Did Paul Krugman actually write that “the bursting of the housing bubble means that someone, somewhere, has to accept several trillion dollars in losses.”?
Several trillion? Really? Numbers, please!
Here goes: Inside Mortgage Finance reports that total 1-4 family mortgage debt outstanding—prime, subprime, Alt-A, you name it—stands at $10.4 trillion. Let’s say that when he says “several trillion,” Krugman really expects just $2 trillion in mortgage-related losses. But to get to $2 trillion in losses, you have to, after allowing for partial recoveries via foreclosure sales and foregone borrower equity, assume something like $4 trillion in mortgage defaults, or around 40% of all mortgage debt outstanding. I don’t buy that. You shouldn’t buy that. I can’t believe anyone in his right mind would buy that.
Monday, October 29, 2007
Thursday, October 25, 2007
Whether Ms. Plame, an agency expert on weapons of mass destruction, was responsible for his going to Niger is one of the key mysteries in the whole affair. So did she send him? It depends upon which page you read. Page 168: "I neither suggested Joe nor recommended him." Yet on page 109, "a mid-level reports officer" said to her, "What about talking to Joe about it? … The reports officer and I walked over to the office of the [redacted] Chief to discuss our available plans of action. Bob, our boss, listened carefully and then suggested we put together a meeting with Joe and the appropriate Agency and State officers."
And on page 186, Ms. Plame explains she wrote an e-mail that read: "My husband has good relations with both the [Niger] PM and the former Minister of Mines (not to mention lots of French contacts), both of whom could possibly shed light on this sort of activity."
When this e-mail came to light, in a Senate Intelligence Committee report, the high-strung Mr. Wilson once again launched into a temper tantrum. "Midway through the silent meal, Joe abruptly got up, dumped his unfinished plate in the sink, and left the room in a wordless rage. ... Despite my best efforts to explain the innocence of the e-mail, Joe was too upset to listen. He just glared at me."
Monday, October 22, 2007
Paul Krugman is a justly renowned professor of economics and international affairs at Princeton University. His abundant accolades include the John Bates Clark Medal, awarded biannually to an outstanding economist under the age of 40 — a distinction said to be predictive of, and perhaps even more prestigious than, receipt of the Nobel in economic science. His twice-weekly column in The New York Times routinely and authoritatively demystifies complex economic arcana.
And yet maybe Krugman is not really an economist — at least not according to the definition offered more than a century ago by Francis Amasa Walker, the first president of the American Economic Association, who wrote that laissez-faire “was not made the test of economic orthodoxy, merely. It was used to decide whether a man were an economist at all.”
Sunday, October 21, 2007
Nothing to do with you? You were the only reason he went on the trip in the first place! Then she acted all offended that people accused her of nepotism. Hello, he is your husband. That kind of puts the nep in nepotism. It is not like the CIA normally goes around hiring unemployed former ambassadors for overseas investigations. At least I hope they are not normally this stupid. God help us all.
Tuesday, October 16, 2007
The Air Force Reserve may be an unrivaled wingman to the active duty force, but it's also a conflicted one right now, with air reserve technicians angry over a new policy mandating daily uniform wear on the job. And that's prompted some to increasingly talk like the union members many are.
Bristling at the new regs, some reservists intend to pressure the Air Force into scrubbing the new uniform policy - a demand that could have a ripple effect on Air Force missions in Iraq and Afghanistan.
"Stop volunteering for Air Expeditionary Force rotations" is the call rebel Air Force reservists are making.
"We've got to do something to get their attention," said Master Sgt. Jerry Merrill, a KC-135 crew chief at March Air Reserve Base, Calif., and vice president of local 3854 of the American Federation of Government Employees.
Calls to boycott AEFs have been posted in a handful of messages included in an online petition against the policy, and Merrill believes reserve Airmen could begin acting on them.
Given the fact that there are active duty Army brigades getting ready for their third tour in Iraq, and these are year long tours, not the weenie 90 day Air Force stints, I hardly have any sympathy for them. Heck, most of the Army Guard has been deployed more than the average active duty airman. Not to mention they are serving in much more dangerous capacities. According to the site ICasualties, only 38 people in the entire Air Force have been killed in Iraq, less than even the Navy, and only 1/10th that of the Army National Guard. If these guys are too ashamed to wear their uniform, then what are they doing in the military in the first place?
Wednesday, October 10, 2007
This letter is supposedly to William Rhodes, the CEO of Citibank. Of course in the normal Wanta way, letters are always to famous people, not from them. Cottrell also lists the address and contact information of his and Wanta's corporation Ameritrust Groupe, Inc. which I have pointed out previously is so poor that it is in debt to the state of Virginia for $110 in fees.
AMERITRUST GROUPE, INC.
Office of the Treasurer
1157 West 7th Street
Telephone: (814) 455 9218
Telephone: (814) 453 4453
FAX COVERTo: Mr William R. Rhodes
Chairman, President and Chief Executive, Citibank NA
Chairman, President and Chief Executive Office, Citigroup Holdings,
Senior Vice Chairman, Citi
153 E. 53rd Street, New York, NY 10022
Attention: ALMA PADRON
Via: (212) 793 9700; (212) 793 5906
Items: In the matter of: The Agreed Upon Financial Settlement of Four point Five Trillion United States Dollars ($4,500,000,000,000.00 US Dollars): Regarding
Ambassador Leo (Lee) E. Wanta and AmeriTrust Groupe, Inc.:
Cc: Lee E. Wanta, Chairman and Executive Officer
Perhaps he should be a little more discrete, because through a simple Internet search I was able to find out what type of a neighborhood it is, here is a house across the street on a real estate website.
This must be the Erie financial district...
He also lists their e-mail addresses.
From: MICHAEL C. COTTRELL, M.S., firstname.lastname@example.org
Sent: Wednesday, September 26, 2007 9:47 PM
Subject: RE: CONVERSATION TODAY WITH AMBASSADOR LEO E. WANTA
Attachment: 9-26-2007 – LTR – CITI – WMRHODES26sept2007.doc(0.05 MB)
Just a tip there Sir Leo, if you want to impress the head of the world's largest financial institution, you might not want to use your free MSN account....
Fifty years ago today Ayn Rand published her magnum opus, "Atlas Shrugged." It's an enduringly popular novel -- all 1,168 pages of it -- with some 150,000 new copies still sold each year in bookstores alone. And it's always had a special appeal for people in business. The reasons, at least on the surface, are obvious enough.
Businessmen are favorite villains in popular media, routinely featured as polluters, crooks and murderers in network TV dramas and first-run movies, not to mention novels. Oil company CEOs are hauled before congressional committees whenever fuel prices rise, to be harangued and publicly shamed for the sin of high profits. Genuine cases of wrongdoing like Enron set off witch hunts that drag in prominent achievers like Frank Quattrone and Martha Stewart.
By contrast, the heroes in "Atlas Shrugged" are businessmen -- and women. Rand imbues them with heroic, larger-than-life stature in the Romantic mold, for their courage, integrity and ability to create wealth. They are not the exploiters but the exploited: victims of parasites and predators who want to wrap the producers in regulatory chains and expropriate their wealth.