So says the EU, who picked Belgium Prime Minister Herman Van Rompuy as the new European Union President.
Blair was trying hard to get that position, but my guess is that the whole “War Crime/Bush’s Poodle” thing did him in.
Year: 2009
This is a Good Idea
Once again, Sheila Bair shows that she, a George W. Bush holdover, is the only one in this administration who gets it.
She is proposing that the FDIC require that the rates paid underwriters and ratings agencies be determined by the performance of the instruments that they handle:
he Federal Deposit Insurance Corp. may force underwriters and raters of asset-backed securities created by banks to be compensated based on the bonds’ performance, an agency official said.
Such a requirement may be part of new rules for bank securitizations that the FDIC staff proposes at an agency board meeting next month, Michael Krimminger, special adviser for policy to FDIC Chairman Sheila Bair, said today in a telephone interview.
I’m sure that Timothy “Eddie Haskell” Geithner hates this idea, because it makes his Wall Street peeps responsible for their actions, but that’s how he rolls.
Unfortunately, the scope is limited, because the FDIC’s rules only apply to banks, and not their parent companies, but this is an idea that should be implemented industry wide.
It would cost Wall Street a lot of money, but f$#@ them, they have a lot of our money to begin with.
God Bless the Onion
Area Man Passionate Defender Of What He Imagines Constitution To Be:
…..
“Right there in the preamble, the authors make their priorities clear: ‘one nation under God,'” said Mortensen, attributing to the Constitution a line from the Pledge of Allegiance, which itself did not include any reference to a deity until 1954. “Well, there’s a reason they put that right at the top.”
“Men like Madison and Jefferson were moved by the ideals of Christianity, and wanted the United States to reflect those values as a Christian nation,” continued Mortensen, referring to the “Father of the Constitution,” James Madison, considered by many historians to be an atheist, and Thomas Jefferson, an Enlightenment-era thinker who rejected the divinity of Christ and was in France at the time the document was written. “The words on the page speak for themselves.”
…..
Brilliant.
OK, this is Scary
Remember yesterday, when I said that 1 in 16 (6.25%) homes was delinquent or in foreclosure?
That number counted only those people who were more than 60 days delinquent, and it counted all homeowners.
If you count all delinquent mortgages, not just 60+ days, and do so as a percentage of the mortgages, not homeowners, then 14.41% of all mortgages were either behind a payment or in foreclosure, the highest number recorded since this statistic started being collected by the Mortgage Bankers’ Association in 1972.
That’s 1 in 7 mortgages.
We are unbelievably screwed.
Economics Update
Click for full size
The Number Needs to be Under 400,000
H/t Calculated Risk
The Index of Leading Economic Indicators rose for the 7th straight month, indicating that a recovery is underway, as does the Philadelphia Bank of the Federal Reserve’s survey of manufacturing hitting 16.7, the highest level since June, 2007.
Unemployment though, is not cooperating, with initial unemployment claims unchanged from last week, they are still 505,000, unemployed is still on a pace to increase.
Basically, if it is above 400K, it still sucks, and this applies to the 4 week moving average too, which fell to 514,000, down 6,500
The continuing claims numbers are better, down 39,000 to 5.61 million, but still pretty grim too.
I would note that the continuing claims number does not count people who have moved to extended benefits, and that jumped 119,000 to 4.16 million.
You do the math 39,000 on the up side, 119,000 on the down side, gives us 80,000 of ugly.
In any case, concerns about continued growth, which I think were driven by the lack of improvement in first time claims, has people fleeing to safety again, with yields on 3-month Treasury Bill maturing in January going negative for the first time since December of last year, because people are willing to pay to keep their money safe for the next month or so..
Additionally, we have the Bank of Japan sending out signals that it will be keeping rates low, because it is concerned about deflation.
These concerns have driven oil down and the dollar and yen up.
This is What You Get When You Go For Bipartisanship
Not only were there bogus tax cuts in the unemployment extension, in order to pick up a few Republican votes, it now appears that the extended benefits will expire at year’s end, because they were paying attention to the end of the year when they passed this bill just 2 weeks ago.
If the Republicans want to stop a bill like this, one that has a huge majority supporting it, they should be made to express their opposition on the floor. Spending a few months cajoling them is counter productive.
Stewart on Palin
When he says:
When you peel back the pretty, shooty layers of the Palin onion, there’s no onion. It’s just a conservative boiler plate mad lib: ‘Freedom is good and taxes are–ooh I need an adjective–how about, I don’t know, silly?’ And the worst part it’s a mad lib delivered as though it were the hard-earned wisdom of a life well lived.
