Year: 2009

Look for the Union Label

Here is an interesting fact: If you retired from Delphi, the bankrupt GM parts supplier, and you are a member of the UAW, your pension is safe, because the Union fought for contractual assurances that it would be safe, but for non-union middle management? Not so much:

But four months later, Mr. Gump finds himself in a far more perilous condition than his neighbors.

On his street, he is the only Delphi worker whose pension benefits may be cut. His neighbors all belong to unions and have received a lifeline in an unprecedented deal related to the government-supervised bankruptcy of General Motors, the onetime parent of Delphi. (G.M. spun off the parts division as a separate company 10 years ago.)

Mr. Gump and some 21,000 other salaried workers and retirees are furious that their roughly 46,000 union co-workers at Delphi have had their benefits restored, apparently with government largesse, and they have not.

This is not “government largesse”, of course, it’s because the Union used its clout to protect its people, and got agreements and guarantees from GM as a result.

Mr. Gump, like myself, is an engineer, who as a group are tremendously resistant to the idea of unionizing, and this cost him, and thousands like him at Delphi.

Signs of the Apocalypse: George F. Will Calls Out Dick Cheney

On ABC’s This Week (Stephanopoulos), they have a discussion of Dick Cheney’s speech, where he says that Obama is taking too long to make up his mind.

George F. Will, yes that George F. Will, takes takes Cheney to task:

“A bit of dithering might have been in order before we went into Iraq in pursuit of non-existent weapons of mass destruction,” Will said on ABC’s “This Week. “For a representative of the Bush administration to accuse someone of taking too much time is missing the point. We have much more to fear in this town from hasty than from slow government action.”

When you have lost the guy who drilled Ronald Reagan for his debates with Jimmy Carter while using Carter’s stolen briefing books, you’ve lost everyone.

Start watching at about -11:10. (the timer on the clip counts down, not up)

Hitler tries a DMCA takedown

You’ve seen it, the various mash-ups that have been done with the German movie Downfall (Der Untergang), where people take a rant by Hitler, as played by Bruno Ganz, and subtitle it, so it appears that he is ranting about XBox games, losing a parking space, becoming a meme, or Super Bowl Results.

Well, it now appears that Constantin Film Produktion GmbH is hitting Youtube with a flurry of DMCA takedown demands. As Brad Templeton of the EFF Notes, this is absurd. The copies do no damage to the producers of the movie, and people are watching this short bit (about 4 minutes) for the subtitles, not the film.

He makes some very good points about just how absurd the hoops that he had to jump through in order to make the film in full accordance of the DMCA, despite the fact that this is clearly fair use.

Go read,

He also gets jiggy with the Hitler rant, only this time, Hitler is assuming the role of a studio executive, not much of a stretch, and trying to lock down the content.

It’s very funny, and contains the classic line, “Have you seen how good that Führerbunker scene is? Bruno Ganz does a great Hitler!”

Video follows:

Make the Giants Pay for the Failed Giants

I like this.

It appears that theHouse Financial Services Committee has gotten to work on a resolution (i.e. liquidation) process for failed mega-banks, and at its core is the idea that financial firms with more than $10 billion in assets would pay for the cost of unwinding failed firms:

The proposal would require financial firms with more than $10 billion of assets to pay for the unwinding of a collapsed competitor. The measure would also give the Federal Reserve the power to direct any large financial holding company to sell or transfer assets or stop certain activities if the central bank determined there could be a “threat to the safety and soundness of such company or to the financial stability of the United States.” This suggests the Fed would win new authority to order companies to shrink.

It’s a good step, though I really don’t want this under the Fed.

They have already proved themselves to be completely captured by Wall Street.

And Speaking of Stupid

Yes, it appears that the US Chamber of Commerce, in a desperate bid for wankitude, had decided to sue the Yes Menfor their phony press release and press conference where they announced that the Chamber would support global warming legislation.

Here is a video of the press conference, complete with a real CoC representative bursting in and calling them out.

With the lawsuit, it will go viral:

Because Republicans are the Grown-Ups, Right

Click for full size


Are you missing the message?


Does that make it clearer?

