Spain’s San Isidro bullfighting festival suspended after three matadors injured

AFP

Wednesday 21 May 2014 13.50 EDT

For the first time in 35 years, the San Isidro festival, which opens the bullfighting season in Spain, had to be suspended because all the matadors had been injured.

…

The first bull on the programme, a black, 532kg animal named Deslio, knocked Mora over during a pass as his yellow and pink cape swirled in the wind.

Mora fell to the sand beneath his cloak, but the bull immediately turned on him, head down, ramming its horn deep into his leg and tossing him over repeatedly.

…

The second matador, Antonio Nazare, appeared before the shocked audience to finish off the animal with his sword.

Nazare then faced his own opponent, however, a 537kg brown bull named Feten. The animal dragged the matador along the sand, injuring his knee and forcing him to seek treatment at the bullring’s hospital, the medical report showed.

The third matador, Saúl Jiménez Fortes, entered the ring to fight the same bull. The animal skewered him in the right leg and the pelvis, leaving three 10cm-deep injuries, the bullring doctor said. Fortes managed to kill the beast before he, too, sought medical treatment.

Chipotle

Marian

The rest, including Jon’s 4 part extended interview with Aneesh Chopra, below the fold.

India Jones Part 2

Warren

Oh, I know what you want to see.

It’s hard not to laugh when some NeoLib Freshwater Friedmanite starts pontificating about ‘the invisible hand of the Market’ and ‘price discovering rational actors’ when it’s such a load of fucking bullshit.

Those concepts were developed by Adam Smith in his book Wealth of Nations in response to the prevailing practice of Royal Grants of Monopoly and Crony Capitalism as part of the Merchantilist system of Colonial wealth extraction and prohibitive Tariffs designed to protect ‘favored’ industries and individuals.

He spends far more time in that work inveighing against collusive business interests that form cabals and monopolies to engage in price fixing, a “conspiracy against the public or in some other contrivance to raise prices” to maximize the amount “which can be squeezed out of the buyers”.

Smith also warned that a business-dominated political system would allow a conspiracy of businesses and industry against consumers, with the former scheming to influence politics and legislation. Smith states that the interest of manufacturers and merchants “…in any particular branch of trade or manufactures, is always in some respects different from, and even opposite to, that of the public…The proposal of any new law or regulation of commerce which comes from this order, ought always to be listened to with great precaution, and ought never be adopted till after having been long and carefully examined, not only with the most scrupulous, but with the most suspicious attention.”

This is NOT “Free Enterprise”, it is a criminal enterprise and should be prosecuted under RICO–

HSBC, JPMorgan and Credit Agricole charged with alleged euro rates fixing

Reuters

Tuesday 20 May 2014 14.25 EDT

Brussels has charged Britain’s biggest bank, HSBC, its US peer JPMorgan and France’s Crédit Agricole with rigging financial benchmarks linked to the euro.

The European commission said it would soon charge the broker ICAP for suspected manipulation of the yen Libor financial benchmark.

…

Prosecutors have charged 16 men with fraud-related offences.

“The commission has concerns that the three banks may have taken part in a collusive scheme aimed at distorting the normal course of pricing components for euro interest rate derivatives,” the commission said.

The three banks and ICAP, which refused to settle the case in December, could face penalties of up to 10% of their global turnover if found guilty of breaching EU antitrust rules.

India Jones

C.O.L.B.E.R.T

Springtime for Bankers

Paul Krugman, The New York Times

MAY 18, 2014

By any normal standard, economic policy since the onset of the financial crisis has been a dismal failure.

…

Now Timothy Geithner, who was Treasury secretary for four of those six years, has published a book, “Stress Test,” about his experiences. And basically, he thinks he did a heckuva job.

…

How can people feel good about track records that are objectively so bad? Partly it’s the normal human tendency to make excuses, to argue that you did the best you could under the circumstances.

…

But there’s also something else going on. In both Europe and America, economic policy has to a large extent been governed by the implicit slogan “Save the bankers, save the world” – that is, restore confidence in the financial system and prosperity will follow. And government actions have indeed restored financial confidence. Unfortunately, we’re still waiting for the promised prosperity.

Much of Mr. Geithner’s book is devoted to a defense of the U.S. financial bailout, which he sees as a huge success story – which it was, if financial confidence is viewed as an end in itself.