It’s just magical, and it starts at 3:40, though the first part is amusing too.
It’s not as good as Stephen Colbert’s takedown of her (scroll down). But it is very good.
The Senate Healthcare Bill is Out
And, no surprise, it is much weaker tea than the house version:
Here is how the merged Senate bill compares to the legislation passed in the House. The merged Senate legislation has lower affordability standards, covers less people, invests less in prevention, does not require all large employers to provide health insurance, and includes a weaker public option. But the bill goes further in controlling health care spending and reducing the deficit.
I still don’t think that we will get a bill that will provide meaningful healthcare reform.
Too many people *cough* Barack Obama *cough* just want something that they can call healthcare reform.
Is Pop Musician Bryan Adams Being Investigated For His Involvement in a Child Prostitution Ring?
Of course not. The only crime of Bryan Adams is that he makes crappy music. From a quick look at the Wiki, it appears that he does charity, though I think that his support of PETA is misguided, and so I have no hostility to him, though if one of his song’s comes on, I will change the station.
In perusing his Wiki page, I also discovered that he also does photography, and appears to be pretty good at this, having won some awards.
So, why do I post this? Because Lindsay Beyerstein, aka Majikthise, had a post on the Runners’ World photos of Sarah Palin that ended up in Newsweek, and in her initial post, she named listed the prographer of record as Bryan Adams, when the photographer was actually Brian Adams.
It’s not surprising that she got a complaint from Mr. Adams’ representatives, after all that’s their job, but their threats were over the top:
Maybe Palin didn’t realize that the photographer, Brian Adams, was depicting her this way. If so, he totally fucked her over. But I think she was on board with the concept. If Palin had assailed Runner’s World for making fun of her, I might now take her complaint about Newsweek seriously. She liked the Runner’s World spread, though. She thought it was appropriate. [NB: In an earlier version of this post, I misspelled Brian Adams’ name “Bryan Adams.” Today, I got an email from a firm called Web Sheriff telling me that they’d take legal action if I didn’t apologize to the rock star Bryan Adams and ACI for any injury I might have caused to his reputation. So, I sincerely apologize to Bryan Adams. I wouldn’t want my name associated with these ridiculous pictures either.]
(emphasis original)
Take legal action? What the f$#@ is wrong with these folks?
Needless to say, when folks like this (Web Sheriff, not Mr. Adams) engage in dick swinging like this, they deserve all the satire that they receive.
As to Mr. Adams, I would suggest that you retain someone with a clue to protect your reputation on line, though the best way to improve your reputation would be to stop making record albums.
BTW, it appears that Web Sheriff is a British firm, and Britain’s nutzo libel laws might very well be behind WS’s attitude.
They Can’t Even Get Arrested in This Town
I am referring, of course to the group of Christo-Fascist bigot whack-doodles who call themselves that Christian Anti-Defamation Commission, who protested the expansion to the hate crimes law outside Department of Justice headquarters.
It turns out that the law requires, that one explicitly plan, or actively incite violence against a protected group, so they could not get themselves arrested, though they did attract counter protesters, who quickly owned them:
No hands were cuffed. In fact, the few cops in attendance were paying no attention to the speakers, instead talking among themselves and checking their BlackBerrys.
The evangelical activists had been hoping to provoke arrest, because, as organizer Gary Cass of the Christian Anti-Defamation Commission put it, “we’d have standing to challenge the law.” But their prayers were not answered. Nobody was arrested, which wasn’t surprising: To run afoul of the new law, you need to “plan or prepare for an act of physical violence” or “incite an imminent act of physical violence.”
Instead of getting arrested, the ministers got something else: A couple of dozen gay activists, surrounding them with rainbow flags and signs announcing “Gaga for Gay Rights” and “I Am a Love Warrior.” By the end, the gay rights activists had taken over the lectern and the sound system and were holding their own news conference denouncing the ministers.
The kicker to all this:
Cass turned angrily to the AV guy. “We’re not on the clock, are we?” He turned with equal anger to Valk. “You guys gonna help us pay for the microphones?”
The gay activist smiled. “God,” he said, “works in mysterious ways.”
In this case, God took the form of Chuck Fazio, from DC Podiums. Fazio was hired by the religious conservatives to provide the sound system for the event, but upon learning of their cause, he decided to donate his proceeds to the gay rights activists and to give them a chance at the microphone before shutting down the amplifiers. “I don’t want bad karma,” he explained, noting with some pride that the lectern they were using was the same one used by Borat on a recent Washington visit.
