Friday, April 30, 2010

Wow.


"A Hurricane Katrina-damaged car still sits half-submerged near cypress trees in Venice, Louisiana on Thursday, April 29, 2010. A region still recovering from the 2005 hurricane season is bracing for a growing oil spill that resulted from last week's explosion and collapse of the Deepwater Horizon oil rig in the Gulf of Mexico near the coast of Louisiana"

Update

Errol Morris is on Twitter. I have no idea what he is saying.

"I had trouble working the bolt. Does that mean I couldn't have been the lone gunman?"

"And then there are people who think they are blind that can see, and people who think they can see that are blind."

"
A REMINDER: Proving that most conspiracy theories are wrong is not the same as proving that there was no conspiracy."

This is meme-able.

On Compulsive Hoarding

We start slowly, evaluating the mess. Establishing routes. Deciding what goes first. Maneuvering isn’t easy, since the space is crammed with Corona bottles, pizza boxes, soda bottles, a piano, White Castle boxes, Lysol cans, and stacks of other random waste about four feet deep in some places and much higher in others. There are pennies, receipts, Table Talk cherry-pie boxes, empty Skippy containers, plastic spoons, and lighters. There is an empty sixer of Smirnoff Ice Green Apple. Somewhere beneath the mess there is a nice apartment with good bones and southern exposure. Right now the walls are sprayed in what looks like shit, cum, and blood, depending on the room. The smell is striking. It is thick. The breath that condenses in my mouth is a swamp of it. It’s like shoving your head into someone’s mouth, armpit, and crotch all at once.
-"Bless This Mess", Vice Magazine

I think I shall clean my house now.

Thursday, April 29, 2010

Marilyn Monroe

"The most fascinating part of The Genius and the Goddess is an appendix, a list of Marilyn’s illnesses and hospitalizations. She tried to kill herself so many more times than Sylvia Plath -- eight, by this count, not just with pills but with gas. She got her nose and her chin redone. She had her tonsils and her appendix and her gallbladder and her wisdom teeth removed. She had thirteen (documented) abortions and a number of miscarriages. She lived in her famous body, and really couldn’t get rid of it except by dying in it. Ultimately, however many Elton John funeral dirges to Norma Jeane play on the world’s radio stations, there was no Other Marilyn. Just the one."

This article has multiple issues

“And here’s what I’m trying to get you to understand: In the grown-up world, when an entire country’s savings accounts are wiped out because of some do-gooder and his law books and his Thomas Jefferson ‘What about free and fair markets?’ crap, that is a big problem—people don’t give a fuck about Jefferson and ‘free and fair markets,’ they just want their savings to be worth something. And people are right: Jefferson was an imbecile. He should have been a folk singer, not a Founding fucking Father. But that’s another issue that’s over your head—the point is, the guy who destroys this economy because it’s ‘the right thing to do’ will have to flee for his life, and whatever president or political party was in power when that decision was made will be out of power for the next 200 years. That’s why Washington panicked and passed ‘the bailout,’ they didn’t want to be the fools whom all the Ponzi victims blame for tanking the Ponzi scheme, so they broke the glass and pumped up a newer, bigger Ponzi scheme. It was an expensive 14 trillion dollar lesson in, ‘Stay the fuck away from free-market experiments, assholes!’ How naive are you people to actually believe that ‘free market’ crap? The problem is when people in power are stupid enough to listen to guys like you: all the do-gooder libertarians and the do-gooder free-market Republicans who forgot that they’re supposed to lie. Hello!”

-Confessions of a Wall St. Nihilist

A note.

Heidi Moore compares reading Zero Hedge to watching the Hills. That is all.

Thursday


Stadiums Top Stocks as Colleges Bet Football Is Recession-Proof

In Austin, Texas, the Longhorns renovated their football stadium in stages between 2006 and 2009, adding 13,000 seats priced from $65 to $95 depending on the game; 2,200 club seats starting at a minimum $2,000 annual donation, plus the cost of the ticket; 2,450 chairback seats priced at a minimum $750 annual donation, plus the ticket; 47 suites priced from $62,000 to $75,000 plus the tickets and catering; an $8 million, 55- foot-by-134-foot video scoreboard; and ribbon scoreboards that offer more opportunities for advertisers.

At their baseball field, they added 19 suites priced from $32,000 to $40,000 plus catering; 400 club seats at field level priced at a minimum $750 annual donation, plus the tickets; and a video board.

The bricks-and-mortar investment paid off, according to Texas’s athletic director.

“Had we gone with endowments, we’d be down 30 percent,” Dodds said. “This is a huge success.”


