Monthly Archives: February 2008

The Return of Lemon Socialsim

Last week it was the British government doing it. Now mainstream US economists are proposing that we respond to the mortgage crisis with some home-grown lemon socialism.

I understand the importance of keeping markets liquid. But I have absolutely no desire at all to bail out the shareholders of the banks that made stupid choices, and actually not so much desire to do income transfers to people who bought bigger houses than mine and can't pay for them.

Isn't there some way to do the income transfer from the intermediaries who made all the profits and created the moral hazards?

Note: “lemon socialism” has been defined as the subsidization of weaker firms at the expense of stronger firms, but I believe the better definition to be “a form of market organization in which the private sector is allowed (or encouraged) to take above-average risks and pocket the gains, but the public is required to shoulder the ultimate losses.”

Another example of lemon socialism is when the public is asked to take over ownership of loss-making enterprises which have suffered from under-investment while private profits were being taken. But that was last round.

Posted in Econ & Money: Mortgage Mess | Comments Off on The Return of Lemon Socialsim

Banking Humor

From Calculated Risk: Rob now, HOPE later:

A robber in a ski mask blamed the bank for what he was about to do, The Associated Press reported Feb. 22.

“You took my house, now I'm going to take your money!” the assailant hollered. Talk about a reverse mortgage!

The FBI plans to review the bank's foreclosure records for clues.

The suspect is presumed to be ARM'ed and dangerous.

Posted in Completely Different | 2 Comments

Secret Service Says Low Security is All Part of the Plan

Star-Telegram.com: | 02/22/2008 | Secret Service defends security at Obama rally in Dallas: The U.S. Secret Service on Friday defended its handling of security during a massive rally in downtown Dallas for Barack Obama, saying there was no “lapse” in its “comprehensive and layered security plan,” which called for some people to be checked for weapons, while others were not.

Nick Shapiro, a spokesman for Obama in Texas, said the campaign would have no comment on whether there was a security breech in Dallas. Shapiro referred questions to the Secret Service.

“There were no security lapses at that venue,” said Eric Zahren, a spokesman for the Secret Service in Washington. He added there was “no deviation” from the “comprehensive and layered” security plan, implemented in “very close cooperation with our law enforcement partners.”

Zahren rebutted suggestions by several Dallas police officers at the rally who thought the Secret Service ordered a halt to the time-consuming weapons check because long lines were moving slowly, and many seats remained empty as time neared for Obama to appear.

“It was never a part of the plan at this particular venue to have each and every person in the crowd pass through the Magnetometer,” said Zahren, referring to the device used to detect metal in clothing and bags.

Personally, I don’t consider this an adequate explanation. Although I put the original item, Look, We Worry About This Stuff, in my “tinfoil” category, I’m promoting it now to regular politics.

Posted in Politics: US: 2008 Elections | 7 Comments

Gravel Loves Chomsky

Another, far weirder, Gravel video.

Did he really say that Ralph Nader helped Al Gore? And did he really say he'd want Noam Chomsky as one of his closest advisers?

And did he really say he's going to be on the ballot in November (maybe with Nader) on what can only be understood as a third-party ticket?

Noam Chomsky??? As a Presidential adviser? Seriously weird.

On the other hand, as entertainment goes you do approach a Gravel video with the fear that he could do or say anything.

Posted in Politics: US: 2008 Elections | 7 Comments

Search Plugins for Miami-Dade Public Library

Thanks to the kind work of librarysearch.org volunteer Johnathan Mayo, there's now a browser search plugin for the Miami-Dade Public Library System catalog.

I've got to learn to write these. It looks so easy, but my first try bombed…

Posted in Miami, Software | 1 Comment

Look, We Worry About This Stuff

A Dallas-Fort Worth newspaper reports that someone — the Secret Service? — ordered that security be dropped at an Obama rally yesterday. In Dallas. (Please, stop the flashbacks….)

Star-Telegram.com: | 02/21/2008 | Police concerned about order to stop screening: Security details at Barack Obama's rally Wednesday stopped screening people for weapons at the front gates more than an hour before the Democratic presidential candidate took the stage at Reunion Arena.

The order to put down the metal detectors and stop checking purses and laptop bags came as a surprise to several Dallas police officers who said they believed it was a lapse in security.

Dallas Deputy Police Chief T.W. Lawrence, head of the Police Department's homeland security and special operations divisions, said the order — apparently made by the U.S. Secret Service — was meant to speed up the long lines outside and fill the arena's vacant seats before Obama came on.

(spotted via The Agonist)

If this came from the campaign — and I hope that's where this originated — there's no story here except how blasé they are about security. You have to wonder if they are thinking straight. Even if it means empty seats for the cameras.

If it came from the Secret Service itself, we need to know a lot more, and fast.

The Secret Service has in the past enjoyed an excellent and largely non-partisan reputation, but this has been greatly tarnished by its role in restricting lawful and peaceful anti-Bush protesters, helping the White House hide records relating to Jack Abramoff's White House visits, and arresting a citizen who had the temerity to tell Dick Cheney that, “I think your policies in Iraq are reprehensible” — and then fabricating a criminal charge, orchestrating a cover-up.

And then there's a case, which has been running for eight years (!), in which almost 60 African American secret service agents allege that they were subjected to racial epithets at work and that white agents with lower scores on promotional exams got better assignments or promotions above them. Although the case is still in procedurally early stages, the judge has repeatedly sanctioned the Secret Service for failing to comply with court orders to produce evidence. Not only has the Secret Service's general stonewalling tactics got it into trouble, but in recent testimony the Inspector in charge of producing evidence to the court, one Carrie Hunnicutt, admitted destroying documents two days before testifying despite a court order to preserve all evidence.

We really really don't need any doubt about the Secret Service's willingness to protect Barack Obama.

Much ado about nothing?

[Update: See Secret Service Says Low Security is All Part of the Plan]

Posted in Politics: Tinfoil | 21 Comments