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« February 2007 | Main | April 2007 » March 30, 2007Marvel's Feb Sales Paul O'Brien's monthly sales analysis. By fnord12 | March 30, 2007, 4:19 PM | Comics| Link Er....China's Sinking Predictions have been made that Shanghai and other coastal cities will be underwater by 2050 due to rising global temps. According to Chen Manchun, a research fellow with the Tianjin-based National Marine Data and Information Service, coastal cities would take measures to guard against this, such as restricting construction projects along the coast and building higher and stronger sea walls to fend off the advancing tides. But Chen also admitted that based on his team's research, by 2050, the sea level at the Yangtze River Delta, where Shanghai is located, will have risen 20 to 60 centimeters, and that the Bohai Sea region, where Tianjin is situated, will have risen 30 to 60 centimeters. I still think New Zealand will be the first to go. Better book your trips for it now while it's still floating. By min | March 30, 2007, 3:15 PM | Science| Link Otter Porn This is very cute. So for those of you who are squeamish, i would advise against clicking the link. Also, i suggest turning off the sound because the people talking are annoying. My hypothesis is that their palms got sweaty so they had to switch hands. By min | March 30, 2007, 12:21 PM | Ummm... Other? | Comments (9) | Link Unstable Molecules or Mythril? Some electrical engineers in Illinois created 'smart' fabric. It's essentially like chainmail, except the chains and links are super super tiny. About 500 micrometers. So the material is very flexible. "The first layer of fabric could consist of silicon islands with embedded circuits or sensors," said Liu, who also is affiliated with the university's Beckman Institute for Advanced Science and Technology, the Institute for Genomic Biology, and the Micro and Nanotechnology Laboratory. "The resulting fabric could generate electricity, detect movement or damage, or serve some other active role," Liu said. Big deal. I'm constantly generating electricity. By min | March 30, 2007, 12:00 PM | Comics & Science| Link
A sullen figure walks along a dusty road now a confused school girl stares at the TV tray everyone is looking for something a righteous student came and asked me to reflect By fnord12 | March 29, 2007, 9:00 AM | Music| Link
"Work/Life Balance" The very phrase acknowledges that work is some intrusive thing that interrupts but is not a part of your life. By fnord12 | March 28, 2007, 3:56 PM | My stupid life | Comments (2) | Link Who doesn't love lists? In the video game magazine i got suckered into subscribing to (Game Informer) they list the top ten most wanted songs to appear in Guitar Hero III. Here's the list. So my thoughts are:
By fnord12 | March 28, 2007, 2:23 PM | Music & Video Games | Comments (1) | Link I do not recall, Senator - I mean Congressman! Hah hah! It's all a joke to me! Go watch this corrupt woman lie about how she just doesn't remember hosting a meeting where she tried to get the government agency she runs to use government resources to win elections for Republicans. Go watch. Go on. By fnord12 | March 28, 2007, 2:18 PM | Liberal Outrage | Comments (1) | Link More like this, please (also found on Digby): MCCAIN: Yes. BLITZER: "There are neighborhoods in Baghdad where you and I could walk through those neighborhoods today." MCCAIN: Yes. BLITZER: "The U.S. is beginning to succeed in Iraq." You know, everything we hear, that if you leave the so-called green zone, the international zone, and you go outside of that secure area, relatively speaking, you're in trouble if you're an American. MCCAIN: You know, that's why you ought to catch up on things, Wolf. General Petraeus goes out there almost every day in an unarmed Humvee. You want to -- I think you ought to catch up. You see, you are giving the old line of three months ago. I understand it. We certainly don't get it through the filter of some of the media. BLITZER: Senator John McCain, a Republican presidential candidate, speaking here in THE SITUATION ROOM within the past hour. By fnord12 | March 28, 2007, 2:15 PM | Liberal Outrage| Link Pod people The government is infiltrated! Monica Goodling, the lady who was taking the 5th with regards to testimony on the Gonzalez/prosecutor issue, is a graduate Regent University law school. This is Pat Robertson of the Christian Coalition's college. She went to undergrad at "Messiah University". Goodling is one of 150 graduates of Regent University working for the Bush administration. All of this found on Digby, who says: "I wonder what book in the Bible blesses vote rigging? Did Jesus preach that lying to is a good thing or that ruining someone's reputation in order to cover up ethical misdeeds (and potential crimes) is godly? I hadn't heard that. But then, I don't share the conservative Christian "worldview" so what do I know about morality?" By fnord12 | March 28, 2007, 2:04 PM | Liberal Outrage| Link A Leftist's Opinion of MoveOn From American Leftist: The Iraqis? They were rarely, if ever, mentioned. Focusing upon the lack of UN authorization enabled grassroots liberals to subsequently support the occupation as questions related to the launching of the war were now considered irrelevant. It was a crude, but necessary finesse. Post-invasion, the Iraqis remained invisible, as the new mantra was Support the Troops. Iraqis had died, and continued to die, in