Monday, August 8, 2011
Update on Tottenham Riots
BONUS: A phenomenal report at London's Daily Mail, "Police and the riot blunders: Top officer flew off on holiday hours before mayhem and doubts emerge over shooting that sparked carnage."
Ross Douthat, Political Scientist
In reality, the next election may be no more transformative than 2008 turned out to be. The next Republican president may find himself as hemmed in and frustrated as President Obama has become. Meanwhile, America will still have a credit rating to fix, and a deficit to close.More at that link at top, and Douthat had a great piece a few days ago on the debt deal, "The Liberals’ Dilemma." Note especially:
... American liberalism risks becoming a victim of its own longstanding strategy’s success. Because yesterday’s liberals insisted on making universal programs the costly core of the modern welfare state, on the famous theory that “programs for the poor become poor programs,” today’s liberals find themselves defending those universal (and therefore universally-popular) programs at the expense of every other kind of government spending — including, yes, programs for the poor. It’s a classic example of putting liberal political interests ahead of liberal policy priorities. In the short term, the insistence on ring-fencing Medicare and Social Security has left Democrats defending a system that often just ends up redistributing money from the younger middle class to the older middle class while accepting caps on programs that might do more (both directly and indirectly) to help downscale Americans get ahead. In the long term, by postponing any reckoning with the cost of entitlements, it’s making it more likely that the inevitable crunch will hit the poorest recipients of Medicare and Social Security harder than it should.Read that whole thing. Basically, progressives will never cut entitlements because gargantuan socialist welfare states form the core of socialist existentialism.
Douthat's coming of his own as a New York Times columnist, by the way. He had cold feet or something after leaving The Atlantic, but he's been more consistent in posting some excellent commentary of late.
Killed U.S. Navy SEAL Team Was on Rescue Mission to Help Army Rangers Pinned Down by Insurgents
The downing of an American helicopter full of elite troops deepened concerns among some Afghans that it might symbolize an erosion of U.S. power at an uncertain crossroads in the nearly 10-year-old war.
In the rugged district of Wardak province where the U.S. Chinook helicopter crashed early Saturday, apparently after being struck by a rocket-propelled grenade, NATO and Afghan forces engaged in daylong skirmishes with suspected Taliban fighters, according to Afghan officials.
Wardak Police Chief Abdul Qayuum Baqizoi said there had been Taliban casualties in Sunday's fighting, but he did not know how many. Western military officials said only that the area was being secured.
The Taliban claimed responsibility for downing the helicopter within hours of the crash. Following confirmation from U.S. officials that the 30 American troops killed had included 22 members of the Navy SEALs, the Islamic movement reacted with jubilation.
"We killed America's most elite forces; we achieved one of our biggest goals," Taliban spokesman Zabiullah Mujahid said Sunday in a telephone interview. "This shows that our efforts are unstoppable."
'New Age'
And don't just take it from me. Keith Morris says DOA blew his mind at the Starwood on Santa Monica Boulevard in 1980. I was there as well. DOA opened for X, who were huge at that time. But Keith makes me laugh when he says, at 2:25 minutes, "I was thinking, how the f*ck was X going to follow these guys?"
See what I mean?
Secrets to Longevity
Check with Neo-Neocon for an informative essay on the topic, "Want to reach 100? Just do whatever you want…":
…and hope for the best.HAT TIP: Instapundit.
The Alinksy-Obama Minions
EXTRA: At The Other McCain, "Liberals Spinning S&P Credit Downgrade: BLAME IT ON THE REPUBLICANS!"
Hamas-Linked CAIR Freaks Over Pamela Geller's New Book: Stop Islamization of America
See, "PRESS TV: LEADING SPOKESMAN FOR ISLAMIZATION HAMAS-LINKED CAIR RIPS GELLER'S NEW BOOK: STOP THE ISLAMIZATION OF AMERICA: A PRACTICAL GUIDE TO THE RESISTANCE."
'Nothing From Nothing'
I'm not tryin' to be your hero
'Cause that zero is too cold for me, Brrr
I'm not tryin' to be your highness
'Cause that minus is too low to see, yeah
Nothin' from nothin' leaves nothin'
And I'm not stuffin'
Believe you me
Don't you remember I told ya
I'm a soldier in the war on poverty, yeah
Yes, I am
Sunday, August 7, 2011
Asian Markets Fall in Monday Trading After U.S. Downgrade
But see Los Angeles Times, "No rush from U.S. Treasuries, as yields fall while Asian stocks slump":
U.S. Treasury bonds' status as a haven seemed intact in Asia on Monday, as yields fell despite Standard & Poor's downgrading of Uncle Sam's credit rating on Friday.More at that link above, and see, "What the U.S. debt-rating cut may mean for markets":
It may have helped Treasuries that Asian stocks were broadly lower, as some investors bailed out ahead of European and U.S. equity trading.
The 10-year Treasury note yield slid to 2.50% in late Asian trading, down from 2.56% on Friday.
Shorter-term yields also fell. The two-year T-note dropped to a record low 0.26% from 0.29%.
