Monday, December 14, 2009
Ezra Klein Has Done It Again
Deal with it.
Saturday, December 12, 2009
Flame War
Which drew this response about percieved or real inaccuracies in the piece from Tim Fernholz entitled "The Errors Of Matt Taibbi"
Which then, of course, drew this response from Matt Taibbi entiteled "On Obama's Sellout"
Now I encourage you to read all 3 pieces in their entirety and come to your own conclusions and decide for yourself who you think is more right or more wrong. But I will say this, while I like both Taibbi and Fernholz generally, it does seem like Taibbi had an agenda with his article in the Rolling Stone, especially after reading his response to Fernholz. Basically in his response he makes it seem as if they both have the same facts but he interpreted them differently from Fernholz. That is all fine and good but did he express any of that balance in his piece? Balance that he himself in his response admits is basically valid even though he doesn't agree?
I didn't see any.
Basically while Fernholz points out that many of the things Taibbi takes issue with President Obama over happened during President Bush's tenure, Taibbi still feels without any explanation that Obama should be held responsible for it because of the advisors that were chosen for his economic team. Again, its ok for him to have that opinion, but that's just what it is, an opinion. His article for me was ok as an op-ed but definitely not ok as a piece or actual reporting.
And here is my last major point in all of this. Fernholz takes Taibbi to task for flogging yet again the $23 Trillion dollar worst case scenario number for the bailout. Here is the graph where it appears in Rolling Stone:
But whatever jobs the stimulus has created or preserved so far — 640,329, according to an absurdly precise and already debunked calculation by the White House — the aid that Obama has provided to real people has been dwarfed in size and scope by the taxpayer money that has been handed over to America's financial giants. "They spent $75 billion on mortgage relief, but come on — look at how much they gave Wall Street," says a leading Democratic strategist. Neil Barofsky, the inspector general charged with overseeing TARP, estimates that the total cost of the Wall Street bailouts could eventually reach $23.7 trillion. And while the government continues to dole out big money to big banks, Obama and his team of Rubinites have done almost nothing to reform the warped financial system responsible for imploding the global economy in the first place.
Here is how Fernholz addressed it:
"Neil Barofsky, the inspector general charged with overseeing TARP, estimates that the total cost of the Wall Street bailouts could eventually reach $23.7 trillion." It could, if every single loan guaranteed by the Federal government failed at once and all of the assets bought with those loans were destroyed -- and many of those loans are to homeowners, including low-income homeowners, through Fannie Mae and Freddie Mac, or to small businesses. Some of that money went to Chrysler and GM in what was primarily a job saving move. TARP's actual outlays are only $518 billion (still nothing to sneeze at), including foreclosure relief for homeowners. More money has been actually allocated so far on fiscal stimulus, including funds to reinforce the social safety net, than on the bank bailouts.
Here is Taibbi's response to Ferholz:
First of all, Barofsky did use that number, so let’s get that out of the way — there’s no factual issue with the passage I wrote. The Prospect writer wants to take issue with Barofsky’s number and imply that the use of it is misleading. Obviously Barofsky’s number is a worst-case scenario. But let’s cut the bullshit about the bailouts being intended to help ordinary homeowners and save auto workers. We could have paid off every subprime mortgage in America for about $1.4 trillion and instead shelled out at least ten times that to Wall Street, primarily to pay off derivative bets made by bankers on those assets.
The writer notes that the total TARP outlay was only $518 billion, and implies that this is the entire outlay for the bailouts when in fact the TARP is just one small slice of the bailout package — most of the bailout monies went out through little-known Fed programs like the TALF, the TLGP, the TIP, the PPI, and the Maiden Lanes. The number my friend Nomi Prins is using now for the bailouts is about $14 trillion in total outlays, and just as Barofsky pointed out, that number could rise. But to imply that the bailout outlay is not only comparable to the $700 billion stimulus but smaller than it is totally disingenuous.
The bailouts have been a massive boon to Wall Street, not so much to the rest of us (again, see Nomi’s report on that). Most of the bailouts came in the form of very cheap money lent out to the same banks that caused the crisis, who then took that money and lent it out at market rates, pocketing the difference.