large numbers, with those still living lacking food, shelter, electricity and an uncontaminated water supply, but the new emphasis was about the extent to which the occupying force lacked sufficient body armour. Visitors to the MoveON.org website in 2004 and 2005 were subjected to a politically expedient fetishization of the military that, after repeated encounters, induced nausea. Removing the troops and liberating the Iraqis from the predations of the occupation was apparently not congruent with the objective of electing more Democrats. Support the Troops is therefore one of the most insidiously effective advertising slogans in recent memory. It satisfied the legitimate motivation of people to empathize with the plight of soldiers in Iraq, while, paradoxically, enabling Democratic politicians, including liberals, to perpetuate the occupation. Or, to be more precise, people experienced the emotional release of remorse, while ensuring that there was no change in policy. Meanwhile, plans for the privatization of the Iraqi economy, and transnational control over the Iraqi oil supply, elicited little comment, except among global justice advocates. Support the Troops additionally served the essential purpose of concealing bipartisan support for the planned neoliberal transformation of Iraqi society. The consequences of this success are dire. Hundreds of thousands of Iraqis have died, hundreds of thousands, if not millions, have fled the country and the US military is being destroyed by politicians who refuse to extract it before the command and control structure is shattered. It is a defeat so calamitous, so impossible to acknowledge, that the only solution is to expand the war to Iran and beyond. A more violent confrontation is required to conceal the stain of failure, even if the outcome is likely to be the end of US hegemony. Was it ever possible to peaceably scale back the American Empire? We will never know, but we do know that American liberals are among those responsible for excluding the possibility. I'm inclined to agree with American Leftist at least partially on this. I have long felt that the Left has been too ready to compromise, too ready to take any scrap they can and herald it as a step in the right direction. The "center" of politics has taken a massive shift to the right in the last twenty years. Instead of these compromises slowly shifting the center back to the middle, it seems more like those on the Left are being pulled to the Right. It's the mentality that in order to generate the greater consensus, in order to make the idea, bill, meme to succeed, you've got to build compromises into the original proposal. This seems like a stupid way to negotiate. You're already giving away half of your position before you've even sat down at the table. This latest bill with the non-binding timetable for troop withdrawal is a good example. Instead of Barbara Lee's more aggressive proposal to strictly use funding towards troop withdrawal, many liberals pushed for Pelosi's softer bill. Yes, Pelosi had a better chance of getting hers through, but the idea is to make the other side fight for it. At least a little. It would help me personally shake that "Democrats are weenies" idea. Also, what's with this "non-binding" crap? If you can't make him stick to it, what's the point in expending all this energy to get it passed? You would gain just as much by taking an add out in the paper. I'm not sure of MoveOn is the root of all evil, though. I think they believe what they're doing is helping the Left make progress. I'm just not sure if i agree with the strategy. By min | March 28, 2007, 1:31 PM | Liberal Outrage| Link 3/27/2007 We floated underwater. Oliver - she had been the only one who had reached out to me in friendship. Gazing at Oliver's smiling corpse, i decided that enduring the old woman's petty punishments were nothing if it meant having these three minutes of solitude. By min | March 28, 2007, 12:49 PM | My Dreams | Comments (1) | Link Start Again Due to all the cost of living increases and raises we've given you over the years, we now pay you more than we would have to pay someone new. So, we're just going to get rid of all of you and start fresh. Circuit City, the nation's No. 2 consumer electronics retailer behind Best Buy (BBY), will lay off store workers it said were earning "well above the market-based salary range for their role" and replace them with employees who will be paid at the current market range, the company said in a news release. "We are taking a number of aggressive actions to improve our cost and expense structure, which will better position us for improved and sustainable returns in today's marketplace," said Philip J. Schoonover, Circuit City's chief executive. And they wonder why employees don't feel any qualms about calling out "sick" or quitting suddenly to pursue a "better" opportunity. They wonder why we aren't gung ho about our jobs. I dunno. Mebbe is because we can feel the knife twisting in our back already? Like the man said, soup is good food. How does it feel to be a budget cut? By min | March 28, 2007, 11:21 AM | Liberal Outrage | Comments (1) | Link