Credit Agricole, Soc Gen Face Greek Risks as Debt Crisis Deepens

Banks have more at risk in Portugal and Spain than Greece. Claims on Portugal by European lenders amount to $240.5 billion, including $47.4 billion by German banks and $44.9 billion by French firms, according to BIS figures from the end of 2009.

European banking claims on Spain stand at $832.3 billion, with German financial institutions accounting for $238 billion and French companies $211.2 billion.

Austerity-Tony Judt

The opposite of austerity is not prosperity but luxe et volupté. We have substituted endless commerce for public purpose, and expect no higher aspirations from our leaders. Sixty years after Churchill could offer only “blood, toil, tears and sweat,” our very own war president—notwithstanding the hyperventilated moralism of his rhetoric—could think of nothing more to ask of us in the wake of September 11, 2001, than to continue shopping. This impoverished view of community—the “togetherness” of consumption—is all we deserve from those who now govern us. If we want better rulers, we must learn to ask more from them and less for ourselves. A little austerity might be in order.

True Tolerance-Robin Hanson

“Tolerance” is a feel-good buzzword in our society, but I fear people have forgotten what it means. Many folks are proud of their “tolerance” for gays, working women, Tibetan monks in cute orange outfits, or blacks sitting at the front of the bus. But what they really mean is that they consider such things to be completely appropriate parts of their society, and are not bothered by them in the slightest. That, however, isn’t “tolerance.”


Oh fuck.

A freak leak of the Spanish unemployment number by the National Statistical Institute (INE), the equivalent to the DOL, was captured by Spanish daily ABC.es, according to which for the first time since 1997, the unemployment rate in the country that was notched by S&P today, will surpass 20%.


Wednesday, April 28, 2010



Wedesday Links

Nouriel, of course, takes that kind of thinking to its logical conclusion, and kicked off the panel by announcing that it was just in time: “in a few days,” he said, “there might not be a eurozone for us to discuss.” There’s no way that Greece can implement the 10% spending cut it needs to do in order to stop its debt spiralling out of control at current interest rates — and even if it did, the economic effects would be disastrous.
-Felix Salmon

Apparently Goldman didn’t just hurt its clients, it hurt everyone in the world. Take a moment right now to show us on the doll where Goldman touched you.
-Dealbreaker via BC

Goldman Sachs Underwriting Market Shares in Subprime RMBS and CDOs


Not die Staatsbanken!


The Many Faces of Lloyd

Tuesday, April 27, 2010

My Name is Jonas

I listened to Pinkerton last week for like the first time in years. I swear to God. Then I deleted it.
And so today from the AWL, we have this essay on Rivers Cuomo's two decades of creepiness. Read the whole thing, if just for this sentence.

"One man I spoke to about it pointed out that, for men, Rivers Cuomo is both Liz Phair and Liz Lemon"

Always Sunny Quotes

"I got my magnum condoms and my wad of $100s. I'm ready to plow!"

"Hi. I'm a recovering crack head. This is my retarded sister that I take care of. I'd like some welfare, please."

Why don’t I strap on my job helmet and squeeze down into a job cannon and fire off into Jobland where jobs grow on little jobbies.

Mac: Charlie hold on a second. I mean the first half of that song was kinda cool but whats with the second half?

Charlie: It's about the night man, like you know like filling me up and I become him, I become the spirit of the night man.

Mac: But it sounds like a song where a man breaks into your house and rapes you.

Charlie: What dude, where are you getting that from?

Dennis: Alright, what's your favorite hobby?

Charlie: Magnets.

Dennis: Magnets- okay, making magnets, collecting magnets-

Mac: Playing with magnets?

Charlie: Just magnets.

There's some sort of weird chemical reaction that happens when you combine cat food, beer and glue. It makes you feel like extemely sick and tired and you're able to fall asleep.

I hate listening to people's dreams. It is like flipping through a stack of photographs. If I'm not in any of them and nobody is having sex, I just don't care.

"Penis? No, it's a bicep!"

Frank Reynolds: "You don't hunt a man!"

"Aaaoooo, botched toe! I botched that one, ooh that's a botch job. It's bleedin. I need some trash to plug up the cut." - Frank

Mac: "A power bottom is a bottom that is capable of receiving an enormous amount of power."

Dennis: "Actually Mac, you got it backwards. See a power bottom's actually generating all the power by doing most of the work."

“Then he smells crime again, he’s out busting heads. Then he’s back to the lab for some more full penetration. Smells crime, back to the lab, full penetration. Crime, penetration, crime, full penetration, crime, penetration — And this goes on and on and back and forth for 90 or so minutes until the movie just sort of ends.” -(Charlie and Mac Make a Movie.. involving Dolph Lundgren.)


