06/11/2012 archive

“Punting the Pundits” is an Open Thread. It is a selection of editorials and opinions from around the news medium and the internet blogs. The intent is to provide a forum for your reactions and opinions, not just to the opinions presented, but to what ever you find important.

Thanks to ek hornbeck, click on the link and you can access all the past “Punting the Pundits”.

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Paul Krugman: Another Bank Bailout

Oh, wow – another bank bailout, this time in Spain. Who could have predicted that?

The answer, of course, is everybody. In fact, the whole story is starting to feel like a comedy routine: yet again the economy slides, unemployment soars, banks get into trouble, governments rush to the rescue – but somehow it’s only the banks that get rescued, not the unemployed.

Just to be clear, Spanish banks did indeed need a bailout. Spain was clearly on the edge of a “doom loop” – a well-understood process in which concern about banks’ solvency forces the banks to sell assets, which drives down the prices of those assets, which makes people even more worried about solvency. Governments can stop such doom loops with an infusion of cash; in this case, however, the Spanish government’s own solvency is in question, so the cash had to come from a broader European fund.

New York Times Editorial Nuclear Time Warp

Did House Republicans somehow miss the end of the cold war? At a time when, for the sake of both security and fiscal responsibility, the country should be reducing its nuclear arsenal, the House has approved a defense authorization bill for 2013 that threatens to freeze the number of weapons at current levels and, over time, waste billions of dollars on unnecessary purchases and programs.

Thankfully, the bill isn’t likely to become law. But it is worth taking a closer look, both for what it says about Republicans’ misplaced strategic priorities – and about how far President Obama has already gone to appease them.

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on image to enlarge

June 11 is the 162nd day of the year (163rd in leap years) in the Gregorian calendar. There are 203 days remaining until the end of the year.

On this day in 1776, the Continental Congress selects Thomas Jefferson of Virginia, John Adams of Massachusetts, Benjamin Franklin of Pennsylvania, Roger Sherman of Connecticut and Robert R. Livingston of New York to draft a declaration of independence.

Knowing Jefferson’s prowess with a pen, Adams urged him to author the first draft of the document, which was then carefully revised by Adams and Franklin before being given to Congress for review on June 28.

The revolutionary treatise began with reverberating prose:

Draft and adoption

While political maneuvering was setting the stage for an official declaration of independence, a document explaining the decision was being written. On June 11, 1776, Congress appointed a “Committee of Five”, consisting of John Adams of Massachusetts, Benjamin Franklin of Pennsylvania, Thomas Jefferson of Virginia, Robert R. Livingston of New York, and Roger Sherman of Connecticut, to draft a declaration. Because the committee left no minutes, there is some uncertainty about how the drafting process proceeded-accounts written many years later by Jefferson and Adams, although frequently cited, are contradictory and not entirely reliable. What is certain is that the committee, after discussing the general outline that the document should follow, decided that Jefferson would write the first draft. Considering Congress’s busy schedule, Jefferson probably had limited time for writing over the next seventeen days, and likely wrote the draft quickly. He then consulted the others, made some changes, and then produced another copy incorporating these alterations. The committee presented this copy to the Congress on June 28, 1776. The title of the document was “A Declaration by the Representatives of the United States of America, in General Congress assembled.” Congress ordered that the draft “lie on the table”.

On Monday, July 1, having tabled the draft of the declaration, Congress resolved itself into a committee of the whole, with Benjamin Harrison of Virginia presiding, and resumed debate on Lee’s resolution of independence. John Dickinson made one last effort to delay the decision, arguing that Congress should not declare independence without first securing a foreign alliance and finalizing the Articles of Confederation.[64] John Adams gave a speech in reply to Dickinson, restating the case for an immediate declaration.

Burning the Midnight Oil for Living Energy Independence

Express HSR is sexy. Indeed, its sexy enough that when Big Oil propagandizes against it, they have to paint it as too expensive or something that America is too incompetent to handle, since the idea of sitting in an actually comfortable rail seat, watching a movie on a laptop or snacking on a sandwich while flying along at two to three times highway speeds, “just like in France or Japan or Spain”, that’s too appealing to convince a big majority of people that it would be anything but nice to have. So they have to con people into thinking of it as an unrealistic pipe dream that the US can do what Spain has been doing for a decade, France for three decades, and Japan for half a century.

