Year: 2009

Former Bush Officials Work to Soften Ethics Report on Interrogations – washingtonpost.com

It looks like the Justice Department’s ethics report on the torture memo authors will not recommend a criminal investigation, but it will recommend disciplinary action by the local bar associations, and this has Bybee, Yoo, and Bradbury are doing the level best to use whatever connections they have to make the report milder.

I do hope that this will bet both of them disbarred, but I think that a criminal investigation is really in order, but these folks are merely the sociopaths (Yoo) and careerists (Bybee and Bradbury) who could be reliably counted on to ignore the law in drafting the memos.

We need to work this up the chain, which will doubtless expose obstruction of justice by higher-ups.

For the good of the country, Cheney and Rumsfeld need to spend the rest of their natural lives in jail, so that people inside the DC Beltway stop thinking that rules do not apply to them.

Senate Democrats Define “Loyal Democrat”

Well, Arlen Specter just got pwn3Ð (owned) by the Democratic Senate caucus, which denied him seniority.

I don’t blame Specter for the joke about wanting Coleman to win, but the idea that he would get full credit for his seniority rankled the people who were a few years behind him, and then on Sunday he said that he would not be a loyal Democrat on MTP.

Notwithstanding Harry Reid’s reported promise that Specter would keep his seniority, the Democratic caucus had other plans on this.

I am not sure who is more amused by this, Republithugs, or Democrats.

Ummmm….It’s a Fracking Joke!

In an interview in New York Times Magazine, Arlen Specter is quoted as saying that he supports Coleman in the Minnesota Senate race.

Here is the full context:

Q: With your departure from the Republican Party, there are no more Jewish Republicans in the Senate. Do you care about that?

A: I sure do. There’s still time for the Minnesota courts to do justice and declare Norm Coleman the winner.

Q: Which seems about as likely at this point as Jerry Seinfeld’s joining the Senate.

A: Well, it was about as likely as my becoming a Democrat.

It’s a joke….It’s not a good one, but it’s a joke.

As a comedian, well, he’s no Al Franken…..Come to think of it, as a Senator, well, he’s no Al Franken….

Economics Update

Well, here’s a big surprise, credit card delinquencies are up.

Truth be told, this is a lagging indicator, seeing as how closely it is tied to unemployment.

I would note that so called “marginally attached workers,” which is workers who are still looking for work, but are no longer looking hard enough to be counted, has risen significantly, see pic.

Then again, remember the increase in construction spending I mentioned yesterday?

Private construction spending actually fell slightly in March so the increase I was stimulus spending.

Also, note that the Institute for Supply Management’s index of non- manufacturing businesses, basically a measure of activities in the services, fell in April, albeit at a slower pace than the past few months, so you can decide whether the glass is half full or half empty.

We have another retailer filing bankruptcy, this time Chapter 11 reorg,
Filene’s Basement.

Here’s one for nostalgia’s sake, another monoliner insurer has been downgraded, Fitch cuts Assured Guaranty from AAA to AA, which means that their insurance, which basically leases out their credit rating, is done.

We have more evidence of credit loosening though, with the
LIBOR falling below 1% for the first time ever for overnight interbank loans.

I’m not sure if this is confidence in banks, or confidence in government bailouts though.

In currency, the dollar gained vs the Euro, largely on the expectation of an ECB rate cut, which in turn is based on the largest drop in European producer prices in over 20 years.

Oil is down on reports of large inventories.

Why Primary Arlen Specter?

Because he’s just switched parties, and he is already running against the Democratic party, when he said, “No. And you misquote me, David. I did not say I would be a loyal Democrat. I did not say that. And last week, after I said I was changing parties, I voted against the budget because the budget has a way to pass health care with 51 votes, which undermines a basic Senate institution to require 60 votes to impose closure on key issues. …I did not say I am a loyal Democrat,” on Meet the Press this Sunday.

Arlen Specter has been, and continues to be, primarily all about Arlen Specter.

It should be noted that there has already been some pushback on Specter by the Senate Democrats, who are angry enough about Harry Reid’s promise that Specter be given his full seniority that the Senate Majority Leader was forced to backtrack from that promise, instead saying that the status of Specter’s seniority is up to his colleagues.

