On some other blogs I read (obsessively, lately), I'm starting to see people calling for a run on the banks. Go down and take out $700.00. Or or $70. Or $7,000. Whatever you can afford. That's what they're saying, not me. The idea is that even though nobody in the country likes this bailout, congress is going to vote for it. Since they won't listen to our calls, faxes and letters, send a message that they cannot ignore.

Frankly, it doesn't sound like a bad idea to me. Sure, it's like burning down your own house to make a point, but it's better than just being robbed at gunpoint with no protest at all.

I agree that we are on the precipice of a disaster. I would like us to act to prevent it. I do not insist on assigning blame or even being fair in how we act, as there will be time for that later. The only thing that is required of how we act is that it solves the problem.

No one has explained to me how taking the bad loans off the books of banks actually solves the problem. What has been explained to me by the officials and the politicians is that there is far more money at risk than that tied up in these loans. The money has been promised to average Joes, governments, and wild speculators, based on the idea that other average Joes, governments, and wild speculators will pay even more for these incomprehensible instruments in the future. At the original bottom of this pyramid are the at-risk loans. Yes, I agree that there is a crisis of confidence in the market, as the President put it. But I fail to see how now the politicians now suddenly understand these instruments, and that the way to keep them from collapsing is to take the loans off the books of the banks.

Are they saying that they intend for average Joes, governments, and wild speculators to keep shoveling ever-increasing amounts of money into the derivative market based on these loans? Ponzi schemes do collapse when triggered by a failure of confidence, but a child can see that even with no failure of confidence, they can only be sustained as long as there are increasing amounts of investment at the bottom. Eventually, the world runs out of money.

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Now is the time to drop a note or leave a message for your representatives and let them know how you feel. Their contact info is online. Don't forget to tell them that you're in their district/state.

I've been doing a fair amount of handwringing over the meltdown on this-ahere blog lately, but now let me offer something positive. I support, 100 %, the plan put forth by Senator Bernie Sanders, Independent of Vermont. Sanders is asking for citizen co-signers. I signed, you should too.

As for the crappy plans before Congress now, I hate all of them, including Dodd's. If they go through, I'm not sure I'll ever file taxes again. If Bush thinks it's so all-fired important to make Paulson a monarch, then why has he not gone on television to explain why democracy must end now? It's all baloney. I'm with Bernie on this one.

Add your shit to the shitpile. It's a patriotic duty; plus, you get lots and lots of free money. Do it today! I did!

Over on the Great Orange Satan, sane and smart America-loving people have been providing terrifying and more terrifying and still more terrifying analyses of where we are and how we got here (thanks in no small part to that lying, power-lusting senile tantrum-throwing baby John McCain and the truly monstrous Cheney/Bush junta). It seems to me that the United States of America may be in more danger of falling apart than at any point since 1864. Let me provide a second link to that last-listed item, by Devilstower, with the sublime title Three Times is Enemy Action. Go read it, my friends, and tremble for your country.

Uber neutrino-class wetmechanic Bremser said to me yesterday in private correspondence, (apropos of this poetic flight),

Odd, that's the second day in a row that Jefferson Airplane was quoted
to me in the context of this meltdown; the first time the lyrics were:

In loyalty to their kind
They cannot tolerate our minds.
In loyalty to our kind
We cannot tolerate their obstruction.

You can imagine how we got around to remembering that lyric.

Today it's a it's a song by the Stones that I cannot shake. [Read More!]

If you're not reading Atrios as the class war goes into high gear (the money class has the virtual Panzers and hellfires fired from drones and legions of off-the-books Blackwater goons, but to quote the late great tripped-out lizard king himself, 'you got the guns but we got the numbers'), you really should be. I love this dog bark: Nationalize it all, baby. It's Kapitalism with a kapital k! Fuck yeah! And don't forget to bail out Phil Graham's foreign bank while you're at it.

This is fun! The Republicanism of the Bush/Cheney/Rove/Norquist era has always been about nihilism, the pure joy of fucking shit up, vandalism, destruction, and setting loose the dogs of war. But until now they've pretended it was about other stuff. As the movie comes to its climax, Dracula is showing his fangs: no more pretense of being a misunderstood minor aristocrat from foreign Transylvania. It's bloodsucking time, suckas, and you sure look tasty to me!

