"In an elaborate robbery scheme that's one part The Thomas Crowne Affair and one part Pineapple Express, a crook robbed an armored truck outside a Bank of America branch in Monroe, Wash., by hiring decoys through Craigslist to deter authorities.
"It gets better: He then escaped in a creek headed for the Skykomish River in an inner tube, and the cops are still looking for him. 'A great amount of money' was taken, Monroe police said, but did not provide a dollar value.
". . . . the robber, wearing a yellow vest, safety goggles, a blue shirt, and a respirator mask went over to a guard who was overseeing the unloading of cash to the bank from the truck. He sprayed the guard with pepper spray, grabbed his bag of money, and fled the scene.
". . . . The robber had previously put out a Craigslist ad for road maintenance workers, promising wages of $28.50 per hour. Recruits were asked to wait near the Bank of America right around the time of the robbery -- wearing yellow vests, safety goggles, a respirator mask, and preferably a blue shirt. At least a dozen of them showed up after responding to the Craigslist ad."
please contact your reps and favored media outlets.
Everyone knows bad mortgages are not the main problem -- they represent only a small percent of the total wealth that's being sucked out of our economy (see this gummint report; and several sources concur that the actual losses likely to result from bad mortgages alone won't be more than 5 - 10% of the total, if that).
The big losses are in the credit derivatives (if you're not sure what these are, see Financial Sense or MoneyMatters).
I don't mind bailing out poor people who got mortgages they shouldn't have gotten; I do mind bailing out their lenders, who should have known better (that would be McCain's plan, which might ultimately benefit some borrowers but would more directly benefit the lenders by taking the bad loans off their hands).
And I don't even mind bailing out any lenders who did not help create the mess and who bought derivatives in a reasonable effort to insure themselves against losses in mortgage-backed securities they actually owned.
But I DO mind very MUCH bailing out people who bought or sold derivatives NOT to hedge against losses for securities they actually owned but simply as a "bet." These people were engaging in naked speculation, and it is not only morally wrong to require the rest of us to bail them out, it is a huge mistake to shield them from their losses, as a matter of practical policy.
These are the people who lobbied for the deregulation that enabled them to create a mess so monstrous that their best defense now is to claim they don't understand their own creation.
(And note that there's been not just de-reg, but de-funding and de-staffing of oversight; see. e.g., here: "Mr. Lynn Turner, Chief Accountant of the [SEC] testified that the SEC Office of Risk Management, which had oversight responsibility for the Credit Default Swap market . . . was cut in [Bush] Administration ‘budget cuts’ from a staff of [over] one hundred down to one person.")
I've worked hard since I was 16, stayed out of debt, saved, invested conservatively, and I've just watched 25% of my life's savings be vaporized at a point in life when it's doubtful I'll ever be able to recover the loss -- and I'm supposed to bail out the guys that caused this?
I suspect a lot of these people deserve jail, not bail.
But what might make me just as happy would be if each of them were sentenced to work at a minimum-wage job and to have to actually live on it for a year or few. Or maybe even just at the mean average annual wages of U.S. workers.
So much for the rant.
The practical lesson I hope you're taking away from this experience is that we MUST re-regulate. It is not realistic to expect the foxes to guard the henhouse; nor is it realistic to expect consumers or even "sophisticated" investors to guard against sophisticated financial schemes. There is nothing patronizing about this; it's simply a fact: I and I suspect most other citizens simply do not have the expertise or even the time to investigate my depositary bank's claimed assets, let alone my other investments, the way a financial professional might -- any more than I have the expertise or time to evaluate scientific research on new drugs, or to capture and try criminals. This is the kind of stuff government is for.
The problem is not too much gummint; it's who owns it.
The problem is not that us Uhmericans are over-taxed; it's that we and our gummint's coffers are being looted (e.g., and this is just a trivial e.g., per ABC News, less than one week after the gummint committed $85 billion to bailing out AIG, the company spent $440,000 on a retreat for its execs, including $150,000 for meals and $23,000 in spa charges -- but hey, looting's stressful).