Airbus, Boeing Open Rotor Ideas Diverge

It appears that both while Boeing and Airbus are looking at “open rotor technology:, they are moving in different directions (paid subscription required), with Boeing focusing on an on-wing tractor propeller, and Airbus looking at a fuselage mounted pusher propeller. (shown)

Seeing as how air flows the same way on both sides of the Atlantic, the questions is what the differences are in their requirements.

Based on my rather uneducated gut, my guess is that a pusher system, at least one with a the tails arranged as shown would be quieter, because the tail structure masks the prop noise to a degree, and that the tractor propeller on the wing would be more efficient, because the it would be in less turbulent air.

Additionally, the airflow over the wing from the puller props might marginally improve short field performance.

Any thoughts?

I Hope that They Are Lying

the Chrysler creditors, the ones who pushed the automaker into Chapter 11, are claiming that the White House threatened the reputations of the firms involved in order to get them to accede to their demands

In an interview with a Detroit radio host, Frank Beckmann, Mr. Lauria said that Perella Weinberg “was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under threat that the full force of the White House press corps would destroy its reputation if it continued to fight.”

I hope that the WH was threatening to destroy the reputations of the firms involved.

Shame is a legitimate tactic to coerce cooperation, though the idea that Obama would use the, “full force of the White House press corps,” is absurd on its face.

Now to start playing hardball with Goldman Sachs.

Obama to Go After Offshore Tax Havens

This is actually a very good idea, see also here.

Of course, you will hear a lot of hand wringing about “free trade,” and “global competitiveness,” but the real reason that there will be objections is because these folks believe that only the little people pay taxes.

Personally, I would go further, and label the worst of them as money laundering nations, which is what they are, and forbid US banks from doing business with them.

Getting Old

OK, so I am now firmly in my late 40s, and I’ve been putting my glasses on my forehead for close work for about a year, and it’s time for me to get a new prescription, and I got bifocals.

Presbyopia catches up with us all.

In any case, the lenses are of the no line variety, and I’m still adjusting (I think that they may have gotten my left (dominant) eye wrong.

Economics Update

We have some good news in real estate, with pending sales of existing homes posting their first back to back increase in almost a year, and construction rose unexpectedly.

Note however, that the pending homes sales numbers are for homes going into contracts, and has been diverging from closings lately, largely because of financing issues.

I’m a bull, and Yale economist Robert Shiller, of the famed Case-Shiller real estate index, is somewhat bearish too, saying that the improvements in real estate are “fragile”.

Sometimes, markets pause for a breath on the way down, just as they do on the way up.

That being said, the lending situation does seem to be loosening up, as spreads are falling, which means that money is cheaper.

Still, banks are predicting more loan losses from the economy contracting according to a Federal Reserve report.

Meanwhile the generally good news has driven oil up, on the expectation of increased demand, and driven the dollar down, as people leave the safe haven of the $US.

L’Affaire Harman: In Which a Journalist Accuses the Bush Administration of Law Abiding

I’ve been following this for some time, and now we have a credible explanation from Laura Rosen as to why a further investigation might have been quashed by Alberto Gonzales, that you did not break the law until Dick Cheney and His Evil Minions told you to break the law:

3. Did Goss no longer have authority to certify the FISA Warrant when the call in question happened? The Time 2006 magazine piece on Harman coming on the radar in the Aipac case says that the tapped conversaation in question in which the possible alleged-by-some quid pro quo occurred was in “mid 2005.” A former intelligence official familiar with the matter told me that Goss had certified a FISA warrant to target Harman based on that intercepted communication, but didn’t know exactly what time it had occurred.

But a former intelligence community source tells me that DCI Goss no longer legally had the authority to certify FISA warrants at all beginning January 1, 2005 when the law creating the Office of the Director of National Intelligence went into effect. So if Goss did try to certify a FISA warrant to target Harman in 2005, sources tell me that would be unkosher at best, and legally suspect. That authority was no longer in the Director of Central Intelligence’s hands and had gone to the Director of National Intelligence.

(Emphasis original)

The idea that the Bush White House was paranoid about various players pursuing their own agendas is not hard to believe, since both paranoia and ignoring the law was SOP for them, and they would naturally assume that everyone else would do the same.

On a note regarding the coverage of the coverage, it gets more interesting.

BTD at Talk Left notices that Jeff Stein who broke the Harman wiretap story for CQ, threw a hissy fit over suggestions that he was spoon fed self-serving leaks from Porter Goss’s staffers when he was in Congress and the CIA, aka the “Gosslings”.

