19 December 2009
A Followup on the Iranian Lesbian Pr0n Story
Now that I've had about 15 minutes to think of it, the accusation that the Iranians are hacking into the signals is a tacit admission by the US military drones are secretly overflying sovereign Iranian territory.
Fighting Terrorism With Lesbian Pr0n
The Wall Street Journal has a bomb shell of s story.
It appears that insurgents in Afghanistan have hacked into the video feeds of US drones:
I am surprised by this. Not so much by the idea that anyone in a situation to be surveilled and attacked by the US might attempt to use SIGINT to defend themselves, that it just basic common sense, but by the fact that the US military has been using an unencrypted feed to transmit data.
And, of course, we have the accusation that it was Iran who actually hacked the feeds, or developed the method to hack the feeds, because, much like in the case of the the Explosively Formed Penetrators (EFP) used by insurgents in Iraq, it is claimed that only the Iranians have the technical know-how to use such a system.
Of course, in the case of the EFPs, this accusation relied on a number of lies, in particular the idea that EFP construction was so technically challenging that only the Iranians could do it, despite the fact that the IRA was using EFPs in Ireland over 30 years ago, and that they actually discovered workshops where IEDs were manufactured…………It turns out all you need to make an EFP is a simple lathe and some copper.
The idea that once someone discovered the video feeds were unencrypted, and my guess would be that this has been known since the Kosovo campaign, because the Serbs were typically all over this kind of stuff.
In any case, the military is now claiming that this breach has been fixed, implying that encryption has been added.
I'm wondering what took so long. The satellite TV providers have been encrypting their signals with minimal computational overhead for decades.
Of course, I have an improvement on this idea, and it involves lesbian pr0n. (You were wondering when we would be getting to the pr0n, weren't you)
In addition to using encryption, the video feed should use steganography to embed the signal inside an unencrypted non-tactical video feed.
The unencrypted video should be lesbian pr0n,* because the then the insurgents would in order to extract the true signal, be forced to watch nekkid women (Oh my God, tits!) deriving sexual satisfaction (Oh my God, female orgasm!) without benefit of a penis (Oh my God…………You get the idea), and it just screws with their heads (both upper and lower).
One of the reasons for the pr0n,† is because any relatively competent state actor would be able to decrypt a video feed in a relatively short period of time by gang tackling the signal with a video game based massively parallel super-computer.
*It was actually Bill Volk who made the suggestion.
†Beside the fact that I am a smart ass.
It appears that insurgents in Afghanistan have hacked into the video feeds of US drones:
Militants in Iraq have used $26 off-the-shelf software to intercept live video feeds from U.S. Predator drones, potentially providing them with information they need to evade or monitor U.S. military operations.(link to SkyGrapper software mine)
Senior defense and intelligence officials said Iranian-backed insurgents intercepted the video feeds by taking advantage of an unprotected communications link in some of the remotely flown planes' systems. Shiite fighters in Iraq used software programs such as SkyGrabber -- available for as little as $25.95 on the Internet -- to regularly capture drone video feeds, according to a person familiar with reports on the matter.
I am surprised by this. Not so much by the idea that anyone in a situation to be surveilled and attacked by the US might attempt to use SIGINT to defend themselves, that it just basic common sense, but by the fact that the US military has been using an unencrypted feed to transmit data.
And, of course, we have the accusation that it was Iran who actually hacked the feeds, or developed the method to hack the feeds, because, much like in the case of the the Explosively Formed Penetrators (EFP) used by insurgents in Iraq, it is claimed that only the Iranians have the technical know-how to use such a system.
Of course, in the case of the EFPs, this accusation relied on a number of lies, in particular the idea that EFP construction was so technically challenging that only the Iranians could do it, despite the fact that the IRA was using EFPs in Ireland over 30 years ago, and that they actually discovered workshops where IEDs were manufactured…………It turns out all you need to make an EFP is a simple lathe and some copper.
The idea that once someone discovered the video feeds were unencrypted, and my guess would be that this has been known since the Kosovo campaign, because the Serbs were typically all over this kind of stuff.
In any case, the military is now claiming that this breach has been fixed, implying that encryption has been added.
I'm wondering what took so long. The satellite TV providers have been encrypting their signals with minimal computational overhead for decades.
Of course, I have an improvement on this idea, and it involves lesbian pr0n. (You were wondering when we would be getting to the pr0n, weren't you)
In addition to using encryption, the video feed should use steganography to embed the signal inside an unencrypted non-tactical video feed.
The unencrypted video should be lesbian pr0n,* because the then the insurgents would in order to extract the true signal, be forced to watch nekkid women (Oh my God, tits!) deriving sexual satisfaction (Oh my God, female orgasm!) without benefit of a penis (Oh my God…………You get the idea), and it just screws with their heads (both upper and lower).
One of the reasons for the pr0n,† is because any relatively competent state actor would be able to decrypt a video feed in a relatively short period of time by gang tackling the signal with a video game based massively parallel super-computer.
*It was actually Bill Volk who made the suggestion.
†Beside the fact that I am a smart ass.
18 December 2009
There Are Things Worse than Death
The Star Wars holiday special.
I actually saw this when it came out in 1978 or so **shudder**, so I've not watched this its entirety, just skipped through to ensure that it's not pr0n.
Warning: May cause bleeding of the eyes, ears, nose, rectum, and neighbors.
I actually saw this when it came out in 1978 or so **shudder**, so I've not watched this its entirety, just skipped through to ensure that it's not pr0n.
Warning: May cause bleeding of the eyes, ears, nose, rectum, and neighbors.
Cool Proto Punk
Click for full size
Picture
Video
The band is Death, it was the Hackney brothers Bobby,Hackney, and Dannis.
Picture
Video
I'm particularly surprised because I saw early punk as a pretty lily white phenomenon, and these guys are black from Detroit.
My Image of Punk is that it came from the UK, California, and New York, as personified by the Sex Pistols, the Dead Kennedys, and the Ramones.
You can get a cliff notes version of their career in this New York Times review of the recent Renaissance that the band has been experiencing.
