Music Monday: Happy New Year

 

In Closing: My new favorite blog; disgraceful; AC saves lives; damned if he doesn’t sound reasonable; no deal may well be better than a bad deal, but it doesn’t matter because there will be no vote tonight; yeah, that does sound kinda dumb when you put it that way; Baby Boomer Nuns; they wouldn’t be there if they could farm it legally; we never had a chance; even a broken clock is right twice a day; and somebody must write a sci-fi epic based on this picture.

Gridlock and Opportunity

The next session of Congress is either going to be complete gridlock, or an era of great bi-partisanship. I say this based on this chart from Nate Silver. In case you’ve forgotten, that’s Nate “the man who got all the numbers right when everybody else got them horribly wrong” Silver:

 

Let me point out the obvious. It takes 218 votes to get most things done in the House of Representatives. Neither the mainstream Republicans nor the Democrats (with or without the Blue Dog crowd) have those votes. The Tea Party has become a de-facto third party. To get anything done, there will have to be a coalition and/or a compromise: either between the two parties, or with the Tea Partiers. This should be obvious to both Mr. Boehner and Ms. Pelosi. The President already said it out loud. As Mr. Silver points out, on this and pretty much every bill in the next session, Mr. Boehner “will need to win the support of at least some liberal Democrats. And a bill that wins the support of some liberal Democrats will be an even harder sell to Mr. Boehner’s Republicans. For each vote that he picks up from the left, he could risk losing another from his right flank.”

Nobody knows if the glass is half-empty or half-full. Was Mr. Boehner’s ill-named “Plan B” a symptom of his increasing irrelevance, or an attempt to enter a Post- Norquist political world? Will the 113th Congress be a more sane and bi-partisan body, or a place where the right hand and the left hand quite literally don’t know what the other is doing? Let’s hope for sanity.

In Closing: military research saving lives on battlefields and eventually on American streets; why re-invent public education with things we aren’t even sure work when we can just crib off Massachusetts?; yeah, it turns out there were good guys with guns at Columbine and it didn’t help (at least the good guys didn’t injure more students); and maybe this deserves more thought.

Oh sure, I totally know him.

Oh sure I know himI’m blaming Busted Knuckles for invoking his name in comments.

In Closing: effing candyman; maybe a clue why is in the previous post’s comments?; follow up; more follow up (attackers knew irony?); Military wants to save you $3,000,000,000 but Congress won’t let them; sorry Wendy, when you serve burgers in paper wrappers on plastic trays, you are not “higher end”; can you help JP out?; and find the problem in this picture. The sad thing is I don’t know how many times I’ve driven past this sign without noticing.

Time’s Wasting

Congress is officially out for the year. It’s the earliest departure in over 50 years, and the least productive Congress since World War 2. But there’s no point in beating your head against a wall to do nothing. Besides, by adjourning early, Harry Reid gave Scott Brown no excuse to miss his debate with Elizabeth Warren!

However, I must point out that Congress left a number of things undone before leaving town. Sure, maybe they’ll have better luck in the new Congress come January but I doubt it. Here’s just a few things:

  • They refused to vote on a bipartisan compromise farm bill that would have reformed agricultural subsidies and “food stamps.” Now we revert back to a bill from 1949.
  • They didn’t do anything about the massive looming cuts in public health and science.
  • They may yet find a way to weasel off the “fiscal cliff” by delaying it. And of course it’s easy to delay it again. And again….
  • They saved trade with Russia for later.
  • They haven’t passed a long overdue transportation bill.
  • They didn’t pass a budget, despite the fact that the new fiscal year starts a week from Monday
  • They have yet to do the will of the people and completely drive a stake through the heart of SOPA.
  • They have not extended the Mortgage Forgiveness Debt Relief Act — one of the good pieces of legislation to come through on GW’s watch.
  • And as they say on the infomercial, many many more.

Remember Come November. Register to vote NOW.