If investors dump Treasuries, where would the money go?RELATED: At CNBC, "No Chance of Default, US Can Print Money: Greenspan" (via Memeorandum).
They don’t have a lot of options if they want to keep their money in something relatively safe.
The bond markets of other countries still rated AAA -- including Germany, Canada, France, Finland and Australia -- are far smaller than the U.S. debt market. The appeal of Treasuries in part is their great liquidity, meaning it's easy for investors to instantly buy or sell bonds.
What’s more, Europe has its own worries: The continent’s government-debt crisis has worsened in recent weeks, with investors now fearing that Spain and Italy could be forced to seek European Union bailouts, following the paths of Greece, Ireland and Portugal over the last 15 months.
Some investors are likely to run to gold, another classic haven. Gold has been streaking this year, rising 16% year-to-date through Friday, to $1,648.80 an ounce.
Haven’t Treasury interest rates been falling lately, anyway?
Yes. Investors have been pouring cash into Treasury securities since mid-April, driving interest rates down, as global economic growth has faded. The rate on the 10-year Treasury note, a benchmark for mortgage rates and other long-term interest rates, fell as low as 2.40% last week from 3.59% in mid-April.
Because worries about the economy have only worsened in recent weeks, many analysts believe that any jump in Treasury rates related to S&P’s downgrade could quickly bring a torrent of buyers into the market, happy to snag higher yields.
“The fundamentals of U.S. and global growth are weakening, and that’s a fertile time to be in Treasuries” as a haven, said William O’Donnell, head of Treasury-bond strategy at RBS Securities.
Back From Etnies
I'm going to look into getting my own skateboard this week. I need to see how the summer funds are holding out. I'm not paid until September 1st, a couple of weeks after the semester begins (and we're taking the boys to Las Vegas for LOVE next weekend). So it's either a new board this week or hold off a bit, although I'm getting the bug to go skating again. Being with my young son all the time is getting me fired up. I've been enjoying seeing the thrills of skateboarding through the experience of my boy. It's an old saying but it occurred to me today it's true, when my son came up to where I was sitting, after a couple hours of skating, and said, "I want to come back tomorrow!" I told him sure, and I thought what am I waiting for on my own skating? You're only young once!
RELATED: Check the Etnies Skatepark homepage. There's going to be a grand opening for the expansion on August 20th.
America Gets Downgraded
... is there anything that S&P said on Friday that everyone else doesn't already know? S&P essentially declared that on present trend the U.S. debt burden is unsustainable, and that the American political system seems unable to reverse that trend.Continue reading.
This is not news.
In that context, the Obama Administration's attempt to discredit S&P only makes the U.S. look worse—like the Europeans who also want to blame the raters for noticing the obvious. Treasury officials and chief White House economic adviser Gene Sperling denounced S&P for relying on a Congressional Budget Office scenario that overestimated the U.S. discretionary spending baseline by $300 billion through 2015 and $2 trillion through 2021.
But even adjusting for that $2 trillion would only reduce U.S. publicly held debt to 85% or so of GDP—still dangerously high. And that assumes that recently agreed upon spending caps are sustained over a decade, something which rarely happens.
We think the larger problem with S&P, Moody's and Fitch is that they make no distinction over how a nation balances its books—whether through tax increases or spending reductions. Like the International Monetary Fund, the raters care only about balance.
This takes too little account of the need for faster economic growth, which is the only real path out of a debt crisis. Britain's government has earned rater approval for its fiscal consolidation, but its increases in VAT and income tax rates are hurting its tepid recovery. Letting the credit raters dictate tax increases is the road to an austerity trap.
The real reason for White House fury at S&P is that it realizes how symbolically damaging this downgrade is to President Obama's economic record. Democrats can rail all they want about the tea party, but Republicans have controlled the House for a mere seven months. The entire GOP emphasis in those seven months—backed by the tea party—has been on reversing the historic spending damage of Mr. Obama's first two years.
IMAGE CREDIT: The Astute Bloggers.
Etnies Skatepark Expansion
I'm taking my kid over there right now. I'll post some pics later.
The Progressive-Left's Communist Holocaust Denial
I detest and despise everything the left stands for. How anybody can endorse and embrace an ideology that has killed a billion people in the last century is beyond me...Actually, the numbers of those killed under communist totalitarianism probably don't reach one billion for the 20th century, but certainly hundreds of millions were killed during the rule of the Soviets to Communist China, with a turn at genocide in the "paradise" of Cambodia. One commenter at Alan Colmes' "Liberaland" compares the history of left-wing genocide to U.S. support for "death squads in El Salvador." That's the kind of moral equivalence that allows the left's search for ideological utopia to continue and thrive. Jamie Glazov wrote on this specifically, "Cold War Revelations and 'Progressive' Holocaust Denial":
The Western "progressive" milieu's refusal to acknowledge Communist crimes is, of course, rooted in that disease with which we have become all too familiar in the second half of the twentieth century: anti-Americanism. It explains well why not one Revisionist historian, including Gabriel Kolko, has come forward to apologize for his errors. However, the refusal to acknowledge grievous faults on the Cold War, and to seek refuge in other politically correct orthodoxies, is all part of a larger phenomenon: Holocaust denial. A clear analogy can be made between the neo-Nazi Holocaust denial and the Left's refusal to acknowledge Communist Holocaust. In denying that the genocide of Jews occurred, Holocaust denial perpetuates anti-Semitism and keeps it alive. By erasing historical memory, Holocaust denial gives birth to moral relativism, which, in turn, instills a mindset that facilitates the possibility of yet another Holocaust. Holocaust denial, in other words, is the craving for another Holocaust.It's the progressive-left's Communist Holocaust denial. It's alive. And it's deadly.