In their first incarnation, their recption by local crowds was less than enthusiastic:
Death began playing at cabarets and garage parties on Detroit’s predominantly African-American east side, but were met with reactions ranging from confusion to derision. “We were ridiculed because at the time everybody in our community was listening to the Philadelphia sound, Earth, Wind & Fire, the Isley Brothers,” Bobby said. “People thought we were doing some weird stuff. We were pretty aggressive about playing rock ’n’ roll because there were so many voices around us trying to get us to abandon it.”It's a fascinating bit of musical history.
It's Bank Failure Friday!!!!
And here they are, ordered, and numbered for the year so far.
*I think that my parents had an account there in the mid-1980s, when my step-mother was dean at the University of Illinois at Springfield.
- RockBridge Commercial Bank, Atlanta, GA
- Peoples First Community Bank, Panama City, FL
- Citizens State Bank, New Baltimore, MI
- New South Federal Savings Bank, Irondale, AL
- Independent Bankers' Bank, Springfield, IL*
- Imperial Capital Bank, La Jolla, CA
- First Federal Bank of California, F.S.B., Santa Monica, CA
*I think that my parents had an account there in the mid-1980s, when my step-mother was dean at the University of Illinois at Springfield.
Obama Gets Revolt from the Faithful on Healthcare
Which is not particularly surprising, as his behavior has been pretty revolting on healthcare.
It turns out that OFA, originally "Obama for America," and now "Organizing for America," just called for a phone bank to support the Nelson/Lieberman healthcare reform sellout bill, and the base decided that they had to wash their hair:
I had myself removed from the OFA mailing list some months ago, and I do not regret this at all.
Additionally, the latest This Research 2000/Progressive Change Campaign Committee/Democracy for AmericaPoll shows that the public overwhelming opposes the personal mandates in the bill if there is no public option.
Respondents said that they supported a public option 59% to 31%, opposed a madate without a public option 33% to 56%, and that Obama didn't fight Lieberman hard enough: 63% to 29%.
What a surprise. Hoocoodanode that the American public would object to a tax on breathing with the proceeds going to insurance company executive bonuses?
The real problem here is not that the bill sucks, the problem is that it's increasingly obvious, as Senator Russ Feingold notes, that Barack Obama and Rahm Emanuel thought that forcing people to buy overpriced insurance and overpriced pharmaceuticals was a good way to keep those industries from donating to Republicans, the average citizen be damned:
DeForest Kelly put it best when he said, "It's not enough! You didn't care as long as you could hang your trophy on the wall. Well, it's not on it,Captain Mr President, it's in it."
It turns out that OFA, originally "Obama for America," and now "Organizing for America," just called for a phone bank to support the Nelson/Lieberman healthcare reform sellout bill, and the base decided that they had to wash their hair:
On Wednesday morning, Organizing for America, as Obama’s reconstituted campaign organization is now known, e-mailed its list of 13 million Obama supporters asking them to “call your senators now and help us ‘ring in reform.’”(emphasis mine)
The campaign yielded 150,000 calls — less than half the number of a similar effort in October — and it prompted a backlash among online and local activists who had logged countless volunteer supporting Obama’s campaign and legislative agenda, but who felt betrayed by recent Democratic concessions in the health-care reform fight.
………
………while some OFA subscribers replied directly to the call-to-action e-mail with angry messages and others asked to be removed from the list entirely.
I had myself removed from the OFA mailing list some months ago, and I do not regret this at all.
Additionally, the latest This Research 2000/Progressive Change Campaign Committee/Democracy for AmericaPoll shows that the public overwhelming opposes the personal mandates in the bill if there is no public option.
Respondents said that they supported a public option 59% to 31%, opposed a madate without a public option 33% to 56%, and that Obama didn't fight Lieberman hard enough: 63% to 29%.
What a surprise. Hoocoodanode that the American public would object to a tax on breathing with the proceeds going to insurance company executive bonuses?
The real problem here is not that the bill sucks, the problem is that it's increasingly obvious, as Senator Russ Feingold notes, that Barack Obama and Rahm Emanuel thought that forcing people to buy overpriced insurance and overpriced pharmaceuticals was a good way to keep those industries from donating to Republicans, the average citizen be damned:
Sen. Russ Feingold (D-Wis.), among the most vocal supporters of the public option, said it would be unfair to blame Lieberman for its apparent demise. Feingold said that responsibility ultimately rests with President Barack Obama and he could have insisted on a higher standard for the legislation.It seems that Obama's fetish with signing a bill with "healthcare reform" on it, to the exclusion of any principles, or the need to actually make things better, so he could have a trophy on the wall has bitten him on the butt.
“This bill appears to be legislation that the president wanted in the first place, so I don’t think focusing it on Lieberman really hits the truth,” said Feingold. “I think they could have been higher. I certainly think a stronger bill would have been better in every respect.”
DeForest Kelly put it best when he said, "It's not enough! You didn't care as long as you could hang your trophy on the wall. Well, it's not on it,
Stephen Colbert, Civil Libertarian
As I've said before, when the most cogent critiques of the excesses of our society come from comedians, we are in serious trouble:
Marcy Wheeler Captures Obamacare in a Nutshell
She draws analogies to Halliburton, and says that the health care bill, "would legally require a portion of Americans to pay more than 20% of the fruits of their labor to a private corporation in exchange for 70% of their health care costs."
She is completely correct.
Go and read it.
Seriously, just go and read it.
She is completely correct.
Go and read it.
Seriously, just go and read it.
Barack Obama: Hating te Gay Since 2007*
Yes, the group most likely to be thrown under a bus by Barack Obama, the LGBT community, just got thrown under the bus again going through back-flips to defy a Federal Judge's order on this:
Let me quote Joseph Nye Welch:
*The Donnie McClurkin episode.