In Closing: radical Islamic cleric almost foils FBI terrorist sting; way to report “news,” CNN; didn’t Jesus say something removing the plank from your own eye first?; hope she got the job; 30 years of emoticons; now he says it; ha, if they had a clue I would still be driving their cars; and desert blooms.

Oh Boo Hoo

Fortune Magazine tells us that “For banks, it’s getting harder and harder to earn a buck.” That’s because interest rates are so low. Or at least that’s what “conventional wisdom” would tell us. Please cry for the banks and demand higher interest rates!

Not so fast. If banks are having such a hard time making an “honest” buck, then how come “U.S. bank earnings rose 21% in the April-June quarter and lending to consumers increased, adding to evidence that the industry is strengthening four years after the financial crisis.” Turns out there’s actually a good reason the banks are doing so well:

That’s because most of them have increased the historic spread between the interest they charge for mortgages and the interest they have to pay for their own borrowing and, of course, the now minuscule rates they pay to folks with savings accounts. As a result, according to a recent news story in the New York Times, bankers are enjoying ballooning profits from their mortgage business.

If the banks were using the formula that was in effect up until a couple of years ago, the 3.55 percent rate for a 30-year mortgage would be close to 3.05 percent. Or, they could increase the rates they pay savers by about a half percent.

So yeah, the gap between “what they pay you” and “what we pay them” got bigger despite mortgage rates near record lows.

I hope Fortune Magazine isn’t hoping for a subscription fee from me anytime soon.

In Closing:  you might want to disable Java; trying to change the law without bothering to involve lawmakers; 14.8% of Americans are on food stamps; and Boehner admits that the easiest way to win is for poor people to stay home on election day.

A City of Tradition

Why yes, Chicago is a city of tradition. They turn the river green for St. Patrick’s day — and I don’t mean for organic fishing. They have arcane fire codes because of an ancient fire which destroyed most of the city (and freed up the coastal areas for redevelopment as parkland). Foods like pizza and hot dogs have their own Chicago traditions. There’s so much tradition that according to legend, the dead vote.

And there’s also a fine tradition of Chicago’s police department pre-acting and over-reacting.

Sure, they are expecting protests of the NATO summit. Sure, abandoned luggage has to be investigated these days instead of being taken to the lost and found. And sure, there are lots of targets, although I fail to see what bombing the mayor’s place would have proved (and even if it would have accomplished something, any idiot terrorist should have expected more security this week than next week).

Was it really necessary to arrest people for something that they might have been thinking about doing? How do you prove you weren’t thinking something? And really, to describe a Malotov as a “primitive bomb” means that all those IEDs in Iraq are sophisticated devices. Anybody with gasoline, an empty glass bottle, and an old rag can make one. Of course, the “bomb making” equipment may well turn out to be “beer making” equipment. I understand the confusion; both start with B.

And if they were going to take 30 hours to come up with a warrant, couldn’t they at least have found a judge to sign the damn thing? Were these unarmed people really so dangerous they had to be shackled to a bench for 18 hours? Really? Did they get their phone call? Did they have to dial with their noses?

All snark aside, CPD could learn a lot from Vegas Casino security.

In closing: Hawaii tells Arizona where to get off; is a short middle-aged white guy in a hoodie a thug too?; he knew what the job paid when he spent millions of dollars trying to get it; bananas > Gatorade; apparently some people think preventing rape of prisoners is a luxury; 44% of Facebook users never click on ads.

Misdirection

OK, Maybe CNN wasn’t terribly subtle when they said “Washington could take down a mega-bank” and then immediately below showed a row of Bank of America ATMs. And don’t get me wrong, everything I have read about B of A lately indicates that they are skating on thin ice.

But don’t lose track of the prize. Fannie Mae just was forced to buy bought $500,000,000 in crappy loans from B of A — despite having plenty of foreclosures and pre-foreclosures of their own — in what Fortune calls a “back-door TARP.”

