Archive for July 30th, 2008


The fix is in

From The Big Picture

Just when you think there is a glimmer of hope that some of these ne’er do well, lying, cheating, sniveling, cowardly bank CEOs might finally be forced to step up to the confessional and tell all, this comes along: FASB Postpones Off-Balance-Sheet Rule for a Year.

Which makes me wonder: How precarious is the financial health of the US banks and brokers that they need yet another year before they can, oh, I don’t know — disclose what they own on their balance sheets?

Things must be even worse then we think. How convenient this came just days after Merrill sold those CDOs for 22 cents on the dollar, something which presumably meant other banks and investment houses would now have to price their toxic garbage to realistic rather than fantasy values. Now they don’t have to. They can continue their charade of pretending the garbage has value, thus propping up their balance sheets.

No Comments »

Nader: Obama supporters in “political slavery”

Nader actually said that on Sunday, according to Raw Story. He also called an elderly white woman a “political bigot.” A few months ago he said Obama was trying to “talk white.”

Nader has a consistent record of - and I’ll be charitable here - being tone deaf about race. Now he appears to be morphing into a cranky old man.

Ralphie boy, it’s time for you to retire. Before you completely destroy your legacy.

No Comments »

MissRFTC gets her 15 minutes

From her Twitter stream, starting yesterday. (And people think Twitter is a foolish waste of time…)

I am totally serious. My Ob/Gyn was IN my vagina and an earthquake started rattling the room!

Wow. All it takes to go from 80 to 181 followers is a speculum in vagina during earthquake!

Was just interviewed via phone by senior writer at CNet about my vaginal earthquake experience

Just informed boss, as a result of my newfound Internet fame, am going to need my own parking space, or at least my vagina will

VagQuakes has gone mainstream. My ex boyfriend’s mom in Pittsburgh heard about the “incident” and e-mailed me to make sure I was OK

You might expect that my vagina would benefit from all this notoriety, but $20 says I’ll be eating macaroni and cheese on my couch tonight.

Just because I mention my vagina in a medical sense does not automatically mean I’d be interested in doing porn. Wait, how much will I get?

No Comments »

Burr Ginders for coffee

My personal blog reviews the Krups Burr Grinder, which really does make for better coffee.

No Comments »

On Merrill selling CDOs for 22 cents on a dollar

The market partied yesterday because, hey, all the bad news must out by now, right? Well, we’ve heard that song and dance for some months now, haven’t we? Then more bad news comes out. (In the meantime, shorts like me lie in the weeds happily waiting for this little rally to start getting tired.)

Back to the party. More like a hangover, says Asymptotic Life, quoting this colorful trader.

“They’ve established a benchmark for everyone else,” said Michael Cohn, of Atlantis Asset Management. “These guys who have cash waiting on the sidelines for the final puke of these securities are now making phone calls trying to find out who else wants to puke, who else wants to sell at 22 cents on a dollar. There, that’s where the bottom hits.”

But Merrill only sold their hangover-producing older vintages (as they are called in CDO-land.)

The Merrill sale involved “U.S. super senior ABS CDO, the majority of which comprises older vintage collateral – 2005 and earlier.”

2 0 0 5 !

How many “Vintages” might we have left? 2 0 0 6, 2 0 0 7?

If the older vintages were like drinking Thunderbird, then the 2006-2007 vintages are akin to drinking Sterno - as they can be even more toxic.

No Comments »

Comments on Class and the Left (cont.)


Readers comment on our post, Class and the Left.

Dave Riley on organizing

My view — and I know its one shared by others here in Australia in the  Socialist Alliance is that you do what you can given the options and opportunities and any one time. Any formation is going to be a product of many processes and different formats over time. But where the left stumbles is that it so often cannot address that question in the here and now. Instead there’s much talk of future parties and such but without the sense or substance to get there.

That’s the real problem: getting from “a” to “b” and then consciously navigating that journey.

Part of this may be because most Left groups are small and don’t have sufficient numbers, money, or power to effect mass change. So it all ends up kind of theoretical, from the outside looking in. One possible reason why (aside from the endless sectarian squabbling) is that the Left can use old phraseology and terms that are so loaded that they produce the opposite of the desired effect. Let me explain. Here in the States, where most people don’t know what socialism is, mentioning it too soon can drive away those you want to attract. Someone said that as soon as John Edwards mentioned the word “class” in his recent presidential primary campaign, he was dead meat. That’s just the way it is here. So, unless you want to launch a ten year campaign to educate the US public about the concept of class, then maybe new terms and ways of phrasing things are called for.

In the UK, things appear different. People know about class and what socialism is. I once read an interview with Reg Smythe, the comic strip artist who did Andy Capp. He mentioned in passing that in the UK you can tell a person’s class by the shoes they wear. I found that weird, as would many Americans, and asked two friends, one English, one from Wales, if it were true. Well of course, they answered, as if it was totally obvious. (Can you tell a person’s class in the US from their clothes? Sometimes. Sort of. But Symthe was very specific, to the point of delineating between the lower lower, lower middle, and upper lower classes. Such distinctions are not nearly as obvious here.)

So, the experience of class varies hugely from country to country, something organizers need to realize. Thus, tactics that work in one country may not in another. Most people in the US oppose the war and are also finding it harder to make ends meet. This would seem fertile recruiting grounds for the Left, but instead, the Left seems isolated, unable to connect on a mass level.

Vanguard parties don’t help. Those same tireless organizers in mass groups often are in little Left grouplets. There is an inherent conflict between doing mass work like antiwar organizing and recruiting for their little corpuscule. A very real danger is they will deliberately exclude people in the mass group who don’t follow their party line. This drives away the centrists and the curious, preventing the group from becoming a genuinely broad-based organization.

So how do we get from “a” to “b”? Ideas?

5 Comments »