It appears that California Governor Arnold Schwarzenegger does not like California State Assemblyman Tom Ammiano, and vetoed a rather ordinary bill regarding how the Port of San Francisco is funded as a result.

The bill was about allowing San Francisco to use certain sorts of public financing with regard to their waterfront.

It appears that Ahnuld unexpectedly showed up to the Democratic Party gala, and while the reception was hostile, Ammiano’s was significantly more hostile than most of the rest of the people in the room.

He shouted, “You Lie,” and then walked out of the Governor’s speech saying that he should, “kiss my gay ass” which is an understandable reaction to a guy who vetoed Harvey Milk day.

Totally immature and classless, and so not surprising from a man who suggested that he wanted to flush Arianna Huffington’s head down the toilet in the gubernatorial debates.

You can see the letter, at least for now in all its glory straight from the Governor’s web page, (PDF), but in case you can’t I have a copy of the PDF below thanks to the magic of ScribD.

AB1176 Ammiano Veto Message

Gee, Here is a Surprise

When president of the New York Fed, Timothy “Eddie Haskell” Geithner cut a secret deal on the credit default swaps of AIG.

It appears that AIG had already negotiated haircuts, on the order of 60¢ on the dollar, for the credit default swaps, but then Geithner stepped in, and decided to pay the counter parties, which included, big surprise, that great vampire squid wrapped around the face of humanity,* Goldman Sachs:

Part of a sentence in the document was crossed out. It contained a blank space that was intended to show the amount of the haircut the banks would take, according to people who saw the term sheet. After less than a week of private negotiations with the banks, the New York Fed instructed AIG to pay them par, or 100 cents on the dollar. The content of its deliberations has never been made public.

The argument was that some of the counter parties would have gone belly up if Geithner had not overpaid them, but I’m with John Carney of Clusterstock:

No doubt regulators would say that paying full price was necessary. But it was not.

A far better move would have been to transparently bailout firms that needed the additional capital instead of doing it in an under-handed way. Even better would have been to have forced those firms with too much exposure to AIG to seek out new capital in the markets, possibly converting debt to equity and wiping out existing shareholders. Goldman Sachs claims that it didn’t need the AIG bailout bucks to survive–a claim whose truth we’ll never actually know because of the bungled operation of the bailout.

Gee, I wonder why it was never made public?

Timothy Geithner should be fired, hell he should be fired and tarred and feathered.

*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.

What the $#@! Were They Expecting?

So, Microsoft teamed up with Seth MacFarlane for a Family Guy/American Dad special, and when they saw the show, they dropped it like it was nude pictures of Joe Lieberman.

They had promised, “an upcoming television event devoted to the comedy of Seth MacFarlane, creator of Family Guy, American Dad and The Cleveland Show” that would be, “unique Windows 7-branded programming that blends seamlessly with show content”.

So far, so good, but what they also got was”

According to reports, Redmond marketeers sat in on the recording of the variety special. While Windows marketing messages were presumably seamlessly integrated into the schtick, so were jokes about deaf people, the Holocaust, feminine hygiene and incest.

While Microsoft was clearly reaching for a hip and edgy audience, they presumably meant the “check me out, I’ve got an extra shot in this latte and I’m wearing an Hawaiian shirt” kind of edgy.

I am wondering if these guys ever watched Family Guy or American Dad, because this is pretty much what he does for humor.

Or, to quote Eric Duckman:

Bunch of thin-skinned, no-humor pansies! You tell them an ice-breaker or two about women’s libbers, gays, environmentalists, several minorities, the homeless, couple of religions, anorexics, obese people, the handicapped, old farts, baldness, and people who walk real goofy because they’ve just had a vasectomy, and suddenly, they get all sensitive, like I offended one of them or something!

Economics Update

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Case Shiller Graph Pron (Both) Courtesy Calculated Risk


Woah: Las Vegas -55%, Phoenix -53%, Miami -46.9%

In the, “Well, this can’t be good,” category, we have the Conference Board’s Consumer Confidence Index fell, with the numbers for the current economic situation falling to a 26 year low.

Still, we have seen the Case-Shiller home prices rising for the 4th straight month, though, with the expiration of the first time home buyer tax credit, and the end of the home buying season, I do not expect this to continue.

