Why Yes…

We are being run by assholes:



So says Jon Stewart, so say we all.

White Spaces Passes FCC

White Spaces at a Glance:
"A" can use 400 MHz without interfering with anyone

Which means that it's now official, and any number of high speed wireless devices will be able to operate without a license in the spaces between TV channels:

The Federal Communications Commission today unanimously approved new rules for the use of unlicensed white space spectrum in a move that could pave the way for more unused wireless spectrum to be released in the future.

White space is unused spectrum that sits between TV channels. The 300MHz to 400MHz of unused spectrum is considered prime spectrum for offering wireless broadband services because it can travel long distances and penetrate through walls. The FCC unanimously agreed in November 2008 to open up this spectrum for unlicensed use. Even so, technical issues to allow device makers and service providers to use the spectrum still need to be worked out.

(emphasis mine)

The technical issues are a big deal, because, as the redoubtable Harold Feld notes, the devil is really in the details here, and the incumbent wireless providers want to require that devices ping themselves to death:

Right now, the rules require a Mode 2 (the ones that access the database directly) to ping the database every 24 hours. Mode 1 devices “listen” to Mode 2, according to the 2008 Order (which I understand means “get told when an actual change occurs). The broadcasters want the Mode 1 devices to ping the Mode 2s every 60 seconds and want Mode 2 to ping the database every 15 minutes, if not more frequently. Since television broadcast towers are big stationary things, not Ents marching on Isengard, one may ask why devices need to check more than once a day. In response, broadcasters explain that if some day some news team somewhere they might possibly be running down the street after some hot news lead if they ran into someone using a smart phone with white spaces capability it might, possibly, cause some sort of interference with the mobile news crew’s wireless microphone system.

At this time, it appears that they did not go with the ping of death regulations, nor did they require "Sense and Avoid" technology, which is purported to be both expensive and technically challenging.

One of the big things here is the geographical database: If the TV stations start making bogus claims of interference, we may end up with a situation where the coverage will be limited to remote rural areas.

Quote of the Day

Out of the mouths of babes:

The worst thing is the uncertainty. Just give us a set of rules and then we’ll figure out how to work around them... I mean work with them.

--A senior American banker who was caught in a moment of unintended candor

Cowardly Conservadems Cause Tax Cut Catastrophe

What Cee Lo Green Said (NSFW)

So, put a fork in it, the Democrats won't be voting on middle class tax cuts, because the conservadems are unwilling to support the idea:

Obama wanted a vote on his proposed extension of some of the tax cuts before lawmakers returned to the campaign trail for the November 2 elections, in part to reinforce Democratic support for pocketbook issues.

Democratic strategists have been divided over whether it's politically beneficial to push for a vote on the tax cuts now, citing their candidates from conservative states in tough re-election battles who would have to defend the resulting increase in the tax rate on wealthy Americans to previous levels.

Of course, voting on this would have put the Republicans on the defensive, by forcing them to vote against middle class tax cuts, the the conservadem/Blue Dog types are so terrified of Republicans that they are shooting themselves in the foot.

Bad policy and bad politics.

Truth be told, I'm for letting it all expire, and then increasing taxes on the very rich (94% sounds good), but still it is remarkably how Dems can pull defeat from the jaws of victory.

Take it away Cee Lo.

Economics Update

It's jobless Thursday, and initial unemployment claims are up again, t0 465,000, with the 4-week moving average falling yp 463,250 from 466,500, continuing claims falling by 48,000 to 4.49 million, and emergency claims rising by 208,000 to 5.17 million.

All in all, not a pretty picture, and neither are home sales, notwithstanding the press noting how much better August was than July, because up 7.6% from July means less than down 19% from August 2009.

In the business world, Blockbuster video filed for bankruptcy, which is not a surprise, it's been expected for months, but it's still the end of an era.

The Republican Senate Caucus Blinks

After announcing her write in bid for the Alaska Senate, the Senate Republican caucus threatened to yank Lisa Murkowski's position as rinking Republican on the Senate Energy and Natural Resources Committee, but they have now backed away from that:

In a surprise move, Senate Republicans did not vote to drop one of their own, Sen. Lisa Murkowski of Alaska, as top Republican on the Energy and Natural Resources Committee.

Senator Murkowski’s decision to mount a write-in campaign after losing her primary to "tea party" backed attorney Joe Miller angered many of her Senate colleagues. Even a failed bid risks splitting the Republican vote in Alaska, giving Democrats an unexpected pickup and curbing GOP prospects for taking back the Senate.

