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."