Massive 2005 takedown of The Moustache of Understanding.

As Cory Doctorow says:

Here's a 20-minute, must-see lecture on the Anti-Counterfeiting Trade Agreement -- the secret copyright treaty currently being negotiated, which stands to fatally wound all user-generated content sites from mailing lists to YouTube; which stands to criminalize kids for noncommercial file-sharing; which stands to put your internet connection in jeopardy if anyone in your house is accused of infringement, and much, much more.

What's not to like?

Somebody post or comment on this, please!

In a column which oddly, or not, doesn't mention the President by title or by name, Krugman concludes:

The gist of the [TARP inspector general's AIG bailout] report is that government officials made no serious attempt to extract concessions from bankers, even though these bankers received huge benefits from the rescue. ...

For the A.I.G. rescue was part of a pattern: Throughout the financial crisis key officials — most notably Timothy Geithner, who was president of the New York Fed in 2008 and is now Treasury secretary — have shied away from doing anything that might rattle Wall Street. ....

Ryan Griffin in HuffPo, yeah yeah:

A bloc of African American House Democrats, angry and worried that not enough is being done about high unemployment by the administration, forced the postponement of a much-anticipated vote Thursday on comprehensive financial regulation reform.

And "progressives" couldn't do the same thing on health care why, exactly?

Dig it: the Stupak amendment and the Palin witch-burning are the same fucking thing.

At Baseline Scenario, James Kwak concludes:

For the CRA to be the problem, the causal factor would have to be availability of credit in low-income communities. But from what I’ve read, it seems like today’s problem is no longer redlining — plenty of lenders were willing to lend to the poor. It’s predatory lending — they found that for various reasons it was easier to steer poor people into unnecessarily high-cost loans. Now, I’m no fan of policies to encourage homeownership in general. I think we have too many of them. But the CRA is primarily a policy to discourage discrimination, and that is something we unfortunately still need.

Michael Jackson "Work and Soul" (part 1 of 4); the whole series gives excellent perspective. My takeaway (and there are many others):

That's how bad it is.

No indeed:

With unemployment among blacks at more than 15 percent, the N.A.A.C.P. will join several other groups on Tuesday to call on President Obama to do more to create jobs. ...

In speaking out on jobs, N.A.A.C.P. leaders say they are not trying to pick a fight with the first African-American president. Rather, they say, they are pressing Mr. Obama in an area where they believe he wants to be pressured.

“It’s time [NOW????] for us to really stoke this issue up,” said Hilary O. Shelton, the N.A.A.C.P.’s senior vice president for advocacy and policy. “We’re not so much trying to convince him to do something he doesn’t want to do, but urging him to move forward on an issue we have agreement on.”

Well, you go on believing that.

Ian Welsh:

Last year myself and Stirling both noted that what would be done by banks if they were bailed out is to horde their money, not lend it out cheap, and save it to buy up competitors, make leveraged plays and so on. That is EXACTLY what has happened. Exactly.

During a downturn, if you have money, you don’t want to lend it out for low gains when you can buy up competitors, cheap. You don’t want to lend it out cheap, when you can make leveraged plays off the bottom of a stock and commodity market which is bound to go up because trillions are being poured into it by central banks. You want to take that money, and buy things while they are cheap, not lend it out for 4 or 5% returns, when you can make many many times that.

Why, exactly, governments expect banks who have better ways to make money to act like retail banks who don’t have any other way to make money but lend out at prime +3 or 4 percent is beyond me. They think they’ll do it out of gratitude for being bailed out, or some sort of sense of civic duty? Most politicians may be stupid, venal and corrupt—but it’s that very greed and venality which means they should understand that banks will do no such thing.

Banks will do it only if they are forced to do it. Remove retail banking from investment banking, insurance and brokerage services, and disallow any risky games on the markets for retail banks. Remove all special facilities from non retail banks because Goldman Sachs should not be doing highly leveraged plays with free money from the Federal Reserve. And reinstitute serious leverage limits, not just for retail banks but for everyone.

As for retail banks, if they don’t lend to the public at rates approved of by the Federal Reserve and Congress, they too should lose their access to special facilities. Banks are given the valuable right to borrow money for almost nothing, and to, in effect, print money by lending out money they don’t have. Those are privileges which are given to them in the expectation that they will use them to benefit the economy. If they refuse to do so, they should lose the privileges.

None of this is rocket science. Those of us who predicted both the crisis and what the bungling of the crisis would cause, however, are precisely the people who are not listened to by those in power. Obama is having his jobs summit, and forget nobodies like me, he isn’t even inviting somebodies like Stiglitz and Krugman.

That's because predicting a crisis correctly disqualifies you for Serious work in Versailles. But, seriously, why would it be any different?

CJR quoting Bloomberg:

[WARREN] “I made a decision at the beginning that the experts wrecked this economy and the public has a right to know what’s going on,” she said. “It’s our economy on the line and the experts can’t be trusted. I want everyone to be part of the solution to how we want to change our economic world. If it’s risky or makes me look stupid to someone, so be it.”

Crazy talk!