Gee, this couldn’t possibly have anything to do with the motivation behind a proposed program to help get rid of Fannie, Freddie, and HUD’s foreclosed properties, now could it? By the way, the headline is just a tweak misleading. They aren’t talking about slapping a “For Rent” sign in the lawns of these houses; they are talking about finding some sucker investor to buy them in bulk (that means with limited ability to pick and choose) under the condition of renting them out. Never mind that these homes are in conditions that vary from pristine to bulldozer-ready. Never mind that investors are already cherry-picking the best of them. Never mind that Fannie, Freddie, and HUD all have systems in place to favor owner-occupants when selling foreclosed properties.

Not gonna work.

In closing: I hope he’s still open for civil damages; She-Ra; Clavell did this as a novel, but with helicopters; If I Had $1000 Dollars; it hasn’t worked yet so let’s keep doing it; S&P and 63% of Americans agree about one thing; I know things are bad when Ron Paul starts to make sense; check your LinkedIn prefs; and Bert and Ernie are puppets, they have no sexual orientation.

Bikini Bloodbath Shorties

Where the heck does Hollywood keep coming up with absurd titles for horror movies? Anyways, on to the shorties.

It wouldn’t be Shorties without the Economy:  Yeah, turns out it is a recession if you stop playing games with inflation. Gee, really? Maybe that’s why the stock market is picking up their money and going home. Maybe if somebody were, oh, I don’t know, creating jobs.

Is it a coincidence that I’ve been invited to 2 protests that they won’t even tell me where it is until I RSVP?: Maybe, Maybe not.

Up, Up, and Away: in my beautiful 1940s aircraft.

People with Idiotic Ideas Aren’t News: You tell em, Senator.

From the Top: The Secretary of Education says that No Child Left Behind is a **** piece of **** and urges states to opt out of the money associated with implementing it. Gee, maybe “better” isn’t a standard.

Bloody Socialists: Turns out they have a few good ideas about the practice of medicine.

Speaking of medicine: The Duhpartment of Research is at it again.

Someone Noticed the Man Behind the Curtain?

Today the Dow Jones Industrial Average was down over 500 points. Now make no mistake, I don’t like to read too much into the Dow. After all, it’s only 30 stocks, tweaked so the most expensive ones matter the most. However, the S&P 500 also dropped almost 5% today.

The culprit? “Fears over the economy.” That’s the same economy that — at least outside corporate boardrooms — was crappy a week ago, a month ago, a year ago. But now? Someone is exposing the Wizard behind the curtain and it’s obvious that Bad Things are afoot in the Wonderful World of Oz.

What’s different now? Is it that the State of New York isn’t going to let Bank of America get off with a pennies on the dollar settlement? Is it that Congress has done such a bad job that their disapproval rating is at an all time high? Perhaps it’s that we now understand some of the lies surrounding the federal budget? Maybe somebody outside peace activists has realized that we really are running 2 and a half pointless wars (to say nothing of thinking we can still starve Cuba into capitalism)? Did some stock broker take a wrong turn into the wrong neighborhood and notice that trickle down doesn’t work? Could it be that somebody noticed that unemployment is up nearly everywhere, and there’s nothing in the budget deal or any other federal plan that would create jobs?

Of course, I am not alone in thinking we never actually got out of the Great Recession.

If you are looking for a silver lining, mortgage rates are down due to the economic data. Assuming you have a job, and good enough credit to qualify for a mortgage.

In Closing: Fannie and Freddie were just following everyone else off the cliff; if we seriously believe that some criminals can’t be rehabilitated, the answer is life in prison, not a scarlet letter (oh but then we would have to think for more than 10 seconds); it still wasn’t the drugs, but the scopes; Toyota, and Honda lose to Nissan, Kia, and VW; tax reform zombie; you have to be wealthy to eat healthy; and aww honey honey.