Hurt Building 1940


Fuck yeah, normal buildings that other cities have in abundance!

Its a good day to die, Valhalla.

Tuesday Items

  • "Credit arbitrage ABCP vehicles were almost immune to all but two events: Unprecedented declines in credit quality of asset-backed securities, or a loss of access to funding in the ABCP market. Either event was predictably likely to be associated with broad disruptions in financial markets. That is, in creating and operating such vehicles, the sponsors mainly took on systematic bad-tail risk."
  • "A closing dinner for Havenrock II was held in Dusseldorf in July 2007, according to Bloomberg News. Just three days later, IKB announced that it was failing and had to be rescued by the German government. Calyon was out $2.5 billion. IKB paid $625 million to Calyon. But FGIC refused to pay the remaining $1.875 billion. Calyon sued FGIC, FGIC sued IKB. FGIC wound up paying Calyon just $200 million in a settlement, according to reports. When Calyon asked IKB to pay for the shortfall, IKB said that Calyon “failed to conduct any, or any adequate, appraisal of the risks,” according to a report from Bloomberg. Calyon wasn’t cheated or duped, IKB said. Rather, the bank entered into the agreement to “fulfill its ambitions to develop and diversify significantly its activities in securitization and structured credit,” IKB said in court filings quoted by Bloomberg."
  • This is a great office for a Russian billionaire, complete with blonde:

  • Teddy Roosevelt at Harvard:

  • Article on this large building in Atlanta-


HAHAHAHA!


GreeceGermany
Years of work to earn full pension:3545
Proportion of wages as pension:80 %*46 %
Number of pension payments a year:14 x12 x
Pension increase 2004:3 %0 %
Pension increase 2005:4 %0 %
Pension increase 2006**:4 %0 %
Minimum payment (Euros):445ca. 600
Maximum payment (Euros):2538ca. 2100
Minimum pension age for men:6565–67
Minimum pension age for women:6065–67
Average pension entrance age:62,463,2
* for insurance beginning before 1.1.1993, 70% after 1.1.1993, average earner;
** last available figures; sources: Eurostat, OECD, Dt. Rentenversicherung

Monday, April 26, 2010

Items of Note

The battle is joined. The Awl covers.

"On “Alligator,” the tension and turmoil of feeling past your peak when your youth’s still unfulfilled collect into biting little everyday paranoias and aggressions lurking just below the surface. Matt and his wife, Carin, not yet married then, were breaking up and getting back together frequently, “trying to resist the person you might end up with,” as Carin puts it. Fragments of their life were feathered into lyrics. One night, Carin accused Matt of being in search of an “out–of-this-world person who’s a pure fantasy,” by telling him he was going through life “looking for astronauts,” which soon became the title of a song."

"Alternatively, a stable government debt ratio of around 60% of GDP under the given interest rate and growth rate assumptions would be achieved by a primary fiscal adjustment of close to 10% of GDP combined with a close-to-50% debt reduction in end-2010. In other words, a 50% debt reduction only would buy less than 4pp of GDP of adjustment pain; or put differently again: any reasonable haircut reduction will require a very sizable fiscal adjustment under any circumstances, as the breathing space of an incomplete write-down could be very short lived."

Tourre’s emails described the products he created as “a ‘thing’, which has no purpose, which is absolutely conceptual and highly theoretical and which nobody knows how to price”.

General Motors is thriving!

"GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. At first the entire amount of U.S. aid was considered a loan as the government tried to keep GM from going under and pulling the fragile economy into a depression.

But during bankruptcy, the U.S. government reduced the loan portion to $6.7 billion and converted the rest to company stock, while the Canadian governments held $1.4 billion in loans. Those loans were repaid Tuesday, five years ahead of schedule.

The automaker hopes to repay the remaining $45.3 billion to the U.S. government and $8.1 billion to Canada via a public stock offering, perhaps later this year. The U.S. government now owns 61 percent of the company and Canada owns roughly 12 percent."

Greeks are fucking assholes.

There Will Always Be An Alabama

Breaking Bad

"This is the best coffee I've ever tasted ... why are we making meth?"

Friday, April 23, 2010






Progress


Thoughts

Tyler Cowen gave a lecture yesterday at Emory on "The Economics of the Jobless Recovery". I was expecting a crowded auditorium of MR fans but got a small room of econ grad students and their professors. If you read Cowen regularly you probably have an understanding of how he approaches the unemployment question. What interested me most was how he connected the American propensity for over-investment in health care, government and education to our current labor market woes. Returns on future investment are clouded by the opacity of the economic conditions of the past decade. Where is dramatic innovation occurring in our economy beyond efficiency improvements to older technologies and reductions in the use of labor?