That’s where all these billions in bonuses for the major banks are coming from this year; it’s almost impossible to not make mountains of money when you’re borrowing your money from the government basically for free. Moreover we issued government guarantees for all the least responsible banks in the country — so while you and I have to keep our same old shitty credit scores, all the people who leveraged themselves to the hilt and bet the farm on subprime mortgages that we ended up bailing out now get squeaky clean, brand-new AAA credit ratings to borrow from. The cost of credit for them plummeted thanks to these guarantees, while we’re paying the same old rates to borrow our money.
This, again, is perfectly in line with the basic premise of the article. Geithner and Ben Bernanke continued a bailout policy that rewarded the very people who were most responsible for the crisis. The rest of the population did not see those same benefits. We can argue about the motives behind Obama’s bailout decision, but the numbers are not really a factual issue.
Now I pasted the whole response to be as fair as possible to Taibbi but its really his response at the beginning that is the tell.
First of all, Barofsky did use that number, so let’s get that out of the way — there’s no factual issue with the passage I wrote. The Prospect writer wants to take issue with Barofsky’s number and imply that the use of it is misleading. Obviously Barofsky’s number is a worst-case scenario. But let’s cut the bullshit about the bailouts being intended to help ordinary homeowners and save auto workers.
Let's cut the bullshit indeed. First of all, I don't know how anybody reads Taibbi's article and gets that its "obviously...a worst case scenario". In point of fact anybody reading the article probably thinks its highly likely or at least reasonable to assume that the number WILL reach $23 Trillion. Time and time again Taibbi has flogged this number as a kind of gotcha moment in his articles and when he has had TV interviews. At no point have I personally seen or heard or heard of him caveating it as a worst case scenario. And when confronted on it by Fernholz his reaction is not to admit he should have caveated it this time, but to say it was "obvious".
Really?
Because I can guarantee you that there are folks on both side of the political spectrum who quote that $23 Trillion dollar figure as if it were gospel. It definitely doesn't seem so "obvious" to them. And again I have to point out that the article isn't "Bush and Obama's Big Sellout", its "Obama's Big Sellout" as if he were President when TARP was signed into law anyway.
And just look at the rest of Taibbi's response which is constructed of all manner of strawmen. Fernholz isn't holding the bailouts out as to being meant to help "ordinary homeowners" or "save autoworkers". In point of fact TARP WASN'T about helping anybody but Wall Street from its inception and when you REALLY sit down to think about it, the fact that President Obama and his team broadened the scope of TARP to help homeowners and help the auto industry doesn't that kinda, you know, kick Taibbi's point on the matter squarely in the junk?
Just sayin...
Now I know there are some folks that believe President Obama should never be criticized, and there are others who think he should always be criticized and anybody who criticizes the people who level that criticism of him from the left are "apologists". I think if you go through my posts in this blog its clear that I fall into neither category. When Obama is fucking up I say so. When people on the left are full of shit in their criticism of him, I say that too. It is what it is.
But I have to say that for me, in this particular situation, Fernholz carries more weight. Matt Taibbi set out to write an article bashing President Obama essentially as guilty by association because of the economic advisors he chose and where he chose to put them. Again that's fine and dandy by me. But the problem for me comes in when he tried to mask it as actual reporting on President Obama's record since being, you know, President. When those facts are lined up against his opinion then his article becomes what it should have been, an op-ed.
But do the people reading the article realize that?
Somehow I highly doubt it because just like that $23 Trillion number, I just don't think its that "obvious".
Tuesday, November 24, 2009
The Very Definition of "Real Talk"
Thursday, August 20, 2009
Taibbi Breaks Out The Whupping Stick
Visit msnbc.com for Breaking News, World News, and News about the Economy
Tuesday, August 18, 2009
Explaining And Exploring The Public Option
Visit msnbc.com for Breaking News, World News, and News about the Economy
By the way, I didn't think much of Matt Taibbi's appearance last night. He is very good as a reactionary journalist but when he does it in response to every single issue his schtick kind of loses its potency.
Im just sayin.
