Tag: ek Politics

Why, Mr. Anderson? Why do you do it? Why get up? Why keep fighting? Do you believe you’re fighting for something? For more than your survival? Can you tell me what it is? Do you even know? Is it freedom? Or truth? Perhaps peace? Yes? No? Could it be for love? Illusions, Mr. Anderson. Vagaries of perception. The temporary constructs of a feeble human intellect trying desperately to justify an existence that is without meaning or purpose. And all of them as artificial as the Matrix itself, although only a human mind could invent something as insipid as love. You must be able to see it, Mr. Anderson. You must know it by now. You can’t win. It’s pointless to keep fighting. Why, Mr. Anderson? Why? Why do you persist?

Because I choose to.

Cory Booker wants back on the bus

By Gaius Publius, Americablog

5/23/2012 09:15:00 AM

A look behind the curtain tells a different tale

Who is Cory Booker? Behind the curtain, beneath the branding, he’s this guy.

■ Booker is Wall Street’s man in Newark. Zaid Jilani at the amazing Republic Report:

Cory Booker’s Political Career Guided By Top Wall St Donors To Romney’s Super PAC Booker said his defense of private equity firms comes from a “very personal level.” … [But] Wall Street has been a huge backer of Booker’s campaigns. In 2006, “Lee Ainslie, the founder of hedge fund Maverick Capital Management LLC and a former protégé of Tiger Management LLC’s [Julian] Robertson; and D. Ian McKinnon, the managing partner of Ziff Brothers Investments,” maxed out in their donations to Booker’s campaign. … Bloomberg chronicled in 2010 how Booker worked to raise as much as $240 million from Wall Street and other American financial services hubs to invest in urban renewal in the city of Newark. … [Julian] Robertson, the prominent Booker campaign supporter [see above] who helped finance a Newark Charter program on behalf of Booker, is a close ally to Mitt Romney. … Robertson’s $1.8 million in contributions to Restore Our Future [Romney’s SuperPAC] make him the second biggest contributor[.]

Of course there’s more; this is the Republic Report.

From the linked Bloomberg article:

Booker, 41, a Rhodes Scholar and son of International Business Machines Corp. executives, has raised $240 million for parks, schools and police since taking office in 2006 by convincing some of the wealthiest business people in the U.S. that Newark can be a model for urban renewal. With the support of New Jersey’s Republican Governor Chris Christie, Booker, a Democrat, obtained a $100 million pledge last month from Facebook Inc. founder Mark Zuckerberg and a $25 million promise from Ackman.

Of course, Chris Christie, friend of the poor – and Democrats. Well, one Democrat.

■ Booker looks like Bain’s man in Newark as well. ThinkProgress:

Bain and Financial Industry Gave Over $565,000 To Newark Mayor Cory Booker For 2002 Campaign A ThinkProgress examination of New Jersey campaign finance records for Booker’s first run for Mayor – back in 2002 – suggests a possible reason for his unease with attacks on Bain Capital and venture capital. They were among his earliest and most generous backers. Contributions to his 2002 campaign from venture capitalists, investors, and big Wall Street bankers brought him more than $115,000 for his 2002 campaign. Among those contributing to his campaign were John Connaughton ($2,000), Steve Pagliuca ($2,200), Jonathan Lavine ($1,000) – all of Bain Capital. While the forms are not totally clear, it appears the campaign raised less than $800,000 total, making this a significant percentage.

As usual with these depressing stories, there’s predictably more. Do click.

No wonder he doesn’t like jumping down Bain Capital’s throat. Whatever Bain coughs up, Booker feeds on.

But wait? Where’s the quid pro quo? Here’s one of several.

■ Booker, in return, likes his Michelle Rhee-style education "reform":

Sacramento, California, New Brunswick, NJ (August 9, 2011) StudentsFirst and Better Education for Kids, Inc. (B4K) announced today that the two non-profit organizations would enter into an exclusive partnership to reform New Jersey’s public school system. B4K and StudentsFirst share the same vision – bipartisan, common sense education reform that puts students first, empowers parents and rewards great teachers and principals. … Launched in early December by Michelle Rhee, former Washington, DC Public Schools chancellor, StudentsFirst has signed up more than 500,000 members and released a comprehensive policy agenda that transcends party lines.

