Year: 2010

And Here Comes the Walk Back

No Comments

Remember when I said that, “I expect to see him [Obama] walking this back in some manner or another over the next few days, because, after all, that’s how he rolls?”

Well, he just walked it back (that was quick):

Speaking to reporters today, President Obama drew a sharp line under his comments last night, insisting that his defense of the right to build a mosque does not mean he supports the project.

“I was not commenting and I will not comment on the wisdom of making the decision to put a mosque there. I was commenting very specifically on the right people have that dates back to our founding,” he said.

So, to quote Chris Hayes on Maddow this evening, this is “Supporting the 1st amendment in principal, but not in practice.”

So long as Democrats, and Obama is the head of the Democratic Party in all the ways that matter, are willing to flee in terror of this kind of crap, this poo will continue to be flung.

H/t Digby.

A Bit of Meta

No Comments

There seems to be a problem with the “recent comments” widget, and recent comments are not showing up, unless someone from JS-Kit is posting, or so it seems.

If it keeps not working, I’ll rip out JS-Kit by the roots and go back to blogger’s rather brain dead comment managent, until I find something else.

As it stands right now, there are about 3 of my posts (1 apology and 1 test), and 1 post from a reader (Hi, John) on this post have not yet shown up.

Big Surprise, Harry Reid Chooses Cowardice Over American Values

2 Comments

He’s called for the Lower Manhattan Islamic center to move:

Senate Majority Leader Harry Reid (D-NV) has now spoken out on the Muslim community center in New York — saying that while the organizers are free to construct the project, it should be moved somewhere else.

“The First Amendment protects freedom of religion. Senator Reid respects that but thinks that the mosque should be built some place else,” said a statement from Reid spokesman Jim Manley. “If the Republicans are being sincere, they would help us pass this long overdue bill to help the first responders whose health and livelihoods have been devastated because of their bravery on 911, rather than continuing to block this much-needed legislation.”

If he weren’t running against Sharron Angle, I’d be rooting for the Republican.

Of course, he is running against Sharron Angle, so I am merely ambivalent.

Of course, it’s so transparently craven that it probably hurt him more, but cowardice when it is both self-destructive and stupid appears to be a basic Democratic Party value.

What the Hairieriest Saroff Said

5 Comments

On my brother’s all too infrequently updated blog, Stephen pointed out two articles that indicate why economics is called the “dismal science.”

He points to a Wall Street Journal article (get it through Google news, or you just get the first 2 ‘graphs) titled Hindenburg Omen Flashes Dread, where an obscure mathematical formula has somewhat dubious predictive powers:

The Omen was present at every market crash since 1987, but has also occurred many other times without an ensuing significant downturn. Market analysts said only about 25% of Omen appearances have led to stock-market declines that can be considered crashes.

So this doomsday equation has predicted something like 20 of the last 5 crashes.

The problem here is not one of economics, but rather of poor journalism.

The story is not “Astonishingly accurate algorithm predicts end of the world,” but rather, “Movers and shakers in financial markets spooked by bullsh%$ that is less accurate that checking chicken entrails.”

The second article, also from the WSJ notes that as interest rates hit record lows, companies are making record bond issues, particularly of the junk variety.

Of course if another crash is heading in, those junk bonds will be a bad investment, though if it doesn’t implode, an 8+% premium on government debt is a winner:

First Data Corp. sold $510 million of 10-year notes this week, at 9.125%, to pay down bank debt due in 2014. Peabody Energy sold $650 million of 6.5%, 10-year notes to pay off the same amount of higher-priced debt due in three years. MultiPlan Inc., a health-care cost-management provider, sold $675 million of notes this week, at 9.875%, to help fund a buyout of the company. Cott Corp., a maker of store-branded soft drinks, sold $375 million of debt at 8.125% to fund its purchase of another company, Cliffstar Corp.

But again, this is really not about economics, it’s about finance, greed, and human foibles.

To the degree that economics apply to finance, it is behavioral economics that applies: In order to understand markets, one needs to understand how they are irrational, which is in the rather quixotic juxtaposition of economics and psychology.

I Take a Few Days Off, and This Happens……

No Comments

He goes and supports the right of an Islamic center to be built a few blocks away from the former World Trade Center (aka Ground Zero):

President Obama delivered a strong defense on Friday night of a proposed Muslim community center and mosque near ground zero in Manhattan, using a White House dinner celebrating Ramadan to proclaim that “as a citizen, and as president, I believe that Muslims have the same right to practice their religion as anyone else in this country.”

After weeks of avoiding the high-profile battle over the center — his press secretary, Robert Gibbs, said last week that the president did not want to “get involved in local decision-making” — Mr. Obama stepped squarely into the thorny debate.