Tuesday, May 12, 2009
Our Discourse On Torture
It’s the same thing with this torture business. There are a lot of people in this country who genuinely believe that torture opponents are “not upset” about things like 9/11 or the beheading of American hostages. The idea that “no one complains when Americans are murdered” is crazy — of course we “complained,” and of course we’d all like to round up those machete-wielding monsters and shoot them into space — but these people really believe this, they really believe that torture opponents are secretly unimpressed/untroubled by Islamic terrorism, at least as compared to American “enhanced interrogation.” For them to believe that, they must really believe that such people are traitors, nursing a secret agenda (an agenda perhaps unknown even to themselves, their America-hatred being ingrained so deep) against their own country. Which is really an amazing thing for large numbers of Americans to believe about another large group of Americans, when you think about it.
The reason it’s possible is that it’s been drilled into their heads to instinctively perceive opposition to their point of view as support for their enemies. They’ve lost the ability to distinguish between real, honest-to-God enemies (al Qaeda, Kim Jong-Il) and people they simply disagree with or dislike (Boston liberals, the French, gays, the ACLU, etc).
If you give a Yankee fan shit about Joba Chamberlain’s fist pumps, his first answer is going to be to wonder why you’re not also complaining about Jonathan Papelbon’s screaming — because he assumes everyone who disagrees with a Yankee is a Red Sox fan. The same sort of thing is at work here. You bring up the subject of torture as an American citizen, concerned about what allowing torture would do to us as a society, how it would change us, and these people answer the issue by wondering why we’re not also complaining about the terrorists on 9/11 or in Fallujah. Because the thinking here is that everyone who disagrees with the torture position is in some degree or another in league with a real murderous enemy.
They don’t understand that this is not a question of taking different sides in a war; this is two groups of Americans having a disagreement about how best to deal with a foreign enemy both of these groups of Americans despise, fear and revile equally. My group, the anti-torture group, believes that what should make us superior to terrorists is respect for law and due process and civilization, and that when we give in and use these tactics, we forfeit that superiority and actually confer a kind of victory to the al Qaedas of the world, people who should never be allowed any kind of victory in any arena. We furthermore think that the war on terror doesn’t get won with force alone, that it’s a conflict that ultimately has to be won politically, by winning a propaganda battle against these assholes, and we can’t win that battle so easily if people in the Middle East see us openly embrace these tactics.
Whether or not you agree with that is up to you — we could be wrong, after all — but when you respond to these arguments by asserting that people like me didn’t “complain” when Americans were tortured and murdered, what you’re really doing is calling me a traitor. And while it may be more interesting and exciting for you to think like that, in reality it’s just nuts. Seriously. Trust us on this one. So think it over and ask yourself again if it really makes sense to say that torture opponents like me didn’t “complain” when Americans get their heads chopped off. Ask yourself if you really mean that, before you say it. And then get back to me.
Seriously
Thursday, April 16, 2009
Michelle Malkin Gets Tea Bagged
When you read Ann Coulter, you know you’re reading someone who would fuck a hippopotamus if she thought it would boost her Q rating.
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She’s just a mean little dunce who’s wedged herself into a nicely paying career as a GOP spokesclown, and she’s going to ride that gig for as long as it keeps gas in her minivan.
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Now when I read her stuff, I imagine her narrating her text, book-on-tape style, with a big, hairy set of balls in her mouth. It vastly improves her prose.
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In other words teabaggers don’t mind paying taxes to fund the salaries of Bolivian miners, Lou Gerstner’s stock options, deliveries of “sailboat fuel,” the Hermes scarves on Sandy Weill’s jet pillows, or even the export of their own goddamn jobs. But they do hate it when someone tries to re-asphalt their roads, or help bail their slob neighbor out of foreclosure. And God forbid someone propose a health care program, or increased financial aid for college. Hell, that’s like offering to share your turkey with the other Pilgrims! That’s not what America is all about! America is every Pilgrim for himself, dammit! Raise your own motherfucking turkey!
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The really irritating thing about these morons is that, guaranteed, not one of them has ever taken a serious look at the federal budget. Not one has ever bothered to read an actual detailed study of what their taxes pay for. All they do is listen to one-liners doled out by tawdry Murdoch-hired mouthpieces like Michelle Malkin and then repeat them as if they’re their own opinions five seconds later. That’s what passes for political thought in this country. Teabag on, you fools.