(emphasis mine)
Heh.
Stephen Colbert on Going Rouge Rogue
Brilliant
Not Enough Bullets
Business groups are aggressively lobbying to exempt themselves from restrictions on the use of child & slave labor.
Great googly moogly.
I suppose that I should not be surprised, but this just buggers the mind.
15% of Americans Go Hungry
They call it “food insecurity,” but it’s hunger, just like in the 3rd world, and about 1/6 of Americans are having trouble putting food on the table, the highest since statistics started being collected on this.
When we saw numbers like this in 1960, the conscience of the nation was stirred into action …. Today, after 30 years of Reganauts saying that it’s poor people’s fault, who even notices.
Paul Krugman Has a Very Good Point
He usually does, but in this case, his point is good even by his standards.
Specifically, he says that the bank bailout that Timothy “Eddie Haskell” Geithner and His Evil Minions™ was so badly executed, and so without consequences to the people who made this mess, that it has completely soured the public on any further attempt by the government to fix the problem:
…..
So could the feds have negotiated a haircut? Yes. It might not have been that much money, but it would have had a lot of symbolic importance. And that matters.
Brad DeLong says that the loss of public trust due to the kid-gloves treatment of bankers has raised the probability of another Great Depression, because the public won’t support another round of bailouts even if it becomes desperately necessary. I agree — but I think the bigger cost is that we’ve greatly increased the chance of a Japanese-style lost decade, with I would now give roughly even odds of happening. Why? Because bank-friendly policies have squandered public trust in all government action: try talking to the general public about stimulus, and it’s all confounded in their minds with the deeply unpopular bailouts.
(emphasis original)
Krugman is talking about Geithner’s decision to pay off AIG’s swaps to the counter parties, like that great vampire squid wrapped around the face of humanity,* Goldman Sachs at 100¢ on the dollar, which was both stupid and highly unusual:
But Wall Street doesn’t work like that, and never has.
Big financial institutions are a small club, with a shared interest in sustaining the system. Ever since the days of JP Morgan it has been standard practice, in times of crisis, to get major players together in a room and get them to forgo short-term profit maximization on behalf of the industry interests. It happened in the Panic of 1907; it happened in the Latin American debt crisis of the 80s; it happened in the LTCM bailout, which was financed by private firms, not the feds.
I fear that these actions, amongst others, have completely soured the American public on the idea of any government bailout.
To quote a subordinate, who was speaking to Captain Tupolev as they were about to be sunk by their own torpedo, “You arrogant ass. You’ve killed us!”
Let me make this clear: This sad state of affairs is not Geithner’s fault. It would be absurd, and stupid to say, “If only the Czar knew.” This is going on, and continues to go on, because this is what Barack Obama wants.
He has people around him, like Paul Volker, who have been giving him contrary advice, and he chooses not to listen to them.
*Alas, I cannot claim credit for this bon mot, it was coined by the great Matt Taibbi, in his article on the massive criminal conspiracy investment firm, The Great American Bubble Machine.
Texas May Have Outlawed Straight Marriage
Barbara Ann Radnofsky, Democratic candidate for Texas Attorney General, gave a speech in which she said that the 2005 amendment to the Texas State Constitution bans all forms of marriage:
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.
A strict reading of the law does seem to indicate that this is true, since marriage is a, “Legal status identical or similar to marriage,” it appears that marriage is illegal in Texas.
Oopsie.
The late, and much missed, Molly Ivins used to say that Texas was, “Mississippi with good roads,” but not it appears that it appears that Texas is “Mississippi with good roads, and no brains.”
Well, at least they are safe from zombie hordes.
I Think that Herroner is Going to Jail
So the trial of Baltimore Mayor is over, with the defense resting today, so we have final arguments, juror instructions, and then it’s in the Jury’s hands.
I haven’t followed it that closely, but I’m thinking that we will see a conviction, because Sheila Dixon did not testify.
I know that it’s not supposed to happen, but when a political figure is on trial, and refuses to testify, your average jury does hold it against them.
Background here.
Old Pinko is a F$#@ing Genius
I’ve known the Old Pinko for years, and we exchange emails frequently, and I sent him notice of the twitter meme about using some celebrities to read the bill if the Republicans demand a full reading on the floor of the Senate.
His response:
They should use folks, perhaps children, who have serious illnesses and no health insurance. That, that would really stick it too them.
