All that's left of health care reform is a collection of piece-of-shit, weakling proposals that are preposterously expensive and contain almost nothing meaningful — and that set of proposals, meanwhile, is being negotiated down even further by the endlessly negating Group of Six. It is a fight to the finish now between Really Bad and Even Worse. And it's virtually guaranteed to sour the public on reform efforts for years to come.

Matt Taibbi in Rolling Stone on health care reform and total system failure in American politics. I'm more hopeful than others that the "trigger" compromise may actually provide the necessary political cover to get a postdated public option enacted—but not that hopeful. In any event it's out of our hands now. We heard from Pelosi and Reid today; we'll see what Obama has to say tomorrow.

That the Internet and housing hyperinflations transpired within a period of ten years, each creating trillions of dollars in fake wealth, is, I believe, only the beginning. There will and must be many more such booms, for without them the economy of the United States can no longer function. The bubble cycle has replaced the business cycle.

More on bubble economies, this time from Harper's, via the same MeFi thread. Special attention is paid to the forthcoming alt-energy bubble Taibbi also describes at the end of his article:

There are a number of plausible candidates for the next bubble, but only a few meet all the criteria. Health care must expand to meet the needs of the aging baby boomers, but there is as yet no enabling government legislation to make way for a health-care bubble; the same holds true of the pharmaceutical industry, which could hyperinflate only if the Food and Drug Administration was gutted of its power. A second technology boom—under the rubric “Web 2.0”—is based on improvements to existing technology rather than any new discovery. The capital-intensive biotechnology industry will not inflate, as it requires too much specialized intelligence.

There is one industry that fits the bill: alternative energy, the development of more energy-efficient products, along with viable alternatives to oil, including wind, solar, and geothermal power, along with the use of nuclear energy to produce sustainable oil substitutes, such as liquefied hydrogen from water. Indeed, the next bubble is already being branded. Wired magazine, returning to its roots in boosterism, put ethanol on the cover of its October 2007 issue, advising its readers to forget oil; NBC had a “Green Week” in November 2007, with themed shows beating away at an ecological message and Al Gore making a guest appearance on the sitcom 30 Rock. Improbably, Gore threatens to become the poster boy for the new new new economy: he has joined the legendary venture-capital firm Kleiner Perkins Caufield & Byers, which assisted at the births of Amazon.com and Google, to oversee the “climate change solutions group,” thus providing a massive dose of Nobel Prize–winning credibility that will be most useful when its first alternative-energy investments are taken public before a credulous mob. Other ventures—Lazard Capital Markets, Generation Investment Management, Nth Power, EnerTech Capital, and Battery Ventures—are funding an array of startups working on improvements to solar cells, to biofuels production, to batteries, to “energy management” software, and so on.



Total market value: Alternative energy and infrastructure. Estimated fictitious value of next bubble compared with previous bubbles

Infinite linkdump Thursday, just politics.

* The Mark Sanford story grows stranger by the day, with 19 South Carolina politicians now on the record calling for his resignation. (TPM reports that Senators DeMint and Graham have gone to Sanford to prevail on him to resign.) Today he backed off a pledge to release his travel records, which suggests more trouble may be brewing for him.

* Who could have imagined that Exxon-Mobil would lie about its continued support for climate-change "skepticism" advocacy groups?

* Highlights from the first day of the Al Franken Century.

* Democrats can now "hijack elections at their whim": just another responsible, measured, and most of all empirically provable claim from RNC chairman Michael Steele, truly our country's finest elder statesman.

* But it's not all craziness: Michele Bachmann is facing criticism from the GOP for her weird lies about the Census.

* What caused the financial crisis? Matt Taibbi in Rolling Stone (via MeFi) points to bubble economies nutured and created by giant investment firms, pointing the finger especially at Goldman Sachs. An Oklahoma lawmaker says it was "abortion, pornography, same sex marriage, sex trafficking, divorce, illegitimate births, child abuse, and many other forms of debauchery." I report, you decide.

* Malthusianism and world history: a chart from Conor Clarke.



It's clear these growth trends can continue forever.





* Ezra Klein has a new Washington Post column on the politics of food.