Rapid Rail is not as sexy as Express HSR, but at least it is as fast as driving for most drivers on most corridors, and appreciably faster than driving on the corridor with the “best bones”, like either Cleveland / Columbus or Davenport / Des Moines / Iowa wold be at 110mph top passenger speed. And it is much cheaper than Express HSR, with lots of potential corridors that local residents will start lobbying for once the first of the Rapid Passenger Rail services come into service.

But conventional long haul rail? Surely plodding along at 50mph to as slow as 30mph on heavy freight rail corridors is an obsolete holdover from an earlier time?

Well, no. Conventional long haul rail has a 21st century role to play, if the United States should declare Economic Independence and start working to regain the economic freedom that we surrendered to the Big Oil and the oil exporting regions in the 70’s and 80’s.

And so, in this evening’s Sunday Train, we look at the “PRIIA Section 210” plans that Amtrak has developed for the five weakest of its fifteen long distance corridors: the California Zephyr, the Capitol Limited, the Cardinal, the Sunset Limited, and the Texas Eagle.

“When the madness is directed towards the likes of you and me,

Then our blindness may be lifted and we might begin to see.

For when others are afflicted, with the scourge that has no end,

Then we practice our denial — and the purging, we defend.

So the powers and the peoples of the nations of this Earth

Could be fully in connivance — or denial of the hurt…

And even, in our hubris, in our information age,

We are blinded by our bias — and at petty issues rage.

So the workers were divided and they voted Nazis in,

And so many were the workers, who paid dearly for this sin!

And we see now in Wisconsin, there’s a Walker riding high,

And there’s cash enough from coffers to propagate the lie.”

(excerpted)

Arjun Jalah

Sometimes you would give anything not to be right!  When I started writing this diary three weeks ago, I predicted that Scott Walker would win the recall election for governor in Wisconsin. Walker, with unlimited corporate money, was challenged by a massive people’s movement when he outlawed most collective bargaining rights in what was usually considered a progressive state.  I knew, with the certainty of a cynic that that much money would out-weigh people power.   It was the fight between John Henry and the steel driving machine all over again. Yet, there I was, Tuesday night, praying that the people power would, in the end, win.  Not.  Walker beat Tom Barrett, the Democratic candidate 53%-46%, winning by a whopping 6% points. As Ed of the Ed Show so colorfully pointed out, there was no way to put lipstick on that pig. Or as Chris Hedges had said a couple of weeks earlier: “We lost. They won.”

Last time we had a rather technical discussion about the biology and chemical mechanics of fireflies.  I appreciate all of the comments, and some of them indicated that I should expound a bit.

Most of the comments were concerned with firefly ecology and how to encourage their numbers.  It is true that fireflies seem to be on the decrease insofar as populations go, and there are several reasons for that.

One reason that I am pretty much sure DOES NOT deplete the population is live capture, with or without release.  I have a call in to Sigma-Aldrich to see if they still buy fireflies.  If so, they are supplying lots of material for research whilst doing little harm to the population.

It is HARD to catch enough fireflies to damage the population!  As I get more information about the bounty, if any, on members of the Photinus genus, I shall share.

A perfect storm is brewing in the elite backrooms where policy is made and it is beginning to bubble up from the factory floor into the media where their policies are sold.  Prepare the vital organs of your body for a “December Surpise” as some are calling it. The debt ceiling will be reached before the elections, sequestration from the Budget Control Act of 2011 will be going into effect (and huge military contractors are already threatening massive layoffs). The elite rhetoric about the need for austerity will likely be at a fever pitch on the campaign trail and in the media.

It’s going to be a mighty (if completely contrived) crisis.

Fortunately the elites have already got the answer to all of the problems that are being prepared to come to a head.  Never fear, they’ve been working on it for decades.

A “Grand Bargain” will solve everything.