeles in late 2000. The client had a small company lot in the back of the building; it was completely filled and so I had to park on the side of the street. Normally that's fine--except during evening rush hour when the parking lane converted into a driving lane. As I recall, somehow I got stuck in an emergency meeting and wasn't able to go move my rental car. I got written up--the only parking ticket I've gotten. I seem to recall I got hit with a hefty fine--more than they mention in the video below, because I remember it exceeded my billing rate, and the client refused to reimburse me.
An Unarmed Homeless Man Is Killed by Lady Cop After Man Uses the "B" Word
I understand that police officers may not like being treated with disrespect, but professionalism and keeping one's emotions in check are necessary to retain public confidence and support. Blowing away a possibly mentally ill man at close range in the chest is unacceptable, period. (She also had nonlethal weapons at her discretion.) She had her weapon drawn on the unarmed man at the time he exited a restaurant. There is a video of the incident; the man was not attempting to assault her at the time of the shooting.
After the Boston Marathon Terror Attack, Guess What Happens If You Internet-Search on Backpacks and Pressure Cookers...
The Guardian has an interesting article on a spook-friendly NSA interface XKeyscore for searching its accumulated data (including boilerplate justifications for relevant queries). I have been sharply critical of knee-jerk TSA overreactions. The shoe bomber unsuccessfully tries to ignite his shoes on a flight, almost overnight they're checking shoes at airport security; Chechen female radicals set off bombs under their bras, and women are checked around that area; the underwear bomber tries to take down an airliner, and men join the population being felt around the groin. I understand why law enforcement may be concerned with copycat crimes especially after Rolling Stone pulled a bonehead stunt of publishing a flattering picture of the surviving terrorist brother on its cover. But one couple recently found their place searched after the wife searched for pressure cookers and the husband backpacks. No queries on bomb-making (to the best of my knowledge). That was enough to get their home searched by about half a dozen law officers. A lot of conflicting details or alternative explanations: for example, it seems the officers were local/county, not FBI; search information could have been obtained by another person with access to the PC; IP addresses could be tracked at vendor websites, etc. But clearly this was an unreasonable search; in the past I've owned a pressure cooker and a backpack (I don't think I bought the latter; I think it was a premium for a magazine subscription). These are common household items. You really need some context to make this more reasonable--e.g., the couple fits a certain profile. Ir'a ridiculous to send half a dozen law enforcement spending nearly an hour, not counting transit time, based on innocent product searches ... When one of the men mentioned 99 out of 100 searches come up empty, you clearly have an inefficient process at taxpayer expense.
The Detroit Bankruptcy: Additional Comments
Detroit's problems did not start overnight; Greenhut in his recent post reminds us that as early as the JFK Administration, Time had a story on declining Detroit's fortunes--services, infrastructure, economy. The city population has shrunk to a fraction of its size years ago, tax rates are at the top of the range (and a significant percentage of cases go uncollected), the average household income is well below the national average, the city has one of the highest unemployment rates in the country. And yet in a city where nearly 40% of street lights are out and it takes nearly an hour for police to respond to an emergency call, retirees think their obligations come first, even before ongoing operations and investors whom lent money in good faith To rephrase Bob Dylan, everyone must get a haircut.
RCP reports a poll showing a bare majority of Dems support a bailout of Detroit, but overall it's very unpopular, with over two-thirds of independents and Republicans opposing it. For a Republican legislator to vote for a bailout would be a political death wish; it's dead on arrival in the House.
Political Humor
The Onion suggests we're one great Obama speech away from a robust economy... (Of course, he's been trying for 5 years now; it's like the folks not buying ObamaCare after 30 speeches--he just couldn't cast the right spell...)
In what has to be the most outrageous defense ever — this is real — Filner's lawyer said if there's any liability, it's the city liable for failing to give the mayor sexual harassment training. Oh, come on now. Just shut up! - Jay Leno
[I think Filner already knows how to sexually harass; he doesn't need any more training.]
Mayor Bloomberg wanted to outlaw giant sugary drinks. He wanted to try to force a ban on sugary sodas and they overturned it. That's fine, but what about a ban on texting while you're running for mayor? Why can't we get a ban on that? - David Letterman
[I see Letterman is still operating under Bloomberg's ban on funny monologues...]
Political Cartoon
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| Courtesy of Michael Ramirez and Investors.com |
The Beatles, "Sgt Peppers Lonely Hearts Club Band/With a Little Help From My Friends"
Stop the Madness of the Drug War!