…

One reason for sluggish recovery is that U.S. policy “pivoted,” far too early, from a focus on jobs to a focus on budget deficits. Mr. Geithner denies that he bears any responsibility for this pivot, declaring “I was not an austerian.” In his version, the administration got all it could in the face of Republican opposition. That doesn’t match independent reporting, which portrays Mr. Geithner ridiculing fiscal stimulus as “sugar” that would yield no long-term benefit.

But fiscal austerity wasn’t the only reason recovery has been so disappointing. Many analysts believe that the burden of high household debt, a legacy of the housing bubble, has been a big drag on the economy. And there was, arguably, a lot the Obama administration could have done to reduce debt burdens without Congressional approval. But it didn’t; it didn’t even spend funds specifically allocated for that purpose. Why? According to many accounts, the biggest roadblock was Mr. Geithner’s consistent opposition to mortgage debt relief – he was, if you like, all for bailing out banks but against bailing out families.

Tim Geithner, unreliable narrator

Felix Salmon, Medium

Published May 18, 2014

one thing has become generally-received wisdom about the book: whatever you might think of Geithner’s actions and opinions, he’s at least presenting himself in an honest and unvarnished manner. Michael Lewis describes this as a “near-superhuman feat”: “there’s hardly a moment in Geithner’s story when the reader feels he is being anything but straightforward,” he writes.

If Geithner isn’t being honest about his actions and the actions of others, then the whole book becomes much more problematic. And already critics on the right have, predictably enough, accused Geithner of lying.

Most of the time, such accusations boil down to a he-said-she-said about private conversations held in secret. But sometimes, Geithner makes simple declarations which are easily fact-checked.

…

Geithner at his most prescient and heroic. He enters a hidebound wood-paneled institution where coffee is brought to his desk on a silver tray while briefings involved precious little discussion or debate; and in his very first speech he decides to speak truth to entrenched financial power, trying to “push back against complacency” and warn against the rise of the shadow banking system.

But here’s the thing: we can read the speech, it’s archived on the Fed’s website. And so it’s pretty easy to tell whether Geithner did indeed try to push back against complacency, in his speech, and warn of the rise of the shadow banks.

Spoiler: he didn’t.

…

Geithner was saying that the shadow banking system is getting bigger, that the banks the NY Fed regulated were accounting for a smaller and smaller part of the total financial system - and that this was a positive development. Geithner wasn’t warning his audience about the risks of shadow banking, he was extolling it, on the grounds that it had “improved the capacity of our system to handle stress”!

…

This is a bright green light to all the bankers in the room, saying “go ahead with all your whiz-bang new innovative products, we think they’re great, even if we don’t really understand them or know how to regulate them, it’s our job to keep up with you, and we have people in Basel who are on it.” Not once did Geithner indicate that the financial system was getting too complex and that the Canadian approach of forcing banks to keep things simple was maybe a good idea. Instead, he embraced all of the complexity, and just said that the regulatory architecture would have to cope, somehow.

…

There are two big worrying things here. The first is that Geithner didn’t see the crisis coming at all, and indeed was something of a cheerleader for all of the dangerous activities that the banks were getting up to. The second, which is just as bad, is that with hindsight, Geithner sees this speech as being prescient and heroic - that it’s something to be proud of, rather than sheepishly ashamed of.

As I read the rest of Geithner’s book, then, I’m basically forced to treat the author as an unreliable narrator. Geithner might seem to be straight-up and guileless, but his report of this speech shows that he can remember things - even things which are easily found on the internet - in an extremely self-serving manner. Maybe that’s only to be expected, from a political memoir. But it’s disappointing, all the same.

I once again have to try and find something interesting to say about Pimlico.

Preakness Trivia

• Actually 2 years older than the Kentucky Derby.
• Shortest in distance (1/16th shorter than the Derby).
• Only the Derby has a larger attendance.
• No Black Eyed Susan has ever been used, currently it’s painted Chysthanthemums.

There have been 34 winners of both the Kentucky Derby and Preakness Stakes including the 11 Triple Crown winners.

Preakness Traditions

Winners don’t get the real Woodlawn Cup to keep, but a half size replica (oh, and the Woodlawn Racing Club is defunct).  Black Eyed Susans don’t bloom until 2 months after the Preakness.  The Old Clubhouse was destroyed in a fire in 1966.  They paint the winner’s racing silks on the weathervane.  No one on the internet knows why it’s called the Alibi Breakfast.