I’ll decode this for you:

• Student First = Teachers last
• Non-profit = Tax-exempt political organization
• Bipartisan = Republican dominated
• Empowers parents = Sets up trap-like parent triggers
• Rewards great teachers = Kills union-protected seniority and firing rules
• Michelle Rhee = Friend of for-profit education

You don’t need the nose of a pro sommelier to smell the payback. The whole New Jersey public school system? Bold, sir; very bold.

■ All of which make him the model of a Clintonian DLC golden boy. Just for good measure, this – the corp-friendly folks who brought you the Futures Modernization Act, brought you Booker as well.

He’s DLC to the core (h/t Twitter friend FogBelter):

DLC | New Dem Of The Week | February 18, 2009 New Dem of the Week: Cory Booker Mayor, Newark, NJ As the leader of New Jersey’s largest city, Newark Mayor Cory Booker has worked to improve not only the city, but the lives of its citizens. An advocate for government reform and community engagement, Booker’s innovative ideas continue to revitalize Newark. Even in these tough economic times, Booker reinforced his commitment to mutual responsibility …

Et cetera.

Bottom line

Cory Booker is not your friend, but he played one on TV.

At the level of the Matrix, this is a story about “Booker wants back on the bus” after accidentally stepping on Obama’s PR-offensive against Romney. It’s hard not to watch his Maddow interview without seeing the begging. He wants back his place at the trough.

Behind the Matrix though, it’s yet another tale of a faux-progressive, bought-and-paid Dem with good looks, successful branding, a great story, and a future he’s desperate to salvage. He’s not just begging Obama; he’s begging you as well.

He wants back his branding, his faux-liberal costume. Will you give it to him?

You can read this story either way and get your money’s worth. But only the second has a cherry at the center – a view of the actual world, should you choose to accept it.

When the Circus leaves town.

Secret Clinics Tend to Bahrain’s Wounded

By KAREEM FAHIM, The New York Times

Published: May 21, 2012

Friends dragged the men away from the clashes and the riot police, to a safe house nearby. Soon, it was time to go, but not to a hospital: the police were there, too. “No one goes to the hospital,” one protester said.

…

For the injured protesters, the houses have replaced the country’s largest public hospital, the Salmaniya Medical Complex, which has been a crucial site in the conflict between Bahrain’s ruling monarchy and its opponents since the beginning of a popular uprising in February 2011. Activists say that because of a heavy security presence at the hospital, protesters – or people fearful of being associated with Bahrain’s opposition – have been afraid to venture there for more than a year. That reluctance, officials and activists say, may be responsible for several deaths.

…

The authorities continue to prosecute Shiite doctors who worked at the hospital on charges including plotting to overthrow the government. Some of the doctors say their arrests represented a purge of Shiites, allowing the government to replace them with Sunni loyalists.

A report released Monday by Physicians for Human Rights says some of the current problems at Salmaniya stem from the conduct of security forces in the hospital and at its gates. People interviewed by the group said guards stopped arriving cars and questioned the passengers. They asked what village they were from, a way of telling whether someone was Shiite or Sunni.

…

In January, the government sent a directive to private hospitals and clinics that requires them to report not only suspected criminal activity but also “accidents irrespective of causes,” according to the report by Physicians for Human Rights. One doctor told the group that some private hospitals had simply stopped treating protesters and that he had stopped noting the cause of injury in some patients’ medical records.

The law, the report noted, “not only subordinates the needs of the patient to that of the state, it propagates fear among the population.”

Crossposted from DocuDharma

Nato talks security and peace, Chicago has neither

Gary Younge, The Guardian

Sunday 20 May 2012 16.00 EDT

When the city mayor Rahm Emanuel brought the summit to Chicago he boasted: “From a city perspective this will be an opportunity to showcase what is great about the greatest city in the greatest country.” The alternative “99% tour” of the city, organised by the Grassroots Collaborative that came to Brighton Park, revealed how utterly those who claim to export peace and prosperity abroad have failed to provide it at home.

The murder rate in Chicago in the first three months of this year increased by more than 50% compared with the same period last year, giving it almost twice the murder rate of New York. And the manner in which the city is policed gives many as great a reason to fear those charged with protecting them as the criminals. By the end of July last year police were shooting people at the rate of six a month and killing one person a fortnight.