Moreover, forking over all the bail-out money we can print will do nothing to restore confidence in U.S. markets, either at home or abroad, so long as the same players are free to engage in the same schemes.
Only re-regulation can restore such confidence. We MUST restore Glass-Steagall, transparency, and accountability.
Forgive me for adding, please see my closely-related post from April Fool's day earlier this year, if you haven't already, here. As I mentioned,
Others reviewing the details of the plan are even more concerned. Mike Whitney writes that, though the proposals are being billed "as a 'massive shakeup of US financial market regulation,' . . . [we should not] be deceived. [They] are neither 'timely' nor 'thoughtful' . . . . In fact, it's all just more of the same free market 'we can police ourselves' mumbo-jumbo that got us into this mess in the first place. The real objective of Paulson's so-called reforms is to decapitate the SEC and increase the powers of the Federal Reserve. . . . "
"If Paulson's plan is approved in its present form, Congress will have even less control over the financial system than it does now, and the same group of self-serving banking mandarins who created the biggest equity bubble in history will be able to administer the markets however they choose without the annoyance of government supervision. That's exactly what Treasury Secretary and his pals at the Fed want; unlimited power with no accountability." More here; see also The New York Times.
I'm hearing darn little from our congresscritters on re-regulation. It's time to start letting them know we'll settle for nothing less.
Here's a tip. Many states offer the option of "straight-party voting"; that is, instead of having to actually vote re- each office on the ballot, you can just check one box or whatever for a particular party to indicate that you want to vote for all the candidates of that party.
Please do NOT do that. Please go through and vote for an individual candidate for each office on the ballot. Investigation has shown that the electronic voting machines seem to be particularly error-prone when you vote straight-party. Blackboxvoting.org has stated, "[v]oting machine miscounts of straight party votes were proven by California researcher Judy Alter in the 2004 New Mexico presidential election; in Alabama Democrat straight party votes were caught going to a Republican; and [in] Wisconsin a whole slew of straight party votes disappeared altogether. Both DRE and optical scan machines are vulnerable." (Note, blackboxvoting.org is not my preferred source of info on this subject, but the general idea is consistent with other sources.)
Also, obviously, we NEED a landslide in order to overcome the cheating; but even if it becomes plain that we'll have a landslide in Obama's favor, cheating will still occur for TWO reasons:
1. Even if the presidential election can't plausibly be stolen, thousands of Congressional and other offices can be.
2. There is value in rigging elections to appear closer than they really were, because it sets precedents for interpreting the reliability of results in subsequent elections. E.g., if a Dem wins a certain office in a certain county by 2 points when the exit polls predicted 6, and in a subsequent election, the exit polls predict a Dem win by only 3 points, a Repub win by 1 point seems more plausible based on the previously-established historical discrepancy. Note that this since electronic cheating is believed to have been going on since the 2000 elections, we probably already have several cycles of distortion -- much of the country may be a lot blue-er than we realize.
Election reform must be a top priority of the next administration. We must have paper ballots, and the tabulation must be an entirely open process supervised by representatives from allparties and subject tocomplete audit.
UPDATE:Snopes has confirmed the risks of straight-party voting; see also VotersUnite ("Misprogramming has often caused voting equipment to tabulate straight-party votes incorrectly. . . . in prior elections, misprogramming caused straight-party votes to be dropped or counted for the opposite candidate, for example, in Indiana, Iowa, Kentucky, New Mexico, Pennsylvania, South Carolina, Texas, Utah, and Wisconsin. . . . Straight-party vote-flipping has already occurred in this [2008] election on two different e-voting machines in Texas -- the ES&S iVotronic in Dallas and the Hart InterCivic eSlate in Houston.") Also see another, excellent new RFK article via Rolling Stone (Thanks, Craig!)
James Turrell's land/sky art installation and masterwork, begun in 1978 and currently scheduled to be completed in 2012. The project is supported by Dia; it's site on the project's under construction, too.
As of this writing, the video lacks sound, but the visuals are worth it, esp. starting ca. 1:44.