My favorite quote:

"Why haven't lectures on DVDs put me out of business?" "Why not just watch Paul Krugman on an iPad?"

Thursday, April 22, 2010

The Universe is Indifferent

Most astronomers today believe that one of the plausible reasons we have yet to detect intelligent life in the universe is due to the deadly effects of local supernova explosions that wipe out all life in a given region of a galaxy.
-Antimatter Triggers Largest Explosion Ever Recorded In Universe

Wednesday, April 21, 2010

Monday, April 19, 2010

Don't let this get out guys!

PEACE OFFICER SALARIES

Correctional Officer / Youth Correctional Officer

Range A = $3,050 (This monthly rate shall apply to individuals while attending the Basic Correctional Officer Academy/Basic Correctional Juvenile Academy)

Range J = $3,774 - (Successful completion of the Basic Correctional Officer Academy/Basic Correctional Juvenile Academy)

Range K = $6,144 (Top step of pay scale)

Youth Correctional Counselor

Range A = $3,050 (This monthly rate shall apply to individuals while attending the Basic Correctional Juvenile Academy)

Range J = $4,142 (Successful completion of the Basic Correctional Juvenile Academy)

Range K = $6,743 (Top step of pay scale)

Casework Specialist

Range A = $5,188 (This monthly rate shall apply to individuals while attending the Basic Correctional Juvenile Academy)

Range J = $5,447 (Successful completion of the Basic Correctional Juvenile Academy)

Range K = $7,772 (Top step of pay scale)

Parole Agent I

Range A = $5,033 (This monthly rate shall apply to individuals while attending the Parole Agent Academy)

Range J = $5,285 (Successful completion of the Parole Agent Academy)

Range K = $7,437 (Top step of pay scale)

Peace Officers receive health, dental, and vision benefits. Peace Officers also earn vacation leave, sick leave, and holiday credits, and may be eligible for special educational and physical fitness incentive pay.

Upon permanent appointment to a Peace Officer position, individuals are enrolled in the California Public Employees Retirement System (CalPERS) and become members of the State Peace Officer/Firefighter retirement category. This retirement system is one of the best in the nation. Peace Officers may retire at age 50, earning 3 percent of their salary for every year worked as a Peace Officer. Actual pension is determined based on years of service as a Peace Officer. For example, Peace Officers can retire with approximately 90 percent of their income at age 50, after 30 years of service.

I think a job that involves removing shanks from the anal cavities of inmates should be well compensated. Where I live though (10.1% unemployment) I still believe they would have many takers.

More here

Inquiry

So WTF right? No one has yet created a financial blog called "credit event horizon"? 


How do the Youngs afford Coachella?

THE LAT KNOWS,

Cheap sunglasses. They're all over the place, and the absence of Dolce, Prada and Gucci is noticeable. If you see a label, it's usually on a pair of Ray-Bans, with a smattering of Serengeti and Oakley. Many people, though, are going generic and seem to have decided that dropping a few bills on some plastic might be better used on something a little more essential, like food and water. 

Vans sneakers cost $42, as do most canvas footwear. Vans were everywhere, the reigning (unofficial) utility shoe of the decade. They too come in all colors, shapes and sizes, and though they don't offer much in the way of arch support -- nor do Chuck Taylors, also prevalent -- they're cheap and sturdy. Plus, who cares when you're young and bunionless.

Also not one person in attendance has ever bought a CD. And the music is all made on laptops.

Friday, April 16, 2010

I bet that Goldman and Paulson turn out to be innocent - but I am also shorting that position

For What It's Worth

Tourre also misled ACA into believing that Paulson invested approximately $200 million in the equity of ABACUS 2007-AC1 (a long position) and, accordingly, that Paulson’s interests in the collateral section process were aligned with ACA’s when in reality Paulson’s interests were sharply conflicting.

The deal closed on April 26, 2007. Paulson paid GS&Co approximately $15
million for structuring and marketing ABACUS 2007-AC1. By October 24, 2007, 83% of the RMBS in the ABACUS 2007-AC1 portfolio had been downgraded and 17% were on negative watch. By January 29, 2008, 99% of the portfolio had been downgraded. As a result, investors in the ABACUS 2007-AC1 CDO lost over $1 billion. Paulson’s opposite CDS positions yielded a profit of approximately $1 billion for Paulson.

