Brilliant, and once again completely SFW.
H/t Cthulhu.
Author: Matthew G. Saroff
Things I Never Thought That I Would Say, Number 249
I wish I could have gone to Wall Street today when I was in New York, but there was not enough time.*
*I wanted to go to Freedom Zuccotti Park and talk/offer moral support to the Occupy Wall Street protesters.
Deep Thought
When traveling via bus, bring a travel pack of tissues, in case the bus bathroom is out of toilet paper.
What the Shrill One Said
Yes, Paul Krugman is correct in noting that the US dollar is overvalued, and that the
Chinese Yuan is undervalued.
He only has 800 words, so what should also be noted is that the dollar is not just overvalued versus the Yuan, but versus the whole world, though he does note that the Chinese are deliberately pushing the value of the Yuan in addition.
Since the undervalued Yuan is, at its core, a tariff on Chinese imports, and a subsidy of their exports, it is clear that the sanctions bill in the Senate is justified.
That being said, there are also structural issues that overvalue the US dollar, to the advantage of Wall Street and the disadvantage of Main Street (Hence Robert Rubin’s* full throated support of a “strong dollar policy when he was SecTreas), and these need to be addressed as well.
*Why is this corrupt ratf%$# not under criminal investigation?
I’m Heading for New York City
And then onto Monsey, NY.
My mother-in-law is moving to Baltimore, but spending the next month or so in Memphis while her apartment comes open, so I am ferrying her car down.
Against my wife’s better advice, I will be using the “avoid tolls” option on the route on Google Maps, which avoids most but all, of the tolls, and doesn’t have me doing it all on interstates
Interstate highways are boring.
(On Edit)
I’m taking Bolt Bus, which has WiFi and power outlets. Kewl.
Huh, I Missed This
Last Friday was International Blasphemy Rights Day.
As I have always considered the right to blaspheme to be among the most basic of human rights, I should have made note of this.
Oh, Now I Get It!!!!!!
It seems like ir was just earlier this evening, I was wondering what political calculus could be driving numerous states Attorneys General to walk away from the so-called “50 State Deal” on “Robosigning”. (Wait, it was just earlier this evening)
Well, now we know why. The New York Times just described the recent transition of New York AG Schneiderman from a very (for New York, anyway) low key Attorney General to Political superstar:
The other day, in his office down on Wall Street, Eric T. Schneiderman owned up to an awkward truth.
Until fairly recently, he acknowledged, if you had asked the average passer-by to name New York’s attorney general, you might have gotten a mystified “Huh?” or the answer that it was Andrew M. Cuomo (the governor who used to have the job) or Eliot Spitzer (the disgraced former governor who had it before that), rather than the correct response: Mr. Schneiderman.
In the eight months since he has assumed the office, the emphatically unglamorous Mr. Schneiderman has maintained a low profile for the state’s top law-enforcement officer, charting a busy but anonymous course between Spitzerian aggression and Cuomoesque charm. Even his own press aide, Danny Kanner, recently confessed that, before this summer, his own parents did not know who Mr. Schneiderman was. “And I’m their kid; I work for the guy,” Mr. Kanner said.
But then came August, when Mr. Schneiderman, 56, rejected a proposed nationwide settlement releasing some of the country’s biggest banks from a lawsuit brought by the states claiming misconduct in the mortgage markets. Almost overnight, he found his own name mentioned in a series of laudatory articles in publications as varied as Rolling Stone, The Rochester Democrat and Chronicle and the Web site Gawker.
Adding fuel to the profile-raising fire were the phone calls Mr. Schneiderman received this summer from officials in the Obama administration who pressured him to smarten up and join his counterparts in other states in settling the case. There were reports that a Federal Reserve official, Kathryn S. Wylde, had harangued him in public for his stubbornness (at the funeral for Hugh L. Carey, the former New York governor, no less). At the end of August, an unrepentant Mr. Schneiderman was kicked off the executive committee of attorneys general in charge of the case by its leader, Tom Miller, the attorney general of Iowa.