…

Chicago illustrates how the developing world is everywhere, not least in the heart of the developed. The mortality rate for black infants in the city is on a par with the West Bank; black life expectancy in Illinois is just below Egypt and just above Uzbekistan. More than a quarter of Chicagoans have no health insurance, one in five black male Chicagoans are unemployed and one in three live in poverty. Latinos do not fare much better. Chicago may be extreme in this regard, but it is by no means unique. While the ethnic composition of poverty may change depending on the country, its dynamics will doubtless be familiar to pretty much all of the G8 participants and most of the Nato delegates too.

(h/t lambert strether @ Naked Capitalism)

Whose Firebombs? Inside the Alleged "Conspiracy"

By Curtis Black, Truthout

Sunday, 20 May 2012 13:32

Chicago police have a long history of infiltrating peaceful protest groups and fomenting violence – it’s one reason the Red Squad was banned by a federal court order (later lifted at the request of Mayor Daley) – and infiltration of protest groups seems to be standard operating procedure for “national security events.”

And nationally since 9/11, an embarrassing proportion of “anti-terrorism” cases have involved plots proposed, planned, and enabled by police agents. That seems to have been the case – in just the past month – with the Wrigley bomber as well as the alleged bombing plot of a group of Cleveland anarchists who supposedly “discussed” disrupting the NATO summit. Sometimes you wonder whether such efforts are directed at keeping us safe or “putting points on the board” – or, when big protests are planned, generating scare headlines.

(h/t SouthernDragon @ Firedog Lake)

Men accused of plotting attacks around NATO summit

By MICHAEL TARM, Associated Press

1 day ago

Documents filed by prosecutors in support of the charges in Chicago painted an ominous portrait of the men, saying the trio also discussed using swords, hunting bows and knives with brass-knuckle handles in their attacks.

…

But defense lawyers shot back that Chicago police had trumped up the charges to frighten peaceful protesters away, telling a judge it was undercover officers known by the activists as “Mo” and “Gloves” who brought the firebombs to a South Side apartment where the men were arrested.

“This is just propaganda to create a climate of fear,” Michael Deutsch said. “My clients came to peacefully protest.”

On the eve of the summit, the dramatic allegations were reminiscent of previous police actions ahead of major political events, when authorities moved quickly to prevent suspected plots but sometimes quietly dropped the charges later.

(h/t SouthernDragon @ Firedog Lake)

The Preemptive Prosecution of the NATO 5

By: Kevin Gosztola, Firedog Lake

Monday May 21, 2012 2:02 pm

The alleged plot hangs on the fact that Betterly, Chase and Church allegedly went to a BP gas station for gasoline that could be used in the production of “Molotov cocktails.” However, the attorneys for the three men have been shown no evidence of any “Molotov cocktails.” Instead, it appears the FBI, Secret Service and Chicago police want to claim a home-brewing beer kit could have been used to produce “Molotov cocktails” and, therefore, these men are “terrorists.”

The authorities assert the three men charged in the first plot intended to “destroy police cars and attack four Chicago Police district stations with destructive devices, in an effort to undermine the police response to the conspirators’ other planned actions for the NATO Summit.” The prosecutor claims defendants possessed and/or constructed “improvised explosive-incendiary devices” (IEDs) and “various types of dangerous weapons including a mortar gun, swords, a hunting bow, throwing stars, and knives with brass-knuckle handles.” But, these claims made at a bond hearing were all claims the attorneys for the three men heard for the first time. To Deutsch, the charges sound like completely “fabricated charges” that came from the work of “police informants and provocateurs,” which have been used against movements before.

As for the additional two men, NLG attorney Sarah Gelsomino finds the charges are “sensational, politically motivated, and meant to spread fear and intimidation among people protesting the NATO summit,” just like the terrorism-related charges against Betterly, Chase and Church. The charges are trumped-up charges based on fabrications, as the city has not shown any “actual evidence of criminal activity or any weapons, though prosecutors have callously made several serious criminal allegations.”

Thers @ Whiskey Fire–

As soon the word “ninja” appears in a story about the police, it’s a bullshit story. “Ninja knives.” Fuck you.

