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Showing posts with label debt. Show all posts
Showing posts with label debt. Show all posts

Monday, November 16, 2009

How close is your state to committing Californiacide? Kevin Drum has your chart of the day.

Saturday, November 14, 2009

Saturday night.

* The TSA has finally put an end to the terrorist's favorite toy: snowglobes.

* When your neighbor is unemployed: Bob Herbert has a good column in the New York Times today about the disparate rates of unemployment on different socioeconomic groups.

* 2010 will be the year of the deficit hawk.

* Poetry fight: Stephen King in Playboy vs. an ode to Megan Fox.

* "History should record that whether through unprecedented administrative incompetence or orchestrated mendacity, the American people were misled about the nation’s response to the 9/11 attacks."

* As of July 2009, California's budget shortfall was 49.3% of its general funds. States have considered drastic options to fill such gaps. "I looked as hard as I could at how states could declare bankruptcy," said Michael Genest, director of the California Department of Finance who is stepping down at the end of the year. "I literally looked at the federal constitution to see if there was a way for states to return to territory status." Via Edge of the American West, where eric asks, "Seriously, though, what does it mean—this is not a rhetorical question, I’d really like to know and don’t have an answer—when it seems more plausible to engage in constitutional shenanigans than to, for example, restore the vehicle licensing fee to its full former level, and other measures of that sort?"

Saturday, October 24, 2009

Saturday night.

* The first eight minutes of the ABC V remake. Some of this footage you've probably seen before.

* Canuxploitation!: your complete guide to Canadian B-film.

* Dollhouse ratings dip back down again after a week off. My thoughts on this week's episode here; in general I thought it was very good but not as good as everyone else seems to want to think. The show, never all that certain what it wanted to be about in the first place, is showing serious strain from being pulled in so many different directions at once. Is it a critically acclaimed loss leader or is it supposed to have high ratings? Is it an Eliza Dushku vehicle or an ensemble show? Is it serial or episodic? Are its characters tragic or villainous? Is it a feminist critique of late capitalism or a machine for generating sexy girls in miniskirts?

* Glenn Greenwald considers why debt matters for domestic spending but not for military spending.

Beltway elites have health insurance and thus the costs and suffering for those who don't are abstract, distant and irrelevant. Identically, with very rare exception, they and their families don't fight the wars they cheer on -- and don't even pay for them -- and thus get to enjoy all the pulsating benefits without any costs whatsoever.
* And, via Vu, Žižek explains hipsters.

Thursday, October 15, 2009

Top 25 censored stories of the year. Don't miss:

2. US Schools are More Segregated Today than in the 1950s
3. Toxic Waste Behind Somali Pirates
4. Nuclear Waste Pools in North Carolina
10. Ecuador Declares Foreign Debt Illegitimate
15. World Bank’s Carbon Trade Fiasco
18. Ecuador’s Constitutional Rights of Nature

Tuesday, September 15, 2009

Tuesday night!

* The buzzword at the heart of my dissertation got a bump today.

* 'Good Night and Tough Luck': a short web comic about the misery of insomnia.

* Good news/bad news: the total implosion of the global economy has caused CO2 emissions to plummet 6%, to 8.5% of 2005 levels.

* Corzine takes his first polling lead over Chris Christie in the New Jersey governor's race.

* Osama bin Laden blurbs a few of his favorite books, including Jimmy Carter's Palestine: Peace Not Apartheid and (apparently) Confessions of an Economic Hit Man. (via)

* American debt, the Chinese economy, and mutually assured financial destruction.

* The House passed a resolution of disapproval against Congressman Joe Wilson along strict party lines? You lie!

* When will the MSM break its silence on Obama's secret rat love?

* 'Wealthcare': A brief history of Ayn Rand. Some talk at MeFi.

(The anti-government activist Grover Norquist has told a similar story from childhood, in which his father would steal bites of his ice cream cone, labelling each bite "sales tax" or "income tax." The psychological link between a certain form of childhood deprivation and extreme libertarianism awaits serious study.)
* Conservative bloggers have truly outdone themselves in their efforts to hype the 9/12 rally; Steve Benen and Media Matters have the details on "the largest event held in Washington, D.C., ever." It's the greatest propaganda FAIL since they tried to pass off a picture of the Promise Keepers rally as being from last weekend.