†This offer does not apply to Joe Lieberman, Ben Nelson, or Paris Glendenning. Note that side effects of an endorsement from Matthew Saroff can include:
Because she is a federal employee, Golinski’s benefits are overseen by the Office of Personnel Management, which effectively serves as the human resources department for about 1.9 million federal workers nationwide. Golinski’s insurer, Blue Cross and Blue Shield, declined to provide health benefits for her legal spouse, Amy Cunninghis, but ninth circuit chief judge Alex Kozinski said that violated the court's guarantee of equal employment opportunity and that same-sex spouses were entitled to benefits under the Federal Employees Health Benefits Plan.I suppose that he's better for Gays than the Christo-Fascist right, which was actively working for a death penalty for gays in Uganda until Rachael Maddow outed their murderous efforts, and that he figures that the LGBT community knows that it has no where else to go, but such a calculus is repugnant, immoral, and evil.
OPM attorneys consulted with the Department of Justice on this case, and the key to the case, according to the OPM official, was that Kozinski was presiding over an administrative proceeding that’s an internal employee grievance procedure — he was not serving in his official capacity as a ninth circuit judge.
Let me quote Joseph Nye Welch:
Have you no sense of decency, sir, at long last? Have you left no sense of decency?I support Howard Dean for President in 2012…………………Hell I support anyone who opposes Barack Obama in the primaries† in 2012.
*The Donnie McClurkin episode.
†This offer does not apply to Joe Lieberman, Ben Nelson, or Paris Glendenning. Note that side effects of an endorsement from Matthew Saroff can include:
- Losing elections
- Voting irregularities
- An extremely hostile press corps
- Embarrassing Youtube clips
Bankers Offer to Overpay on UK Bonus Tax
No, really, I am completely serious:
I don't know what is going on here, but when Britain's own little vampire squids wrapped around the face of humanity,* decide that it's time to overpay their taxes by a factor of 4, something very hinky going on.
Somewhere in these bonus pools that Chancellor Darling wants to tax is something bad....Something Really, Really, Really, Really bad.
We are talking something murder-for-hire and laundering drug money through child prostitutes bad. Something is rotten in theStreet City,† and they, whoever exactly they are, very badly want it covered up.
*Alas, I cannot claim credit for this bon mot, it was coined by the great Matt Taibbi, in his article on the massive criminal conspiracy investment firm Goldman Sachs, The Great American Bubble Machine.
†The UK equivalent of Wall Street. Corrected my error on edit.
Some of the most senior bankers in Britain are planning to convince the Treasury to drop the new 50% tax on bonuses by dangling the prospect of a combined contribution to the exchequer of £2bn. The promise of the boost to Britain's depleted coffers has been made in recent days and is almost four times the £550m Alistair Darling has said he intends to raise through his payroll tax on bonuses. The Chancellor has been met with anger in the City since he announced the one-off tax in his pre-budget report last week and been warned of a mass exodus of high-flying bankers to countries with a less punitive tax regime.(emphasis mine)
I don't know what is going on here, but when Britain's own little vampire squids wrapped around the face of humanity,* decide that it's time to overpay their taxes by a factor of 4, something very hinky going on.
Somewhere in these bonus pools that Chancellor Darling wants to tax is something bad....Something Really, Really, Really, Really bad.
We are talking something murder-for-hire and laundering drug money through child prostitutes bad. Something is rotten in the
*Alas, I cannot claim credit for this bon mot, it was coined by the great Matt Taibbi, in his article on the massive criminal conspiracy investment firm Goldman Sachs, The Great American Bubble Machine.
†The UK equivalent of Wall Street. Corrected my error on edit.
GM's to Shut Down Saab Auto
Which is distinct from the aviation company, having been sold off to GM some years ago. It appears that the GM and bidder, Danish company Spyker, could not close the deal, and so it will be shut down.
I'm not sure what queered the potential deal, but I think that GM's turnabout on Opel may make any potential investor leery of attempting to buy a brand from them.
After all, the "try to sell a division, take state aid to facilitate that sale, and then turn around and not sell and keep the aid," 2-step does not make negotiating partners confident.
It's a pity. It was something different in the auto industry.
I'm not sure what queered the potential deal, but I think that GM's turnabout on Opel may make any potential investor leery of attempting to buy a brand from them.
After all, the "try to sell a division, take state aid to facilitate that sale, and then turn around and not sell and keep the aid," 2-step does not make negotiating partners confident.
It's a pity. It was something different in the auto industry.
Economics Update
Well, someone sliced and diced the numbers, and the unemployment picture continues to improve, with unemployment dropping in 36 States in November, though this U3, and not the more expansive, and to my mind more accurate U6.
We are also seeing a marked improvement in German business confidence this month.
In real estate, we have another shoe dropping, with Moody’s Investors Service stating its intend to review $143 billion in residential mortgage backed securities (RMBS) with an eye toward downgrading them, because their loss rates have continued to climb.
In currency and energy, the reversed the past few days' course, with oil rising, and the dollar weakening, but these may just be traders unwinding positions that they accumulated over the past week.
We are also seeing a marked improvement in German business confidence this month.
In real estate, we have another shoe dropping, with Moody’s Investors Service stating its intend to review $143 billion in residential mortgage backed securities (RMBS) with an eye toward downgrading them, because their loss rates have continued to climb.
In currency and energy, the reversed the past few days' course, with oil rising, and the dollar weakening, but these may just be traders unwinding positions that they accumulated over the past week.
Ed Shultz: Testify, Brother
Testify, Brother!
17 December 2009
Whiskey Tango Foxtrot?? Shy and Unpretentious?
Uh-oh, I dissed the mouse. They will send the snow white commandos to kill me
Despite wealth estimated at $600 million, Disney remained shy and outwardly unpretentious, according to people who knew him. His main indulgences were a castle in Ireland, a jet, sports cars and financing a passion for sailboat racing. In 1999, Disney fulfilled a lifelong dream when he and the 12-member crew of his 74-foot sloop Pyewacket -- named for the witch's cat in the 1958 film "Bell, Book & Candle" -- won the 2,225-mile Transpacific Yacht Race from Los Angeles to Honolulu, setting a course record.Let me get this straight, he owned sports cars (plural), owned a 12 crew 74-foot yacht, a private jet, and an Irish Castle, and he's "unpretentious"?
He might be a nice guy. All I know about him is that he took Michael Eisner down, which is a plus in my book, but when you own sports cars (plural), owned a 12 crew 74-foot yacht, a private jet, and an Irish Castle, unpretentious is the last adjective that should be used.