“I understand the emotions that this issue engenders. Ground zero is, indeed, hallowed ground,” the president said in remarks prepared for the annual White House iftar, the sunset meal breaking the day’s fast.

But, he continued: “This is America, and our commitment to religious freedom must be unshakable. The principle that people of all faiths are welcome in this country, and will not be treated differently by their government, is essential to who we are.”

I am stunned. I did not figure that he has the guts to do this.

I am pleasantly surprised, but I expect to see him walking this back in some manner or another over the next few days, because, after all, that’s how he rolls.

Hopefully, I am wrong about this.

Economics Update (a Day Late)

No Comments

It’s jobless Thursday, and initial jobless claims rose to the highest level in 6 months, 484,000 claims, the highest number since February 20, well over forecasts of 465,000.

Additionally, the 4 week moving average jumped to 473,500 from 459,250 , though continuing claims fell by 18,000 to 4,452,000, though, as always, that reflects discouraged workers, as well as people going past the 26 week window.

In real estate, foreclosures rose again, and RealtyTrac is not anticipating a peak until some time in 2011, and mortgage rates fell to the4.44% (!), the lowest since Freddie Mac started its survey in 1971.

Contemptible Craven Cowardice

No Comments

Rachel Maddow lets him have it over his cowardice on Don’t Ask Don’t Tell.

I may be too hard on Barack Obama about this. It might not be cowardice. Maybe he just hates gays, and that’s why he won’t even issue a stop loss order to end the witch hunts.

Obama, Rahm, and the Democratic establishment had better be praying that the Republicans get even crazier over the next 2½ months, because the f%$#ing couch is feeling pretty f^%$ing good under a lot of people’s asses right now.

Don’t Pray for Christopher Hitchens, Buy His Book

4 Comments

Christopher Hitchens has metastasized esophageal cancer, and his friend and co-worker at The Atlantic, Jeffrey Goldberg, has fielded the responses to this news.

It’s very well written, and bears repeating:

A Message to Those Praying for Christopher Hitchens

Aug 9 2010, 10:05 AM ET

On behalf of Christopher Hitchens, who thinks all of this skydaddy talk is ridiculous, thanks to all of you who wrote in to Goldblog to report that they would be praying for him as he undergoes treatment for esophageal cancer (you can hear him talk about his current predicament here). I would like to reiterate, of course, that Hitchens is still solidly atheist (strike that ‘still,’ actually, because it implies his mind will change, which I don’t think will happen, at least, as he says, in reference to the mind we know today as Hitchens’s mind—what medicine does to his mind is a different story), but nevertheless I can report that he does not mock those who say they are praying on his behalf. What you could really, do, of course, if you’re interested in making Hitch happy, is buy this book.

As for the few of you who wrote to Goldblog to say they were praying for Hitch’s death, I can say that he does not care one way or another what you do or think or pray, but on behalf of myself and the entire team here at The Atlantic, let me just say, Go f%$# yourselves.

I believe God will forgive me for that one.

(%$# mine)

Torturing a 15 Year Old Boy and Using the Confession Extracted Against Him, That’s the American Way

1 Comment

So says Barack Obama on the Omar Khadr military tribunal:

Military commissions were one of those Bush/Cheney policies which provoked virtually universal outrage among progressives and Democrats back in the day when executive power abuses and rule of law transgressions were a concern. The Obama administration’s claim that the commissions are now improved to the point that they provide a forum of real justice is being put to the test — and blatantly failing — with the first such commission to be held under Obama: that of Omar Khadr, accused of throwing a grenade in 2002 which killed an American solider in Afghanistan, when Khadr was 15 years old. This is the first trial of a child soldier held since World War II, explained a U.N. official who condemned these proceedings. The commission has already ruled that confessions made by Khadr which were clearly obtained through coercion, abuse and torture will be admitted as evidence against him. Prior to the commencement of Khadr’s “trial,” the commission ruled in another case that the sentence imposed on a Sudanese detainee Ibrahim al-Qosi — convicted as part of a plea bargain of the dastardly crime of being Osama bin Laden’s “cook” — will be kept secret until he is released. What kind of country has secret sentences?

I get it. Barack Obama and His Evil Minions™ know that this is wrong, but they don’t want to spend the political capital or make the political risks to stop this.

This is worse the Bush and Cheney, because they saw torture and kangaroo courts as an independent good, but the Obama administration is doing this because they are worried about attacks that are happening anyway.

I will repeat what I said earlier, I am so writing in “Howard Dean,” in the 2012 general, and I don’t care if some it’s some recombinant DNA Chimera combination of Dennis Kucinich and Mike Gravel, I am voting for whoever opposes him in the primary.

This is just evil, and should this ever see justice in the Hague, everyone in the chain of command today, right to the very top, should be put in the dock.