You know, some of us drink because we’re not poets.  I’ve been a writer all my life and it’s as much a part of me as my sexual orientation and skin color (‘tro, male, and white not that it should make a difference).  I don’t pretend to special expertise even in the matter of piloting river boats which is why I’m careful to maintain my anonymity.  Feel free to disagree, you’re probably right.

Yet as a writer it’s gratifying to come across affirmations of sanity, if not an audience, and in that spirit I offer this-

Accidentally Released – and Incredibly Embarrassing – Documents Show How Goldman et al Engaged in ‘Naked Short Selling’

Matt Taibbi, Rolling Stone

POSTED: May 15, 5:39 PM ET

“Fuck the compliance area – procedures, schmecedures,” chirps Peter Melz, former president of Merrill Lynch Professional Clearing Corp. (a.k.a. Merrill Pro), when a subordinate worries about the company failing to comply with the rules governing short sales.

…

A quick primer on what naked short selling is. First of all, short selling, which is a completely legal and often beneficial activity, is when an investor bets that the value of a stock will decline. You do this by first borrowing and then selling the stock at its current price, then returning the stock to your original lender after the price has gone down. You then earn a profit on the difference between the original price and the new, lower price.

What matters here is the technical issue of how you borrow the stock. Typically, if you’re a hedge fund and you want to short a company, you go to some big-shot investment bank like Goldman or Morgan Stanley and place the order. They then go out into the world, find the shares of the stock you want to short, borrow them for you, then physically settle the trade later.

But sometimes it’s not easy to find those shares to borrow. Sometimes the shares are controlled by investors who might have no interest in lending them out. Sometimes there’s such scarcity of borrowable shares that banks/brokers like Goldman have to pay a fee just to borrow the stock.

These hard-to-borrow stocks, stocks that cost money to borrow, are called negative rebate stocks. In some cases, these negative rebate stocks cost so much just to borrow that a short-seller would need to see a real price drop of 35 percent in the stock just to break even. So how do you short a stock when you can’t find shares to borrow? Well, one solution is, you don’t even bother to borrow them. And then, when the trade is done, you don’t bother to deliver them. You just do the trade anyway without physically locating the stock.

Thus in this document we have another former Merrill Pro president, Thomas Tranfaglia, saying in a 2005 email: “We are NOT borrowing negatives… I have made that clear from the beginning. Why would we want to borrow them? We want to fail them.”

Trafaglia, in other words, didn’t want to bother paying the high cost of borrowing “negative rebate” stocks. Instead, he preferred to just sell stock he didn’t actually possess. That is what is meant by, “We want to fail them.” Trafaglia was talking about creating “fails” or “failed trades,” which is what happens when you don’t actually locate and borrow the stock within the time the law allows for trades to be settled.

If this sounds complicated, just focus on this: naked short selling, in essence, is selling stock you do not have. If you don’t have to actually locate and borrow stock before you short it, you’re creating an artificial supply of stock shares.

Magic beans.

Make Banking Boring

By JOE NOCERA, The New York Times

Published: May 14, 2012

Let’s begin by stipulating the obvious: nobody outside of JPMorgan Chase knows for sure what really happened with those trades that have cost it so much money and done such severe damage to its once stellar reputation.

You know Joe, it’s really not very hard to understand at all.

JP Morgan invested a ton of money, and by a ton I mean Trillions of exposure, in an obscure and lightly traded piece of paper labeled CDX NA IG 9 that represents a notional basket of 125 European stocks.

What do I mean by “notional”?  Well, there’s not actually a pile of stock certificates lying around that you can use to wrap fish or wipe your ass or wallpaper your living room, these stocks are “synthetic” meaning that if anyone ever needs to see one you have to go down to the store and buy it at whatever the market price is.

But there is always a price and a market- or is there?

As the Hunt brothers found out in the early ’80s with a far more tangible and useful (you can use it to make photographic film and it has excellent electrical conductivity) asset, you can assemble a position that so dominates a market that you can’t sell without lowering the price which is high because of your artificially created scarcity.

Supply increases in the face of fixed Demand and the price goes down.  Real Economics 101 stuff, not hard to understand at all.

Now the problem with CDX NA IG 9 is you can’t use it to make spoons or candlesticks.  Heck, as I pointed out before you can’t even use it to wipe your ass because it doesn’t exist.

So its value is entirely dependent on finding another sucker investor who’s willing to give you something for nothing.