A CDS is an over-the-counter derivative contract under which a protection buyer makes periodic premium payments and the protection seller makes a contingent payment if a reference obligation experiences a credit event

Among the transactions considered were synthetic CDOs whose performance was tied to Triple B-rated RMBS. Paulson discussed with GS&Co the creation of a CDO that would allow Paulson to participate in selecting a portfolio of reference obligations and then effectively short the RMBS portfolio it helped select by entering into CDS with GS&Co to buy protection on specific layers of the synthetic CDO’s capital structure.

“More and more leverage in the system, The whole building is about to collapse anytime now…Only potential survivor, the fabulous Fab[rice Tourre]…standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstruosities!!!”

By contrast, they knew that the identification of an experienced and independent third-party collateral manager as having selected the portfolio would facilitate the placement of the CDO liabilities in a market that was beginning to show signs of distress.

GS&Co also knew that at least one significant potential investor, IKB Deutsche Industriebank AG (“IKB”), was unlikely to invest in the liabilities of a CDO that did not utilize a collateral manager to analyze and select the reference portfolio.

Unbeknownst to ACA at the time, Paulson intended to effectively short the RMBS portfolio it helped select by entering into CDS with GS&Co to buy protection on specific layers of the synthetic CDO’s capital structure. Tourre and GS&Co, of course, were fully aware that Paulson’s economic interests with respect to the quality of the reference portfolio were directly adverse to CDO investors.

In late 2007, ABN was acquired by a consortium of banks that included the Royal Bank of Scotland (“RBS”). On or about August 7, 2008, RBS unwound ABN’s super senior position in ABACUS 2007-AC1 by paying GS&Co $840,909,090. Most of this money was subsequently paid by GS&Co to Paulson.

THANK YOU ENGLISH TAXPAYERS!


Thursday, April 15, 2010

Death and Rabbi

Knifecrimin' Update


Cardiff after dark

Drunk Chick Represents Everything Wrong with Britain

People in the past were often wrong

"The day may not be far off when a city editor will say to a reporter, 'Check your space gear. You're going to the moon.'" (page 86).
Your Career in Journalism 1965

This is a gem-
"Let's assume the Indian ambassador to the United States and his wife visit your city. Someone from your paper will interview him on such weighty matters as East-West relations, India's neutrality policy, and so forth. But, as a reporter from the women's section, you will talk to Mrs. Ambassador about the problems and pleasures of being a diplomat's wife, her role in Washington, her views about American women, etc."

More FSLR

This should be bleatingly obvious – anyone who has competed with numerous Chinese manufacturers by now would know that the price is driven down to the price where the Chinese manufacturers make a mid single-digit ROE.

Many more interesting thoughts throughout. And go fuck yourself Paul Krugman.

I want to be Jackie Onasis, I want to wear a pair of dark sunglasses

  1. Fuck yeah, Rachel Weisz.
  2. In other news a horrible band that I enjoy.
  3. The bailout of Greece, while still not fully consummated, has brought an eerie calm in European financial markets. It is, for sure, a massive bailout by historical standards. With the planned addition of IMF money, the Greeks will receive 18% of their GDP in one year at preferential interest rates. This equals 4,000 euros per person, and will be spent in roughly 11 months.
  4. "Brave descendents of courageous Slavs! You always smashed the teeth of the lions and tigers who sought to attack you. Let everyone unite: with the Cross in your hearts and weapons in your hands no human force will defeat you."

Tuesday, April 13, 2010

REJOICE FOR OUR SAVIOUR IS ELECTIVE SURGERY AND HE IS RISEN!

Surgery for, say, 1 million of America’s most obese might cost no less than $30 billion, and probably much more. While the total cost of surgery for everyone who is obese—perhaps as many as four out of 10 Americans by 2015—may well be less than the financial burden of the diseases associated with obesity, surgery still seems inordinately expensive, unwise, and unfeasible as a hypothetical mass solution. But the treatment does inform how we ought to approach the problem. The only way to cure obesity is to radically rewire the relationship between the stomach and the brain. Diet and exercise can’t do that as quickly or as well.
-The Atlantic

Sunday, April 11, 2010

The German Will Fear Us

Sometimes this belligerent spirit revealed itself in a morbid sense of humour. On one occasion he was being driven at high speed in his black Bentley to London from Bomber Command headquarters in High Wycombe when his car was stopped by the police.

“You could have killed someone," said the aggrieved constable through Harris's window. "Young man, I kill thousands of people every night," was his laconic reply.


What the shit is wrong with Japan?

Rebecca, who claims friends describe her as, 'That weird girl who's famous in Japan', said: 'I am amazed how many viewers I have got.

' I love you all. I’m so excited.'

Her album is expected to go straight to number one after it was produced by Tokuma Japan - one of the country's biggest publishers.

