Olby Signs Off of Countdown Forever . . .
with an unwonted degree of dignity:
Visit msnbc.com for breaking news, world news, and news about the economy
For this relief, much thanks.
BeefCake Friday 2011 Vol. III
My friend Connie send me OODLES of Alex O'Loughlin pics and since no one else saw fit to request a BeefCake......Connie wins.
http://www.youtube.com/watch?v=rxPanG8J9I8
It appears YouTube was unhappy with my choice of songs and has blocked the video worldwide...so 4 hours of work down the tubes. SWIDT?
sorry. No beefcake this week, don't have time to do another.
What’s news got to do with it?
This morning, the New York Times deigned to place the focus of the Tucson massacre where it should have been all along, talking about the sorry state of mental health facilities across the United States. The history of the de-institutionalization of the mentally ill in our country is a depressing topic that deserves some historical context, but I'm not going to treat that here. Instead, I'll just point out that the states are now facing declining revenues, due to necessary federal cutbacks in aid, their incredible debt obligations to public employees who haven't paid in nearly enough to merit the benefits that they are supposed to have accrued, and the continuing sluggishness of the economy.
President Obama's pep rally speech at the University of Arizona, which distinctly noted that blaming ideological divisions was bootless, should have been enough to rouse the leftist media from their stupidity, but dead-enders hung on--such as Joan Walsh of Salon, who found it preferable to rewrite the words of his speech in order to preserve the narrative that "incendiary rhetoric" (from the right wing) was to blame. Stacy McCain's done a bang-up job of unraveling the new age tripe behind the Zeitgeist "documentary" that justified and fed the paranoia of paranoid schizophrenic Jared Loughner, who murdered and wounded a score of people at Gabby Giffords' public appearance. Oddly enough, it turns out that that piece of work has found financial backing from Brazil's state-owned petroleum enterprise, Petrobras, with which George Soros was at the time financially partnered, as well as the United States.
Remember that the administration decided to back this offshore exploration and drilling initiative with several billion taxpayer dollars, even as they were citing environmental concerns as justification for their moratorium on drilling and exploration in the Gulf of Mexico, going so far as to rewrite the opinions of the experts that they had called in to provide them with an after-report on the disaster. As industry insiders warned at the time, offshore platforms and rigs cost an enormous amount of money to operate, and if there was no work available in the United States, they were going to go elsewhere. So it was that the administration capitalized on the aftermath of the disaster to move all of those assets where they wanted them, offshore of the area that zoologists and botanists claim is the most elaborate and delicate ecosystem on the planet. For the children.
Those who are paying attention have probably noticed that Brazil recently elected their first woman president, which would be laudable, I suppose, were she not an ardent (ex?) communist. Thus this important Latin American nation joins others such as Nicaragua, Ecuador, Bolivia and Venezuela in the surging Castroite cluster. Facing mounting pressure at home due to economic crisis, Chavez has been rattling his sabre at Colombia, making noise about nuclear ambitions, and most recently claimed that Venezuela has oil reserves in excess of Saudi Arabia's. Skipping lightly over the details of government-funded mosque building, Hezbollah ties, uranium enrichment, and importation of Cuban doctors, I'll just note that the Obama administration's recent pressuring of Honduras to accept would-be-dictator and obvious lunatic Manuel Zelaya back into the country, by urging them to drop the charges against him, demonstrates their commitment to a Reverse Monroe Doctrine which has the stamps of Susan Rice and Samantha Power all over it.
Yes, the attempted assassination of Representative Giffords and the murders of six other people was a newsworthy event. In the continuing aftermath, though, a Philadelphia grand jury brought charges against local professional abortionist Kermit Gosnell for the murders of seven babies beyond legal term, and for the death of a patient from malpractice at his filthy clinic, where the unsanitized instruments of his repugnant trade spread venereal disease and death while the organs of the state looked away, despite the testimony of whistleblowers. Fifteen seconds of fame lefty hero J Eric Fuller may have ranted about collecting the ears of his perceived political enemies on a necklace, but that was nothing but violent rhetoric compared with the collection of babies' feet Kermit Gosnell accumulated for his pleasure whilst enriching himself through state-condoned murder. As Michelle Malkin says, you should read the entire 281 page indictment to get an idea of the conditions in which this fiend was permitted to execute hundreds of infants.