Good luck with that.

Establishment Dems Proving Themselves Clueless in Washington’s 1st District Race

By David Neiwert, Crooks and Liars

May 16, 2012 06:00 PM

If you want a classic example of the way Establishment Democrats are perfectly tone-deaf when it comes to the concerns of the working families they like to flatter themselves as representing, take a look at how the race in Washington’s brand-spanking-new First District is shaping up, particularly on the Democratic side.

Because instead of backing Darcy Burner, the progressive candidate with far and away the greatest name recognition and a record of working for working-class families and their interests — particularly when it comes to things like protecting Medicare and Social Security, and getting their children out of war zones — the state’s establishment Dems seem to be lining up behind Susan DelBene, a pro-business faux-progressive Dem with little popular support but very deep pockets.

Evidently, it’s all about the money. In a year when Democrats should be listening to the anger of their constituents at the failure of Washington politicians to take care of the interests of ordinary people, these dimbulbs are going back to politics as usual and backing the candidate with the deepest pockets, not the deepest support among voters.

Runaway train on entitlement cuts?

digby, Hullaballoo

5/16/2012 01:00:00 PM

I’m afraid we are looking as a scenario in which they’ll end up accepting “tax reform” (another word for tax cuts for the wealthy and corporations) in exchange for tax hikes on the middle class and benefits cuts to social security and medicare. And they will strut and puff and knock themselves over patting each other on the back for being “responsible” and doing the “hard work” of screwing the American people, including the most vulnerable, in the middle of a depression and at a time when their futures have never been more insecure. Heckuva job.

I don’t know what more to say about this. Voting against them will not stop it. Voting for them will not stop it. So far, public opposition will not stop it. Certainly, there’s little reason to believe that the administration will stop it.

…

Everyone keeps telling me that they will never cut social security and medicare because they’re popular programs. One would certainly think that should be true. So can someone please tell me what they have to gain by pretending they want to? Honestly, I don’t see it either as a negotiating ploy or a public relations tactic. The only thing I can come up with is that they believe the Village hype that they will be “heroes” for bucking the popular will. And perhaps they will be — not in the public’s mind, of course, but Gloria Borger and Cokie Roberts will think they’re just dreamy and Pete Peterson and his pals on Wall Street will surely be grateful.

…

Democrats know all this. Becerra should have his district offices inundated with phone calls. People should picket and protest. But I doubt it will do any good. They are determined to do this and they aren’t being honest about the reasons why. (Either that or they are too stupid to be in elective office and that’s saying something.) Bill Clinton is one of the most astute students of the budget in the entire country. He knows very well that he is spouting utter crapola. There is no earthly reason for him to do this except as a reflexive desire to appear reasonable to people who loathe the very air he breathes — or appease Pete Peterson and his pals. Actually, in his case, it’s probably both.

This has the feeling of a runaway train to me. The Republicans have worn them down and they just want to get past the election. Sure, they may get some little token of a tax hike on the wealthy in return. But it will be nothing to the sacrifices that average Americans will have to make. Indeed, this whole formulation is fundamentally immoral — tax hikes on millionaires in exchange for poor, sick old people having to do with less than their already meager guarantee is disgusting. Couldn’t we at least agree to fuck over the sick, old people only as a last resort?

I disagree with digby.  Vote against them.

DNC Shamed Into Helping Wisconsin Recall, Still Not Committing Funds

By: David Dayen, Firedog Lake

Wednesday May 16, 2012 9:35 am

After some controversy, the Democratic National Committee has agreed to help efforts with the Wisconsin recall. However, this will not include any of the DNC’s war chest of funds, which they are husbanding for the general election.

Debbie Wasserman Schultz, the DNC chair, committed to come to Wisconsin to attend a fundraiser and to recruit volunteers for Tom Barrett’s campaign to recall Scott Walker. In addition, DNC members have been encouraged to contribute to the recall effort. However, the DNC did not pledge funds that they plan to use to support the general election campaign of President Obama and other Democrats in the fall. They certainly have plenty; the President and the DNC just announced that they raised $44 million just in April.