The guy owned a freaking castle, and probably sharks with frikkin laser beams in the moat.
H/t Radosh.net
Obama Poll Numbers Tank
So, we have a poll out from Wall Street Journal/NBC News, and it shows that Barack Obama's approval numbers are below 50%:, which makes it the "the steepest first year decline in modern history.
And Henry Blodget, of all people, along with Aaron Task, notes the problem, it's that the bankers insurance companies, pharma, and the rest of the special interests have a seat at the table, while the taxpayer does not.
Basically, it comes down to cowardice. People expect a president to fight for things, even if he loses, and not to point the finger at Congress, particularly when his own party controls the legislature.
So, we now have a huge give away to the insurance companies and pharma, and the American public realizes that they will be taxed, and that this money will be given to insurance companies, and they wonder who he is really working for.
I wonder too.
And Henry Blodget, of all people, along with Aaron Task, notes the problem, it's that the bankers insurance companies, pharma, and the rest of the special interests have a seat at the table, while the taxpayer does not.
Basically, it comes down to cowardice. People expect a president to fight for things, even if he loses, and not to point the finger at Congress, particularly when his own party controls the legislature.
So, we now have a huge give away to the insurance companies and pharma, and the American public realizes that they will be taxed, and that this money will be given to insurance companies, and they wonder who he is really working for.
I wonder too.
I Don't Get This Whole Santa Thing
But it seems to me that the juxtaposition of the patron saint of thieves,* well repentant ones anyway, and Goldman Sachs does seem to be apropos.
*Oh for Pete's Sake, just wiki it.
*Oh for Pete's Sake, just wiki it.
Deep Thought
To paraphrase Nietzsche, expecting children to queue up politely for sweets, like the bite of a dog into a stone, is a stupidity.We were at Hanukkah party for the kids in the Beth Israel religious school...Cookies, doughnut holes, home made Hanukkah gelt, etc.
And people were surprised when the kids did not queue up at the table in an orderly manner.
Economics Update
Yea, sure, the recession is over. That's why initial jobless claims rose again this week, up 7000 to 480,000, and continuing claims rose as well, though the 4-week average fell.
I'm beginning to think that those "stunning" NFP payroll numbers in November were an artifact of a seasonal correction of some kind.
In any case, real estate is not looking so hot, with the 30-year fixed mortgage rate rising again, and the estimates for the "shadow inventory" in housing , basically homes that are being foreclosed on, or are being held off the market by the foreclosing institutions to keep from depressing prices too much was revised upward:
That being said, the Conference Board's Index of Leading Economic Indicators, as well as the Philadelphia Federal Reserve Bank's Business Outlook Survey both showed signs of growth, though, as Calculated Risk notes, the recovery is weaker than in earlier months, indicating, perhaps, the start of a "W" downturn.
In either case, the LEI and the Philly Fed report did not seem to have much of an effect on Treasuries, which rose, meaning that the yield dropped, largely on concerns about Greece.
This sentiment also drove the dollar up.
In energy, the strong dollar drove oil down, but natural gas rose, largely on the cold weather and smaller than expected inventory numbers.
I'm beginning to think that those "stunning" NFP payroll numbers in November were an artifact of a seasonal correction of some kind.
In any case, real estate is not looking so hot, with the 30-year fixed mortgage rate rising again, and the estimates for the "shadow inventory" in housing , basically homes that are being foreclosed on, or are being held off the market by the foreclosing institutions to keep from depressing prices too much was revised upward:
The number of homes that may be in the pipeline for a sale because of foreclosure and delinquency climbed about 55 percent to 1.7 million at the end of September, according to estimates by First American CoreLogic.So I think that any claim to a recovery in residential real estate has been, greatly exaggerated.
The “shadow inventory” rose from 1.1 million a year earlier. Such properties include those taken over by banks and mortgage companies and those where the loans are at least 90 days delinquent, the Santa Ana, California-based research firm said in a report today. The number of unsold homes listed for sale was 3.8 million in September, down from 4.7 million a year earlier, First American said.
That being said, the Conference Board's Index of Leading Economic Indicators, as well as the Philadelphia Federal Reserve Bank's Business Outlook Survey both showed signs of growth, though, as Calculated Risk notes, the recovery is weaker than in earlier months, indicating, perhaps, the start of a "W" downturn.
In either case, the LEI and the Philly Fed report did not seem to have much of an effect on Treasuries, which rose, meaning that the yield dropped, largely on concerns about Greece.
This sentiment also drove the dollar up.
In energy, the strong dollar drove oil down, but natural gas rose, largely on the cold weather and smaller than expected inventory numbers.
MSNBC Live Video Link is Down
I found it only 8 days ago, and now all I'm getting is that test signal with the colored bars with a Telemundo caption.
I blame Comcast.
[on edit]
It came back up a few days later, no clue as to why.
I blame Comcast.
[on edit]
It came back up a few days later, no clue as to why.
I Love Al Franken*
Al Franken just told Joe Lieberman to STFU when he refused to consent for Lieberman to extend his comments.
And then Holy Joe's best bud, John "Hey You Kids, Get off My Lawn" McCain got his knickers in a twist:
*In a 110% purely heterosexual kind of way, of course, as the General would say.
And then Holy Joe's best bud, John "Hey You Kids, Get off My Lawn" McCain got his knickers in a twist:
*In a 110% purely heterosexual kind of way, of course, as the General would say.
Stop Ben Bernanke
I know that there are a lot of people who think that Bernanke did the right thing, and I know that I am not one of them.
That being said, the real question is whether or not Bernanke is the right person for the path forward, and it is clear from his testimony before the Senate Banking Committee that he is completely unsuited to the task.
The fact is that it was clear from his earlier testimony, when he endorsed gutting Social Security, which was completely inappropriate for a Fed Chair, that he is a conservative (though not necessarily crazy).
But at the confirmation hearings, he was asked a very good question by, of all people David "Diaperman" Vitter.