Man, I've got to find my old Jefferson Airplane records. There's a song a need to hear, the perfect soundtrack for this rape and plunder, the New Republican Anthem :

We are forces of chaos and anarchy
Everything they say we are, we are
And we are very
Proud of ourselves
Up against the wall
Up against the wall, motherfucker
Tear down the walls
Tear down the walls

But please, President Bush, don't be so totally mean. I mean, don't bogart that joint, dawg. Everybody needs to get toked up to watch this show, dontcha think?

The other day I was listening to the exasperating Howie Carr's talk show. Carr is a Boston-based populist Republican who purports to be an Independent. Like all Republican talk-show hosts, he's an asshole. However, he does have his good points. For one thing, he took on the corrupt and dangerous Bulger brothers, risking his life to do so (Whitey Bulger is the model for the Jack Nicholson character in The Departed). For another, Carr, who is Catholic, took on the Catholic Church over the child rape scandal and helped drive Cardinal Law from our shores. And finally, he is relentless in exposing corruption and hypocrisy among Democrats in office, especially those in state or city offfices. In a corrupt one-party state like Massachusetts, this is a valuable service.

But he's basically a Republican shill, and his commentary on the Big Shitpile crisis has been horrible. Last week he was going on and on about how the problem was that so many mortgages had been written for poor people in innner cities (Black people, that is, by obvious implication) who got in over their heads and defaulted, so now banks were failing and Wall Street could collapse, taking our whole way of life with it. And all because of the Negroes! And the Libruls, of course, who forced the banks to make these loans by way of “anti-redlining” laws promoted by Joe Kennedy and his ilk.

And I heard similar stuff on National Public Radio yesterday.

[Read More!]

No fucking way.

Ayn Rand was a muddle-headed thinker who wrote wooden prose, “novels” that were really merely polemics .¹ She maintained the beliefs that all wealthy people merited their wealth, that all poor people merited their poverty, that selfishness was a virtue, that the myth of Robin Hood was pernicious because Robin Hood stole from the rich and gave to the poor. Because she did not believe in history (or complexity or nuance), Rand did not count as important that Robin Hood lived during feudal times. In her philosophy, it does not matter to her how wealth and poverty were distributed in feudal times, nor how the wealthy got wealthy. Her fictional world is ahistorical. In her world, government is synonymous with force, but in her worldview, the only legitimate use of force is to take from the poor and give to the rich. She loathes democracy and thinks well of plutocracy. The current Bush/Cheney government of plutocrats would be very much to her liking, I think.

She is a high priestess in the Cult of the Market Gods.

Ayn Rand's writing is known be esteemed by, among others, Alan Greenspan (“the whore”, as my father calls him), and by impressionable teenage boys with little social success. I don't know if Dick Cheney is a fan of Rand, but he is the epitome of a Randian hero.

Anyway, Rand is dead, presumably in Heaven. From whence she must be beaming down upon us with great joy at the developments of the past few weeks, when a hundred billion dollars was taken from the treasury and given to the investor class, all in the name of “stabilizing the market” (Market gods angry! Market gods want eat money! Must feed market gods! Paulson! Bernanke! Feed market gods more money! Now!) The wealth transfers of the “Resolution Trust Corporation” bailout of the S&Ls under the Reagan regime, the Bear Stearns and Fannie Mae/Freddy Mac handouts of more recent times were as mere hors d'oeuvres before the meal of the Great Investor Class Bailout of 2008. It's about time for a Randian beatification or maybe even apotheosis, wouldn't you say.

UPDATE: I forgot to include a link to this diary entry over on Daily Kos, which got me thinking. I agree with the post 100%.

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1. When the woman who is now my wife and I were first dating, we found ourselves talking about Ayn Rand novels one afternoon. I had read Atlas Shrugged and one or maybe two others, but not The Fountainhead. She summarized it for me in one memorable sentence: “In this one he's an architect.” Really, if you've read one of her novels, you've read them all.

In his most recent emphatic response to the financial crisis that cannot in any way be blamed on the former Chairman of the Senate Commerce Committee (because really, it was those bozos over at Banking, Housing and Urban Affairs and possibly the folks over at the Judiciary's Subcommittee on Antitrust), former Deregulator turned Regulatory Hawk John McCain told a cheering crowd of supporters that if he were President he would fire SEC Chairman Christopher Cox.