On Wednesday, the caucus did replace Murkowski with Sen. John Barrasso (R) of Wyoming as vice chair of the Republican Conference – the policy wing of Senate Republicans – but it declined to go further.

So they went with a largely symbolic slap on the wrist, because losing her ranking status would have made it far more difficult for her to campaign in Alaska on the political currency of that realm, pork barrel spending.

I don't know what went on behind closed doors, 24 hours ago her being stripped of her position was thought to be a done deal.

Jon Stewart Answers the Questions that Need to Be Answered

We Have Found Obama's Kryptonite

At a CNBC town hall, hedge fund manager Anthony Scaramucci asks Barack Obama, "When are we going to stop whacking at the Wall Steet piñata?

Well, Jon Stewart has the answer:

How long will we on Wall Street be hit like a piñata with a stick????

How about until the f%$#ing candy comes out!

How about that!

That's how piñatas work!

…………

What you call a stick on Wall Street? I guess Amercans call a Trillion dollar bailout of your industry.

…………

Until your paper mâché bellies are no longer stuffed with government candy, walk it off!

Jon Stewart is not a man I ever want angry with me.

Senators Ask the Right Question

And the question is, "why aren't the people who broke banking and our economy going to jail?"

Senators pressed investigators on a lack of prosecutions of top Wall Street executives in the wake of the most severe financial crisis since the Great Depression.

"I will say right now that I'm frustrated," Sen. Edward Kaufman, a Delaware Democrat on the Judiciary Committee, said on Wednesday.

"We have seen very little in the way of senior officer or boardroom-level prosecutions of the people on Wall Street who brought this country to the brink of financial ruin. Why is that?"

The reason that there have been no prosecutions is because the the Cossacks work for the Czar, and the Czar, Obama, does not want the prosecutions, and instead wants to "look forward."

The technical term for this is "cowardice reinforcing rewards for moral hazard."

This Isn't Just Because Heath Shuler has Always Been an Over Paid Under-Performing Punk*

But I really want every seat lost by the Dems this election cycle to come from the Blue Dog Democrats.

The Blue Dogs and other conservative are trying to prevent a vote on extending the tax breaks for people making less than $¼ million a year because they pants wetting cowards, and are afraid that Republicans will say something bad about them, and are busy on their knees to their wealthy donors.

They want their tax cuts for the rich, even though it is ruinously bad policy, and even worse politics, because they are hopeless wimps.

^*He was a first round draft pick for the Washington Redskins, and turned out to be, according to ESPN, the the 4th biggest NFL Draft bust of all time, as well as being the whip for the Blue Dog Caucus in the House of Representations.

Economics (Real Estate) Update

Click for full size

---

Fasten your seat belts……it's going to be a bumpy night!

Really, it's a real estate news update today, with home prices dropping for the 2^nd straight month in July, as did Moody's commercial property price index, and, despite historically low rates, home loan applications fell again, showing that the current housing market is weakening following the expiration of the tax credits.

Additionally, we have the American Institute of Architects’ Architecture Billings Index continuing to show contraction, which indicates that prospects in the next 6-12 months are not great either.

It's not all bad news though, as August housing starts rose sharply over the previous month, though as the official census figures show, this is just a anemic 2% year over year gain. (PDF)

Non-Combat Role My Ass, Part XVII

Barack Obama's claim that combat troops are of Iraq is a lie, as is made clear by a letter from a soldier:

“The reason I’m sending this out is because I have had a few people ask if I left Iraq early because all of the combat troops are out of Iraq and I wanted to let everyone know the real deal.

Take our Brigade for example. We were originally called a HBCT (Heavy Brigade Combat Team). Well, since Obama said he would pull all of the “combat” troops out by Aug, all they did before we left was change our name from a HBCT to an AAB (Advise and Assist Brigade). We have the same personnel/equipment layout as before and are doing the same missions. The ONLY difference is that they changed our name from a HBCT to an AAB and that’s how we pulled all of the ‘combat’ troops out.

There are other Brigades just like ours that are doing the same missions that are still over here. So anyway now you know the REAL story, so that’s why I’m not coming back early.”

Obama does not realize that being commander-in-chief of the military means to command.

Unfortunately, he is dealing with a military which, like pretty much all militaries, is culturally incapable of seeing a conflict beyond the prism of "winning", and so by compromising, we simply dig ourselves deeper.