They have teamed Rebecca with an 18-year-old French student known as Sara Cruel and a 16-year-old student from Portsmouth called Gemma Cruel.

h/t-MR

Saturday, April 10, 2010

Tony Judt

For thirty years students have been complaining to me that "it was easy for you": your generation had ideals and ideas, you believed in something, you were able to change things. "We" (the children of the Eighties, the Nineties, the "Aughts") have nothing. In many respects my students are right. It was easy for us—just as it was easy, at least in this sense, for the generations who came before us. The last time a cohort of young people expressed comparable frustration at the emptiness of their lives and the dispiriting purposelessness of their world was in the 1920s: it is not by chance that historians speak of a "lost generation."
-NYRB

It is not by chance that I couldn't finish reading this essay.

Robin Hanson speaks the truth

Who is the most idealistic about mating? It seems to me it is children, post-menopausal women, and young male “nerds”, i.e., with especially weak current mating prospects. These folks talk as if they hold themselves and others to the highest standards of ideal love, while happening to speak when they have an especially low chance of fertile sex.-OB

Friday, April 9, 2010

My Father Worked Two Jobs So He Would Have Money To Put In That Hole!


In The Know: Should The Government Stop Dumping Money Into A Giant Hole?

Items Friday


  • The basic picture of the federal government you should have in mind is that it’s essentially a huge insurance company with an army; Social Security, Medicare, Medicaid — all of which spend the great bulk of their funds on making payments, not on administration — plus defense are the big items.
  • Admittedly, gold may serve (or already have served) well as a tonic against large monetary dilution, incessant quantitative easing, continued unsterilized central bank consumption of newly-issued Treasury debt or merely fears of the aforementioned. But but do they think will happen when they really need it, like, trading those coins pure-gold coins (bling broach, or watch), for something tangible. If history is a guide, they will get sooooooo totally hosed.

  • "He is meant to look like a confused old man, unsure of where he is going, riding the bull market (the bull) all wrong. He is looking over his shoulder, not into the past but into the future..ie. he is clueless of how it should be done."


Thursday, April 8, 2010

Economic Items

“The Wall Street crash doesn't mean that there will be any general or serious business depression ... For six years American business has been diverting a substantial part of its attention, its energies and its resources on the speculative game ... Now that irrelevant, alien and hazardous adventure is over. Business has come home again, back to its job, providentially unscathed, sound in wind and limb, financially stronger than ever before.” ( BusinessWeek, November 2, 1929)
-Zero Hedge

So much of our cultural industries have been built on consumer mistakes and those days are coming to an end, rapidly.-MR

Sadly, the Greeks are today in a similar situation: the government’s macroeconomic program is not nearly enough to calm markets, or put Greece’s debt on a sustainable path. By 2012 we estimate Greece’s debt/GDP ratio will rise from 114% of GDP to over 150%. The interest payments alone on this would amount to 9% of Greek’s incomes at current rates, and almost all those funds are transferred to the German, French, and Swiss debt holders.-BS

Wednesday, April 7, 2010

A Sexual History of Rome

Caligula used to ride around Rome with his sister-bride, “masturbating with one hand and hurling gold coins into the crowds with the other.”

Caligula’s nephew was an emperor at 16-years-old and lost his virginity to his mum, which is a pretty strong recipe for madness. Rumor had it that, “whenever he rode in a litter with his mother, he had incestuous relations with her, which were betrayed by the stains on his clothing.”

He [Elagabalus] also would act as a prostitute in the imperial palace and “send out agents to search for those who [have] particularly large organs and bring them to the palace in order that he might enjoy their vigour.”

-VICE

Here is one I made up:

"In 23AD 300 Carthaginian elephants were slaughtered so their stuffed phalluses could be given as offerings to Dionysus during a royal orgy".

Chéri Samba






Tuesday, April 6, 2010

Tuesday Links

From the Onion-
Freakonomist Keeps Close Eye On GE Stock Versus Height Of Mexican Weightlifters

CHICAGO—A University of Chicago freakonomics professor told General Electric investors Monday to keep a close eye on recent fluctuations in the heights of competitive powerlifters from Mexico. "Usually we can count on a stable average of 5 feet 8 inches, but last month's quarter-inch drop in height among Mexican dead-lift competitors in the middle-heavyweight division could spell disaster for GE's aviation and software subsidiaries," freakonomist James Duncan said. "But, like anything else, a shrewd investor must always ask himself one thing: How many hot dogs did I eat last year?" Duncan previously gained recognition for tracking first-time home ownership and teenage mothers' gum purchases against the Times Tom Jones Is Played Per Day Index.