Somehow, though, even as they retrace in detail the steps leading to Loughner's rampage, his encounters with friends and hotel night clerks, his MySpace postings and voice mail messages, the MSM seem reluctant to share the details of "Doctor" Gosnell's Little Shop of Horrors, or to consider what kind of rhetoric might have led him so viciously to flout the law, not to mention any standard of human decency by "snipping" the spinal cords of his hundreds of tiny victims with scissors, refusing to let the companions of his "patients" call ambulances when his procedures went awry, and all the rest. These deeds cry out to heaven for justice, but not through the voice of the MSM, who erupted so vociferously at the murder of abortionist George Tiller and who, until Obama was elected, clamored so greedily for the right to peer into the coffins of our dead soldiers.
Indeed, as Thomas Friedman and his ideological brethren wish that we were more like enlightened totalitarian China, and the President fetes their leaders with all the pomp, circumstance and surfeit that he so rudely stints to the leaders of other democracies, we are reminded what how it is that they treat their own:
Smith recounted the testimony of a Chinese woman who told the Tom Lantos Human Rights Commission of the U.S. Congress that she was forced to have an abortion.
“Since it did not come out as expected, they decided to cut my baby into pieces in my womb with scissors and then suck it out with a special machine,” the woman said. “I did not have any time to think as this most horrifying surgery began by force. I could hear the sound of the scissors cutting the body of my baby in the womb.
“Eventually, the journey in hell, the surgery, was finished, and one nurse showed me part of a bloody foot with her tweezers,” the woman said.
“Through my tears, the picture of the bloody foot was engraved into my eyes and into my heart, and so clearly I could see the five small bloody toes,” the woman said. “Immediately the body was thrown into a trashcan.
“The one-child policy and forced abortion policy have killed millions of innocent lives in China,” the woman said.
Fear not: I am certain that Obama will have expressed his concern that their execution buses emit greenhouse gases.
Oh, hey. Did you hear the one about how the Fed made it impossible for them to become insolvent? Or about the fellas who beat a guy to death for asking for the seven cents change he was owed? Or about the Representative who admitted he was aware of Pigford fraud and did nothing about it, then recanted and blamed Breitbart?
Of course not. That's incendiary.
Remember the one about the Supreme Court Justice who rewrote a physicians' opinion on abortion? Neither do I.
Budweiser Packers Commercial Fail
It's a good commercial, very flattering to us Wisconsinites. Dere's just one problem: it's "ya dere hey," not "ya hey dere."
Via @iowahawkblog
California’s fiscal future… and that of other states/munis
After my prior posts on municipal/state bankruptcies and municipal bonds, it seems the story is picking up more steam.
First - there is an actual, concrete event involved here: Vallejo, California working out its bankruptcy.
The city of Vallejo, California, proposed paying some creditors as little as 5 percent of what they are owed, making it the first general municipality that would fail to fully repay its debts in bankruptcy.
General unsecured creditors would collect 5 percent to 20 percent of their claims under the plan of adjustment filed late yesterday in U.S. Bankruptcy Court in Sacramento, the state capital.
No city or county has used federal bankruptcy laws to force creditors to take less than they are owed, according to Bruce Bennett, the lead lawyer for Orange County, California, when it filed the biggest municipal bankruptcy in the U.S. in 1994.
Vallejo’s plan assumes the city can’t provide essential services, like police and fire protection, while also paying its debts, he said. Should the city succeed, the case “may become an important precedent,” Bennett said in an interview.
[Thanks to Coalition of the Swilling for the link here, and the link to the Zero Hedge coverage]
I guess that "hysterical bond market" wasn't being too crazy after all, huh? A 20% recovery rate is crap for munis in bankruptcy -- usually bondholders have been made whole in the past of municipal bankruptcies [I'm not talking state bond defaults here].