More Federal Reserve Kremlinology

The FOMC met and issued its report, and their policy remained unchanged, though they did say that they might engage in more quantitative easing (printing money) because they believe that the economy may be trending down.

Basically, they won't do anything this time around, but they might later, even though, "Measures of underlying inflation are currently at levels somewhat below those the Committee judges most consistent, over the longer run, with its mandate to promote maximum employment and price stability."

So, unemployment is higher than their mandate allows, and inflation is lower than their mandate allows, and so they will do ……… nothing at all for now.

As Atrios so aptly noted, "The sociopaths at the Fed have spoken." (Emphasis mine)

It's the only way you can describe their behavior: They are essentially saying that we are in, or entering, a recessionary spiral, but doing their job is hard.

That being said, the US dollar weakened following the fed statement.

The full Fed statement is after the break:

Larry Summers to Resign After November Elections

It looks like Obama needed to make some change, though it looks like they will be changes for the worse, because they are looking to replace him as director of Obama's National Economic Council with someone who is even more of a wall street insider than Summers:

Administration officials are weighing whether to put a prominent corporate executive in the NEC director’s job to counter criticism that the administration is anti-business, one person familiar with White House discussions said. White House aides are also eager to name a woman to serve in a high-level position, two people said.…

Because appeasing whining bankers is job 1 at the White House, I guess, because we are all just little people.

… They also are concerned about finding someone with Summers’ experience and stature, one person said.

Well, if they want someone who can match Summers' record of being right, and his record of moral rectitude, I might suggest Dick Cheney, Ben Stein, or Vlad Tepes.

As I have said many times, remember, the Cossacks work for the Czar, and I think that the basic problem here is top down, not bottom up.

Cloture Fails on DADT in Senate, Thanks Barry

So the Republicans successfully filibustered the Defense authorization bill.

It's not surprising given the full court press that we didn't hear coming from the White House.

When one considers the fact that the Obama Department of Justice submitted a legal brief equating homosexuality with incest, his administration defied a judges order to provide health benefits for a same sex spouse, and his campaign had an anti gay bigot front a campaign concert, one begins to wonder whether is inaction on DADT is more than cowardice, or whether he actually has a problem with "th ghay".

To paraphrase Kanye West, I'm beginning to wonder if "Barack Obama doesn't care about gay people," because it's clear that the Obama administration antipathy to being seen as pro-LGBT at this point is both bad politics, it loses votes, and bad policy.

A Sincere and Honest Takedown of Obama

Blah, blah, blah!

The questioner, Velma Hart is asking for a reason to keep believing:

“I’m one of your middle-class Americans, and quite frankly I’m exhausted. I’m exhausted of defending you, defending your administration, defending the mantle of change that I voted for, and deeply disappointed with where we are right now. I had been told that I voted for a man who said he was going to change things in a meaningful way for the middle class. I’m one of those people and I’m waiting, sir. I’m waiting. I don’t feel it yet, and I thought that — while it wouldn’t be in great measure — I would feel it in some small measure.”

Obama's response is a laundry list of accomplishments, but this misses the bigger point, which is that people are no longer willing to believe that he is willing to fight for them, because he appears to be unwilling to fight at all.

When looking at situations where there are real malefactors involved, his solution is to find common ground, whether it is health care, Wall Street, or BP, and some times, actually a lot of the time, that is simply not enough.

Federal Courts Rule that Software Publishers Own You

The 9^th Circuit Court of Appeals reversed a lower court, and ruled that it's not a sale, it's a license, and so they can do whatever they want:

The US Court of Appeals for the Ninth Circuit today ruled (PDF) on a long-standing case involving used software on eBay, and it came to an important decision: if a company says you don't have the right to resell a program, you don't have that right. Could this mean the end of the resale market for all digital content? Yup. But the court says it had no choice.

The case is Vernor v. Autodesk, in which Timothy Vernor made his living from selling items (including software) on eBay. Vernor had picked up some old copies of AutoCAD from an architect's office sale, complete with their serial numbers, and he put them up on eBay noting that they were not currently installed on any computer. Sounds legal, right?

But there's a catch. Autodesk, the software's developer, forced all users to accept an agreement before using AutoCAD. This agreement made clear that AutoCAD was merely licensed, never sold, and that one's license was non-transferable. Further, a licensee could not rent, lease, or sell the software to anyone else; you couldn't even physically transfer the discs out of the Western Hemisphere (!). Finally, if you upgraded to a new version, the old version had to be destroyed.