Dean Baker is my new hero-
"In effect, the government's profit is entirely due to the value of the government's guarantee. In Washington Post land, the government could make money by buying shares of a company's stock, offering to guarantee the company's debt, and then selling our shares at a gain when the market recognizes the value of the government's guarantee. Of course this strategy provides much larger gains to the other shareholders and allows the top executives to score billions in bonuses for being such shrewd managers, but in Washington Post land they don't pay attention to such things."
Tasteful elitist arousal

The short case for FSLR

Empty buildings:
To get a feel for just how much empty space there is in office buildings in Buckhead, Midtown and downtown Atlanta, picture this: The 12.3 million square feet of vacancy is the equivalent of about a dozen empty Bank of America Plaza skyscrapers.

At 55 stories, that iconic Midtown building is metro Atlanta’s tallest office tower and the sixth tallest building in the United States.

Monday, April 5, 2010

Mr. Simon

Fresh Air-

GROSS: And I just have to ask you, there is a scene in "The Wire" where two of the teenaged drug dealers are driving from Baltimore to New York to meet their connection and they're listening to a "Prairie Home Companion," and I've never understood the - why "Prairie Home Companion" showed up in that scene. So David Simon, please explain.

Mr. SIMON: Oh god. I have to go back to that? Well..

Mr. SIMON: But we are, you know, we're consumers of NPR. But the thing about that one scene was I actually, when I was doing the book "The Corner," at one point, to make it real to this particular kid, DeAndre McCullough, 15-year-old kid who's slinging drugs on a corner of West Baltimore, I didnt want, you know - he was willing to let me follow him but I didnt want him to do it without really believing it was a book. So a couple months into the process I actually drove him to New York to meet the editor of the book at the publishing house in New York. I wanted him to see that there was really going to be a book and so he shouldnt get into this lightly because he, you know, he was 15 and, you know.

In any event, we got - we hit that point where the Baltimore station, 92-Q, this hip hop station lost - started to fad out and then we started to pick up the Philly stations, you know, near Delaware or something. And he, having never been outside of Baltimore, he expressed that same amazement and we ended up listening to - because it was right sort of down at the end of the dial there -we ended up listening to "Prairie Home Companion." At that point I think he thought that the world had gone insane.

"Tiger Woods Returns to Sex"

This article is a great primer for aspiring whores.
Kelly is wearing an eighties-style dress, all geometric shapes and latitudinous shoulders. She is hooking up with a 20-year-old male model but he’s not here tonight and she’s got her eye out for something else. Girls like her are either dating older men with money or young and good-looking ones without. There is a stupendous symmetry to this. The rich old men want to be young and good-looking and the young ones want to be rich, but both are sleeping with the same girl.
These kinds of girls, this is how you spot them. Garcia says, “You have to look at the discrepancy between her income and her lifestyle. These girls are going to St. Barts in May, Gstaad in winter. Their rent is three grand a month, and they don’t have a roommate. Dresses cost them $1,000, $2,000.” VIP hosts and bottle girls are half-pimps to these half-hookers, using them to keep their clients satiated. While some bottle girls will sleep with patrons, for the most part their interactions are limited to the confines of the club. Party girls are more like freelancers, and sex is their currency.

“That’s where trends in prostitution are headed,” he says. “Guys go crazy for the GFE shit.” He’s envisioning bottle waitresses becoming close with the clients the way they do now. But instead of doing what the bottle girls do sporadically and for an unspecific payback, Itzler’s girls would have sex (or perhaps just president-and-intern sex) and get paid. Full hookers, but in a social environment, with less stigma attached.
Our nation is revolting

Items of Note

Tyler Cowen-
...I applaud the authors for their "stones" in writing the last paragraph of the paper, such as:

The conservative emphasis on family, traditional values and gender roles, and prolife anti-abortion sentiments all stress investment in children – for both men and women. Conservative policies mirror the genetic interests of women, writ large. They attempt to promote paternal investment in offspring. Further, they stress investment in conceived offspring – “a bird in the hand is worth two in the bush.” In short, Conservative policies support the genetic fitness of women by capitalizing on each pregnancy, reducing male promiscuity, and increasing paternal investment in children. Such policies may impinge on the freedom of parents’ immediate offspring, but they increase the expected number of grandchildren via daughters.

I will be here.

Thursday, April 22, 2010

Tyler Cowen

"The Economics of the Jobless Recovery"

George Mason University

Host: Paul Rubin

Sponsored by: The Department of Economics and the Program in Democracy and Citizenship

So should you if you live about the ATL.