I don't use any cookies or collect any personal info, but the blog platform may; and the platform owner, Google, told me I'm required to notify you as follows: "This site uses cookies from Google to deliver its services and analyze traffic. Your IP address and user-agent are shared with Google along with performance and security metrics to ensure quality of service, generate usage statistics, and to detect and address abuse."
For posts explaining why It's the Derivatives, Stupid (before Planet Money was talking about them), see hereand here; and if you'd like still more, click on the label at the bottom of one of those posts, "follow the money."
Note: I revise my posts. Revisions are made to add info or improve accuracy or allure. If you're interested in my not-best, the Wayback Machine may have preserved earlier versions, or you can e-mail me and I'll see what I've got. If you'd like to quote me, please check back for the most recent version.
You can see a larger version of most of the images on this blog by clicking on them.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." – John Stuart Mill, before the Manchester Statistical Society, December 11, 1867, as quoted in "Financial Crises and Periods of Industrial and Commercial Depression," T.E. Burton (1902). ["Unproductive works": wars, credit derivatives, etc.]
"The most popular tulip species were scarce and demanded huge prices, peaking with the 'Semper Augustus', which was worth 5,000 Dutch Florins, the same price as a canal-side house in Amsterdam."
Re- this blog:
I mostly do this when I should probably be doing something else, so it's hit-and-miss. Please don't think anything of it if I don't cover your exhibition or issue.
I welcome corrections and comments but reserve the right not to publish those that threaten bodily harm, that consist mainly in name-calling or personal attacks, that dispute well-supported facts without offering credible substantiation, or that appear to be spam or designed to drive traffic to other URL's.
Coalition military deaths in Iraq since March, 2003: 4,766(as of April 22, 2011; click here to update). At least 467 contractors have also died, based on only partial information. Total U.S. military wounded as of as of January 14, 2010: 31,882.
Coalition military deaths in Afghanistan since October, 2001: 2,416 (as of April 22, 2011; click here to update.
Thoughts for the year or whatever, in no particular order:
What a huge debt this nation owes to its "troublemakers." From Thomas Paine to Martin Luther King, Jr., they have forced us to focus on problems we would prefer to downplay or ignore. Yet it is often only with hindsight that we can distinguish those troublemakers who brought us to our senses from those who were simply troublemakers. Prudence, and respect for the constitutional rights to free speech and free association, therefore dictate that the legal system cut all non-violent protesters a fair amount of slack. – Justice Sonia Sotomayor, writing for the Second Circuit Court of Appeals in Papineau v. Parmley, 465 F.3d 46 (2d Cir. 2006).
I can hire one-half of the working class to kill the other half. – Jason "Jay" Gould, per Philip Sheldon Foner, History of the Labor Movement in the United States Vol. 2: From the Founding of the A. F. of L. to the Emergence of American Imperialism, P. 51 (1998, 2d ed.).
On the one hand, information wants to be expensive, because it's so valuable. The right information in the right place just changes your life. On the other hand, information wants to be free, because the cost of getting it out is getting lower and lower all the time. – Stewart Brand to Steve Wozniak, at the first Hacker's Conference in 1984, per Roger Clarke.
A modern economic system demands mass production of students who are not educated and have been rendered incapable of thinking. – U.N.E.F. Strasbourg, On the Poverty of Student Life (1966).
A balance of power requires a balance of knowledge. – moi (pre- 2000).
. . . Napoleon . . . said that it wasn't necessary to completely suppress the news; it was sufficient to delay the news until it no longer mattered. – attributed by PRWatch to Martin A. Lee & Norman Solomon, Unreliable Sources: A Guide to Detecting Bias in News Media (New York: Lyle Stuart, 1991), p. xvii.
The infowar is the new class war; and information is the new wealth. – moi (2010).
Nothing is inevitable, except defeat for those who give up without a fight. – "Voyage to the Bottom of the Sea" (1961), script by Irwin Allen & Charles Bennett.