In the old standbys, oil was largely unchanged, remaining just below $80/bbl, and the dollar rose on concerns about the consumer confidence numbers.

Where is Your God Now?

On my most recent bank failure Friday post, there was a small bank in Otsego, MN, Riverview Community Bank that was closed by regulators.

Well, it turns out that the story of this bank is just a bit weirder than your average bank failure.

Riverview Community Bank was run by a religious nutcase who attempted to foist his religious views on his employees:

Riverview Community Bank, an Otsego firm that attracted national media attention several years ago for espousing prayer in the workplace, has been shut down by state regulators.



Early in its life, Riverview had a reputation for mixing faith and finance. Chuck Ripka, one of the bank’s founders, once told the Star Tribune that God spoke to him and said, “Chuck, if you pastor the bank, I’ll take care of the bottom line.” Ripka and his staff would pray with customers in the bank’s Otsego branch and even at the drive-up window. In a 2004 New York Times story, Ripka said he occasionally slipped up and said, “Come on over to the church — I mean the bank.”

Of course, this makes his bank hostile to non-Christian, or for that matter, non-obnoxious Christian, and as a public accommodation it also makes it hostile to non-Christian, or for that matter, non-obnoxious Christian, customers.

Yes, a religious test on employment is illegal, and it’s pretty clear that this guy made it clear that non-Christian, or for that matter, non-obnoxious Christian, people need not apply for jobs.

There is also the whole “Chasing the money changers from the temple,” irony thing, but I’m not up on my Christian mythology enough to follow the finer points.

It is worth noting that the bank was the subject of consent enforcement actions in the year before its closing, and were instructed to stop paying dividends when they were always circling the drain.

There is a lesson in all this, though: If you believe that God is on your side, you are always wrong, but if you worry whether or not you are on God’s side, you have a possibility of being right.

There is something deeply disturbing and deeply hypocritical about all these folks who seem to think that Christianity is nothing more than a path to wealth.

Were they Boinking Each Other?

Have you heard about Northwest flight 188?

They missed Minneapolis. They overflew it, then turned, and returned to land at the airport, and the plane was promptly swarmed by cops.

The facts that we know are that the flight lost contact with air traffic controllers for over an hour, that they over-flew Minneapolis by about 150 miles, and landed over an hour late.

Well, at first they said that they had a “heated discussion,” and now they have provided further detail, saying that, “they became distracted during an extended discussion of crew scheduling that included their use of personal laptops.”

Seriously, this is nuts. They were out of contact with ATC for over an hour and missed Minneapolis by 150 miles.

This is not a discussion of “crew scheduling”.

Maybe one of them is sleeping with the other’s wife, maybe they are sleeping with each other, or maybe they were playing a MMORPG like World of Warcraft, or doing a Doom death match over a null modem cable.

It could also be that they just dozed off, the airlines are doing their best to work these guys to death…But a “heated discussion of crew scheduling”?

Yeah, and my dog ate my homework.

Inouye to Propose Changes to Franken Anti-Rape Amendment?

Well, we know that appears that defense contractors really hate Al Franken’s amendment limiting their ability to use binding arbitration to keep things like rapes of employees and discrimination cases from appearing from in open court.

Well, it now appears that, in addition to the 30 pro rape Republicans and the Obama administration, there are now reports Senate Appropriations Committee Chairman Daniel Inouye is looking at stripping out the amendment.

This would be regrettable, because the law currently supports the rights of defense contractors to gang rape a woman and lock her in a box, and so the law needs to be changed.

I contacted his office, and have not heard any response at press time yet.

Full text of Franken’s amendment after break:

Sec. 8104. (a) None of the funds appropriated or otherwise made available by this Act may be used for any existing or new Federal contract if the contractor or a subcontractor at any tier requires that an employee or independent contractor, as a condition of employment, sign a contract that mandates that the employee or independent contractor performing work under the contract or subcontract resolve through arbitration any claim under title VII of the Civil Rights Act of 1964 or any tort related to or arising out of sexual assault or harassment, including assault and battery, intentional infliction of emotional distress, false imprisonment, or negligent hiring, supervision, or retention.
(b) The prohibition in subsection (a) does not apply with respect to employment contracts that may not be enforced in a court of the United States.