Vitter did not come up with the question, Brad Delong came up with the question, and it's why he's on my blogroll, but it is a good question, and his response is telling:
When you translate this from Fed Speak, it reads as follows, "If inflation threatens to rise above 2%, I will slap it down, and I don't care if unemployment remains above 10% for the next decade."
We are in a liquidity trap, and the only way out of it is to create the expectation of inflation, so people worry about their money losing value and spend it.
That's Econ 101, and I believe that Ben Bernanke has written things to this effect too.
That being said, the real question is whether or not Bernanke is the right person for the path forward, and it is clear from his testimony before the Senate Banking Committee that he is completely unsuited to the task.
The fact is that it was clear from his earlier testimony, when he endorsed gutting Social Security, which was completely inappropriate for a Fed Chair, that he is a conservative (though not necessarily crazy).
But at the confirmation hearings, he was asked a very good question by, of all people David "Diaperman" Vitter.
Vitter did not come up with the question, Brad Delong came up with the question, and it's why he's on my blogroll, but it is a good question, and his response is telling:
Q: Why haven’t you adopted a 3% per year inflation target? [Note, the target is 2%](emphasis mine)
Bernanke: The public’s understanding of the Federal Reserve’s commitment to price stability helps to anchor inflation expectations and enhances the effectiveness of monetary policy, thereby contributing to stability in both prices and economic activity. Indeed, the longer-run inflation expectations of households and businesses have remained very stable over recent years. The Federal Reserve has not followed the suggestion of some that it pursue a monetary policy strategy aimed at pushing up longer-run inflation expectations. In theory, such an approach could reduce real interest rates and so stimulate spending and output. However, that theoretical argument ignores the risk that such a policy could cause the public to lose confidence in the central bank’s willingness to resist further upward shifts in inflation, and so undermine the effectiveness of monetary policy going forward. The anchoring of inflation expectations is a hard-won success that has been achieved over the course of three decades, and this stability cannot be taken for granted. Therefore, the Federal Reserve’s policy actions as well as its communications have been aimed at keeping inflation expectations firmly anchored.
When you translate this from Fed Speak, it reads as follows, "If inflation threatens to rise above 2%, I will slap it down, and I don't care if unemployment remains above 10% for the next decade."
We are in a liquidity trap, and the only way out of it is to create the expectation of inflation, so people worry about their money losing value and spend it.
That's Econ 101, and I believe that Ben Bernanke has written things to this effect too.
Senate Banking Committee Passes Bernanke
The vote was 16-7, with 1 Democrat, out of 13 on the committee and 6 Republicans out of 10 on the committee voted against:
I'm not sure if the Republican voted against Bernanke because they believe that the economy will suck in 2010, and they want to be able to say that they opposed "helicopter Ben", or if they are opposing him just because he's Obama's nominee, but it's pretty clear that there will be some number greater than 2 Republicans who will be willing to vote for cloture, so it's pretty much a done deal.
It sucks, because not only does Bernanke conflate the well being of Wall Street with that of the nation, but he's also pretty right wing, see his comments earlier on gutting Social security.
| Yes | No |
| Christopher Dodd (D) | Jeff Merkley (D) |
| Tim Johnson (D) | Richard Shelby (R) |
| Jack Reed (D) | Jim Bunning (R) |
| Chuck Schumer (D) | Mike Crapo (R) |
| Evan Bayh (D) | Jim DeMint (R) |
| Robert Menendez (D) | David "Diaperman" Vitter (R) |
| Daniel Akaka (D) | Kay Bailey Hutchison (R) |
| Christopher Dodd (D) | |
| Sherrod Brown (D) | |
| Jon Tester (D) | |
| Mark Warner (D) | |
| Herb Kohl (D) | |
| Michael Bennet (D) | |
| Bob Bennett (R) | |
| Bob Corker (R) | |
| Mike Johanns (R) | |
| Judd Gregg (R) |
I'm not sure if the Republican voted against Bernanke because they believe that the economy will suck in 2010, and they want to be able to say that they opposed "helicopter Ben", or if they are opposing him just because he's Obama's nominee, but it's pretty clear that there will be some number greater than 2 Republicans who will be willing to vote for cloture, so it's pretty much a done deal.
It sucks, because not only does Bernanke conflate the well being of Wall Street with that of the nation, but he's also pretty right wing, see his comments earlier on gutting Social security.
Meta
Yeah, I've added a donate button. It's at the bottom of the right column. It's called Matthew's Saroff's Beer Fund and Tip Jar.
Fail
Remember yesterday, when I wrote about the contemptible tax-giveaway that Obama's Treasury department engineered for Citi?
Basically, it involved allowing Citi to carry forward losses after a change in ownership when Obama's Treasury department sells out the US stake.
Well, not so fast. It turns out that, not withstanding all manner of subsidies and payoffs to Bob Rubin's old firm, people still think that the company is crap, and are not willing to pay much for the stock, so in order to Treasury Secretary Tim "Eddie Haskell" Geithner to sell the US government's stock now, they would have to take a big loss, which would clearly demonstrate that Timmeh grossly overpaid for the stock when they swapped preferred shares for common stock a few months ago:
Basically, it involved allowing Citi to carry forward losses after a change in ownership when Obama's Treasury department sells out the US stake.
Well, not so fast. It turns out that, not withstanding all manner of subsidies and payoffs to Bob Rubin's old firm, people still think that the company is crap, and are not willing to pay much for the stock, so in order to Treasury Secretary Tim "Eddie Haskell" Geithner to sell the US government's stock now, they would have to take a big loss, which would clearly demonstrate that Timmeh grossly overpaid for the stock when they swapped preferred shares for common stock a few months ago:
Two days after Mr. Pandit trumpeted news that Citigroup would start untangling itself from the federal government, his bank stumbled — this time, on Wall Street. Badly misreading the financial markets, the company struggled on Wednesday to raise the money it needed to repay its bailout funds.What this means is that anyone with a pulse………Well, anyone with a pulse whose tongue is not so far up Wall Street's ass that they taste tonsils (see Geithner, Timothy and Obama, Barack), realizes that Citi is a mess and they won't pay what the government paid for it.