The cynic in me wonders if perhaps the fact that the flood of adoring correspondence was accompanied by, “Small tsunami of campaign donations,” might have something to do with the increasing numbers of Attorneys General who are balking at signing an agreement exchanging a token payment for immunity for the banksters.
If Only They Could both Lose………
It’s a battle between an insurance company and a pharmaceutical company over a drug that probably doesn’t work but has a lot of fans:
Blue Shield of California will no longer pay for the use of the drug Avastin to treat breast cancer, a sign that support for the widely debated and expensive treatment may be eroding among health plans.
Blue Shield, with 3.2 million members, is apparently the first large insurance company to end payments since a federal advisory committee unanimously recommended in June that the Food and Drug Administration rescind Avastin’s approval as a treatment for breast cancer, saying the drug did not really help patients.
The F.D.A. commissioner, Dr. Margaret A. Hamburg, has not made a final decision, so Avastin retains its approval for now.
Because it is an emotional and politically contentious issue, with some women saying the drug is keeping them alive, many insurers have said they will wait until a final decision from the F.D.A. before re-evaluating their coverage policies. And Medicare has indicated it will continue paying for the drug even if the F.D.A. revokes the approval.
Until people realize that there is not a problem with the cost of prescription drugs because the real problem is the price of drugs, and so private solutions to innovation, with the associated exclusivity provisions, are the problem, not the solution.
The President Murders an American Citizen
One of the flat out most disturbing thing that Barack Obama has done is to claim that he has an absolute right to murder anyone, anywhere, any time based on his unilateral declaration that it is in the interest of national security.
Most recently, this was shown in the murder of Anwar al-Awlaki.
This was an extrajudicial killing with the only evidence made public being that he “inspired” people to wage war against us.
I really don’t have the words to describe just how awful this is, but the Rude Pundit does. (and the essay is completely safe for work as well)
Just go read him.
I’m just thankful that I live in Maryland, where my vote for President does not matter in 2012, so I won’t.*
*No, I won’t vote Republican, I just won’t cast a ballot for President, or I’ll write in Howard Dean.
Pass the Popcorn, Mortgage Fraud Edition
And another shoe drops, as California leaving the 50 state mortgage deal, claiming that it’s too bank friendly, joining New York, Delaware, Minnesota, and Massachusetts (link) in objecting to the blanket grants of immunity proposed:
California Atty. Gen. Kamala Harris will no longer take part in a national foreclosure probe of some of the nation’s biggest banks, which are accused of pervasive misconduct in dealing with troubled homeowners.
Harris removed herself from talks by a coalition of state attorneys general and federal agencies investigating abusive foreclosure practices because the nation’s five largest mortgage servicers were not offering California homeowners relief commensurate to what people in the state had suffered, Harris told The Times on Friday.
The big banks were also demanding to be granted overly broad immunity from legal claims that could potentially derail further investigations into Wall Street’s role in the mortgage meltdown, Harris said.
“It has been a process of negotiating and sitting at a table in good faith, but ultimately I have decided that we have to go our own course and take an independent path. And that decision is because we need to bring relief to Californians that is equal to the pain California experienced, and what is being negotiated now is insufficient,” Harris told The Times in an interview.
Harris delivered the news in a letter sent Friday to Iowa Atty. Gen. Tom Miller, who has been leading the 50-state coalition.
Here are some other interesting bits:
The removal of California from the discussions is a major blow to fraying efforts by the coalition, which has been trying to strike a settlement deal with the big banks for months. The move by Harris to reject the settlement talks is also a key departure from efforts by the Obama administration, which has been pushing for a fast resolution to the so-called robo-signing scandal that erupted last year.
Just so you know, “Pushing for a fast resolution,” translates to, “Throwing lawbreakers another get out of jail free card,” because the Banksters are Obama’s real base.