That sound that you hear is the stock price of Gamestop falling like the 54th floor of the World Trade Center on September 11, 2001.

Almost every single video game out there bans resale in the license, or as Aris Technica notes, "So, to recap: EULAs are binding, they can control just about everything you might dream up, and only Congress can change the situation."

This means that a publisher can deactivate your software wherever, and whenever they want, so long as they have it in the license, or they have a section of the license that allows them to change their license whenever they want, like credit card companies do.

Call your congresscritter, and look hard at open source software.

I Write Letters

So, the New York Times has an article where they bemoan the fact that Wall Street financiers could not buy 3 New York State Senate elections for "educational reformers":

They were the candidates of riches, flush with hundreds of thousands of dollars from Wall Street investors who believed in the promise of charter schools.

But when the election results came in on Tuesday, all three State Senate candidates supporting education reform — Basil Smikle, Lynn Nunes and Mark H. Pollard — lost by huge margins, with none cracking 30 percent of the total vote in primary contests against union-backed rivals.

The three New York races amounted to some of the country’s first proxy wars between labor groups and Wall Street financiers pushing for education reform, and in the end, the time-tested union machine prevailed.

You see the message here: something is wrong with America if a bunch of rich pukes from Wall Street cannot buy elections in order to privatize an essential public service, in this through for-profit charter schools, and generate taxpayer subsidized profits.

It's worked so well for prisons, and for military contractors, that we must feed our children to feed the Wall Street beast yet again.

In any case, it pissed me off enough to write a letter to the editor on the subject, which is almost certainly not going to get published:

OK, Time to Freak Out

A few days ago, Yves Smith noted that Wells Fargo has started to spring a last minute contract clause on its foreclosure sales that basically says if the property does not have a clear title, it's your tough sh%$:

Yves here. Some readers may take this all to be unduly alarmist. But confirmation that this problem is real and potentially serious comes via a new “gotcha” practice by Wells Fargo on foreclosure sales. Wells is sufficiently concerned about the risks of selling properties out of foreclosure that it is springing an addendum on buyers, shortly before closing, which effectively shifts all risk for any title deficiency on to the buyer.

Now why is this a big deal? Go reread the boldfaced sentence above. ["Technically, the foreclosing bank has no recorded title rights to foreclose in the first place"] If a bank like Wells does not have the right to foreclose, it cannot have clean title to the property. So the bank could conceivably be selling something it does not own.

Let’s say you buy a vase from a store. You open the box when you get home and find out the box is empty. You’d clearly be within your rights to get your money back.

With the Wells Fargo addendum, even if the bank has sold you the equivalent of an empty box, you have no recourse to Wells. Zero. Zip. Nada.

So the banks realize that they are selling properties at auction that they do not own or hold the note on.

They want to clear their balance sheets, and they are now more than willing to engage in outright fraud to do so.

Well, it looks like it's not just Wells Fargo who is freaking out about this, because GMAC has just suspended its foreclosures in 23 states based on similar concerns that the documentation was forged, though they claim that it will be resolved, "within the next few weeks".

There are also rumors of a criminal investigation, while GMAC has denied any moratorium.

It appears that much of this has to do with the foreclosure mills law firms, largely based in Florida, most notably Watson, Shapiro & Fishman, and David J. Stern. (MoJo has a good tour of their business practices here)

Note also that Congressman Alan Grayson has written a letter too the Florida Supreme Court asking for an immediate suspension of foreclosures, because these firm are doing the paperwork on about 80% of the foreclosures in the state and have already been cited by a judge for blatant fraud.

There are a couple of issues here, the first is that in the mortgage mixmaster, title for a lot of properties may have been lost, and the second is that the law firms doing the paperwork are simply defrauding homeowners and the courts.

Grayson's letter is after the break:

How Not to Bury an Effective Ad

Robin Carnahan, who is running against, Roy "I f%$#ed a lobbyist and took money from Abramhoff" Blunt released a pretty damn effective ad with Fox News' Chris Wallace cutting Roy Blunt a new one on his conflicts of interest.

Well, Fox sued, claiming "copyright infringement and that the ad "compromises "Fox's integrity. (I have to clean my screen now)

Of course, now everyone wants to see the video. Smooth move, Fox.