I am very bullish on Inception
Ever since he was a youngster, he says, he was intrigued by the way he would wake up and then, while he fell back into a lighter sleep, hold on to the awareness that he was in fact dreaming. Then there was the even more fascinating feeling that he could study the place and tilt the events of the dream.
The Collapse of Complex Business Models

When the value of complexity turns negative, a society plagued by an inability to react remains as complex as ever, right up to the moment where it becomes suddenly and dramatically simpler, which is to say right up to the moment of collapse. Collapse is simply the last remaining method of simplification.

Thursday, April 1, 2010

"The Hollywood Economist"

"Most multiplex theaters have exactly 299 seats. That's because 300 would trigger the American with Disabilities Act requirement to make every row wheel chair accessible."
-NPR

see also-The pre-existing conditions of Nicole Kidman

Glenn Beck Moment

I am a politcal science major and had not read this before. I thank Titus Andronicus for their recent album.

Abraham Lincoln
Address Before the Young Men's Lyceum of Springfield, Illinois
January 27, 1838
I hope I am over wary; but if I am not, there is, even now, something of ill-omen, amongst us. I mean the increasing disregard for law which pervades the country; the growing disposition to substitute the wild and furious passions, in lieu of the sober judgment of Courts; and the worse than savage mobs, for the executive ministers of justice. This disposition is awfully fearful in any community; and that it now exists in ours, though grating to our feelings to admit, it would be a violation of truth, and an insult to our intelligence, to deny. Accounts of outrages committed by mobs, form the every-day news of the times...

Thus went on this process of hanging, from gamblers to negroes, from negroes to white citizens, and from these to strangers; till, dead men were seen literally dangling from the boughs of trees upon every road side; and in numbers almost sufficient, to rival the native Spanish moss of the country, as a drapery of the forest...

They constitute a portion of population, that is worse than useless in any community; and their death, if no pernicious example be set by it, is never matter of reasonable regret with any one. If they were annually swept, from the stage of existence, by the plague or small pox, honest men would, perhaps, be much profited, by the operation...

Having ever regarded Government as their deadliest bane, they make a jubilee of the suspension of its operations; and pray for nothing so much, as its total annihilation...

That our government should have been maintained in its original form from its establishment until now, is not much to be wondered at. It had many props to support it through that period, which now are decayed, and crumbled away. Through that period, it was felt by all, to be an undecided experiment; now, it is understood to be a successful one.--Then, all that sought celebrity and fame, and distinction, expected to find them in the success of that experiment. Their all was staked upon it:-- their destiny was inseparably linked with it. Their ambition aspired to display before an admiring world, a practical demonstration of the truth of a proposition, which had hitherto been considered, at best no better, than problematical; namely, the capability of a people to govern themselves. If they succeeded, they were to be immortalized; their names were to be transferred to counties and cities, and rivers and mountains; and to be revered and sung, and toasted through all time. If they failed, they were to be called knaves and fools, and fanatics for a fleeting hour; then to sink and be forgotten. They succeeded...

The consequence was, that of those scenes, in the form of a husband, a father, a son or brother, a living history was to be found in every family-- a history bearing the indubitable testimonies of its own authenticity, in the limbs mangled, in the scars of wounds received, in the midst of the very scenes related--a history, too, that could be read and understood alike by all, the wise and the ignorant, the learned and the unlearned.--But those histories are gone. They can be read no more forever...

Selected Invective from the New Matt Taibbi Article

"JP Morgan at one point even paid Goldman Sachs $3 million just to back the fuck off, so they could have the rubes of Jefferson County to fleece all for themselves."

"Here you can see a trail that leads directly from a billion-dollar predatory swap deal cooked up at the highest levels of America's biggest banks, across a vast fruited plain of bribes and felonies"

"Jefferson County, in effect, became one giant, TV-stealing, unemployed drug addict who borrowed a million dollars to buy the mother of all McMansions"

"...a move that sparked a lawsuit by one aggrieved sleazeball, who argued that halting such legalized graft violated his First Amendment rights"

"Blount is a stocky, stubby-fingered Southerner with glasses and a pale, pinched face — if Norman Rockwell had ever done a painting titled "Small-Town Accountant Taking Enormous Dump," it would look just like Blount. LeCroy, his sugar daddy at JP Morgan, is a tall, bloodless, crisply dressed corporate operator with a shiny bald head and silver side patches — a cross between Skeletor and Michael Stipe."

"...it was like the herpes simplex of loans — debt that does not go away, ever, for as long as you live"

"JP Morgan and Goldman Sachs have systematically set out to pillage towns and cities from Pittsburgh to Athens. These guys aren't number-crunching whizzes making smart investments; what they do is find suckers in some municipal-finance department, corner them in complex lose-lose deals and flay them alive."

-Looting Main Street