Reuters:

[Carin] Froehlich is among the growing number of people across America fighting for the right to dry their laundry outside against a rising tide of housing associations who oppose the practice despite its energy-saving green appeal.

Although there are no formal laws in this southeast Pennsylvania town against drying laundry outside, a town official called Froehlich to ask her to stop drying clothes in the sun. And she received two anonymous notes from neighbors saying they did not want to see her underwear flapping about.

"They said it made the place look like trailer trash," she said, in her yard across the street from a row of neat, suburban houses. "They said they didn't want to look at my 'unmentionables.'"

Edward Harrison:

[T]here is an element of bad faith dealing here. The banks were given TARP funds and other, extensive types of support so they could support the economy via lending. Raising rates to beat the impact of new rules was predictable (the long lead time for implementation of the rules was no accident) but the brazenness of the banks is still remarkable.

Remind you of anything?

Via Big Picture.

Via Tulsa World:

This tiny town near the Oklahoma-Kansas state line north of Enid may soon own the country's only all-Christian prison, with Christian administrators, employees, counselors and programs.

"If Chicken Little doesn't come to town, we'll be open in 16 months," said Bill Robinson, the founder of Corrections Concepts Inc., a Dallas nonprofit prison ministry that is spearheading the project. ....

Robinson, himself an ex-con and prison minister, said he had been working for years on the idea of an all-Christian prison, and he had invested $1.3 million so far on construction plans and other expenses.

If the answer is Yes, Texas may just have outlawed all marriages, not just gay marriage:

Texans: Are you really married?

Maybe not.

Barbara Ann Radnofsky, a Houston lawyer and Democratic candidate for attorney general, says that a 22-word clause in a 2005 constitutional amendment designed to ban gay marriages erroneously endangers the legal status of all marriages in the state.

The amendment, approved by the Legislature and overwhelmingly ratified by voters, declares that "marriage in this state shall consist only of the union of one man and one woman." But the troublemaking phrase, as Radnofsky sees it, is Subsection B, which declares:

"This state or a political subdivision of this state may not create or recognize any legal status identical or similar to marriage."

Architects of the amendment included the clause to ban same-sex civil unions and domestic partnerships. But Radnofsky, who was a member of the powerhouse Vinson & Elkins law firm in Houston for 27 years until retiring in 2006, says the wording of Subsection B effectively "eliminates marriage in Texas," including common-law marriages.

I bet I know why the Christianists who pushed this amendment used that wording, too: They think the FSM created marriage, so they don't want the state of TX doing it, too.

Chortle.

Shit sausage can kill you:

Reid's bill would gradually extend health insurance coverage to nearly all Americans by providing government subsidies to help pay premiums. Starting in 2013, it would ban insurance company practices such as charging more to those in poor health, or denying them coverage altogether.

So, when 45,000 people die each year without care, our Harry favors a "gradual" approach. Of course, there's a bright side:

Here's a link in case the video doesn't work.

  Read more…

"One voice", my sweet Aunt Fanny.

Words cannot express the relief I feel at not having to read yet another access blogger's "progressive" screed on Senate process. Now, about the sausage?

First, phantom reform does give you choice, but it is the choice between many HMOs and other private, for-profit insurance plans. Real reform would give patients the choice they actually want, which is to choose their doctors and hospitals. Americans don’t want a choice of insurance company bureaucrats; they want a choice of health care providers.

Simon Johnson:

[Brit banking boffins] Haldane and Alessandri offer a tough, perhaps bleak assessment. Our boom-bust-bailout cycle is, in their view, a “doom loop”. Banks have an incentive to take excessive risk and every time they and their creditors are bailed out, we create the conditions for the next crisis.

Any banker who denies this is the case lacks self-awareness or any sense of history, or perhaps just wants to do it again. ...

The Haldane-Alessandri “doom loop” is fast becoming the new baseline view, i.e., if you want to explain what happened or – more interestingly – what can happen going forward, you need to position your arguments relative to the structure and data in their paper. ...

How can we believe that for the regulators, “next time is different“? Most likely, next time will be exactly the same, with different terminology: the financial sector “innovates”, regulators buy their story that risks are now properly managed, and the ensuing bailout (again) breaks all records.

Pravda:

The Obama administration announced plans Monday to hold a forum on jobs and economic growth at the White House on Dec. 3, after which the president will go on the road to demonstrate his concern about the nation's rising jobless rate.

With the nation's unemployment rate at its highest level in 26 years, President Obama plans to bring together CEOs, small business owners and financial experts* to sound out ideas for continuing to expand [?] the economy and create jobs.

"During these difficult economic times, we have a responsibility to consider all good ideas to encourage and accelerate job creation in this country," Obama said in a statement.

The president outlined plans for the forum before leaving for Asia last week, but at the time had not nailed down a date. The White House said Obama would follow the forum with a visit to Allentown, Pa., for the first stop of what the White House is calling a Main Street Tour, which will take him to across the country over several months.

Months. So, we're going to have to go through the campaign of 2008 all over again.

As Yves would say, a must read.

... in the Afghanistan quagmire, graveyard of empires.