Banking for The New Century

As with so many things nowadays, these quotes re: the replacement of the Glass-Steagall Act with deregulation require no comment from me:

‎''The concerns that we will have a meltdown like 1929 are dramatically overblown.'' - Senator Bob Kerry

''I think we will look back in 10 years' time and say we should not have done this but we did because we forgot the lessons of the past, and that that which is true in the 1930's is true in 2010.'' - Senator Byron L. Dorgan

''If we don't pass this bill, we could find London or Frankfurt or years down the road Shanghai becoming the financial capital of the world.''  - Senator Chuck Schumer

''Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century.'' -Treasury Secretary Lawrence H. Summers

Oh, what the hell, just one comment, one you've heard from about any flight attendant you can think of: "Please keep your seat belts securely fastened."

Guest Post: Bunner's 2 cents

The following doesn't vary much from the way I feel about our slide into national insolvency. So rather than write a post myself, here y'go, y'all:

Money started out as a convenient form of exchange. It's become an adversarial construct, a tin deity and the scoreboard for our existence. We can pretend it's still working for us, but it's become a lever that - as the length and stiffness of that lever expands for the haves - is used to pry us from what little hard wealth we have. 14,000,000,000,000.00 in debt notes is a stupid thing to trade anything for.

You can harrumph and wave your made in China flag and wait for Michelle Bachmann to lead you to the promised land of loonies and pray to Bill O'Reilly and keep crushing those aluminum cans but the pooch has been hosed and we're holding the bag for these junk notes.

We need a concise game plan that includes a lot of hard and fast changes to how we allow businesses to function, who gets to do what and to whom and for how long or the hard and fast change will come via a molotov cocktail when there's no more malarkey to sell and the curtain is pulled back from the man in the booth. This - shit - isn't - working - anymore. Pretending it is has put us in this sack.

This is cut point for America, y'all. With or without me or you and recess is over. So if anybody has some useful ideas that don't include guillotines or mathematically gymnastic bar graphs that add up to "shut up and don't pester the wealthy", I'm all ears. Cause I don't want to see riots in the streets, either. But this shit is way past band aids and if we don't waylay the getaway car, we're gonna be left with ashes and whatever we can grow in that corner lot where those small shops used to be. I got nothing against wealth. How you got it and what you do with it matters, not the wealth itself. I got a huge problem with pirates and thugs. Don't you? .02 USD.

- by that Internet entity known as "Bunner."

Incentives, who needs 'em?

As the self-destructive spiral masterminded by our elected representatives continues, now the Pentagon, in a masterful display of military intelligence, wants to move the military pension system to a defined-contribution plan.

Like certain other professions, such as teaching, one of the major incentives has always been a good, secure defined-benefit pension system. Now it is proposed to sweep the military pension system into the great dustbin of history to save $250 billion over 20 years. And in 20 years, what will our military look like in consequence? I suspect that the only thing that is holding up enlistment rates at this point is the recession that our leadership doesn't even like to mention.....and it may be that only if our economic malaise continues will sufficient numbers of high-quality recruits enter our Armed Forces.

And- are we to wait 20 years to see what the impact of all those savings have been on our national defense? I'd rather not.

Signs of the times....

The House of Representatives applauding themselves for their tardy actions in dealing with the growing economic mare's nest, a situation that they themselves are as responsible as any for helping to worsen. I would wish that they reap the full consequences of their corruption, stupidity and incompetence, except for the fact that those consequences will be visited on the rest of us with at least as much force.

Listening at altitude

What sounds good in a Boeing 737 at 35,000 feet? Anything but the roar of air outside that thin aluminum tube. Try Franz Josef Haydn, Quartet Op. 76 No. 2. Tokyo String Quartet on Sony is good.

If I were more generous....

I might believe that the events of the past week have nothing to do with a PR campaign to establish the current administration's "tough on terrorism" bona fides. I might. Since I'm in a credulous mood today, even with the primaries roughly 9 months away, surely it's only a coincidence.

More Modern Misinformation

We have arrived at a juncture where there seems to be no distinction between "history" and "prehistory." This is no minor affair. There is a vast gap between what is known through the human written record and that which preceded it. While the written record provides its unique set of issues in interpretation, they are nothing like the silence preceding ca. 4000 BC.

But now, some refer to a period like 10,000 BC as "history," as though there is some basis for direct observation from that period. This is patently false. While there were most emphatically human beings, with brains indistinguishable from today's Homo sap., and therefore it's certain they had spoken language, there is no record of a written one.