…

The question becomes whether a recall failure would have consequences for the fall election. The DNC is clearly making the choice to sit out the recall financially, wait for everything to blow over, and come back in the fall. But there could be a ripple effect here, in a key swing state as well as a state with an open Senate seat and a hot contest there. The failure to keep up the recall energy and dispose of Walker could definitely have repercussions. And there are only three weeks to turn it around.

Electoral victory my ass.  What “Democrats” are really interested in-

The Pete Peterson Fiscal Summit and What It Says About Democrats

By: David Dayen, Firedog Lake

Wednesday May 16, 2012 1:03 pm

(I)t’s interesting to me to see who has been seduced by this power. Republicans are basically saying the same things in the era of Peterson that they have been saying for the past thirty years: they want low taxes and less wealth-redistributing programs to the lower classes. Sometimes they say they want “less spending” and a “smaller deficit,” but only when a Democrat is in office, and only in relation to those redistributive policies. The tax cuts blow holes in the deficit, so that’s not a preoccupation for them.

…

The only tax cuts they would entertain repealing are the ones that distribute funds to the lower classes. For example, in their budget bill, they replaced defense cuts with, among other things, a rollback of the child tax credit, which goes mostly to lower-class and middle-class families.

By contrast, Democrats have moved over the last several decades, under duress from Peterson on having to “be serious” about deficits. One after another at last night’s event, Democratic politicians took aim at so-called entitlements, which I prefer to describe as the social safety net.

…

I’d like to find the Democrats who are “reluctant to commit to longer-term health-care savings” and who “don’t want to touch Social Security.” Contrary to President Clinton’s remarks, they no longer exist. Even Nancy Pelosi is playing footsie with benefit cuts.

If this doesn’t happen in the near future, it’s because Peterson and his ilk failed to get Republicans to provide cover with any tax increases. But the idea that Democrats are somehow reluctant to get out the budget axe is just wrong. They are far more serious about so-called “fiscal responsibility” than Republicans. In fact, the President on that stage, Clinton, was the one who ended welfare as we know it. We now know, after the Great Recession, the terrible costs to that policy for millions of families. But Democrats haven’t learned from that experience.

So while Republicans are clearly insane about the fiscal future – and impervious to logic, as Tom Coburn showed – the country has drifted to the right because one party has become caught up in pleasing the likes of Pete Peterson rather than their own constituents.

“We have a lot of people in our party who will not be drummed out if they depart from the conventional wisdom,” Clinton said last night. That’s not true. For the conventional wisdom in the Democratic Party is now that “balanced” cuts are needed to the entire budget to move America forward. And if you depart from that… you hear the drums playing, right?

One party.  And it’s not the Republicans, they’ve always been about pleasing the likes of Pete Peterson.

Modern economic philosophy is generally considered to have started with Smith and Hobbes who were reacting against a system of monarchal merchantilism where favored courtiers were rewarded with monopolies in a planned economy enforced by a state claim of exclusive authority on violence.

Read that again because it’s important.

Their groundbreaking contribution was the concept that markets (individuals) could more efficiently allocate resources (capital) than corrupt cronyism.  You know, free market capitalism.

Compare and contrast-

End of the Affair?

The Editors of The New York Times

Published: May 14, 2012

There has been less buying and selling of stock, and there have been huge outflows of investor dollars from domestic stock mutual funds, as detailed recently by The Times’s Nathaniel Popper. If the trend continues, the result could be a less robust market, with fewer companies opting to raise money by issuing shares and fewer investors willing to put their retirement savings into stocks.

…

Policy makers should pay attention. Evidence suggests that investors are not merely reacting to tough conditions, but rather are staying away because they do not trust the market. Restoring trust is crucial to restoring the market.

American stocks have doubled in price since the market hit bottom three years ago. But trading in the United States stock market has not only failed to recover since the 2008 financial crash, it has continued to fall. In April, average daily trades stood at 6.5 billion, about half their peak four years ago. By comparison, after the market busts of 1987 and 2001, trading recovered within two years. In fact, going back to 1960, trading had never declined for three consecutive years, let alone four and counting.

Investors haven’t just hunkered down, they have headed for the exits. Since the start of 2008, domestic stock mutual funds, a common way for individuals to invest, were drained of more than $400 billion, compared with an inflow of $52 billion in the four years before that.