This is precisely the case in the Western Left's refusal to acknowledge the genocidal consequences of the socialist idea in the twentieth century. The causes of this Holocaust denial are directly rooted in the Holocaust itself. The Nazi Holocaust, for instance, was the logical outcome of anti-Semitism, but anti-Semites need to keep anti-Semitism alive. Thus, anti-Semitism's existence is kept alive easier if its darkest consequences are supported but simultaneously denied. So too, if Stalinism was the inevitable result of the pursuit of equality, then the belief in the possibility of equality must be kept alive by the socialist milieu. The historical memory and significance of the Gulag, however, must be wiped out.
PHOTO CREDITS: Wikipedia Commons.
The Debt Downgrade Blame Game
Visit msnbc.com for breaking news, world news, and news about the economy
In any case, see Karl at Patterico's Pontifications, "For Whom the Downgrade Tolls":
In sum, the S&P downgrade marks a post on the road where progressive demagogy loses its power. The downgrade marks a post on the road to extinction for 19th-20th century progressivism. That’s why the Obama administration — and true progressive ideologues — made S&P their first target, however futile the gesture.RTWT.
I wouldn't separate the partisan left from the ideological left so much (Maddow is both, for example), but it's a really perceptive essay otherwise.
UPDATE: Linked at Atlas Shrugs and Yid With Lid. Thanks! Also linked at Blazing Cat Fur!
A Capitalist Economy Can't Support a Socialist Welfare State
See Janet Daley, "If we are to survive the looming catastrophe, we need to face the truth" (via Memeorandum):
Contrary to what the Obama Democrats claimed, the face-off in Congress did not mean that the nation’s politics were “dysfunctional”. The politics of the US were functioning precisely as the Founding Fathers intended: the legislature was acting as a check on the power of the executive.I discussed the political angle previously, "Time for Institutional Reform? Well, Only When Democrats Are Losing." But read Daley all the way through. Progressives argue that "politics is broken" when the people revolt against the socialist political class. If folks want to fix what's broken they need to look at what we're spending. Are we going to cut spending and reduce the size of government? It'll take a helluva lot more than downsizing defense. But America's Obama-Democrat-Socialists are impervious to reality. The reckoning is coming in 2012. Folks always say this election is "the most important election in my lifetime." I usually don't, but with the credit downgrade and America's military abusively stretched thin around the globe, my normal optimism is found wanting.
The Tea Party faction within the Republican party was demanding that, before any further steps were taken, there must be a debate about where all this was going. They had seen the future toward which they were being pushed, and it didn’t work. They were convinced that the entitlement culture and benefits programmes which the Democrats were determined to preserve and extend with tax rises could only lead to the diminution of that robust economic freedom that had created the American historical miracle.
And, again contrary to prevailing wisdom, their view is not naive and parochial: it is corroborated by the European experience. By rights, it should be Europe that is immersed in this debate, but its leaders are so steeped in the sacred texts of social democracy that they cannot admit the force of the contradictions which they are now hopelessly trying to evade.
That's Creepy? ABC's Lara Spencer Runs Her Hand Through Jon Bon Jovi's Hair During On-Air Interview
North London Riots After Police Killing
And from Nile Gardiner, at Telegraph UK, "Tottenham riots: how long before the shameless Left starts blaming the Conservatives for the criminal actions of mindless thugs?":
What Do We Say When Johnny Comes Home?
There's blood on the streets again todayRELATED: "Washington Mourns U.S. Troops Killed in Afghan Helicopter Crash."
All the people dying what a price we have to pay
Around the world they're fightin'
It's not that far away
feel the darkness
Can we change our ways?
[Chorus:]
We live in the American zone
Free of fear in our American home
Swimmin pool and digital phone
What do we say when Johnny comes home
Johnny just got back from war today
Beruit weekend, the powder keg
He was 20 years old and he lost both of his legs
We're all really sorry today
[Chorus]
What do we say
What do we say
What do we say
When Johnny comes home
and he lost his legs.
Fresno State Sweet Corn Is Best-Kept Secret No More
Reminds me of my dad a little too. We used to go to some local produce stands to buy fruits and vegetables. You're surrounded by agriculture up there, so it brings back fond memories. And Fresno State is world-renowned for its ag programs anyway. If we don't move out of state, we'll probably retire up that way, although that's still a long time from now.