I will note, however, that I would probably avoid using children, since the right wing in general, and Michelle Malkin, and her deranged Minions™ in particular, already have a history of going after people whose politics they find distasteful, including 12 year old boys critically injured in auto accidents.
Now, if only he’d post more frequently to his blog.
Economics Update
Click for full size
H/t Calculated Risk
H/t Calculated Risk
H/t Calculated Risk
H/t Calculated Risk
ABI, H/t Calculated Risk
The Consumer Price Index is up again, largely on rising fuel prices, with CPI up 0.3%, and down -0.2% year over year, and the “core” CPI, which strips out food and energy, is up 0.2%, up 1.7% year over year for the core rate.
This is raising concerns about inflation (stupid, but it’s the way that these folks think) because energy is still about 14% lower than it was last year, so if equilibrium in oil prices is higher than it is now we may see non trivial (over 2% annual according to the inflation hawks) inflation rates.
Meanwhile, the bad news continues along (see graph pr0n), with housing starts and applications for building permits falling unexpectedly in October. (pics 1, 2, 3, and 4)
Additionally, the Architecture Billings Index (ABI) while rising, remained below 50, indicating a continuing contraction in future commercial real estate construction. The ABI leads construction by 9-12 months, so 2010 looks bleak for non-residential building. (pic 5)
There is also the fact that rents are continuing to fall, and since the best metric of house prices is their ratio to renting, this indicates that there housing in general, not just the price of a single family dwelling are still overpriced, and have a way to fall.
Additionally, I think that home sellers are running out of buyers, as mortgage applications fell even though rates were down this week.
The inflation that I mention has spooked the bond market, driving prices down and yields up.
And some news on the weird side, monoliner insurer Ambac announced in its SEC filing that its capital levels were well in excess of regulatory requirements.
Everyone figured that they were due for a takeover by regulators…I guess that “everyone” was wrong.
We are seeing some signs of recovery in international trade, with the Baltic Dry Index, an indicator of the demand for shipping hitting a high for this year.
It appears to be driven by increased Chinese demand for raw materials, and the fact that there are large fleets of ships that have been mothballed that won’t be able to address marked demand for months.
Meanwhile, in energy, oil rose above $80/bbl on a drop in US inventories, and in currency, the dollar fell on statements by a Federal Reserve member that rates would stay low.
Rats Leaving a Sinking Ship
So, you have a phony newspaper, the Moonie Washington Times, in the process of imploding (see here), and now you are seeing the people who have been kicked to the curb going after the paper.
Case in point, former Washington Times editorial editor and ” vice president of opinion” (whatever the f^%$ that is) Richard Miniter has filed a religious discrimination claim, alleging that he was “coerced” into attending a religious retreat:
The former editorial page editor of the Washington Times has filed a discrimination complaint against the paper, saying he was “coerced” into attending a Unification Church religious ceremony that culminated in a mass wedding conducted by the church’s leader, the Rev. Sun Myung Moon.
Richard Miniter, who was also vice president of opinion, made the claim in a filing Tuesday with the Equal Employment Opportunity Commission that also disclosed he was fired last month. He said in an interview that he “was made to feel there was no choice” but to attend the ceremony if he wanted to keep his job, and that executives “gave me examples of people whose careers at the Times had grown after they converted” to the Unification Church. A Times spokesman said the paper would not comment.
The paper has been a money loser for its entire existence, with its deficits being financed through subsidies from the church, and he’s surprised that doing obeisance at Sun Myung Moon’s feet is a part of the job?
This is particularly galling for someone who was their editorial page editor, since their editorial page was arguably the worst in the nation, though, unlike the Washington Post and Wall Street Journal, it does not suffer in comparison to their news gathering operation, because it is equally laughable.
It should be noted that at least a part of the right-wing nutjob community is supporting Miniter in this, as Larry Klayman, late of the whack-job Judicial Watch is his attorney, which implies that there some Scaife or Olin money behind this lawsuit.
There is A Meme Going Around Twitter
It appears that the Republicans are going to insist on having the whole healthcare bill read in the Senate.
The Dems have a team of speed readers standing by to do this, and there is a discussion on twitter as to whether we should give an hour to Christopher Walken or William Shatner to read the bill.
It’s a fascinating concept.
I have two vids after the break to give a compare and contrast Shatner and Walken.
Feel free to add your take in the comments.
[on edit] Yes, Jack Nicholson should be included too.
[on further edit]James Earl Jones as Darth Vader might be a bit much.
Walken reading Lady GaGa’s Poker Face
William Shatner’s seminal I am a Canadian.
Nicholson, 5 Easy Pieces