…

There is also the feeling that the market has become increasingly unfair to investors. For example, Mr. Popper also reported recently on rebates to brokers from stock exchanges. In general, brokers are required to find the best prices for clients who pay them to buy and sell shares. But with the nation’s 13 exchanges now paying brokers for sending them business, brokers may have an incentive to search for the biggest rebate rather than the best price. A new study has estimated that rebates could be costing mutual funds, pension funds and individual investors as much as $5 billion a year.

Also known as “maker-taker” pricing, the rebates have caught the attention of market researchers and investor advocates, including two former economists for the Securities and Exchange Commission who issued a report in 2010 saying that “in other contexts, these payments would be recognized as illegal kickbacks.”

I realize citation of major media outlets is considered but a quaint remnant of irrelevant reality by sycophants and ‘bots, but I thought I’d draw this to your attention.

Strategy and tactics of guerrilla warfare tend to focus around the use of a small, mobile force competing against a large, unwieldy one. The guerrilla focuses on organising in small units, dependent on the support of the local population. Tactically, the guerrilla army attacks its enemy in small, repetitive attacks from the opponent’s center of gravity with a view to reducing casualties and becoming an intensive, repetitive strain on the enemy’s resources, forcing an over-eager response which will both anger their own supporters and increase support for the guerrilla, thus forcing the enemy to withdraw.

Fourteenth Edition of the Encyclopedia Britannica (1929)

This seemed unlike the ritual of war of which Foch had been priest, and so it seemed that there was a difference of kind. Foch called his modern war “absolute.” In it two nations professing incompatible philosophies set out to try them in the light of force. A struggle of two immaterial principles could only end when the supporters of one had no more means of resistance. An opinion can be argued with: a conviction is best shot. The logical end of a war of creeds is the final destruction of one, and Salammbo the classical textbook-instance. These were the lines of the struggle between France and Germany, but not, perhaps, between Germany and England, for all efforts to make the British soldier hate the enemy simply made him hate war. Thus the “absolute war” seemed only a variety of war; and beside it other sorts could be discerned, as Clausewitz had numbered them, personal wars for dynastic reasons, expulsive wars for party reasons, commercial wars for trading reasons.

Now the Arab aim was unmistakably geographical, to occupy all Arabic-speaking lands in Asia. In the doing of it Turks might be killed, yet “killing Turks” would never be an excuse or aim. If they would go quietly, the war would end. If not, they must be driven out: but at the cheapest possible price, since the Arabs were fighting for freedom, a pleasure only to be tasted by a man alive.

…

In the Arab case the algebraic factor would take first account of the area to be conquered. A casual calculation indicated perhaps 140,000 square miles. How would the Turks defend all that-no doubt by a trench line across the bottom, if the Arabs were an army attacking with banners displayed . . . but suppose they were an influence, a thing invulnerable, intangible, without front or back, drifting about like a gas? Armies were like plants, immobile as a whole, firm-rooted, and nourished through long stems to the head. The Arabs might be a vapour, blowing where they listed.  …  It seemed that the assets in this sphere were with the Arabs, and climate, railways, deserts, technical weapons could also be attached to their interests. The Turk was stupid and would believe that rebellion was absolute, like war, and deal with it on the analogy of absolute warfare.

…

The Arab army just then was equally chary of men and materials: of men because they being irregulars were not units, but individuals, and an individual casualty is like a pebble dropped in water: each may make only a brief hole, but rings of sorrow widen out from them. The Arab army could not afford casualties.

…

The Arab war should be a war of detachment: to contain the enemy by the silent threat of a vast unknown desert, not disclosing themselves till the moment of attack. This attack need be only nominal, directed not against his men, but against his materials: so it should not seek for his main strength or his weaknesses, but for his most accessible material.

…

The printing press is the greatest weapon in the armoury of the modern commander, and the commanders of the Arab army being amateurs in the art, began their war in the atmosphere of the 20th century, and thought of their weapons without prejudice, not distinguishing one from another socially. The regular officer has the tradition of 40 generations of serving soldiers behind him, and to him the old weapons are the most honoured. The Arab command had seldom to concern itself with what its men did, but much with what they thought, and to it the diathetic was more than half command. In Europe it was set a little aside and entrusted to men outside the General Staff. But the Arab army was so weak physically that it could not let the metaphysical weapon rust unused. It had won a province when the civilians in it had been taught to die for the ideal of freedom: the presence or absence of the enemy was a secondary matter.