Now on your way...
Sunday, March 29, 2009
Matt Taibbi's Response To Jake/Jason DeSantis
Friday, March 20, 2009
Taibbi On AIG And The Financial Crisis
Friday, February 13, 2009
Why We Call Them "Rethugs"
But the 109th Congress is no mild departure from the norm, no slight deviation in an already-underwhelming history. No, this is nothing less than a historic shift in how our democracy is run. The Republicans who control this Congress are revolutionaries, and they have brought their revolutionary vision for the House and Senate quite unpleasantly to fruition. In the past six years they have castrated the political minority, abdicated their oversight responsibilities mandated by the Constitution, enacted a conscious policy of massive borrowing and unrestrained spending, and installed a host of semipermanent mechanisms for transferring legislative power to commercial interests. They aimed far lower than any other Congress has ever aimed, and they nailed their target.
"The 109th Congress is so bad that it makes you wonder if democracy is a failed experiment," says Jonathan Turley, a noted constitutional scholar and the Shapiro Professor of Public Interest Law at George Washington Law School. "I think that if the Framers went to Capitol Hill today, it would shake their confidence in the system they created. Congress has become an exercise of raw power with no principles -- and in that environment corruption has flourished. The Republicans in Congress decided from the outset that their future would be inextricably tied to George Bush and his policies. It has become this sad session of members sitting down and drinking Kool-Aid delivered by Karl Rove. Congress became a mere extension of the White House."
The end result is a Congress that has hijacked the national treasury, frantically ceded power to the executive, and sold off the federal government in a private auction. It all happened before our very eyes. In case you missed it, here's how they did it -- in five easy steps
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It is no big scoop that the majority party in Congress has always found ways of giving the shaft to the minority. But there is a marked difference in the size and the length of the shaft the Republicans have given the Democrats in the past six years. There has been a systematic effort not only to deny the Democrats any kind of power-sharing role in creating or refining legislation but to humiliate them publicly, show them up, pee in their faces. Washington was once a chummy fraternity in which members of both parties golfed together, played in the same pickup basketball games, probably even shared the same mistresses. Now it is a one-party town -- and congressional business is conducted accordingly, as though the half of the country that the Democrats represent simply does not exist.
American government was not designed for one-party rule but for rule by consensus -- so this current batch of Republicans has found a way to work around that product design. They have scuttled both the spirit and the letter of congressional procedure, turning the lawmaking process into a backroom deal, with power concentrated in the hands of a few chiefs behind the scenes. This reduces the legislature to a Belarus-style rubber stamp, where the opposition is just there for show, human pieces of stagecraft -- a fact the Republicans don't even bother to conceal.
"I remember one incident very clearly -- I think it was 2001," says Winslow Wheeler, who served for twenty-two years as a Republican staffer in the Senate. "I was working for [New Mexico Republican] Pete Domenici at the time. We were in a Budget Committee hearing and the Democrats were debating what the final result would be. And my boss gets up and he says, 'Why are you saying this? You're not even going to be in the room when the decisions are made.' Just said it right out in the open."
Wheeler's very career is a symbol of a bipartisan age long passed into the history books; he is the last staffer to have served in the offices of a Republican and a Democrat at the same time, having once worked for both Kansas Republican Nancy Kassebaum and Arkansas Democrat David Pryor simultaneously. Today, those Democratic staffers trapped in the basement laugh at the idea that such a thing could ever happen again. These days, they consider themselves lucky if they manage to hold a single hearing on a bill before Rove's well-oiled legislative machine delivers it up for Bush's signature.
The GOP's "take that, bitch" approach to governing has been taken to the greatest heights by the House Judiciary Committee. The committee is chaired by the legendary Republican monster James Sensenbrenner Jr., an ever-sweating, fat-fingered beast who wields his gavel in a way that makes you think he might have used one before in some other arena, perhaps to beat prostitutes to death. Last year, Sensenbrenner became apoplectic when Democrats who wanted to hold a hearing on the Patriot Act invoked a little-known rule that required him to let them have one.
"Naturally, he scheduled it for something like 9 a.m. on a Friday when Congress wasn't in session, hoping that no one would show," recalls a Democratic staffer who attended the hearing. "But we got a pretty good turnout anyway."