* And this interview from one of Bush's last speechwriters has been linked by nearly every mainstream political blog I read: Ezra Klein, Matt Yglesias, Steve Benen, Kevin Drum, Atrios, Ben Smith, Think Progress, MetaFilter, and Crooks and Liars, each with their own favorite moment from the piece. The Palin line is sort of inescapable:
“I’m trying to remember if I’ve met her before. I’m sure I must have.” His eyes twinkled, then he asked, “What is she, the governor of Guam?”

Everyone in the room seemed to look at him in horror, their mouths agape. When Ed told him that conservatives were greeting the choice enthusiastically, he replied, “Look, I’m a team player, I’m on board.” He thought about it for a minute. “She’s interesting,” he said again. “You know, just wait a few days until the bloom is off the rose.” Then he made a very smart assessment.

“This woman is being put into a position she is not even remotely prepared for,” he said. “She hasn’t spent one day on the national level. Neither has her family. Let’s wait and see how she looks five days out.”

Thursday, August 13, 2009

Thursday!

* The First Rule of J-School Is You Don't Talk About J-School Debt.

* Nowhere in Manhattan. Hard to believe it is Manhattan. Via MeFi.

* Nnedi Okorafor has a nice guest post at Nebula on Africa and science fiction.

* The CEO of Whole Foods doesn't want us to have health care. OpenLeft doesn't want us to shop at Whole Foods anymore. Everyone at MetaFilter is mad at everyone.

* Top 10 Superhero Comics 2000-2009. I've read more of these than I would have expected, and can plug a bunch: All-Star Superman, Monster Society of Evil, New Frontier, Omega the Unknown, and Planetary are all worth reading in their own ways, as are some of the sillier Big Two offerings (I'll admit to being fond of Booster Gold). Y: The Last Man is good, too, but of course it doesn't really count. Via NeilAlien.

* Language and time. I found this interesting.

David Hauser and colleagues first showed that people with an angrier temperament are more likely to think of themselves as moving through time, than to think of time as moving towards them. You can test this on yourself by considering which day of the week a meeting has changed to, if it was originally planned for Wednesday but has been moved forward two days. If you think it's now changed to Friday, then you're someone who thinks of themselves as moving through time, whilst if you think the meeting is now on Monday, then you're more passive, and you think about time passing you by.
I'm a Monday person for sure. I see can see why Ezra thinks it would be Friday, but it seems very unnatural to me to spatialize the week that way.

* And you can now tweet @Gliese581d.

Thursday, July 02, 2009

Other links:

* This post on the Golden Age of Blogging from 11D is circulating pretty widely, and generally comports with my sense of things as a longtime C-list blogger. The first-mover advantage in the blogosphere is hard to overstate, yet this is one of its more overlooked characteristics; it's still possible to "break through," but much harder, and it's nothing like it was in the glory days of 2001-2003. I often wish I'd started earlier.

* Is C-list too generous? Is there a D-list?

* Of course the real problem with this blog is its utter lack of focus, as will now be demonstrated forthwith.

* 200 Characters from Dick Tracy, 1931-1977.

* U.S. gets second-to-worst grade on emissions from the WWF. The worst? Blame Canada.

* Dear Plagiarist.

* 200-year-old cipher cracked; Jefferson pwned.

* The psychology of scams. Via Schneier on Security, via this AskMe on the Craigslist check kiting scam in Canada, via Neil.

* Worst case scenarios: A bar examinant's $400,000 student loan debt (and admittedly poor history of repayment) has blocked their ability to practice law in the state of New York (and therefore ever hope to pay the loan back). Via Steve.

* And good news from India: Delhi's high court has decriminalized homosexuality. Via MeFi.

Thursday, June 18, 2009

Chris Hedges: 'The American Empire Is Bankrupt.' Seems a bit premature to me; empires, like relationships and Coke machines, have to rock back and forth a few times before they go over.

Angry denunciations at MeFi.

Thursday, May 14, 2009

Just a few more.

* An end to post-Fordist consumption madness?

* Not Gaia, but Medea: how nature kills her young.

While Lovelock uses "Gaia" to refer to Earth's biosphere as a kindly mother goddess, Ward uses "Medea" as a reference to the mother in Greek myth who killed her own children. Ward says life, like Medea, eventually sows the seeds of its own near-destruction - over and over again. "Life boils up and bubbles up, and through its own waste products and activities makes the planet no longer inhabitable," he said.
Via MeFi.

* Inside credit-card agency snooping.

* Racism and science fiction, by the great Samuel Delany.

* And some bad news for atheists.

Wednesday, April 29, 2009

Wednesday is the day I historically post links.