While Citigroup managed to raise $20.5 billion in the stock market and will forge ahead with the repayment, the sale went so poorly that anxious Treasury officials reversed course and delayed their plans to start unwinding the government’s stake in the company immediately, according to people briefed on the matter.
……………
After the close of trading in New York, Citigroup priced its new shares at $3.15 each, below the $3.25 price at which the government assumed its one-third stake in the company. Before the sale, the share price of Citigroup fell 11 cents to $3.45, as investors braced for the new stock.
Rather than suffer a loss for taxpayers, the Treasury Department will now hold on to the $5 billion stake it planned to sell alongside Citigroup’s own $17 billion stock offering. After an initial 90-day delay, the government will try to sell its entire stake — about 7.7 billion shares — over the next six to 12 months.
Missile Defense Agency Looks to Liquid Fuel for Land Based Standard Interceptor
The US Navy forbids hypergolic fuels, liquids where the fuel and oxidizer ignite on contact with each other, for shipboard use, but since the US MDA is looking at ground baseing, they are considering liquid fuels for these interceptors.
Basically, because you can throttle liquid fueled rocket motors, it means that you can, for example, shut down at some point in the intercept, and restart the motor for improved kinematics for the end game, or to extend range, etc.
I still see missile defense as a big hole that people are dumping money into, particularly hit to kill.
Basically, because you can throttle liquid fueled rocket motors, it means that you can, for example, shut down at some point in the intercept, and restart the motor for improved kinematics for the end game, or to extend range, etc.
I still see missile defense as a big hole that people are dumping money into, particularly hit to kill.
16 December 2009
Olbermann's Special Comment on Obama's Give Away to Insurance Companies
It was good. I heard it on the repeat.
It Coincides With the 2010 Election, Neh?
So, little Timmy Geithner has decided to extend the TARP program from December 31 of this year until the end of next October, which, oddly enough, is just 2 days before the elections.
It's a neat political move, but it would have been better to not screw the pooch so badly to begin with.
Dump Geithner and Summers, for a start.
It's a neat political move, but it would have been better to not screw the pooch so badly to begin with.
Dump Geithner and Summers, for a start.
NPR Gets ½ a Clue
Well, it took them long enough to realize that by lending her to the partisan political operation known as Fox News, she is creating a credibility problem for the network:
See my earlier post, with a spot on Jon Stewart critique of Faux News here.
As to Liasson, she's not quite as hacktacular as Barbara Bradley Hagerdy, who is literally in the pay of right wing Christo Fascists, but to hear the venom drip when she says the world "liberals," is enough.
Another reason, in addition to their balls to the wall opposition to low power radio, for me not to give to them at pledge time.
Executives at National Public Radio recently asked the network’s top political correspondent, Mara Liasson, to reconsider her regular appearances on Fox News because of what they perceived as the network’s political bias, two sources familiar with the effort said.Liasson refused, because she has a contract, and because, "she appears on two of the network’s news programs, not on commentary programs with conservative hosts," except, of course that the agendas of these programs is set by those, "commentary programs with conservative hosts."
See my earlier post, with a spot on Jon Stewart critique of Faux News here.
As to Liasson, she's not quite as hacktacular as Barbara Bradley Hagerdy, who is literally in the pay of right wing Christo Fascists, but to hear the venom drip when she says the world "liberals," is enough.
Another reason, in addition to their balls to the wall opposition to low power radio, for me not to give to them at pledge time.
Rep. Capuano Tells Fellow Dems: 'You're Screwed'
Bummer of a birth mark, Democratic Party
You're screwedThere are some very real issues here.
Capuano took to the microphone, looked out at his colleagues and condensed what he'd learned into two words. "You're screwed," he told his friends in the House, according to one attendee. The room's silence was broken only by soft, nervous laughter.
Capuano confirmed the gist of the message -- "I'm not sure of the exact wording," he told HuffPost, chuckling -- and said that he doubted his wisdom was anything they didn't already know.
"I think I was just confirming stuff they already knew," he said. "I focused on two things: the war in Afghanistan and jobs."
Everywhere Capuano went in his state, he said, he was bombarded with demands that the government do more to create jobs. He was also greeted by deep skepticism about Obama's escalation of the eight-year-old war in Afghanistan.
Capuano said he told the caucus that opponents of the war need to be given a chance to vote against funding for it on the House floor.
"If we do anything [on the war], we need to have a separate vote on it. People who can vote for it, can vote for it. But those of us who want to vote against it, [should] be given that opportunity, too," he said. "But I focused mostly on jobs. People are tired of the promises of jobs. They need them now."
The first is that Barack Obama's "Wall Street before Main Street" policies just aren't selling.
The second is that Afghanistan is unpopular.
What makes it worse is that the stimulus package will be tied to the Afghan war funding:
Rep. George Miller (D-Calif.), chairman of the Education and Labor Committee, told reporters Tuesday that short-term extensions of unemployment and COBRA will be attached to the defense bill.Steny Hoyer is optimistic, because, well, he's a pro-war, pro-bank bailout squish, and he wants the rest of the caucus voting with him.
In effect, that requires members of Congress to back a war they oppose in order to get funding for jobs, a bargain many are loath to make, but one they've made over and over since Democrats rook control of Congress following the 2006 midterm elections -- which were decided largely by voters fed up with the war in Iraq.
We are seeing a disaster unwind in slow motion, and the only person who might make it better, Barack Obama, is spending too much time kissing the asses corporate interests that created the NAFTA driven political firestorm in 1994.
Not Like Vietnam At All…………
After all, we aren't seeing bogus body counts.
In the Vietnam war, there was a statistical anomaly: numbers ending in 5 and 10 were conspicuously absent, to the tune of millions of times beyond what random chance, IIRC, and it was a lecture almost 30 years ago it was greater than 5σ.
Well, we have another magic number in Afghanistan, 30* (also here and here):
He was right, and Obama has allowed himself to buy into this crap.
*Yeah, there is also that whole #3 person on the chain of command of al Qaeda, who has a life span that rivals that of Ensign Liebowitz of star ship security on a landing party with Kirk, Spock, and McCoy.