Newspaper Circulation Craters

What is going on is that their customers are dying off, and the next generation is just not interested in paying for bad journalism.

So newspaper circulation fell by 10.6% over the past year.

The first time that I saw footage of the protests at GW Bush’s inauguration in 2001 was in Fahrenheit 911.

The MSM was doing bizarre camera shots that were determined to hide it all, and the print media did the same.

For anyone who is at all web savvy, why read the New York Times when the Times of London, or BBC, or Guardian does a better job?

There are a number of problems, such as corporate slant in the news (GE/NBC), but the biggest problem is that newspapers are being managed by people who do not believe in newspapers, but rather by people who are little more than chop shop operators.

This is, as I have said before, you saw this in rail in the 1960s and 1970s, when the companies running railroads decided that it was a dying industry, and so cut people, cut maintenance, cut modernization, and cut infrastructure, and in so doing, they very nearly killed it off.

The news industry has become corporate owned, and acceded to the demands of Wall Street by digesting itself to generate the requisite profit margins, and now, there is very little left by way of quality product for people to want to buy.

Economics Update

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Chicago Fed Index Chart Pr0n H/t Calculated Risk


Your Moment of Zen

We have some dueling indices today, with the ATA Truck Tonnage Index falling, and the Chicago Fed reporting that its Midwest Manufacturing Index rose in September to levels approaching where they were prior to the recession.

Overseas, we have the Bank of Israel leaving its benchmark rate at .75%, German consumer confidence falling, and the South Korean economy growing at its fastest pace in 7 years, so it’s more mixed signals.

We are seeing an increased risk appetite among investors, which has driven treasuries lower, and pushed their yields up, though a statement by an official in the Chinese central bank that China should diversify its currency holdings, may have been a factor too.

In real estate, home prices in California fell by 7.3% from a year ago, largely on increased foreclosure sales.

In energy, oil fell again, and the dollar rose from this year’s lows, which would indicate a reduction in risk appetite, which is kind of counter to the results with the US treasuries above.

Finally, watch the video, it’s funny, in an, “I don’t know whether to laugh or cry,” way, and one note to the non-Brits, “Freddy” is Sir Fred Goodwin of the £ multimillion pension.

Jon Stewart is a F%$#ing Genius, He Should Get a Peabody Edition

I have a call into Senate Appropriations Committee Chairman Daniel Inouye’s office regarding reports that there may be changes to Al Franken’s amendment prohibiting the writing of new contracts to contractors who use binding arbitration in discrimination cases, including, “any tort related to or arising out of sexual assault or harassment, including assault and battery, intentional infliction of emotional distress, false imprisonment, or negligent hiring, supervision, or retention.”

While I am waiting for his office’s response, let’s have Jon Stewart put it all in perspective:

Purse Recovered

Remember when I said that my daughter’s purse had been stolen?

Well much to the relief of everyone, particularly Natalie, her purse, which held her phone and her inhaler, as well as her song book/journal were recovered.

It turned out to be a taking for practical joke, as opposed to a taking for the purpose of theft. They took her stuff from her cubby in her after-school music class, and put it in her desk for art class, where she would find it.

Nasty joke, but less nasty than an actual theft.

Heh

Mount Vernon, Washington decided to hold a Glenn Beck day, because he is a native son of that town.

May be this was a really stupid idea:

Glenn Beck Day in Mount Vernon was an expensive lesson for this small town, as it found out the cost of hosting a controversial celebrity.

It’s on the hook for $17,748.85, mostly for 239 hours of police overtime.

….

Well, says Ken Bergsma, the town’s police chief, better to be prepared than not.

The chief says the crowd of 800 to 1,000 demonstrators that greeted Beck for his early-evening appearance on Sept. 26 was the biggest protest he’s seen in his 32 years as a Mount Vernon police officer.

The city council officially distanced themselves from the Mayor’s decision when he made it, and it turns out that they were right, to the tune of almost 18 grand, which is not a small amount of change when the town has a population of 26,232.

There is, and should be, a cost to honoring people whose raison d’être simply self promotion and ego.