Archive for Recession
Uh, yeah … uh, um, possibly
Posted by: | CommentsGoldman’s rigging online polls, now?
From the Telegraph of London on Thursday:
Goldman Sachs is investigating claims that one of its computers was used to rig a public vote on the introduction of a so-called “Robin Hood tax” on bankers.
From Business Insider on Friday:
A few days ago robinhoodtax.com, asked the public to vote on a “tiny” tax on bankers that would donate no more than .05% of each banking transaction to the poor.
[...]
Robin Hood’s security team said that it traced the erroneous votes to two computers, one of which is allegedly registered to Goldman, according to The Telegraph.
From the Digby on Sunday:
Unbelievable. Why in the hell are people entrusting all this power to such a bunch of babies?
On the other hand, if they are forced to pay a .05% tax on transactions it goes without saying that they’ll all hold their breath until they turn blue because it just won’t be worth it to work anymore. And then where will we be?
It seems that somebody at the great vampire squid isn’t too keen on the idea of the banks that brought the world economy to its knees owing anything to the commoners who bailed them out. It’s not a European notion they’d like to see spread to the U.S.
Tell us again how that personal responsibility stuff is supposed to work, how about it?
[h/t Crooks and Liars]
Who Remembers George Santayana Anyway?
Posted by: | CommentsOr Reagan, Bush (I & II), Clinton, Heritage, Cato, Hudson, Manhattan, and Gramm–Leach–Bliley, for that matter?
From this morning’s Washington Post:
The past decade was the worst for the U.S. economy in modern times, a sharp reversal from a long period of prosperity that is leading economists and policymakers to fundamentally rethink the underpinnings of the nation’s growth.
It was, according to a wide range of data, a lost decade for American workers. The decade began in a moment of triumphalism — there was a current of thought among economists in 1999 that recessions were a thing of the past. By the end, there were two, bookends to a debt-driven expansion that was neither robust nor sustainable.
There has been zero net job creation since December 1999. No previous decade going back to the 1940s had job growth of less than 20 percent. Economic output rose at its slowest rate of any decade since the 1930s as well.
That pretty much sums it up. Nothing that WNC can’t solve by building a few more hotels and McMansions. That’s worked out pretty well so far, hasn’t it?
Homecoming Job Fair Tomorrow
Posted by: | CommentsFrom the Asheville Chamber’s website:
The Economic Development Coalition and the Asheville Area Chamber of Commerce partner annually with numerous workforce and industry allies to promote employment opportunities in advanced manufacturing, health care, and other growth industries in Western North Carolina. Residents, students, graduates, former residents, and friends and family visiting over the holidays are encouraged to attend this one-stop opportunity to meet directly with representatives from companies who are hiring, will be hiring in 2010, or who would like to have a presence to promote awareness of their company to potential future employees..
Tuesday December 29, 2009
10 a.m. to 3 p.m.
Biltmore Square Mall, Brevard Road, Asheville
10.9% Increase in HUD Funding
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This email from the Center on Budget and Policy Priorities hit my inbox.
On December 16, the President signed into law an omnibus funding bill for fiscal year 2010 that includes funding for affordable housing and community development programs administered by the Department of Housing and Urban Development (HUD). This law provides a total of $46.1 billion for HUD for fiscal year 2010, an increase of $4.5 billion (10.9 percent) above the 2009 level and $578 million (1.3 percent) above the President’s request.
The following are the highlights of the 2010 funding law for the three major federal rental assistance programs:
Some Bernie-on-Bernanke Action
Posted by: | CommentsFederal Reserve Chairman Ben Bernanke was named “Person of the Year” by Time magazine on Wednesday. If you missed this on C-Span, it’s worth a watch. And no, the irony of all this is not lost on me.
Sustainable Las Vegas
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I was recently on the floor of the Luxor walking in between craps and blackjack tables when I seemed to have gotten the most absurd idea in my head: Sustainable Las Vegas. I thought about whether there might be an organization advocating for a more sustainable way of doing things in the Sin City. But the mere juxtaposition of the word sustainable with Las Vegas made me burst into seemingly uncontrollable laughter. Since I was by myself and there were at least a hundred people around me, I tried to regain my composure. As I did I thought, “Well, if the idea doesn’t pass the laugh test, that means my gut is telling me that this whole place is going the way of The Sands1, and probably sooner than later.” Is that the case?
I think of Las Vegas as living off of three major resources. These are oil, water, and illusion. While the last is virtually inexhaustible, the first two are finite and currently buckling under increasing pressure to supply a growing and resource intensive population worldwide. So let me first deal with illusion.
An illusion will appears after the jump… Read More→
The Eight Most Dreaded Words
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Joe Biden characterized the eight most dreaded words any law abiding government official might hear as “The vice president’s office is on the phone.” He was referring to Dick Cheney’s reign of terror. I think the Obama administration is going to truncate that to the six most dreaded words. ”The Vice President is on television.” They will be referring to Joe Biden’s reign of error.