In any case, here is the video:

The Next Big Investment Opportunity

Argentine bull semen.

That is all.

So the Recession is Over?

The National Bureau of Economic Research has declared that the recession ended in June 2009:

It's official: The Great Recession ended 15 months ago, in June 2009. That was the word Monday from the economists at the National Bureau of Economic Research, the outfit that tracks the U.S. business cycle based on a variety of economic variables.

By their calculations, the downturn that began in December 2007 lasted 18 months, or the longest on record since the 43-month plunge of the Great Depression. On the other hand, the recession was only two months longer than the 16-month downturns of 1973-1975 and 1981-82, the two other most serious post-World War II periods of falling economic growth. The 2007-2009 downturn was painful but not extraordinary in historical context.

So, my 11 months of unemployment were in a recovery?

We have been in recovery for 15 months?

You'll also note that this is a pretty mild recovery. The brutal 1981 recession had GDP exceeding peak about 18 months later, and this "recovery," such as it is, even if we don't experience a double dip, or just …… dare I say it? …… malaise, and we will be looking at something over 4 years.

Well, this recovery and $3.95 will get you a small Starbucks^® latte.

Where I Wish I Could Be on October 30

Jon Stewart's Rally to Restore Sanity

Stephen Colbert's March to Keep Fear Alive

At Jon Stewart's Rally to Restore Sanity on the National Mall in Washington, DC, heckling people at Stephen Colbert's March to Keep Fear Alive on the National Mall in Washington, DC.

Unfortunately, I have a prior appointment, I will be at the SCA event, TNT,^* and my kids love that event, so I will be there instead.

Still, I think that anyone who can make there should, because if this outdraws Glen Beck and his racist psychopathic ilk, it shows what his numbers really mean.



^*Yes, I know that this year, it's technically the, "Treaty of Troyes," but it's TNT and has been TNT for well over a decade.

An Interesting Snapshot of the Taliban Arsenal

What surprises me is not that they have a fairly wide range of weapons and munitions, which is unsurprising, but I was surprised to see the relatively large number of Lee-Enfields and Mosin-Nagant bolt action rifles.

This would indicate to me that either the Afghans never throw anything away, or that they are in the process of creating some sort of sniper corps, or perhaps a bit of both.

Jail, please

Gee, the SEC has determined that Citicorp CEO Chuck Prince and Chairman of the Board, and Clinton era Secretary of the Treasury, Robert Rubin both knew that the numbers that they were feeding investors about their top tranches of mortgage backed securities were crap:

Charles O. “Chuck” Prince and Robert Rubin were among Citigroup Inc. officials who knew 2007 losses were mounting on mortgage assets that U.S. regulators have faulted the bank for not disclosing, a court filing shows.

Prince, the bank’s chief executive officer at the time, and Rubin, who was then chairman, knew the highest-rated segments of subprime mortgage-backed securities were the source of about $200 million in new losses in October 2007, the Securities and Exchange Commission said yesterday in a filing at federal court in Washington. In July, the agency accused the bank and two other executives of failing to disclose $40 billion in subprime assets before losses surged. It didn’t target Prince and Rubin.

Bob Rubin has been Gordon Gecko for a very long time, and if the Obama administration wants to show some real commitment to financial reform, ramping up criminal investigations of his behavior would be a very good idea.

If you put a former Secretary of the Treasury in jail, it goes a long way toward cleaning up the system.

Barack Obama, Go Cheney Yourself

So while talking at a $30,000 a plate fundraiser in Connecticut, he joked that the Democratic Party base is a bunch of whiny bitches:

Democrats, just congenitally, tend to get -- to see the glass as half empty. (Laughter.) If we get an historic health care bill passed -- oh, well, the public option wasn't there. If you get the financial reform bill passed -- then, well, I don't know about this particular derivatives rule, I'm not sure that I'm satisfied with that. And gosh, we haven't yet brought about world peace and -- (laughter.) I thought that was going to happen quicker. (Laughter.) You know who you are. (Laughter.) We have had the most productive, progressive legislative session in at least a generation.

Well, Glenn Greenwald (at link) nails it when he makes it clear that Obama has failed big time in many ways he has not just fallen short, but embraced failure he condemned as a candidates, whether on state secrets, the rule of law on terrorism suspects, the surveillance state, using HAMP as bunco scheme to cheat desperate home owners, state sanctioned assassinations, gay marriage, DADT, or any move at all in support of organized labor.