* It all finally makes sense; Michele Bachmann says the crazy things she says because she comes from an alternate universe where Jimmy Carter was president in 1976.

* Also in alternate-universe news: South Korean scientists claim to have cloned glowing dogs.

* Tough times in the mother country.

* They're turning Margaret Atwood's (very good) Payback into a full-length documentary about debt.

* "Crazy" Joe Biden was a key figure in the Arlen Specter party switch. Now who's laughing?

* The headline reads: "Student, 11, steps up to lead school band when budget constraints leave PS 37 without band teacher." Get this kid a scholarship anywhere he wants to go, and pour some real money into public schools already.

* The eleven most endangered historic places.

* Classic science fiction film on the Internet.

* The Bush-Obama position on state secrets takes a much-needed hit.

* The Fight Club Theory of Ferris Bueller.

* An entity passes the Hofstadter-Turing Test if it first creates a virtual reality, then creates a computer program within that reality which must finally recognise itself as an entity within this virtual environment by passing the Hofstadter-Turing Test. So now we just need to get Skynet self-aware.

Monday, April 27, 2009

Graduate education is the Detroit of higher learning. Most graduate programs in American universities produce a product for which there is no market (candidates for teaching positions that do not exist) and develop skills for which there is diminishing demand (research in subfields within subfields and publication in journals read by no one other than a few like-minded colleagues), all at a rapidly rising cost (sometimes well over $100,000 in student loans).

Widespread hiring freezes and layoffs have brought these problems into sharp relief now. But our graduate system has been in crisis for decades, and the seeds of this crisis go as far back as the formation of modern universities. Kant, in his 1798 work “The Conflict of the Faculties,” wrote that universities should “handle the entire content of learning by mass production, so to speak, by a division of labor, so that for every branch of the sciences there would be a public teacher or professor appointed as its trustee.”
To save the university we must destroy it.

It once again falls to Marc Bousquet to explain what the actual problem is; it's the labor system, stupid. Via MeFi.

Thursday, April 09, 2009

Presenting a profile of the great Margaret Atwood.

Her sensibilities were shaped by the fact that she was raised largely in the Canadian woods by “two environmentally-aware biologists, back when that was a pretty moony thing to be.” The family often went without electricity. “It was almost like a 19th-century way of life,” she said.

She applies the same theory to nature as she does to financial debt: Humankind will doom itself by taking more than it gives back. “Our technology has become so clever that it can chew things up much faster than we can replace them,” she said.
I'm seeing this sort of realigning of public/private debt with ecological/futurological debt in a lot of places—just off the top of my head, it's something Kim Stanley Robinson talks a lot about as well—and it is, I think, is one of the most pressing theoretical concerns in our moment. There is more than one sense that capitalism is, in Kapp's phrase, an economy of unpaid costs.

Tuesday, April 07, 2009

I was going to follow up that Kal Penn post with a more substantive post, but I decided to take a nap instead. Advantage: Canavan!

* The U.S. dollar as Ponzi scheme. Via Alex Greenberg. See also: The Investment Delusion and Money and the Crisis of Civilization.

* Paging Superman: Barack Obama calls for a world without nuclear weapons. More at Attackerman.

* Things more likely to kill you than terrorist attacks.

* Two visits to the Mets' new Citi Field. I still miss Shea.

Sunday, March 22, 2009

Sunday linkdump #2, our ruined economy edition.

* Matt Taibi has today's must-read AIG article in Rolling Stone, "The Big Takeover." Discussion at MeFi with more links.

* The article in this month's Harper's ("Infinite Debt") is good too, but unfortunately it's not available to non-subscribers online yet.

* Rachel Maddow on how deregulation helped get us into this mess.

* John Gray reviews Margaret Atwood's new book on debt for The New York Review of Books.

* And Paul Krugman is very unhappy about the Geithner toxic assets plan. He's not the only one.

Friday, March 20, 2009

I guess I'm doing some AIG blogging today. A few more links for people looking for background and commentary on this.

* Good background on the collapse of Wall Street and the shady and/or illegal practices that have characterized the behavior of these large firms over the last few years can be found in Michael Lewis's piece for Vanity Fair from December.