Why of course the people don't want war. Why should some poor slob on a farm want to risk his life in a war when the best he can get out of it is to come back to his farm in one piece? . . . But, after all, it is the leaders of the country who determine the policy and it is always a simple matter to drag the people along, whether it is a democracy, or a fascist dictatorship, or a parliament, or a communist dictatorship. . . . All you have to do is tell them they are being attacked, and denounce the peacemakers for lack of patriotism and exposing the country to danger. – Hermann Goering, per Nuremberg Diary (Farrar, Straus & Co 1947), by Gustave Gilbert
The war is not meant to be won. It is meant to be continuous. – George Orwell, 1984.
Civil disobedience is not our problem. Our problem is civil obedience. Our problem is that people all over the world have obeyed the dictates of leaders . . . . and millions have been killed because of this obedience . . . . – Howard Zinn, Failure to Quit (South End Press, 2002; originally published 1993).
Every time we witness an injustice and do not act, we train our character to be passive in its presence and thereby eventually lose all ability to defend ourselves and those we love. – Julian Assange, IQ.ORG, "Witnessing," Wed 03 Jan 2007.
I used to be concerned about this mass audience thing . . . not anymore. There are overlapping circles of activity and . . . . It doesn't matter what the volume is . . . These circles are not sealed off from each other, they affect each other. – Yvonne Rainer, in an interview by Lyn Blumenthal for "Women with a Past," Program Six from the series, What Does She Want (VHS 1987, Video Data Bank).
'Beauty is truth, truth beauty,—that is all Ye know on earth, and all ye need to know.' – John Keats, "Ode on a Grecian Urn" (1919).
In framing a government which is to be administered by men over men, the great difficulty lies in this: you must first enable the government to control the governed; and in the next place oblige it to control itself. – James Madison, Independent Journal, Wednesday, February 6, 1788, The Federalist.
[W]e forgot that the question is NOT, how do we get good people into power. The question is, how do we limit the damage the powerful can do to us? – Chris Hedges, "The Failure of the Liberal Class in the United States," address to the Poverty Scholars Program, April 10, 2010.
They always say time changes things, but you actually have to change them yourself. – Andy Warhol, The Philosophy of Andy Warhol (1977).
In all history, there is no instance of a country having benefited from prolonged warfare. – Sun Tzu, The Art of War, ca. 500 B.C.
The opposite of good is not evil; it's apathy. – Cindy Sheehan in her speech to the Veterans for Peace on August 5, 2005, just before she began her first vigil outside of Pres. G.W. Bush's ranch in Crawford, TX; see vimeo; see also HuffPo.
One sits and beats an old tin can, lard pail. One beats and beats for that which one believes. That's what one wants to get near. Could it after all Be merely oneself, as superior as the ear To a crow's voice? – Wallace Stevens, The Man on the Dump(1923). It's class warfare, [and] my class is winning, but they shouldn't be. – Warren Buffet, CNN Interview, May 25 2005, suggesting we need to raise taxes on the rich. The past is never dead. It's not even past. – William Faulkner, Requiem for a Nun, Act I, scene iii (1951). Cui bono (To whose benefit)? – attributed by Marcus Tullius Ciceroto Lucius Cassius Longina Ravilla, ca. 125 B.C.
When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it .– Frédéric Bastiat, Economic Sophisms, 2nd series (1848), Ch. 1 "Physiology of Plunder."
The higher the buildings, the lower the morals. – Noel Coward (1899-1973) (numerous sites attribute this to Coward, but I've found none that provides a more precise citation).
He who controls the present, controls the past. He who controls the past, controls the future. – George Orwell, 1984 (1949).
[Y]ou always have to ask yourself: Why do I get this specific information, in this specific form, at this specific moment? Ultimately, these are always questions about power. – Dr. Konrad Hummler, Swiss banking and media executive, interview 2011-07-11 retrieved 2021-08-15 from NZZ.
Only puny secrets need protection. Big discoveries are protected by public incredulity. – attributed to Marshall McLuhan, http://www.marshallmcluhan.com/poster.html. "Catch-22 says they have a right to do anything we can't stop them from doing."