All this is going on, and there is not even a moment of regret about what might have been. It's like trying to appeal to the conscience of a house cat.

I am so ready to work my butt off for anyone who is willing to run against him in 2012.

I Still Think That The Appointment of Elizabeth Warren is an Exercise in PR, Not Real Change, But …

Both Felix Salmon and Barney Frank seem to think that this is the real deal, with Felix noting that, "she has the authority to get the Consumer Financial Protection Bureau up and running as quickly as she can," and Representative Frank is saying that, "There’s no possibility she would take something like this unless she was fully empowered to do the job."

Me, I'm with On the other side Yves Smith's analysis, which says that this is all theater to create the illusion of Obama as a financial reformer:

• While the bureau is organized under the Treasury, and before it is placed under the Federal Reserve, it has no rule making authority.
• The organization is operating for an organization, the Federal Reserve that is not only, "subservient to the regulator that is in charge of looking out for the industry," but is in large part owned by the industry. (look at the structure of the regional Fed banks, they are owned by the big banks)
• This is an admission that she will not be appointed to the position, so she is already a bit of a lame duck, and will be completely one as soon as someone is nominated for the post.
• She has admitted that she has no intention of serving as head of the CPFB, which means that she is even more of a lame duck.
• Many of the organizational and personnel decisions will be deferred to whoever is the appointee.
• Once a nominee is named, she becomes completely irrelevant.
• Geithner and Summers still run the show, and are who Obama listens to.^*

I'm with Ms. Smith's last 'graph:

Needless to say, it would be better if I were proven wrong, but it looks like Warren has made a Faustian bargain. I can only hope if that is the case that she moves quickly to cut her losses.

Simply put, how many times has the Obama administration taken the side of Main Street over Wall Street?

I'll give you hint, it's a non-positive integer.

She will be out in 6 months, and my guess is that she will discover that she cannot get her phone calls answered on November 3.

^*But remember, the Cossacks work for the Czar.

And they have a plan…

Why yes, I do find this video disturbing:

Arrr Matees!

It be Talk Like A Pirate Day!

Murkowski to Mount Write-In Bid for Alaska Senate

Pass the popcorn:

U.S. Sen. Lisa Murkowski, who lost Alaska’s GOP primary last month in a stunning upset to a tea-party backed rival, announced Friday that she’s mounting a write-in candidacy in a bid to hold onto her job.

Murkowksi told supporters at a late afternoon rally in Anchorage that she’s worried about Republican nominee Joe Miller’s extremist views, as well as the Democratic candidate’s inexperience.

The decision follows Miller’s surprise win in last month’s primary. Murkowski acknowledged she made mistakes during the primary campaign, but promised she’ll be more aggressive this time in running against Miller.

I think that she will talke more votes from teabagger Miller than remarkably-liberal-for-Alaska McAdams.

Jimmy Carter: Still a Wanker

It appears that Mr. Carter still cannot get over his hatred of Teddy Kennedy, so he's going after a dead man, blaming Kennedy for killing his healthcare proposal.

Just as classy as ever, I see.

He still thinks that the Kennedy challenge in 1980 is what cost him the White House. It's wasn't.

What killed his chance for a 2^nd term in 1980 was one James Earl Carter, was elected with much hope, but found to be a sanctimonious jerk.

I would note that this assessment does not include my opinion that Carter is a war criminal on par with Henry Kissinger because he and Zbigniew Brzezinsk decided to purchase a civil war in Afghanistan, knowing creating untold suffering in that nation and its neighbors.

It's Bank Failure Friday!!!! (Delayed for Holiday)

I've been off line for Yom Kippur, so this is a day late.

And here they are, ordered, and numbered for the year so far.

120. ISN Bank, Cherry Hill, NJ
     
121. Bank of Ellijay, Elllijay, GA
     
122. First Commerce Community Bank, Douglasville, GA
     
123. The Peoples Bank, Winder, GA
     
124. Bramble Savings Bank,Milford, OH
     
125. Maritime Savings Bank, West Alis, WI
     

So, after 3 weeks with only one bank closing, we have 6 this week, plus the one credit union closed below.

This number appears to be on the fast track for breaking 150 this year.

Full FDIC list

And here are the credit union closings:

14. Industries Puerto Rico Federal Credit Union,
    

Full NCUA list

So, here is the graph pr0n with trendline (FDIC only):


I would note that are now at the point where the utility of the least squares trendline is diminishing, but I'm keeping it here for historical purposes.