That’s when Eisman finally got it. Here he’d been making these side bets with Goldman Sachs and Deutsche Bank on the fate of the BBB tranche without fully understanding why those firms were so eager to make the bets. Now he saw. There weren’t enough Americans with shitty credit taking out loans to satisfy investors’ appetite for the end product. The firms used Eisman’s bet to synthesize more of them. Here, then, was the difference between fantasy finance and fantasy football: When a fantasy player drafts Peyton Manning, he doesn’t create a second Peyton Manning to inflate the league’s stats. But when Eisman bought a credit-default swap, he enabled Deutsche Bank to create another bond identical in every respect but one to the original. The only difference was that there was no actual homebuyer or borrower. The only assets backing the bonds were the side bets Eisman and others made with firms like Goldman Sachs. Eisman, in effect, was paying to Goldman the interest on a subprime mortgage. In fact, there was no mortgage at all. “They weren’t satisfied getting lots of unqualified borrowers to borrow money to buy a house they couldn’t afford,” Eisman says. “They were creating them out of whole cloth. One hundred times over! That’s why the losses are so much greater than the loans. But that’s when I realized they needed us to keep the machine running. I was like, This is allowed?”
Here's an interview with Lewis.

* Eliot Spitzer, hilarious national joke though he may be, says the real scandal is "that AIG's counterparties are getting paid back in full."
But wait a moment, aren't we in the midst of reopening contracts all over the place to share the burden of this crisis? From raising taxes—income taxes to sales taxes—to properly reopening labor contracts, we are all being asked to pitch in and carry our share of the burden. Workers around the country are being asked to take pay cuts and accept shorter work weeks so that colleagues won't be laid off. Why can't Wall Street royalty shoulder some of the burden? Why did Goldman have to get back 100 cents on the dollar? Didn't we already give Goldman a $25 billion capital infusion, and aren't they sitting on more than $100 billion in cash? Haven't we been told recently that they are beginning to come back to fiscal stability? If that is so, couldn't they have accepted a discount, and couldn't they have agreed to certain conditions before the AIG dollars—that is, our dollars—flowed?

The appearance that this was all an inside job is overwhelming. AIG was nothing more than a conduit for huge capital flows to the same old suspects, with no reason or explanation.
(Via Vu.) Spitzer also speaks about the (misdirected) "populist rage that is metastasizing very quickly," which is a topic I just finished writing an email about. My interlocutor had a good line I'll just go ahead and quote:
Every problem we have is met with demands for a kind of vengeful series of recriminations instead of a focus on what public policy should focus on - the institutional framework that allows/encourages people to behave in a certain way and that leads to disastrous results.
Obama needs to channel this rage into a movement for systemic reform of capitalism, not just pump capital into institutions that have been broken for not years but decades. Otherwise, he and we will find ourselves in this same place soon enough, with all same players crying "Oops!" again.

* Dan Hind has a somewhat similar take, via Lenin's Tomb, though it must be said that both links are instructive examples of how difficult it can be to divide justice from vengeance in times like these. What I like about Hind in particular is the way he traces the crisis to what I agree is a major point of origin, the explosion of public and consumer debt beginning in the early 1970s, which didn't "just happen" but which was, again, the result of a system of incentives instituted by those in power. The credit crisis is a symptom of a much larger disease; Obama needs to think much bigger than he seems to be.

* Dr. Bluman has some thoughts about legality and fraudulent conveyance in the comments to a post I keep pushing down the page.

Wednesday, March 18, 2009

Who could have predicted that putting the people who caused the problem in charge of fixing the problem would go so wrong? Say goodnight, Timothy.

Meanwhile, the situation at AIG may be much, much worse than anyone is admitting, while Kos and Josh Marshall are making sense: the real issues remain immediate triage of the economy, long-term systemic reform, and criminal prosecution of the widespread malfeasance throughout the financial sector. The bonuses suck, but they're really secondary. Let's not lose focus.

Wednesday, March 11, 2009

Time for a quick linkdump.

* Even Lex Luthor needs a bailout.

* Two for fans of last night's comics archetype times table: A Sketch Towards a Taxonomy of Meta-Desserts and Fun to Draw.

* Is this the end of capitalism? David Harvey and The Nation's Alexander Cockburn report. (This time for sure.)

Thursday, March 05, 2009

Whoops, missed a day somehow. (Even grad students get busy sometimes.) Here's a few links I've been saving; scroll all the way to the bottom for your daily dose of Watchmen panic.

* One of our most beloved blog denizens has started up a March Madness blog. Add it to your feeds immediately.

* Executing someone on their birthday may seem hilarious, but actually it's sort of cold. (via Srinivas)

* Same goes for trading your minor-league pitcher for ten bats. Via MeFi.

* All about experimental philosophy.

* The Daily Show's evisceration of CNBC was amazing last night. Also, incredibly well-deserved.