In the Vietnam war, there was a statistical anomaly: numbers ending in 5 and 10 were conspicuously absent, to the tune of millions of times beyond what random chance, IIRC, and it was a lecture almost 30 years ago it was greater than 5σ.
Well, we have another magic number in Afghanistan, 30* (also here and here):
Just how often has the U.S. and NATO killed the Taliban in groups of 30 during 2009? The answer may surprise you:It appears that this is a holdover from Rumsfeld days:
- Adnkronos, 12/07/2009: “Up to 30 suspected militants were killed in a NATO airstrike on a Taliban hideout in eastern Afghanistan close to the Pakistani border on Monday. The airstrike targeted the village of Sangar Dara in the mountainous Watapur district of Kunar province , the NATO-led International Security Assistance Force (ISAF) said.”
- SF Chronicle, 12/04/2009: “Air strikes in two areas of the Mohmand border region killed 30 suspected militants, a military statement said. It said the strikes were “highly successful” but provided no further details, including whether any civilians were hurt.”
- Xinhua, 11/04/2009: “The military said that the troops have killed 30 more militants during the last 24 hours, bringing the total fatalities to 400, as the operation in the country’s tribal area steadily progressed towards the Taliban strongholds in South Waziristan.”
- Xinhua, 08/31/2009: “At least 30 bodies of suspected Taliban fighters were recovered in northwest Pakistan’s insurgency-hit Swat valley on Monday, witnesses said. The Pakistani army said they were killed in fighting with the security forces.”
- Calgary Times, 07/04/2009: “The attack included an attempted suicide truck bombing of the base in the Zirok district of southeastern Paktika province, local officials said. As many as 30 Taliban insurgents might have been killed when troops called in air strikes, they said.”
- Khaleej Times, 06/24/2009: “Thirty Taliban militants were killed in clashes with NATO and Afghan forces in separate incidents in southern Afghanistan, officials said Wednesday.”
- Straits Times, 06/15/2009: “Security officials in the region said that about 30 militants were killed in Mohmand agency, close to the provincial capital Peshawar.”
- Monsters and Critics, 05/28/2009: “In another incident, the Afghan Defence Ministry said Thursday that its troops, backed by international forces, killed 30 suspected militants in neighbouring Khost province Wednesday after the militants attacked their joint base.”
- Monsters and Critics, 05/14/2009: “At least 30 Taliban fighters were killed Thursday when government artillery fire destroyed their hideout in north-west Pakistan, residents and officials said, as concerns about the fate of thousands of refugees in the region grew amid an escalating humanitarian crisis. Up to 30 suspected militants were in the compound when it was hit, and the Taliban have moved the dead and injured to an undisclosed location, he said.”
- Reuters, 01 April 2009: “U.S. and Afghan forces have killed 30 Taliban fighters, including a local commander, in an operation in Afghanistan’s southern province of Helmand, the Interior Ministry said on Wednesday.”
- IRNA, 02/17/2009: “Suspected US drone fired missiles on a training camp of Taliban militants in a Pakistani tribal region on Monday, killing around 30 people, witnesses and official sources said.”
- New York Times, 01/01/2009: “On Wednesday, the Taliban came for revenge. A group of about 30 Taliban fighters swooped in on Mullah Salam’s house and opened fire. They killed at least 20 of his bodyguards, Afghan officials said. The Taliban claimed that they killed 32. Two of the attackers died.”
We don’t know much about how it works, but in 2007, Marc Garlasco, the Pentagon’s former chief of high-value targeting, offered a glimpse when he told Salon magazine that in 2003, “the magic number was 30.” That meant that if an attack was anticipated to kill more than 30 civilians, it needed the explicit approval of then-Defense Secretary Donald H. Rumsfeld or President George W. Bush. If the expected civilian death toll was less than 30, the strike could be OKd by the legal and military commanders on the ground.We let me quote a decent man who had a complete sh$# for a son, George Romney, Mitt's dad, who described the misinformation handed to him by the military on Vietnam as "brainwashing."
He was right, and Obama has allowed himself to buy into this crap.
*Yeah, there is also that whole #3 person on the chain of command of al Qaeda, who has a life span that rivals that of Ensign Liebowitz of star ship security on a landing party with Kirk, Spock, and McCoy.
It's Official: France Taxes Banker Bonuses Too
50% Tax on bank bonuses above €27,500. ($40,000)
I'm not surprised about the tax, though I am surprised that it happened so quickly, and that the threshold is so low.
I'm not surprised about the tax, though I am surprised that it happened so quickly, and that the threshold is so low.
Regulators Sell Out To Banks
This time, it's international regulators, who have pushed back the so called Basel requirements on capitalization:
Rinse……Lather……Repeat.
Global regulators will give banks a grace period before forcing them to implement stricter capital rules, three people said on Wednesday, easing concerns that lenders might need to issue massive amounts of shares in the near future.My bet is that in 2010, start will be pushed off to 2013, and in 2011, it will be pushed off to 2014.
……………
The committee is expected to publish proposals this week for stricter financial regulations in response to the credit crisis. There had been fears that if banks implement the new rules quickly, they would have to raise substantial capital.
The three people with knowledge of the matter said the committee would stick to its plan to gradually implement changes starting in 2012, but will give banks a transition period to help them adjust to the rules.
Rinse……Lather……Repeat.
Did Nancy Pelosi Just Call Barack Obama a Bitch?
Why yes, I think that she did just call Barack Obama a bitch.
On a slightly more precise level, what she has said is that if Barack Obama wants Democrats in the house to support him on Afghanistan, that Pelosi will not use her position as speaker to whip votes:
I expect the bill to pass anyway, since the Republicans will always vote pro war, but much like during our private little war in South East Asia in 1968, it's the Democrats who are opposing it, and much like that private little war in South East Asia in 1968, they are correct in their opposition to the this private little war in South Asia.
On a slightly more precise level, what she has said is that if Barack Obama wants Democrats in the house to support him on Afghanistan, that Pelosi will not use her position as speaker to whip votes:
House Speaker Nancy Pelosi said President Barack Obama must press his own arguments for sending 30,000 more U.S. troops to Afghanistan because she won’t ask House Democrats to pay for the military escalation.I'm sure Steny Hoyer, 2nd in command as House Majority Leader, will continue to whip the vote, but this is a big deal.
