hard heads soft hearts
Saturday, October 08, 2011
Good for Harry Reid. I think what Senate Democrats need to use this new power for, first of all, is to confirm political appointees, i.e. confirm people whose term may end in Jan 2013. For those people, there's no time to waste. And the problems the nation confronts are too important for Obama not to have a full team, or to have great people not confirmed because they rub one senator the wrong way.
Much better news on the jobs numbers. But important not to forget how poor the numbers are compared to the 90's.
Karl Smith - The Silver Lining
Karl Smith - On IS-LM
. . .there is a severe monetary contraction going on in their community. The answer to this story must involve banking, lending, debt, prices, import or export. It will not be solved by changes in real productivity alone. . .
Question: What is the probability the average citizen will be forced, by adverse economic setbacks to a) change their daily/weekly schedule b) change their location of residence/location of work/commute in China, versus in Portugal?
Is perhaps that what people mean by saying China's economy is doing better than Portugal? That the average Chinese has a lower probability, going forward, of being forced to change their lives due to adverse economic setbacks?
Question: How quickly did unemployment decline as the economy was going to full-employment in WWII? How quickly did it decline in 1983 recovery? How quickly could we reasonably expect it to decline now, if we had good economic policies?
Susie Madrak - The Light Dawns
Charlie Pierce: "The flip side of arrogance is opulent self-pity. . ."
(via Susie Madrak) Tim Shorrock - Michael Moore on “Here Comes Trouble,” the Left, the Wall Street protests – and Ralph Nader
Gary Farber - Said the Red Queen
Violet Socks - Reclusive Leftist
Arthur Silber - Once Upon a Time...
a good (7pm - 8pm) hour of talk radio with (host) Peter. B Collins & (guest) William K. Black, on housing, HAMP, etc. (interview starts at 21:30, and a lot of the good stuff starts at: 39:30)
Jeff Pearlman's SI cover story on Walter Payton was astonishing to me, because I never would have guessed a man as great as Walter Payton - and there were/are few greater - would become (partially) unmoored after losing the rhythms and routines of a football season. I guess the lesson is if it can happen to Payton, it can happen to anyone. It reminded me of Kasparov's WSJ op-ed on Fischer: "People may believe that this is what happens when a genius plays chess -- instead of what happens when a fragile mind leaves his life's work behind." Walter Payton was not all that fragile, but leaving your life's work behind must be hard for anyone.
. . .If fans approached him with footballs to sign, Payton first insisted on a quick game of catch. If they wanted him to shake a child's hand, Payton knelt down and engaged the youngster in a conversation about school. While traveling to Orlando for a vacation in 1996, Payton, sitting in first class, was told that a 10-year-old boy named Billy Kohler, who needed liver and kidney transplants, was on the plane, heading to Disney World courtesy of the Make-A-Wish Foundation.
John Madden's book One Knee Equals Two Feet has a very good chapter on Payton, "Why Payton is the Best".
NYT reader comments on Brooks's In Defense of Romney column:
Dan (CA): ". . .everyone knows that what private equity is most about is creating efficiencies, including cutting jobs, to squeeze out more profits for investors. There's nothing fundamentally wrong about that, but it's wrong to misrepresent the nature of private equity as Romney does. Private equity is not the same as venture capital. . ."
Three very good letters in the Financial Times:
Greg Beier - Polite conversation with a lawyer, two hippies and a nanny
Finn Jackson - Creating more hedge contracts increases the risk
William Thayer - HFT’s only ‘advantage’ is to the traders
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