“The chairman of the SEC serves at the appointment of the president and in my view has betrayed the public's trust,” McCain said. “If I were president today, I would fire him.”

Firey, determined, definitely a stern rebuke to the Bush Administration and its lackeys who — although confirmed by McCain and the rest of the Republican Senate back in 2005 despite nasty bad bad partisan allegations that Cox had been involved in some shady investment schemes — certainly have nothing to do with McCain the Reformer!

Except, of course, that the Chairman of the SEC does not serve at the pleasure of the President and cannot be “fired,” only impeached by Congress. The President can “demote” Cox by redesignating someone else on the Commission as Chairman — which would probably prompt a Chair to resign before letting that happen. But still, saying you would fire someone you have no authority to fire? This is ready from Day 1?

I suppose I could give McCain the benefit of the doubt and assume he knows the actual law, and that he was just shorthanding “I can't actually fire him, but I would certainly embarrass him and harass him out of a job faster than a Wasilla Librarian who refused to censor books!” To the more dramatic “I would fire him and then be all embarrassed when I was told I can't actually do that.” But either way, it's a pretty stupid response when McCain spent all his time as Chair of the Commerce Committee perfectly happy with the way the SEC regulated the financial sector. (I know, I know, wrong committee, not my fault . . . .)

Stay tuned . . . .

Over on Eschaton, Atrios has been blogging about the financial meltdown for a few years now. He pretty accurately predicted just what we're seeing now. When lazy journalists were still referring to the mess as “the subprime crisis[1]”, Atrios was referring to it as The Big Shitpile, a much better name, and running pictures from the house-of-cards like game Jenga.

Below the fold: WHEEEEEEEEEEEEEEE!!!!!! [Read More!]

Pakistan orders army to fire on US troops if they invade Pakistan again. Something about that is a little troubling to me. Can't quite put my finger on it.

One thing I don't understand: if the US cannot be allowed to go into Pakistan, how are they going to capture Bin Ladin the week before the election? Don't the Pakistanis know how important this mission is to John McCain the free world?

Harold Feld provides an insightful analysis of the right wing noise machine's attack on Oprah. As this is kind of an advanced topic in media watching, involving feints and jujitsu-like tactics, I think it may be useful to ground the analysis in elementary theory, viz, short run optimization:

1) The “news” media (and this includes Keith Olberman and other so-called liberals), has only one interest, and that is to make money.
2) They make money by selling advertising.
3) The more people who watch them, the more money newsmedia make.
4) More people watch “the news” when there is a tight race, or better still, controversy and a tight race. Viewers are seeking entertainment, not to become better informed about policy.
5) Therefore, the media will do whatever they can possibly do to ensure a tight race with lots of controversy.

Coralarries to theorem 5, above, are that things that distract from the entertainment value of the news, such as coverage of wars that are not going so well, will be minimized. People watch TV that flatters them and rewards their laziness; therefore TV news advances the point of view that personalities are more important than policies--because most people consider themselves good judges of personalities & it requires no work to decide whether or not you like somebody.

The only national news media figure who is an exception to this dynamic is Jon Stewart. He clearly cares about the country and respects our constitution. Stewart makes money by serving the considerable minority of viewers who actually want to understand what's going on in our government.

Below the fold: Media Dynamics 102: long run optimization [Read More!]

Folks-

The Fresh Kills landfill in Staten Island has a dubious claim to fame, that is, a volume equivalent to The Great Wall of China. And, up until recently, it was slated to be one big, fenced off toxic nowhere land. But now it's poised to become nothing short of a state-of-the-art green zone. Seriously....Here's my newest piece for Planet Green- [Read More!]

I wish I could claim credit for what is so far my favorite campaign slogan, but it comes from this Daily Kos post. I'd like to get it on an internet button and have everyone involved in community organization display it.

In the meantime, however, I recommend this excellent piece by Joe Klien on what Barak Obama actually did as a community organizer. Then tell me again how those elitist Democrats can't possibly understand your pain in the way that the crowd of Republican delegates and lobbyist who think that being a “community organizer” is funny.

Stay tuned . . . .