Therefore, there is still a point where we must stop, and say that any narrative about prehistoric events is based solely on inference and speculation on data collected from various scientific experiments. The conclusion that much popularized "science," particularly on television, would have us draw, is that enough data on fossilized plants or bones, geological strata, or gases collected from glacial ice will ultimately let us know what happened in prehistoric times in the same fashion we can know what happened in the Dust Bowl of the 1930s, at Gettysburg in July of 1863, or on the Plain of Marathon in 490 BC. No. What we see, on far, far too many TV shows is simply compounded of speculation and inference, and is therefore fiction based on some data, the equivalent of a "historical novel."

I believe much of this feeds on the lapse into disuetude of the notion of scientific laws, in favor of the convenient fallback that "it's all theory, it's just that some theories are more proven than others." Then there is the nature of science itself, most of which is a tremendously tedious affair. The average human being is bored to tears in a few minutes b y actual science. While thousands labor in laboratories world-wide, the true scientific vocation is probably as rare as that of concert pianist. Scientific inquiry is rather analogous to what a Vietnam veteran said about what he went through: "War is a bore, interrupted by moments of sheer terror when men die." Science is a bore, interrupted by rare moments of insight when something is actually discovered. There is therefore obviously a need for good interpretation of science for the general population -also a very rare individual- that does not do things like present any sketchy collection of data as worthy of the collective title of "theory."

All that was solid.....

It's gone. The execrable journalism in the week since the earthquake and tsunami in Japan has killed any residual credence or respect I my have had for the media. There is no information, only infotainment. I suppose this was never all that traumatic for me, since my connection with the ongoing events in the world has always been tenuous, at best. It wasn't a coincidence I worked as a history teacher for 32 years.

It's not information

We are told, and by no less an -authority- than CNN, about "lessons learned" from the Japanese earthquake / tsunami. The aftershocks continue, the cleanup has only just begun and relief efforts started, it's obvious that thousands more dead will be discovered, and we're already being lectured to by the media about "lessons."

It's only clear that it's impossible to learn anything about an event of this magnitude at this stage. This time next year, maybe. Some things that are clear:

1. As with hurricane Katrina in 2005, a natural event of sufficient magnitude is not controllable by mankind, not now, and not in any foreseeable future, and may only be marginally ameliorated by preventive measures.

2. A hard look needs to be taken at where people live, in countries that pretend to have the security of their citizens in mind. Sweeping legislation should perhaps be instituted to prevent future settlement in flood plains, along earthquake faults, on the slopes of volcanoes, and areas of coast likely to be affected by hurricanes or tsunamis. And maybe the building of ramshackle trailer parks in tornado alley.

There is little perspective possible, given our present means of "informing" ourselves, and at a time when we most need it.

"A person is smart. People are dumb, panicky, dangerous animals, and you know it."

- Kay to Jay, MIB

Poetry Corner, 2011

The flight of the curiales from Wisconsin and Indiana to the welcoming arms of Illinois is such transparent, temporizing, time-wasting nonsense that a large hole should be dug for all the legislators - ALL- from both states, plus the governors. Then they should all -ALL- do the decent thing. If they can persuade the same officials in Illinois to join them, I'm sure the hole can be enlarged to fit.

To do what has to be done, these cowards, of every political persuasion, are terrified of appearing the bad guy and risking their pathetic careers. So the Donks flee the state, ostensibly to block legislation, while attempting to make the Trunks look bad and do a Pontius Pilate for their constituencies. The Trunks threaten draconian executive action to terminate thousands of state employees, while attempting to make the Donks look bad and do a Pontius Pilate for their constituencies.

As I have the habit of doing, I'll let others speak for me:

"There are three principles in this Constitution, and they are very precious. They are compromise, compromise, and compromise."

-James Madison, Father of the U.S. Constitution

On a more global level, we resort to the poets:

"The best lack all conviction, while the worst
Are full of passionate intensity."

- William Butler Yeats, The Second Coming

"And we are here as on a darkling plain
Swept with confused alarms of struggle and flight,
Where ignorant armies clash by night."

- Matthew Arnold, Dover Beach

"There are four types of homicide: felonious, accidental, justifiable, and praiseworthy."

