Friday, 27 February 2009
Tuesday, 10 February 2009
See Glenn Greenwald's blog and Andrew Sullivan's, erstwhile Obama cheerleader, for more comments.
Sunday, 8 February 2009
They also acknowledge that it's a lagging indicator, though, and there are a reasons, IMO, to worry that we're on a very troubling downward spiral. The reason is that in the early 80s and and in 1974 we weren't facing nearly as fragile a situation with housing and with car companies. As demand for cars continues to decrease we're likely to reach a point at which failure of two of the big three becomes inevitable. Similarly, the foreclosure situation is horrific and while we're losing jobs at a pace of 500 000/month, it's likely to get worse. Remember the precarious situations banks were in, well we could see even more of their assets becoming toxic. The banks and the auto industry don't need too many more hard shoves, but I worry that this accelerating job loss situation is exactly what is going to be delivered. And if Chrysler and GM go, then we'll really start seeing unemployment numbers.
Friday, 6 February 2009
Percent of national income the richest 1% of the population took home in 2006: >20
Last year in which the richest 1% of the population took home more than 20% of national income: 1928
(This from Robert Reich, link. Today's blog is also worth a read for those interested in the cuts vs. spending debate.) Tell me again, about how I should feel indignant about Obama wanting to increase taxes on the rich.
UPDATE: He's out, cool.
Update: Also, Killefer story.
When I lived in Austin, I got to know of Bill Hicks because I watched a lot of public access TV. For some reason the public access content is much more interesting (and raw) in Austin than I've seen it anywhere else. However, I only recently watched, thanks to youtube, the Austin Public Access video in which Bill discusses the Letterman censorship incident at length: link.
Weird, the Republicans have suddenly got religion when it comes to fiscal responsibility. I wish they'd had some during the Bush years, then this huge stimulus package wouldn't be compounded on top of trillions of dollars of debt. It's like watching someone who has been popping tylenol for years on end just for the hell of it, then suddenly when he gets a migraine, starting to worry about taking two. First, the profligate use of the tylenol earlier might undermine its effectiveness now and because, well, what a stupid time to not take pain relief medication.
Really, I wonder what's going on with these people. We're now hearing that the New Deal didn't really work, not just raising it as an interesting academic question but asserting it as if it's consensus among economists and we're hearing that what the economy really needs is tax cuts? Tax cuts, as if anyone with half a brain would spend any tax savings now.