Sensenbrenner kept trying to gavel the hearing to a close, but Democrats again pointed to the rules, which said they had a certain amount of time to examine their witnesses. When they refused to stop the proceedings, the chairman did something unprecedented: He simply picked up his gavel and walked out.
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Thomas is also notorious for excluding Democrats from the conference hearings needed to iron out the differences between House and Senate versions of a bill. According to the rules, conferences have to include at least one public, open meeting. But in the Bush years, Republicans have managed the conference issue with some of the most mind-blowingly juvenile behavior seen in any parliament west of the Russian Duma after happy hour. GOP chairmen routinely call a meeting, bring the press in for a photo op and then promptly shut the proceedings down. "Take a picture, wait five minutes, gavel it out -- all for show" is how one Democratic staffer described the process. Then, amazingly, the Republicans sneak off to hold the real conference, forcing the Democrats to turn amateur detective and go searching the Capitol grounds for the meeting. "More often than not, we're trying to figure out where the conference is," says one House aide.
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Although cooperation between the two parties has ebbed and flowed over the years, historians note that Congress has taken strong bipartisan action in virtually every administration. It was Sen. Harry Truman who instigated investigations of wartime profiteering under FDR, and Republicans Howard Baker and Lowell Weicker Jr. played pivotal roles on the Senate Watergate Committee that nearly led to Nixon's impeachment.
But those days are gone. "We haven't seen any congressional investigations like this during the last six years," says David Mayhew, a professor of political science at Yale who has studied Congress for four decades. "These days, Congress doesn't seem to be capable of doing this sort of thing. Too much nasty partisanship."
One of the most depressing examples of one-party rule is the Patriot Act. The measure was originally crafted in classic bipartisan fashion in the Judiciary Committee, where it passed by a vote of thirty-six to zero, with famed liberals like Barney Frank and Jerrold Nadler saying aye. But when the bill was sent to the Rules Committee, the Republicans simply chucked the approved bill and replaced it with a new, far more repressive version, apparently written at the direction of then-Attorney General John Ashcroft.
"They just rewrote the whole bill," says Rep. James McGovern, a minority member of the Rules Committee. "All that committee work was just for show."
To ensure that Democrats can't alter any of the last-minute changes, Republicans have overseen a monstrous increase in the number of "closed" rules -- bills that go to the floor for a vote without any possibility of amendment. This tactic undercuts the very essence of democracy: In a bicameral system, allowing bills to be debated openly is the only way that the minority can have a real impact, by offering amendments to legislation drafted by the majority.
These are the same people in Congress right now crying about how they were excluded from a process that they were going to vote against anyway. If you want to know my feelings on this I will put it very succinctly.
FUCK THEM
As long as they keep up their obstructionist ways I say let them die on the vine.
Saturday, January 17, 2009
PWNED Is Not A Strong Enough Word
I’ve been unhealthily obsessed with Thomas Friedman for more than a decade now. For most of that time, I just thought he was funny. And admittedly, what I thought was funniest about him was the kind of stuff that only another writer would really care about—in particular his tortured use of the English language. Like George W. Bush with his Bushisms, Friedman came up with lines so hilarious you couldn’t make them up even if you were trying—and when you tried to actually picture the “illustrative” figures of speech he offered to explain himself, what you often ended up with was pure physical comedy of the Buster Keaton/Three Stooges school, with whole nations and peoples slipping and falling on the misplaced banana peels of his literary endeavors.
Remember Friedman’s take on Bush’s Iraq policy? “It’s OK to throw out your steering wheel,” he wrote, “as long as you remember you’re driving without one.” Picture that for a minute. Or how about Friedman’s analysis of America’s foreign policy outlook last May:
The first rule of holes is when you’re in one, stop digging.When you’re in three, bring a lot of shovels.”
First of all, how can any single person be in three holes at once? Secondly, what the fuck is he talking about? If you’re supposed to stop digging when you’re in one hole, why should you dig more in three? How does that even begin to make sense? It’s stuff like this that makes me wonder if the editors over at the New York Times editorial page spend their afternoons dropping acid or drinking rubbing alcohol. Sending a line like that into print is the journalism equivalent of a security guard at a nuke plant waving a pair of mullahs in explosive vests through the front gate. It should never, ever happen.