But Vallejo is an interesting case. This this has been going on for a few years now, where various parties have been wrangling over the carcass of this once richer Naval base city. I found an interesting comment on that Zero Hedge post which explains the situation a bit better:
I've been a resident of the surrounding area all my life and lived in Vallejo for the last 4 years - It's an old navy town that's been dying as long as anyone can remember - every once in a while someone trys to bring industry (you know, jobs) back to Mare Island (the old navy yards) but the city council, or local enviro groups, or general stupidity destroys that opportunity. Vallejo is actually a very nice place to live, and while it doesn't have jobs it has some very nice old neighborhoods with beautiful victorians and craftsman style houses. The community is majority black, but there didn't used to be a ton of tension. I lived right in the heart of downtown for the last few years before moving to a house in a small neighborhood, and things have degraded quickly. Lots of homeless on the streets, a camp set up in the marsh next to the highway that the cops are always chasing them away from. Another vacant lot where people go to sell their stuff after they get evicted.
The various public service unions have been "negotiating" with our city "leaders" for years, and the tone was made clear when the lead delegate from the police union said "Fire however many you want, but don't cut our pay" (I'm paraphrasing, but it really was that blatant) - So that's what's happened. Now there are times when our city of 120,000 has less than 5 police on duty, and they're doubled up in patrol cars for safety (read that in the paper a few weeks ago, joy of joys) - Of course, they're still taking time to nail people for moving violations but then who expects anything more in these backwards times.
Lots more of that comment there - follow the link to read it all.
One part of this story that I haven't seen the details about is that one of the unsecured creditors is the pension plan itself. Or, rather, Calpers. I haven't heard about their part in the deal.
The thing is, I don't think the public unions have fully learned their lesson yet. They are holding on to their old pay/benefits structure as long as possible [understandable], but haven't yet come to terms with the fiscal reality [foolhardy] that they're going to have to deal with. They don't realize how close to the cliff they are.
They have got to prepare. Some short-term measures will occur, but it is getting harder and harder to keep the cashflows sufficiently covered. A state can pay its vendors and employees with IOUs for only so long.
It sounds like those on the federal scene do see that outright state bankruptcies are ahead and are trying to facilitate that, while Republicans make promises of not bailing out the profligate.
Not trying to be Chicken Little here, but given that a well-known financial analyst has predicted 50-100 municipal bankruptcies [and forget about the states], I don't want to be hearing the whining about "unprecedented!" Sure, it is unprecedented, but it was also predictable. Jerry Brown may disclaim, but he's part of the reason California got so bad [the main reason, of course, is the California electorate. I blame them more.] What did they expect to happen if they kept shoveling money in a trough? I suppose they have the "Tooth Fairy theory" of money - do something minor and windfalls ensue.
Separately, some investment advice re: munis, which is on a par with what I've been recommended -- no one can afford to be lazy in their money-handling nowadays. There will be no bailouts.
Oh, by the way, historically, bad things have happened when public debt got out of hand.... and do not be surprised if Europe starts recapitulated the turmoil of the Age of "Reason".
Things That Caught My Eye
I can't possibly catch and post every time cops are killed, but keep the families of these two officers in your prayers. More here. Heroes never rest until they Rest In Peace.
Don't tell The One, but apparently the military is still working feverishly on future combat systems. First, the Navy announced progress on a rail gun, now this. Now all we have to do is learn how to spot the Chinese stealth jets.
I used to think I wanted theme music. My own personal theme music. Or maybe an announcer of my own to announce my entrances and exits. However, I think I'll get myself my own personal backdrop to take with me. Think of all the places it could come in handy.
Part of me wishes I watched MTV so I could boycott. This is just disgusting.
No “Social Justice” for this Christian
I loathe that term. It has a bad connotation that I just cannot shake. You see when I hear the term "social justice" I automatically think government intervention. I think of welfare. I think of redistribution of wealth. "Social justice" to me says that because I work hard to make a living for my family, and because there are poor out there who don't, I should be forced by the government to give up my hard earned money so that others can have healthcare, a place to live, a cell phone, a government check, etc. I don't think that's fair even though it may come from a good place.
I saw this clip from Stephen Colbert about Jesus being a liberal democrat. I understand the satire. But more importantly, I understand the point. For some reason, Christians come across as not caring about the poor and needy. We come across as not caring about "social justice." When really, I think it's merely a matter of semantics. You see, I do care about the poor. I care about the needy, the oppressed. I work hard to help in any way that I can. It's not about "social justice." I really could care less about that. But it's about justice. Period. God's justice. And God's justice is quite different than social justice, let me tell you.