Just In Case .You're Wondering……

My fast sucked.

Then again it's supposed to suck, because no food or water for 25 hours is intended to be unpleasant.

As compared to prior Yom Kippur fasts, it was a little bit worse than average.

A Depiction of the Levels of Hell?

Click for full size (640 KB)

---

Your tax dollars at work

Or maybe just a description of development, procurement, and life cycle support costs of a weapons system for the Pentagon ……… but I repeat myself.

The problem here is that each one of these steps represents a place where some private contractor can sit astride the process and extract a toll.

This why it takes 25 years and billions of dollars to develop the next fighter aircraft, when the P-80 was delivered just 180 days after the go ahead was given.

If this is what the past 50 years of developments in systems engineering have given us, perhaps, just maybe, there are some deep flaws in the underlying assumptions of that profession.

The source for the link is the Defense Acquisition University, and yes Virginia, there is a Defense Acquisition University, and they have a handy, dandy interactive flash version available on site.

Senate Appropriations Committee Pulls F136 Alternate Engine Funding

In addition to zeroing out the alternate engine, they also cut 10 production aircraft from the FY 2011 for failure of the program to execute per schedule.

This implies to me that neither cut could have gone through on its own, but together, both those who have concerns about the JSF, and those who don't want the engine got enough of what they wanted to support each other.

Meanwhile GE/RR is ramping up efforts to reverse this decision, noting, among other things, that the budget numbers that the Pentagon is putting forward on the F136 engine are sketchy at best.

H/t ELP Defens(c)e Blog

Brazil to Delay Fighter Acquisition Decision

Brazilian President Luiz Inacio Lula da Silva will now make the decision after elections but before he leaves office:

President Luiz Inacio Lula da Silva will decide who gets Brazil's multi-billion dollar contract to build jet fighters after the October elections but before he leaves office on Jan. 1, his defense minister said Sept. 7.

The finalists now battling it out in the final stages of the tender are France's Rafale made by Dassault, Sweden's Gripen NG by Saab, and the F/A-18 Super Hornet manufactured by U.S. giant Boeing.

Da Silva favors the Rafale, because he thinks that there are more opportunities for technical transfer and other cooperation with the French, while the military favors the Gripen, which will be the least expensive aircraft over its life time, having half the engines, and half the weight of the two competitors.

As to the F/A-18, tech transfer is rather iffy, but the unit price is likely the lowest, and it might help with cooperation with any US military operations in Latin America.

My guess is that he will choose the Rafale, he has already expressed a strong preference for the aircraft.

At this point, there is no intention to use it on Brazil's aircraft carrier, but that possibility might push them towards either the Rafale-M or the F/A-18 E/F, both of which are carrier capable.

Creator of the Merkava Tank Dies

Israel Tal has died at age 85.

In addition to being the moving force to creating the Merkava after the British backed out of deal to sell them Chieftain tanks, he is also rated as one of the top 5 tank commanders in history, one of two Israelis on the list, according to the Patton Museum of Cavalry and Armor, along with Moshe Peled.

Your Friday of Muppets

You've just been Rickrolled, and I am an @sshole.

People With Way Too Much Free Time

The Terran Research Ensemble, who are putting on an Opera in Klingon:

On Friday in The Hague, Netherlands, the Terran Research Ensemble raised the curtain on "U," the first Earth opera performed entirely in Klingon. "U" is the Klingon word for "universe" or "universal," and the opera tells the story of Kahless the Unforgettable, said to be the first Klingon emperor.

"Klingon are known as passionate opera lovers but at the same time very little was known about Klingon opera here so as far as I was concerned that was a very interesting challenge to try and make an authentic, or as authentic, something out of that as possible," U co-creator Floris Schonfeld told Reuters and The BBC.

I will say that is only the 2^nd most absurd juxtaposition of art and language, after the effort by South Africa in the Apartheid days to translate Shakespeare into Afrikaans:

Hamlet: Mein Papa der schpook!

Posted Without Comment

Rabid Dog Briefly Mistaken for Tea Party Candidate

The Geek Hoodie

Click for full size

---

Because, Sometimes You Feel Like A Geek,
Sometimes You Don't

You know, If I knew that I was going to meet Leonard Nimoy, I'd wear the jacket, and keep it zipped up, until just before I said goodbye.

Mr. Nimoy would probably hate that.

H/t The Big Picture