- Ambrose Bierce, The Devil’s Dictionary

Understanding what is commemorated

Today is -I think- the anniversary of the bombing of Dresden by the Allies in February 1945. Thanks to the historicism and just ahistorical opinions of those who were never lived through that awful struggle. I'll just commemorate it by posting the best quote I've ever read on the subject:

"My mother was a child in occupied Belgium. Unfortunately, her town had a factory that the Germans converted to make airplane parts, so the bombers came. The American bombardier mistook the elementary school for the factory. Officials laid the children's bodies out on the playground so their parents could come claim them.

I've told people this story a hundred times, but on a visit to Scotland 10 years ago, me and a friend of mine would go to a pub in Ullapool regularly, called "The Ferry Boat Inn". It was one of the last stops when you were going to the most Northern point of the English Isles. After Ullapool, there was nothing but lochs, moors and rocks.

One evening, an older man came to sit next to us on a barstool. We started talking and I noticed he had a pin on his vest that I couldn't recognise immediately. When asked, he calmly said "Oh, I was in Belgium you see. Lost a lot of friends then ... ."

Offering him a drink, which he refused, I told him "we had a lot to thank him for", while my friend opposite of me nodded (he was a history buff, with enough brains to know what sacrifices the fights around Ieper, or Ypres, had taken and what they had meant for our country and others).

Until today, I clearly see in front of me the blink in this veteran's eye, from the tears that were starting to well up, while he briefly stared in my face. He got up from the stool, saying "Thank you Sir, thank you very much" silently, almost whispering, opened the door and went.

As I read that again, tears well up in my eyes. People here still run the risk of getting killed by bombs, every winter there's a few that rise out of the fields, every summer there's one that rises up from the beaches, but the first guy that would complain about them Rednecks leaving bombs behind would be considered a nut. My grandfather spent time in Bergen-Belsen (be careful if you have a sensitive stomach) and escaped, while his then-girlfriend tried to hide from V1's and V2's. My best friend's grandfather spent time in a Norwegian concentration camp, escaped, and stayed hidden in the snow for months, thanks to a caring Norwegian family.

The city I currently live in was bombed and shot to pieces in WWII, it was phosphorized in WWI. At least two of my grandparents were "White Lions", a well-known resistance brigade. If I tell you that only two of them are still alive, then do you have a clue why I say "at least"?

Each and every one of my 30-something friends knows at least one of their family member's stories about " fourty - fourtyfive " ... . We also take care to try and learn about Dresden, and we know the images of the mothers and children, hiding in tunnels, burned alive because of the goo that came out of some bombs, or suffocated because the explosions drew the air out of the tunnels.

Every city, every town, every village, every major street, every god damned cul de sac in this country has at least one statue or plaque commemorating men and women who gave their lives, and we owe them our past, present, and future.

Now, if you know of a better way, that would have been more suitable to end the world's misery in those black 40's, then I suggest you go and tell those people, because whether they were up in the air or beneath on the ground, they surely didn't do it just for the fun of "pointlessly slaughtering kids".

My hat goes off to all who served. We are forever in debt."

First Nanny

Now, the new, improved First Lady has suddenly emerged as full-blown First Nanny in "Partnering with" -never say "scolding"- the restaurant industry to cut down on the portions it serves. This is typical of the top-down unrealistic idealism that pervades certain circles of our society, and the audiences it garners, who believe that celebrity somehow equals authority. There' s not the slightest reason to believe that Michelle Obama is any better informed on this issue than the next person, and yet she receives instant credibility from the media.

In fact, there are many very good reasons why this proposal is going to fail. Restaurants serve large portions of food in this country because food is a relatively cheap part of overhead, and the portions justify the amount the restaurants must charge. Many people who don't want large portions simply get a doggie box and take what they don't eat as leftovers, which helps with their perceived value of the meal. And people who are still hungry will probably just eat more, regardless of the portions being served.

And, last, the timing of such an initiative is extremely poor. The country is in a recession, which has cut into restaurant revenues, and the proposal is to do something that may cut into them even more. Push this enough, and it could precipitate the ultimate disaster.....people might actually learn to cook for themselves.

This is our relationship to news

And for the apropos comment o' the week, that I wish I had written:

"Kids, i remember when the media used to report news. news traveled slow, so you only got some basic facts about a thing at first and then later as stories were researched and collaborated, you the fine viewing or listening audience got a finer story.

Now, as soon as 'it' happens, it's a rock thrown into the e*versal stream of consciousness. What's happening with 'it' NOW? Were experts wrong about 'it?' What does Obama/Cameron/Beck say about it? Has 'it' shown any drunken skin at an awards show? To the Googles.

Instead of being the observer of the 5 blind men with the elephant, we've become 1 billion blind men with the elephant."