Official Website

I need a drink-

Post time 6:18 pm ET, coverage starts at 4:30 pm on NBC.

I once saw a future Miss America almost eaten by a horse.

Ok, so she wasn’t a Miss America, but she was one of the 10 finalists.

We were on this band trip (she played French Horn, was the practice Piano player for Choir, and sang- rather badly as I recall which is why she got stuck playing Piano) and we went to this ski resort in Pennsylvania where I and my room mates mostly amused ourselves by doing a lot of superficial “damage” like draping our underwear over the lamps and taking the mattresses off the beds (they wouldn’t let us on the bus for the trip home until we “fixed” it which took like a whole 5 minutes).

For me it was notable for this big scar I got while skiing (I’m quite good by the way) when this football player plowed into me at full tilt and opened up a remarkably large wound on my shin with his edge through a teeny tiny little hole in my jeans.  Hardly even noticed it until my boot started filling up with blood.

So one of the other things you could do was horse riding which was a big thrill for me since I went to the boy’s camp with the lake and not the girl’s camp with the horses and the only other time I’d been on the back of one was this sad nag at the fair who was chained to a not very Merry-go-round and even though we didn’t get much past a stately amble at least we were going somewhere.

Future Miss America was two horses in front so I saw it all.  It had started to snow a little, the path was getting slippery and her horse’s hoof went out and kicked the horse behind.

Who got a little ticked, climbed up on the back of her horse and started biting her.

Well, she went the emergency room, I got the aid station at the slope where the patrol person took a look and said- “That’s nothing, just a scratch.  Are you sure you want a band aid?”

I dunno, does it have Spongebob on it?

Top Horse, From a Place Winners Aren’t Made

By JOE DRAPE, The New York Times

MAY 16, 2014

There is no bluegrass here or limestone fences framing postcard-ready landscapes. A drought has drained the San Joaquin Valley of any color other than beige. There is no mistaking the smell in the air, either: It is cow manure from the feedlot of California’s largest beef producer.

This is a working ranch, after all, where cows graze, almonds and pistachios grow on trees, and asparagus sprouts from the arid ground. The horses here are a sidelight, not sheikh-owned stallions that command $100,000 in the breeding shed. There is no harem of impeccably bred mares owned by the Wertheimers of the House of Chanel or any other of the sport’s boldface names.

…

Instead of relying on multigenerational horse families like the Phippses, owners of the 2013 Kentucky Derby winner, Orb, and deep-pocketed commercial breeders with their large band of broodmares, farms here use breeders like Coburn and Martin, who are equipped with one or two mares and the dream of creating a home-run horse. At first blush, California Chrome’s parents did not seem like champion stock. A time-honored racing maxim says, “breed the best to the best and hope for the best.” In this case, Coburn and Martin, with their limited budget, settled for “best available.”

Coburn is employed by a Nevada company that makes magnetic tape for items like credit cards and hotel keys; Martin owns a California laboratory that tests safety equipment.

Derby Victor a Heavy, and Heavier, Preakness Favorite

By JOE DRAPE, The New York Times

MAY 14, 2014

California Chrome will break from the No. 3 post, well inside his two most formidable challengers. Bayern (10-1) is in the No. 5 hole and Social Inclusion (5-1) the No. 8. Both rely on early bursts and are likely to dictate the pace.

…

“He likes to run in the pocket; I don’t think you’ll see him far off the pace,” Sherman said of his colt. “If he can come out of there and be fourth going around the turn and fourth down the backside and have a clear path, you’re going to see old Chrome perform.”

There are some promising horses among California Chrome’s nine challengers, but none of them have shown talent similar to that of Chrome. Only two horses that ran in the Derby are back for more: Ride on Curlin was a well-beaten seventh, and General a Rod finished 11th.

The new faces on the Triple Crown trail are far more interesting. Social Inclusion was unraced as a 2-year-old but won twice in Florida spectacularly, smashing the track record at Gulfstream for a mile-and-a-sixteenth in a 10-length rout of Honor Code, a graded stakes winner. In April, he finished third in the Wood Memorial.

…

The Bob Baffert-trained Bayern is still learning the racing game. He has won two of his four races but did not have enough qualifying points to make the Derby.

“He has a lot of speed and is going to be up close,” Baffert said. “He’s ready for it now, and I feel good about him going in. If he’s good enough, he’s good enough.”