…

The Turkish army was an accident, not a target. Our true strategic aim was to seek its weakest link, and bear only on that till time made the mass of it fall. The Arab army must impose the longest possible passive defence on the Turks (this being the most materially expensive form of war) by extending its own front to the maximum.

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The contest was not physical, but moral, and so battles were a mistake. All that could be won in a battle was the ammunition the enemy fired off.  …  Battles are impositions on the side which believes itself weaker, made unavoidable either by lack of land-room, or by the need to defend a material property dearer than the lives of soldiers. The Arabs had nothing material to lose, so they were to defend nothing and to shoot nothing. Their cards were speed and time, not hitting power, and these gave them strategical rather than tactical strength.

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The Desert and the Sea. In character these operations were like naval warfare, in their mobility, their ubiquity, their independence of bases and communications, in their ignoring of ground features, of strategic areas, of fixed directions, of fixed points. “He who commands the sea is at great liberty, and may take as much or as little of the war as he will”  …  The Arab army never tried to maintain or improve an advantage, but to move off and strike again somewhere else. It used the smallest force in the quickest time at the farthest place. To continue the action till the enemy had changed his dispositions to resist it would have been to break the spirit of the fundamental rule of denying him targets.

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An Undisciplined Army. The internal economy of the raiding parties was equally curious. Maximum irregularity and articulation were the aims. Diversity threw the enemy intelligence off the track. By the regular organization in identical battalions and divisions information builds itself up, until the presence of a corps can be inferred on corpses from three companies. The Arabs, again, were serving a common ideal, without tribal emulation, and so could not hope for any esprit de corps. Soldiers are made a caste either by being given great pay and rewards in money, uniform or political privileges; or, as in England, by being made outcasts, cut off from the mass of their fellow-citizens. There have been many armies enlisted voluntarily: there have been few armies serving voluntarily under such trying conditions, for so long a war as the Arab revolt. Any of the Arabs could go home whenever the conviction failed him. Their only contract was honour.

Consequently the Arab army had no discipline, in the sense in which it is restrictive, submergent of individuality, the Lowest Common Denominator of men. In regular armies in peace it means the limit of energy attainable by everybody present: it is the hunt not of an average, but of an absolute, a 100-per-cent standard, in which the 99 stronger men are played down to the level of the worst. The aim is to render the unit a unit, and the man a type, in order that their effort shall be calculable, their collective output even in grain and in bulk. The deeper the discipline, the lower the individual efficiency, and the more sure the performance. It is a deliberate sacrifice of capacity in order to reduce the uncertain element.  …  In irregular war if two men are together one is being wasted. The moral strain of isolated action makes this simple form of war very hard on the individual soldier, and exacts from him special initiative, endurance and enthusiasm. Here the ideal was to make action a series of single combats to make the ranks a happy alliance of commanders-in-chief. The value of the Arab army depended entirely on quality, not on quantity. The members had to keep always cool, for the excitement of a blood-lust would impair their science, and their victory depended on a just use of speed, concealment, accuracy of fire. Guerrilla war is far more intellectual than a bayonet charge.

Here is the thesis:

Rebellion must have an unassailable base, something guarded not merely from attack, but from the fear of it: such a base as the Arab revolt had in the Red Sea ports, the desert, or in the minds of men converted to its creed. It must have a sophisticated alien enemy, in the form of a disciplined army of occupation too small to fulfill the doctrine of acreage: too few to adjust number to space, in order to dominate the whole area effectively from fortified posts.

It must have a friendly population, not actively friendly, but sympathetic to the point of not betraying rebel movements to the enemy.

Rebellions can be made by 2% active in a striking force, and 98% passively sympathetic. The few active rebels must have the qualities of speed and endurance, ubiquity and independence of arteries of supply. They must have the technical equipment to destroy or paralyze the enemy’s organized communications, for irregular war is fairly Willisen’s definition of strategy, “the study of communication,” in its extreme degree, of attack where the enemy is not.

In 50 words: Granted mobility, security (in the form of denying targets to the enemy), time, and doctrine (the idea to convert every subject to friendliness), victory will rest with the insurgents, for the algebraical factors are in the end decisive, and against them perfections of means and spirit struggle quite in vain.