On Sunday, Mr. Biden appeared on ABC’s “This Week” and gave his best answer about why the administration forecasted an 8% unemployment rate when now we’re at a 9.5% and the President believes we will see 10%. ”The truth is, we and everyone else misread the economy…. And so the truth is, there was a misreading of just how bad an economy we inherited.”
A “misread”? Excuse me? This administration put together the most ambitious stimulus package ever, extended and expanded the TARP, rescued two of the Big Three automakers, and is currently pursuing a very ambitious agenda aiming to fundamentally change two pillars of our economy, health care and energy for the future. They didn’t misread anything. The President himself said the economy had been “close to the abyss” in a recent 60 Minutes interview. We’re nowhere near out of the woods, but I think the administration has a “kitchen sink” policy because they know that is how bad it is.
I don’t know why they keep putting Mr. Biden on the Sunday shows. He often does more harm than good. This “misread” quote is leading the financial headlines today. Look for stock markets to take a hit and Republicans to have fresh cannon fodder. I don’t want the VP to be the guy praising the Emperor’s new clothes. But he has got to find a better way of delivering bad news. Admitting to a mistake that the administration didn’t make is not what I have in mind.
California Declares Fiscal Emergency
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The clocked rolled into California’s new fiscal year on July 1st. As a result, California started issuing IOU’s to its creditors in lieu of cash. That is despite the state government working on the budget for pretty much the last six months. There has been a stalemate in Sacramento over the difficult choices involved in balancing the budget. State revenue is plummeting due to the economy and it has already borrowed as about as much as it can in years past.
The San Jose Mercury News has a nice site that is keeping up with the California mess as well as explaining how we got here. Many other states face similar dilemmas as the recession continues. Revenues have dropped sharply and states don’t have the ability to print money like the Federal government does. That leaves the politically unpalatable choices of raising taxes and/or cutting spending. Arnold has done of poor job of leadership during this crisis. Now the real pain begins.
10 Questions For the Teabaggers
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When last the teabaggers swung their forces into action, there was much gnashing of teeth in the comment thread. One comment was from one of our libertarian regulars, Tim Peck:
“If Democrats are under-represented at the nonpartisan Tea Party, it is not the fault of Republicans.”
When I learned that there’s another session of teabagging coming on July 4th, I read through their recommended talking points and found this:
If Democrats are under-represented at the nonpartisan Tea Party, it is not the fault of Republicans.
Tim Peck also said in the comment thread, “Socialism is unsustainable. Slavery is wrong.”
Teabagger site: “Socialism is unsustainable. Slavery is wrong.”
Safe to say that Tim Peck is one of the teabag captains?
The manager of the website is Ms. Erika Franzi, a.k.a. Jane Q. Republican, and judging from her recent posts she’s seeking to align with libertarian values, purify the Republican Party, and get her Hannity on. She seems to be a very nice, very conservative person with a very sticky political situation on her hands.
A conservative who’s been disappointed in the Republican leadership and a libertarian who’s looked at taking over the Republican Party seem to have found common cause.
Jane/Erika is a good online organizer, judging from her website and the turnout (est. between 300 and 1,800) the group had last go ’round. We’ll likely disagree over most everything, but I’d like to get a few questions answered about the particulars of the teabaggery. So, Jane and Tim, now that you’re reading this…
1) Which of Heath Shuler’s appropriations requests would you like to see cut? (Tim’s exempt from this question. He answered in the previous thread – “All of them. Theft is theft.”)
2) Is there anyone who’s produced a budget proposal based on the Teabag Principles? Can we see it?
3) If I’m hearing y’all right, you’d like to do away with entitlement programs like Social Security, Medicare, and a proposed public option for health care. Do I have this right? Is there a social safety net in this philosophy?
4) You’re against giving corporations money in the form of a bailout or ‘welfare’. Does this include agribusiness and weapons manufacturers?
5) To which “endless wars” does your mission refer?
6) You’re against “confiscatory taxation”. What sort of taxation do you favor?
7) If the Republican Party weren’t trapped in chinese finger cuffs, would you be so suddenly non-partisan? Seems to me that a lot of very partisan Republican people are realizing that they’re driven that vehicle to death. Is this a party-building exercise for you? If not, what do you imagine your future in the Republican or Libertarian party to be?
Quoting Heritage Foundation and Michelle Malkin while making a case for kumbayah non-partisanship is really hard to swallow. No question here really, just appreciating the cognitive dissonance.
9) Your July 17th protest against health care is “being spearheaded” by FreedomWorks, a GOP outfit. Is this also a “non-partisan” event?
10) Do you believe that the Federal Reserve is the root cause of all of our economic problems?
And, for extra credit fun – To what do you attribute the incredible economic expansion this nation has experienced since WWII?
Last time the teabags came out, y’all asked how to create more dialogue. Well here’s your chance. Consider yourselves welcome in this salon, but please don’t be alarmed if others find the flavor of your teabags distasteful.