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And who cares if it doesn’t quite make sense when Friedman says that Iraq is like a “vase we broke in order to get rid of the rancid water inside?”Who cares that you can just pour water out of a vase, that only a fucking lunatic breaks a perfectly good vase just to empty it of water? You’re missing the point, folks say, and the point is all in Friedman’s highly nuanced ideas about world politics and the economy—if you could just get past his well-meaning attempts to explain himself, you’d see that, and maybe you’d even learn something.
My initial answer to that is that Friedman’s language choices over the years have been highly revealing: When a man who thinks you need to break a vase to get the water out of it starts arguing that you need to invade a country in order to change the minds of its people, you might want to start paying attention to how his approach to the vase problem worked out.Thomas Friedman is not a president, a pope, a general on the field of battle or any other kind of man of action. He doesn’t actually do anything apart from talk about shit in a newspaper. So in my mind it’s highly relevant if his manner of speaking is fucked.
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Like The World is Flat, a book borne of Friedman’s stirring experience of seeing IBM sign in the distance while golfing in Bangalore, Hot,Flat and Crowded is a book whose great insights come when Friedman golfs (on global warming allowing him more winter golf days:“I will still take advantage of it—but I no longer think of it as something I got for free”), looks at Burger King signs (upon seeing a “nightmarish neon blur” of KFC, BK and McDonald’s signs in Texas, he realizes: “We’re on a fool’s errand”), and reads bumper stickers (the “Osama Loves your SUV” sticker he read turns into the thesis of his “Fill ‘er up with Dictators” chapter). This is Friedman’s life: He flies around the world, eats pricey lunches with other rich people and draws conclusions about the future of humanity by looking out his hotel window and counting the Applebee’s signs.
Friedman frequently uses a rhetorical technique that goes something like this: “I was in Dubai with the general counsel of BP last year, watching 500 Balinese textile workers get on a train, when suddenly I said to myself, ‘We need better headlights for our tri-plane.’” And off he goes.You the reader end up spending so much time wondering what Dubai, BP and all those Balinese workers have to do with the rest of the story that you don’t notice that tri-planes don’t have headlights.And by the time you get all that sorted out, your well-lit tri-plane is flying from chapter to chapter delivering a million geo-green pizzas to a million Noahs on a million Arks. And you give up. There’s so much shit flying around the book’s atmosphere that you don’t notice the only action is Friedman talking to himself.
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1. The need for massive investment in green energy is an idea so obvious and inoffensive that even presidential candidates from both parties could be seen fighting over who’s for it more in nationally televised debates last fall;
2. I wish I had the balls to first spend six long years madly cheering on an Iraq war that not only reintroduced Sharia law to the streets of Baghdad, but radicalized the entire Islamic world against American influence—and then write a book blaming the spread of fundamentalist Islam on the ignorant consumers of the middle American heartland, who bought too many Hummers and spent too much time shopping for iPods in my wife’s giganto-malls.
3. To review quickly, the “Long Bomb” Iraq war plan Friedman supported as a means of transforming the Middle East blew up in his and everyone else’s face; the “Electronic Herd” of highly volatile international capital markets he once touted as an economic cure-all not only didn’t pan out, but led the world into a terrifying chasm of seemingly irreversible economic catastrophe; his beloved “Golden Straitjacket” of American-style global development (forced on the world by the “hidden fist” of American military power) turned out to be the vehicle for the very energy/ecological crisis Friedman himself warns about in his new book; and, most humorously, the “Flat World” consumer economics Friedman marveled at so voluminously turned out to be grounded in such total unreality that even his wife’s once-mighty shopping mall empire, General Growth Properties, has lost 99 percent of its value in this year alone.
So, yes, Friedman is suddenly an environmentalist of sorts.
What the fuck else is he going to be? All the other ideas he spent the last ten years humping have been blown to hell. Color me unimpressed that he scrounged one more thing to sell out of the smoldering, discredited wreck that should be his career
I hope Friedman has tons of band-aids because that was brutal. True, but brutal.