* Forget man-on-dog: will gay marriage start us down the slippery slope to human/robot marriages? It could happen right here in North Carolina. Only Steve Benen sees where this really leads: man/dog/robot/robot-dog polygamy.

* Two games: Linear RPG and Exploit, the second from amateur-game-creator of the moment, Gregory Weir, (The Majesty of Colors, Bars of Black and White).

* “You have to understand,” he told me, “Iceland is no longer a country. It is a hedge fund.” Vanity Fair has a huge feature on the Icelandic financial collapse that really makes for fascinating reading. More discussion at MetaFilter. (via my dad)

Global financial ambition turned out to have a downside. When their three brand-new global-size banks collapsed, last October, Iceland’s 300,000 citizens found that they bore some kind of responsibility for $100 billion of banking losses—which works out to roughly $330,000 for every Icelandic man, woman, and child. On top of that they had tens of billions of dollars in personal losses from their own bizarre private foreign-currency speculations, and even more from the 85 percent collapse in the Icelandic stock market. The exact dollar amount of Iceland’s financial hole was essentially unknowable, as it depended on the value of the generally stable Icelandic krona, which had also crashed and was removed from the market by the Icelandic government. But it was a lot.

Iceland instantly became the only nation on earth that Americans could point to and say, “Well, at least we didn’t do that.” In the end, Icelanders amassed debts amounting to 850 percent of their G.D.P. (The debt-drowned United States has reached just 350 percent.) As absurdly big and important as Wall Street became in the U.S. economy, it never grew so large that the rest of the population could not, in a pinch, bail it out. Any one of the three Icelandic banks suffered losses too large for the nation to bear; taken together they were so ridiculously out of proportion that, within weeks of the collapse, a third of the population told pollsters that they were considering emigration.
* When will voters start blaming Obama for the economy? Nate Silver has the numbers suggesting that will start in 18 or so months, though I bet that timeline could halve or worse that as people grow frustrated with prolonged economic hardship.

* What Obama could learn from Watchmen: Matt Yglesias reports on Ronald Reagan's own Ozymandian scheme for global unity.

* And Jacob sends along your hope-crushing Watchmen reviews for the day.

J. Hoberman in Village Voice: The philosopher Iain Thomson (who valiantly brought Heidegger's Being and Time to bear on his reading of Watchmen) maintained that Moore not only deconstructed the idea of comic book super-heroism but pulverized the very notion of the hero—and the hero-worship that comics traditionally sell. For all its superficial fidelity, Snyder's movie stands Moore's novel on its head, trying to reconstruct a conventional blockbuster out of those empty capes and scattered shards.

David Edelstein, New York Magazine: ...this kind of reverence kills what it seeks to preserve. The movie is embalmed.

Meanwhile, Steve Benen and Adam Serwer take a stand against Anthony Lane on behalf of geeks everywhere.

Tuesday, February 17, 2009

Seriously, I have pink eye. That's just absurd. Here are some links.

* Utopia is now: curing cancer by virus.

* Dystopia is now: New York is talking about taxing Internet porn. What's 4% of free?

* How the Crash will reshape America.

* Debt: The First Five Thousand Years. Via American Stranger.

* Salute to British comic creators.

* Is Final Crisis "the death knell of the 'mad ideas' school of comics writing"?

* Nate Silver tries to statisticize the Oscars.

* Goodbye, Dubai.

* And Candleblog directs us to the official Trilogy Meter. Pretty good, but they got Back to the Future 2 wrong; it's not only better than the original, it's the greatest cinematic achievement of all time.

Monday, February 09, 2009

Monday links.

* I have only the deepest feeling of solidarity for the members of my generational cohort who are struggling with student debt. And I'm not saying my hurt feelings should form the basis for national policy. But I have to confess that on a purely emotive level I will be pretty royally pissed if this whole "forgive student debt" movement somehow manages to get off the ground. I'm very conflicted about it: forgiving student debt would help a whole lot of people, including close friends and family, and would really cost me nothing but regret. I am not incognizant of my privilege or my luck, nor I am unhappy with where my choices have taken me—but on a basic, visceral level, I'd feel cheated, and I know I wouldn't be alone.

* And speaking of other people's poor life choices: WTFSalon?

* Grouches of the world, unite.



* Identical Twins Escape Death Penalty With "Evil Twin Defense." I'm 95% certain this is just viral marketing for the Arrested Development movie.

* How to survive a B-movie.

* How much would it cost to build the Death Star? (last two via Gravity Lens)

* And your world in charts: this recession isn't like the others.