– Joseph Heller, Catch 22, Ch. 39, P. 407 (Simon & Schuster, 50th Anniversary Ed., 2011).
They'd rather some people die for your mistake, than that they lived, but that they lacked a leader.
It was too late to prevent the great Fall, but it was still possible, at least, to cut short the intermediate period of chaos. – Isaac Asimov, Second Foundation, P. 87 (ed. Bantam June, 2004; first published 1953). You can fool all the people some of the time and some of the people all the time, but you cannot fool all the people all the time. – Abraham Lincoln (1805-1865). My heart rouses thinking to bring you news of something that concerns you and concerns many men. Look at what passes for the new. You will not find it there but in despised poems. It is difficult to get the news from poems yet men die miserably every day for lack of what is found there. – William Carlos Williams, "Asphodel, That Greeny Flower" (1883-1963) (I don't own this and find no online source that mentions where it was published; pls help if you can). All that is necessary for evil to triumph is for good men to do nothing. – Edmund Burke (1729-1797; see link re- variants and possible misattribution).
I consider it completely unimportant who . . . will vote, or how; but what is extraordinarily important is this: who will count the votes, and how. – Joseph Stalin (1878-1953), per the Memoirs of Stalin's Secretary.
First they ignore you. Then they laugh at you. Then they fight you. Then you win.
HECATE: And you all know, security Is mortals' chiefest enemy. – W. Shakespeare, Macbeth(ca. 1606), Act II, scene v, MIT's Moby Ed.
Power concedes nothing without a demand. It never did and it never will. – Frederick Douglass, "West India Emancipation" speech, Aug. 3, 1857.
Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has. – Margaret Mead
The revolution is not an apple that falls when it is ripe. You have to make it fall. – Che Guevara, Intercontinental Press (Vol. 3 January - April 1965); also in Che Guevara speaks: Selected Speeches and Writings (1967). The United States is the only nation in history to go from barbarism to decadence without any civilization in between. – Norman O. Brown, Closing Time (described as a graffito in Paris, May 1968; p. 29, ed. Vintage Books, 1974).
Ring the bells that still can ring. Forget your perfect offering. There is a crack in everything; That's how the light gets in.
– Leonard Cohen, "Anthem" (1997?)
Let's do something, while we have the chance! It's not every day that we are needed. . . . Let us make the most of it before it is too late! – Samuel Beckett, Waiting for Godot (1949).
If, one day, a people desires to live, then fate will answer their call. And their night will then begin to fade, and their chains break and fall. For he who is not embraced by a passion for life will dissipate into thin air,
* * * * * Then it was earth I questioned: "Mother, do you hate mankind?" And Earth responded: "I bless ambitious and aspiring souls, Who do not flinch at danger. I condemn those out of step with time, People content to live like stone." – "If the People Wanted Life One Day," Abou-Al-kacem El-chebbi (also spelled other ways, such as Abu Al-Qasim Ash-Shabi), known as the "poet of the Tunisian Revolution." Hatred never ceases by hatred; But by love alone is healed. This is an ancient and eternal law. -- "Dhammapada," Ch. 1, theTwin Verses5, as quoted by Maha Ghosananda.
There is no responsibility, without freedom; No freedom, without power; No power, without knowledge; No knowledge, without love.
– moi (1976).
A map of the world that does not include Utopia is not worth even glancing at, for it leaves out the one country at which Humanity is always landing. And when Humanity lands there, it looks out, and, seeing a better country, sets sail. Progress is the realisation of Utopias. – Oscar Wilde, Collected Works of Oscar Wilde: The Plays, the Poems, the Stories and the Essays Including De Profundis, p. 1051 (Wordsworth Edition, 1997).
. . . and in the morn I'll bring you to your ship and so to Naples, Where I have hope to see the nuptial Of these our dear-beloved solemnized; And thence retire me to my Milan, where Every third thought shall be my grave. – W. Shakespeare, The Tempest (ca. 1611), Act V, scene i, MIT's Moby Ed.
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