Department of Analytical Tools
Bernie Sanders appeared on Dylan Ratigan's show yesterday talking about Elizabeth Warren's appointment. Towards the end of his interview, he said a few words about his opposition to extending the Bush Tax cuts to the wealthiest Americans. His proposal was to end the tax breaks the high income people, take the $700 Billion freed up, spend $350 Billion on sorely needed infrastructure projects, creating millions of jobs over a 10 year period and taking the other $350 million in savings and applying it to deficit reduction. Read more about Et Tu Bernie?
When will people understand, it's war. On us. On you. On your family. Because of what you are.
The next time you think, "CD is too strident and angry in her atheism and/or rhetoric against homophobia. She should be more patient and forgiving," think of this post.
Wars are not always fought on battlefields with guns and bombs, but people still die in them. Read more about Goodbye, Billy Lucas
So Lambert put up an old Newberry post recently and the comments deserve further discussion. Given that it's a popular topic in the blogosphere right now, let me oversimplify the matter:
How can we make the overclass/creative class/political leadership/policy makers truly understand the plight of the people who make/do/are the things that are affected by the policy the overclass shapes? Tony Wikrent's comment included this quote from an author he respects: Read more about On (Re)Educating the "Progressive" Creative Class
This is the blog that says Fuck! proudly, so this shouldn't shock anyone too much. I recently came across a nifty little comment/riddle and I thought I'd share it.
So let's say your standing in a pool, neck-deep in vomit. There's a person standing above you on the pool side, with a big hunk of dogshit that they are about to throw at your face. Do you duck, and immerse yourself totally in vomit? Or do you stand firm, and get a face full of shit?
Applying this to voting in the fall, the vomit = GOP and shit = Dems. Read more about The Pool Riddle
RL, as usual, is not simply calling, but stamping its little feet and screaming, so this is going to be a post that is far shorter than the subject deserves. But I thought I'd run it up the flagpole, and see if anybody salutes, throw it against the wall and see if it sticks, throw it on the roof.... Read more about "The F Card" once more
Meh, I'm trying to think of a way to keep this short. Bottom line: it's much, much nicer to be an out gay man, today, than it is to be an out gay woman or transperson. It... annoys me that I have to dispute this, even at popular gay blogs. Don't get me wrong, I'm not dissing anyone at this post or blog or in particular. I just don't think I should have to argue that. And I doubt most of you care! And that's fine! But as intra-PC wars that no one cares about go, this makes me crazy. Read more about A Rare Lesbian Rant
This is probably the wrong time to post this, but I just discovered this blog and the angry posts about education, employment and debt there. Don't get me wrong; I can wax plenty angry on those subjects and the way they interact today in this country. But I'm disturbed. It seems to me more and more people are giving up on the idea that education, the real and good kind, is of value in and of itself. I could never believe that. Read more about Is Higher Education a Waste of Time for Little People?
We live in the age of Big Numbers We Don't Understand. To put Google’s annual revenue in more context, if Google were a sovereign nation, it would have the 90th largest economy in the world, below Panama and above Cyprus. Put another way, Google is worth two Albanias, four Haitis, or eight (!) Mongolias.
This in reference to a measly 149BN market cap.
Any suggestions for whose GDPs we can line up for the Big Shitpile?
Or another edifying context? Read more about Big Numbers We Don’t Understand
Every day, calls to action arrive in my mailbox. Some of them make it onto this blog; most of them don't. And now, I'm questioning each one even more closely. Read more about Choosing Our Fights Wisely
Yves's appearance on After Hours had me blowing kisses at the screen. Commentary includes Obama (shocking indifference to unemployment, for a Democrat--if you think he is a Democrat), unions (why generalize from the Teamsters to all unions, when we don't generalize from Massey to all corporations), inflation (just not an issue right now), and more. Read more about Watch Yves on BNN!
The essential problem of the neo-liberal era is a broken triangle:
1. It has to have low inflation and volatility in the real economy, as well as in the macro-economy, otherwise, those who generate excess profits will not put them back into circulation as liquidity.
2. It has to have low interest rates and low liquidity preference by a sizable share of consumers.
3. It has to have greater volatility for individuals. Read more about A Bender of an Era: Bush made Iraq so big he couldn't lift it
The debates between the deficit doves and the deficit owls continued at New Deal 2.0 (ND20) today. Jeff Madrick, a dove, gives us a post entitled: “Stimulate Now: On Inflation and Deficits.” In this post, I'll evaluate Jeff's views paragraph by paragraph.
”Some have suggested that if a country nears the point that it must consider default, that is, it can’t generate enough tax revenues to pay debt and meet other minimal commitments, then all it need do is create reserves if it has a sovereign (aka ‘fiat’) currency.”
Maybe Jeff is right that “some have suggested . . .” the above, but I've never seen anyone do that. The economists I read who write about the capabilities of Governments sovereign in their own currencies say that such countries can't be forced to default, that they can only do so voluntarily, and that if they do, it's only because their decision makers don't understand that they can't be forced into default by international markets any external authorities. Read more about Deficit Doves Vs. Deficit Owls at ND20: Part Two
New Deal 2.0 (ND20) is, well, more New Dealish than other web sites, so instead of the usual conflict between deficit hawks and deficit doves, we might see at, say, the New York Times. Here things are shifted to the left, and we see a debate between the deficit doves and the deficit owls. The doves and owls have posted there for awhile without really engaging one another. But recently, the appointment of Jack Lew as OMB Director and the Statement/petition by Sir Harold Evans called “Stimulus Now,” has ended an uneasy truce between these groups. Paul Davidson, Sir Robert Skidelsky, and Jamie Galbraith replied to the Evans petition with a refusal to sign it and an explanation of the deficit owl position. At about the same time, there was an exchange at Paul Krugman's blog between deficit doves sharing Paul's position on the deficit and deficit owls, who don't agree with the deficit dove prescription of short-term deficits until we get a strong recovery and then a “pivot” to deficit reduction eventually resulting in a surplus when times get really good. The deficit owl prescription is to increase Government spending on programs directed toward the public purpose, until all excess productive capacity in the US economy is used, and then cut back on less valuable spending, or raise taxes as necessary to avoid inflation. Deficit owls also believe that there is no need to worry about deficits as long as Government spending hasn't helped to created enough aggregate demand to use excess productive capacity, and that thereafter, aggregate demand needs to be cut either by reducing spending, raising taxes or both, not in order to reach some arbitrary deficit or surplus number, but rather to achieve the specific goal of avoiding inflation. Now, at ND20, blog posts have begun to appear where deficit doves and owls have been exchanging points of view. Read more about Deficit Doves Vs. Deficit Owls at ND20
There is a war in finance. This war is not a war of a good guy versus a bad guy. This is a war of two bad guys, a war of Titans who could destroy each other and the financial system.
The old world European Titan is the central bank complex, made up of the Fed, the central banks of Europe, and the Bank of International Settlements/IMF/World Bank.
The new Titans are the hedge funds and Goldman Sachs, who seek to profit in good times and bad. These do not war against the central banks out of a sense of right and wrong, but rather out of a sense of greed. Read more about The Fed won't allow the US to issue currency