“This whole concept of a settlement on foreclosure abuse is probably dead,” said Christopher Whalen, the founder of Institutional Risk Analytics. “Nobody in their right mind is going to opt into a settlement right now.”
So one would hope. Neither the Obama administration, nor their corrupt lackey Iowa Attorney Gen. Tom Miller have had the slightest interest in pursuing any allegations or real wrongdoing against big banks.
I’m not sure what is motivating the AGs to bail on what would be a win-win for them, they get to “wave the bloody shirt” of some sort of settlement payments while insuring their own access to Wall Street campaign donations, but it appears that either they think that the political calculus is changing, or they just want to do the right thing.
Not Enough Bullets…
The SEC has ruled that Congressmen, their staffers, and executive branch members are free to commit insider trading with impunity:
When you buy and sell stocks based on secrets you learned at the office, it could be insider trading.
But when a United States Senator does it, it’s probably perfectly legal.
That’s because the SEC has largely determined that trading stocks based on advance knowledge of action in Congress is not insider trading.
If anything, it’s “outsider” trading — buying and selling shares based on knowledge of an outside force that’s about to hit a company’s share value.
Think of it like a trader who sees a satellite image of a hurricane bearing down on an oil rig — and shorts the oil company’s stock in expectation of the damage.
Except in the case of Capitol Hill, the members of Congress can be both the trader and the hurricane — buying and selling shares in expectation of the effect that their own action has on the company’s stock price.
Some critics say that’s probably going on a lot on Capitol Hill — although they don’t have any direct proof.
“It’s really quite outrageous,” said Craig Holman, the legislative representative for Public Citizen. “If you just take a look at the statistics, members of Congress are either geniuses when it comes to stock trading or they are in fact trading off of some of this insider information.”
A pair of recent academic studies found that House members beat the market in their personal stock trading by about 6 percent, and Senators beat the market by about 10 percent.
Just when you thought that Washington could not get any more corrupt.
God Bless The Onion
Occupy Wall Street Heats Up
First, we are now seeing support from unions and local civil society groups:
The “Occupy Wall Street” protests, now entering their third week, are poised to get a whole lot bigger than its core of 200 to 300 people, potentially even exceeding the protesters original goals of 20,000 demonstrators, thanks to recent pledges of support from some of New York City’s largest labor unions and community groups.
On Tuesday, over 700 uniformed pilots, members of the Air Line Pilots Association, took to the streets outside of Wall Street demanding better pay.
…………
The other eight organizations expected to join in the October 5 rally, based on its Facebook page, are United NY, Strong Economy for All Coalition, Working Families Party, VOCAL-NY, Community Voices Heard, Alliance for Quality Education, New York Communities for Change, Coalition for the Homeless, which have a collective membership of over 1 million.
Additionally, since the video of a New York City deputy inspector Anthony Bologna going crazy with pepper spray on protesters went viral, the protesters are actually getting some ink in the American press. (Google news shows more coverage overseas than in the US)
Additionally, they finally had a mass protest, and related mass arrests, on the Brooklyn Bridge.
If the protesters, or their new supporters, can manage to get their sh%$ together, and leverage their recent US media coverage, we might actually have a real a voice for stopping the looting and starting prosecuting.
Like I Said, the Manchurian Democrat
Click for full size
Democrats are not feeling the audacity
But the Republicans are all fired up
In 2008, Barack Obama convinced millions of young voters to enthusiastically vote for him.
Between 2009 and now, he has convinced these same folks that they and their votes do not matter:
In thinking about the 2012 presidential election, 45% of Democrats and independents who lean Democratic say they are more enthusiastic about voting than usual, while nearly as many, 44%, are less enthusiastic. This is in sharp contrast to 2008 and, to a lesser extent, 2004, when the great majority of Democrats expressed heightened enthusiasm about voting.