That being said, I do believe that we as Christians, must do better to serve those who need help. We must seek out ways to strive for justice and freedom for everyone. It's not the government's job. It's our job. And we, if I'm being honest with myself, probably don't do as much as we should.
Over the next two weeks, I'm going to write a lot about justice. I've been studying the Biblical term of justice quite a bit over the past few days. And I am learning a lot. If I had to choose between so-called "social justice" or God's justice, give me God's justice any day.
Global Warming Hard Sell Gone Wild!!
I'm reasonably certain the combination of several blunders from the Global Warming Half Naked Tribe, especially the UN's IPCC screw up of data and the drafty E-Mails from East Anglia's Climate Research Unit. Certainty the most recent low example was the result of the quirky climate meeting in Cancun. What was completely clear about this (beyond the description of the record cold temperatures) was the almost complete lack of scientific content about the warming-that-isn't-warming. Oh, no, they were much more focused on adding up the filthy lucre that wealthier countries need send to poorer countries, 100 billion dollars over 10 years, designed to make several dictators filthy rich ... um ... I mean ... give all of those countries the opportunity to back away from fossil fuels industries and just use the monies to improve their Middle Aged agriculture and toss a few pennies to the populous.
With the constant crying to media concerning their forced backtracking by industry Nazi's and ignorant yahoos, AGW hard cores have been scrambling to try and come up with important, weighty tomes to convince people that the Earth is deep frying to a crackly crunch (as opposed to the top of the environmental haters "baking to a delicate crunch.") This requires really big acts and really, really big sacrifices. Yawns have been spawned aplenty lately, especially the last month of creaming winter storms. Where are they to go and become interesting to people who actually listen and hear something tangible and logical? Who among them would be able to sensitively reach out to mankind and firmly showcase their talented and knowledgeable position on AGW?
Well ... not Dr. James Hansen. He has decided that the US, the bastion of bastards who heat rape momma Earth and laugh at his protests need to be punished, whipped publicly ... by China! In other words, over the edge and flapping his arms in national hatred ... of his own country compared to ... Communist China.
No Federal Bailouts: Let Them Eat IOUs
I first saw David Skeel's proposal to make a federal law to allow for entire states to go bankrupt back in November 2010. Kenneth Anderson at The Volokh Conspiracy pointed out some real state sovereignty issues with this proposal-- federal judges making essentially political decisions? [not like they've not already dictated state budgets before].
Later Joe Mysak notes that Chapter 9 bankruptcy, which is available to municipalities, would not fix the public pension problem painlessly.
People look at historical examples, which show that under municipal bankruptcies, everyone will get screwed. Except the politicians who had set up the problem and left in a timely manner. States do go bankrupt, in terms of defaulting on their bonds -- it was more common in the 19th century, and we've not had a good state bond default for almost 80 years now.
I've been sitting on some of these links for months and cogitating on the possibility of federal bankruptcy law for states, and yadda yadda yadda. I'm going to let the law-talking dudes talk that one over. I'm more in the money-counting/number-crunching crowd. And definitely, like Tom Sowell, in the No Bailouts crowd.
There's going to be a lot of whining from the "Ooooooh, won't somebody think of the poor public employees!" crowd, in trying to gin up a federal bailout, but boy, your timing is bad. Reality will hit, and that "will" is not that far in the future.
Those who wrote a "positive right" to the public pensions for workers forgot that government is not all that great at enforcing positive rights like that -- if they've not been good at preparing for their promises, they will be able to squeeze taxpayers only so much to try to fulfill them. Once the financial event horizon has been crossed, it will not matter what various parties "deserve", it will not matter what is "guaranteed" in various state constitutions. When there ain't no money, somebody is going to have to alter their expectations, and that's going to hit a lot of somebodies.
While some have argued that the recent plummet in the muni market is overblown [and yes, the market does usually overreact/overshoot whenever it does large moves], I still say bondholders should do some of their own, independent analysis of the financials. There are probably plenty of good bonds out there, as we only hear of the large state profligates in the news -- California, Illinois, New Jersey, New York. But the fireworks may start first with municipalities... my eye is on Chicago.
And don't expect to get bailed out like Goldman Sachs did with regards to AIG -- the Democrats aren't in charge of the House any more, like they were in 2008.