The Preakness Dartboard

By JOE DRAPE and MELISSA HOPPERT, The New York Times

MAY 16, 2014

Post time: 6:18 p.m. Eastern Television: NBC

Joe Drape’s picks (win, place, show): California Chrome, Ring Weekend, Kid Cruz

Melissa Hoppert’s picks (win, place, show): California Chrome, Social Inclusion, Bayern

Concerns Fade Over Weather and the Favorite’s Health

By JOE DRAPE, The New York Times

MAY 16, 2014

California Chrome galloped in the rain, took his medicine – a glycerin rinse for a small blister in his throat – and was declared fit, fast and ready for Saturday’s 139th running of the Preakness Stakes by his father-son training team.

…

Just as the commotion surrounding California Chrome’s cough blew over, so did the stormy weather that made for a dreary Friday morning. By late afternoon, the track was dry at Pimlico Race Course, and it was expected to be in fine condition for Saturday’s race.

No Stop at the Preakness for Two California Chrome Owners

By MELISSA HOPPERT, The New York Times

MAY 17, 2014

The Martins had booked their trip to Baltimore but canceled at the last minute to stay home in Yuba City, Calif. They own a laboratory in Sacramento that tests safety equipment like air bags and landing gear, and, the Coburns said, the Martins have fallen behind in their work because of California Chrome’s success.

…

Carolyn Coburn also said their co-owners did not have a pleasant experience with the organizers at Churchill Downs. The Martins picked up Perry’s 83-year-old mother, Katherine, from a nursing facility in Michigan and drove her to Louisville for the Derby.

“Churchill did not go out of their way to get her to where she needed to be and to assist us,” Carolyn Coburn said of Katherine Martin, who was in a wheelchair. “Steve and Perry did everything, got her in her seat, then we had to get her to the rail so she could watch the race, then get her to the winner’s circle.”

A Long-Shared Love of Racing and a Champion

By MELISSA HOPPERT, The New York Times

MAY 17, 2014

The Coburns and the Martins owned shares of California Chrome’s mother, Love the Chase, through a syndicate and then bought her outright. They raced her two more times, but it was clear that she was not a runner after she won only once in six tries, and retired her so she could become a broodmare. She was bred to Lucky Pulpit for $2,000, and the rest is racing history.

“Our first check that we got with her, she ran fourth, her first race, was $46, and we had invested $4,000, plus the monthly fees,” Carolyn said. “But Steve said, ‘No she’s going to do something.’ And being a mother was what she did.”

The Coburns spoil their horses – Love the Chase, California Chrome, a yearling and a suckling, both full sisters to Chrome – as much as they do their eight grandchildren. When Love the Chase was racing, she refused to eat carrots. So they scoured livestock stores for a treat she might eat. They found Mrs. Pastures cookies for horses, and she ate them up. Now her offspring cannot get enough, especially California Chrome.

“He runs for those cookies,” Steve said. “We buy those things by the buckets full, and we take them over to Harris Ranch, got every horse over there hooked on them.”

The obligatory-

Welcome to The Breakfast Club! We’re a disorganized group of rebel lefties who hang out and chat if and when we’re not too hungover  we’ve been bailed out we’re not too exhausted from last night’s (CENSORED) the caffeine kicks in. Join us every weekday morning at 9am (ET) and weekend morning at 10:30am (ET) to talk about current news and our boring lives and to make fun of LaEscapee! If we are ever running late, it’s PhilJD’s fault.

I would never make fun of LaEscapee or blame PhilJD.  And I am highly organized.

The fault, dear Brutus, is not in our stars, but in ourselves, that we are underlings.

–Julius Caesar (I, ii, 140-141)

So today, in honor of the Preakness at Pimlico, we have a special video selection That I’ll discuss more thoroughly below the fold.

While it’s called ‘The Race for the Black-Eyed Susans’ they’re never ever used because they don’t bloom until June or July (of course Climate Change will change all that).  What they are really is Viking Poms, a chrysanthemum relative.  They do still paint the Jockey’s colors on the weather vane and award the Woodlawn Vase, reputedly the most valuable trophy in sports (over $4 Million).

No they don’t get to keep it, they get a half size replica while the original remains under guard at the Baltimore Museum of Art.

This Day in History

News?

Fuck It, We’re All Screwed

Harry Reid, Senator Harry Reid

Flinging Feces

The rest of the mess including two songs by The Black Keys below the fold.