The most depressing thing about all of this that it’s likely that a lot of the new voters who came into the process are now likely to be apathetic for years.
We know what happens when the only reason that people are given to vote Democratic is “The Republicans are Scary”. Just look at John Kerry’s 2004 run, and I think that the Dems are progressively making this their only talking point, particularly if Obama gets his way and manages to gut cut Medicare and Medicaid.
H/t Americablog.
Hoocoodanode? Monsanto Edition
It turns out that what Montsanto thought was a win-win, it use of genes to create Roundup resistant crops, allowing it to make money on both the crops, and on the increased sales of its popular herbicide has had a not-unexpected side effect.
It seems that with Roundup Ready® ready crops, farmers soak their fields in the herbicide, and so now we are seeing an explosion of herbicide resistant weeds:“Superweeds” are plaguing high-tech Monsanto crops in southern US states, driving farmers to use more herbicides, return to conventional crops or even abandon their farms.
How has this happened? Farmers over-relied on Monsanto’s revolutionary and controversial combination of a single “round up” herbicide and a high-tech seed with a built-in resistance to glyphosate, scientists say.
Today, 100,000 acres in Georgia are severely infested with pigweed and 29 counties have now confirmed resistance to glyphosate, according to weed specialist Stanley Culpepper from the University of Georgia.
“Farmers are taking this threat very seriously. It took us two years to make them understand how serious it was. But once they understood, they started taking a very aggressive approach to the weed,” Culpepper told FRANCE 24.
“Just to illustrate how aggressive we are, last year we hand-weeded 45% of our severely infested fields,” said Culpepper, adding that the fight involved “spending a lot of money.”
In 2007, 10,000 acres of land were abandoned in Macon country, the epicentre of the superweed explosion, North Carolina State University’s Alan York told local media.
Imagine that. It’s so bad, that farmers are abandoning land.
The problem here is that the rulings changing the patent laws over the past few decades, which allow the patenting of genes and species, have made the seed business so lucrative that companies like Monsanto are inclined to skip appropriate testing in the rush to market.
The solution is, in addition to stricter regulation, is to remove the IP protections to genes and species, which will remove much of the incentive to cheat.
Now I’ve Seen Everything
This is just too weird.
H/t Americablog.
Deep Thought
H/t Cseger1 at the Shortskoolbus BBS.
Your Deep Thought for the New Year
It’s Rosh Hashanah (ראש השנה)
Which means that I will be off line for the next 50 hours or so, and then Shabbos follows, so I won’t be covering breaking news.
I will have some stuff queued up that I delayed posting on.
Finally!
Pass the Popcorn
Even if the mortgage non-transfer transfers conducted through MERS fulfill the technical obligations required by existing real estate and trust law (they don’t), they still don’t excuse the illegal evasion of recording fees for local county clerks.
We’ve had a couple of smaller counties file suit, but now it’s Dallas, Texas, which turn over a huge rock, and reveal what is underneath:
Mortgage Electronic Registration Systems Inc., along with Bank of America Corp., was sued by Dallas County District Attorney Craig Watkins over claims its mortgage-tracking system violates Texas law.
Merscorp Inc.’s MERS, which runs an electronic registry of mortgages, cheated Dallas County out of “tens of millions in uncollected filing fees,” Watkins said in a statement. MERS tracks servicing rights and ownership interests in mortgage loans on its registry, allowing banks to buy and sell loans without recording transfers with counties.
Watkins, in a complaint filed yesterday in state court in Dallas, claims MERS was established by banks including Bank of America to avoid paying filing fees, as well as to ease transfers of mortgages. The county asked the court to hold Bank of America liable as a shareholder of MERS and said the bank “knew or should have known” that the system would cause improper filing.
We are talking billions, if not tens of billions of dollars in fees that were illegally evaded by the banks, and Dallas County is big enough that the banks can’t afford to settle to make the problem go away.
My heart bleeds for these ratf%$#s.