Of note is that he complains about Ron Kampeas at JTA, and Laura Rosen at Foreign Policy magazine, but studiously ignores Zachary Roth at TPMMuckraker, who actually lists the most prominent “Gosslings”:

  • Patrick Murray
  • Jay Jakub
  • Michael Kostiw
  • Merrell Moorhead

Who are a veritable rogues gallery of weirdness, as Roth makes clear when he notes that, “It says something about this crew that perhaps the best-regarded of them [Michael Kostiw] had his career derailed for shoplifting pork products.”

Stein does not deny that they are his sources in his rant, and given his studious avoidance of the article that names the “Gosslings” even while not outing them, it certainly reasonable to conclude that one of his major sources, and more likely most of his major sources for his initial story, are these “Gosslings”.

That being said, the problem with what appears to be ass covering and political vendettas is that there appears to be no way that they can all lose.

As Atrios notes when he rightly excoriates Harman for her new found discovery of the potential for abuse of surveillance, there are no good guys here:

The absurdity is obvious. Dirty f@#$ing hippies like me were horrified at the illegal warrantless wiretapping program and general expansion of the surveillance state in part because of the potential for political abuse (frankly, given the rubber stamp FISA court and rubber stamp Congress what other point would there be?). Jane Harman and her pal Joe Klein heaped scorn on dirty f@#$ing hippies for such crazy views. Harman gets caught up in what appears to be a perfectly legal wiretap not aimed directly at her, though the release of the details of it might be evidence of the kind of political abuse possible in any surveillance program. Suddenly Harman is a staunch defender the right of People Like Jane Harman to not be wiretapped.

(@#$ mine)

“Stress Test” Results Delayed

They were supposed to be announced tomorrow, but the results will be delayed until Thursday.

A delay means bad news. If it had been good, Geithner and Summers would already be crowing about it.

Also note that Austan Goolsbee is saying that the delay is, “A disagreement by banks over the results of the tests,” which also implies bad news, because the bankers would never object to an overly optimistic projection, which would make them money off their stock options.

Additionally, it seems to me that the reports themselves will be rather sketchy, with important details not being made available to the public.

Denmark Delays Fighter Purchase

It looks like their decision on an F-16 replacement has been pushed to the fall, to allow the formulation of a new National Defense Strategy (basically a budget white paper).

The competitors are the JSF, F/A-18, Gripen, and my guess is there are a number of reasons here, that they want more time to get firmer cost figures on the JSF, which seems to get more expensive daily, and see if they can afford it, and they see the the delay to extract price concessions.

I think that a lot of countries, like Denmark, which were likely JSF buyers, are looking at the numbers, and getting sticker shock.

Chinese Move Aircraft Carrier, Possibly for Refit

The partially completed Soviet aircraft carrier Varyag was sold by the Ukraine to China a few years back, and it was thought that it would be converted to a casino.

Well Galrahn came across photos of the ship being moved across the Dalian shipyard in what appears to be a prelude toward bringing the hull up to operational standards.

My guess is that it will never see operational service, but that it will be used for training and development of an indigenous carrier capability.

My Bad

On my last bank fail post, I listed the total number of bank failures this year at 28. This in error.

That number is just those banks closed by the FDIC, and I got it by totalling their Full list.

If you go there, and click on the most recent closing, it gives the current tally, which is 32 for the year.

Additionally, I neglected to mention the significance of the failure of Silverton Bank.

Silverton Bank was a large institution, providing services for other banks, about 1500 of them, not consumers.

It was a clearing house for payments, credits, and it repackaged loans among multiple banks.

As such, this may trigger further bank failures.

Posted via mobile phone….While in line for a roller coaster at Hershey Park.

Gripen NG Going With Swash Plate AESA Radar

While there are a number of advantages to AESA radars, including reliability, flexibility, range, and low signature, there are also disadvantages, most notably cost, weight, and look angle.

An AESA radar will typically offer inferior performance at significant angles off boresight, and a narrower field of view.

It appears that SAAB is following Eurofighter’s lead, and will offer a swashplate AESA radar for Gripen NG (see picture), in partnership with Radar supplier Selex, offering a “scan angle of up to 100°” (off boresite).

This should address one of the concerns of potential customers, though there is still the whole “chicken-egg” thing, where the customer does not want to be the only foreign customer for the system, or support and upgrades become prohibitively expensive.

SAAB’s brochure is here. (PDF)