“The president is going to have to make his case,” Pelosi told reporters today in Washington.
The speaker said persuading House Democrats to approve a $106 billion spending bill in June to finance the wars in Iraq and Afghanistan was “definitely” the hardest vote of her tenure as speaker. She said she told Democrats her request for their support was the last time “I would ever ask them to vote for it.”
House Democratic leaders will provide briefings on funds for the additional troops, and members “will have the information” they need to make a decision, she said. “But this, for members, is a vote of conscience.”
I expect the bill to pass anyway, since the Republicans will always vote pro war, but much like during our private little war in South East Asia in 1968, it's the Democrats who are opposing it, and much like that private little war in South East Asia in 1968, they are correct in their opposition to the this private little war in South Asia.
Economics Update
So, the Open Marked Committee of the Federal Reserve left rates unchanged, though they do seem set on ending their quantitative easing over the next few months:
The bond markets responded with Treasurys falling, and yields rising.
We actually saw a non trivial inflation rate in November, with the Consumer Price Index rising 0.4% in November, though that was energy and food, the core rate was 0%.
There is a troubling data point in the data though, rent, and owners' imputed rent both fell, which is not a problem in terms of inflation, but is in terms of real estate.
Basically, even with house prices having fallen in the past 2 years, they are still above the traditional price-to-rent ratio trend, and as rents, fall, homes have to fall further to get back to the traditional (and sane) range, so there is more pain in real estate.
In more real estate news, new home construction jumping 8.9% from October to November, though it is down 12.4% year over year, (PDF link) while mortgage applications, and the rate for a 30-year fixed mortgage, rose marginally last week.
The statements on the unwinding of quantitative easing pushed the dollar up.
In energy, oil rose again, on reports of falling inventories.
In light of ongoing improvements in the functioning of financial markets, the Committee and the Board of Governors anticipate that most of the Federal Reserve’s special liquidity facilities will expire on February 1, 2010, consistent with the Federal Reserve’s announcement of June 25, 2009.Full FOMC statement is after the break.
The bond markets responded with Treasurys falling, and yields rising.
We actually saw a non trivial inflation rate in November, with the Consumer Price Index rising 0.4% in November, though that was energy and food, the core rate was 0%.
There is a troubling data point in the data though, rent, and owners' imputed rent both fell, which is not a problem in terms of inflation, but is in terms of real estate.
Basically, even with house prices having fallen in the past 2 years, they are still above the traditional price-to-rent ratio trend, and as rents, fall, homes have to fall further to get back to the traditional (and sane) range, so there is more pain in real estate.
In more real estate news, new home construction jumping 8.9% from October to November, though it is down 12.4% year over year, (PDF link) while mortgage applications, and the rate for a 30-year fixed mortgage, rose marginally last week.
The statements on the unwinding of quantitative easing pushed the dollar up.
In energy, oil rose again, on reports of falling inventories.
House Passes Jobless Benefits and COBRA Subsidy Extension
Both of these programs are so overwhelmingly popular that even Republicans voted for them, the vote was 395-to-34.
What the Hell are We Doing In Afghanistan Again?
Because Afghan President Hamid Karzai just gave a speech defending Kabul Mayor Abdul Ahad Sayebi, who was just sentenced to 4 years in prison at the Afghan anti-corruption conference:Afghan President Hamid Karzai used a keynote anti-corruption speech on Tuesday to defend the most senior of his officials to be convicted of graft in years, a move that could anger Western backers who demand more accountability.That sound you hear is Eric Arthur Blair spinning in his grave at 4200 rpm.
The president opened a three-day, anti-corruption conference, which had been billed by diplomats as a sign that Karzai took seriously the West's concern over an issue seen as key to winning popular support against a resurgent Taliban.
Seriously, we need to get out now, because you can't win hearts and minds with this corrupt ratf%$#.
Corruption Update: Another Bailout for Bob Rubin's Old Firm
Seriously. The fact that the IRS, or let's be clear about, Timothy Geithner's Department of the Treasury is allowing Citi to get an additional $32 billion in tax breaks so that it can repay the TARP more quickly:
So, it now appears that we are paying Citi to pay us back the TARP money, $32 billion in tax deductions, so that they can pay back the $20 billion that is still owed as debt, overpay their next CEO.
With the top corporate tax rate at 35%, this translates to about us paying them $11.2 billion to get back our $20 billion, which was earning us 8%, or $1.6 billion a year......Lovely deal, huh?
I'm calling corruption on this.
I'm not sure if anyone in the White House is personally getting rich on this, but, much like the recently deceased Yegor Gaidar in Russia, they are creating and maintaining a corrupt system.
I'm sure, like Gaidar, they see themselves as heroic, but they are looting the United States.
The Internal Revenue Service on Friday issued an exception to long-standing tax rules for the benefit of Citigroup and a few other companies partially owned by the government. As a result, Citigroup will be allowed to retain billions of dollars worth of tax breaks that otherwise would decline in value when the government sells its stake to private investors.By way of comparison, the government invested $45 billion in Citi, which has, through various means, converted into common stock at above market valuations.
So, it now appears that we are paying Citi to pay us back the TARP money, $32 billion in tax deductions, so that they can pay back the $20 billion that is still owed as debt, overpay their next CEO.
With the top corporate tax rate at 35%, this translates to about us paying them $11.2 billion to get back our $20 billion, which was earning us 8%, or $1.6 billion a year......Lovely deal, huh?
I'm calling corruption on this.
I'm not sure if anyone in the White House is personally getting rich on this, but, much like the recently deceased Yegor Gaidar in Russia, they are creating and maintaining a corrupt system.
I'm sure, like Gaidar, they see themselves as heroic, but they are looting the United States.
Berbanke is Time's Man of the Year
Well, he's certainly been influential, but so was Typhoid Mary.[on edit]
Paul Krugman reminds us all what it means to be a cover subject for Time Magazine.