This pretty much answers that Vader is a sick puppy. You will not see Dr. Doom going around like this: Update: Oh, yeah, and which school did this guy get his doctorate from? By fnord12 | March 27, 2007, 2:11 PM | Star Wars | Comments (4) | Link ¿Quien Es Mas Doom? By fnord12 | March 27, 2007, 2:04 PM | Comics & Star Wars| Link Maybe you're ok with this Maybe you don't mind if a city's police department spent a year spying on people all over the country and the world because they planned on peacefully protesting. Maybe you think they're protecting you. In hundreds of reports stamped "N.Y.P.D. Secret," the Intelligence Division chronicled the views and plans of people who had no apparent intention of breaking the law, the records show. By fnord12 | March 27, 2007, 1:23 PM | Liberal Outrage| Link Go, Sperm, Go! They always told us only 1 sperm could fertilize 1 egg. Well, not this guy's sperm. Two sperm+1egg=semi-identical twins. They are the result of two sperm cells fertilising a single egg, which then divided to form two embryos - and each sperm contributed genes to each child. Each stage is unlikely, and scientists believe the twins are probably unique. The child was discovered to be a hermaphrodite, and has both ovarian and testicular tissue, while the other child is anatomically male. But genetic tests show both are "chimeras", and have some male cells - which have an X and Y chromosome, and female cells - which have two X chromosomes. The most likely explanation for how they were formed is that two sperm cells - one with an X chromosome and one with a Y chromosome - fused with a single egg. They're so lucky the egg formed 2 embryos instead of staying a single embryo which would have resulted in a child with extra chromosomes. That's usually disastrous. I suppose if that did happen, it would mostly likely have self-aborted. By min | March 27, 2007, 10:24 AM | Science| Link
Try Iron Brew By fnord12 | March 26, 2007, 9:23 AM | My stupid life | Comments (3) | Link If they ain't in it, it ain't Doom Decent fun stupid action movie, but it wasn't Doom as far as i'm concerned. Also, how do you miss (twice) with the BFG? He only used that gun twice and he missed both times. By fnord12 | March 26, 2007, 9:17 AM | Movies & Video Games| Link
Surely it's a joke I was reading this post on Tom Brevoort's blog about fan reactions (and Secret Wars!), but this was in the comments: He's... kidding, right? RIGHT??? By fnord12 | March 22, 2007, 6:11 PM | Comics | Comments (2) | Link Random Lyrics Thursday supplemental Take it to the limit one more time. By fnord12 | March 22, 2007, 10:15 AM | Music| Link Peace & Love by Camper Van Beethoven
By fnord12 | March 22, 2007, 8:45 AM | Music | Comments (3) | Link
Why Marvel doesn't take their critics seriously People are complaining that Ares was making too much as a construction worker and can't Bendis even do basic research? By fnord12 | March 21, 2007, 11:45 AM | Comics | Comments (2) | Link
God help us all Go watch this movie. By fnord12 | March 20, 2007, 9:40 AM | Liberal Outrage | Comments (1) | Link
Whoah: mean! Dean Baker (who is usually much more polite. I guess he really misses Bill Moyers. I do too): What a fantastic idea!!! Why should anyone expect Bill Gates to pay the same tax rate as someone who cleans toilets for a living or puts out fires. After all, Bill Gates sits on shares of Microsoft -- much more important work. Of course, if David Brancaccio is smart enough to breath (something that he seemed to be doing), he knows that we could also provide incentives for longterm holdings of stock by taxing short-term holding. In fact, this is exactly what they do in communist England. England imposes a tax of 1.0 percent on every stock sale (0.5 percent paid by the seller and 0.5 percent paid by the seller). This discourages frequent trading without allowing the richest people in the country to get away without paying any taxes. I don't mind David Brancaccio saying stupid things, but it does piss me off that he does it on PBS. I really don't like paying my tax dollars for such nonsense. Where is Newt Gingrich when we need him? By fnord12 | March 19, 2007, 6:05 PM | Liberal Outrage| Link This is why we can't have nice things The makeover is part of a post office campaign for the announcement of a surprise stamp on 28 March. The public have been urged not to tamper with the droid mail collectors. By fnord12 | March 19, 2007, 5:00 PM | Star Wars & Ummm... Other? | Comments (3) | Link
Humanity At Its Finest Another what's wrong with people moment. Over the course of a year the three systematically preyed on the mentally and physically vulnerable, London's Snaresbrook Crown Court heard. The barrister said separate video footage pictured Bailey and Nedd laughing hysterically as they encouraged the Down's syndrome sufferer to call the third woman resident they were supposed to be looking after a "white bitch". Based on their first names, i think the 3 defendants are women. While cruelty has no gender bias, it is unusual to hear that women are behaving like the neighborhood kids who fed alkaseltzer to the seagulls. Another interesting bit of info in the article was that the single male patient in residence was not abused. They only played their games with the female patients. By min | March 16, 2007, 12:16 PM | Ummm... Other? | Comments (2) | Link
Sick People What the hell is wrong with people? Got this from nsxt290: Crystal opened the box and found her dog's head inside. The box also contained Valentine's Day candy. By min | March 15, 2007, 1:35 PM | Ummm... Other? | Comments (1) | Link Quick! We Need A Distraction! Bush: "Hey! Look over there! We got us a confession from one o' them Number Three guys!" Unknown reporter: "What? Where?" As Josh Marshall puts it "9/11 Mastermind who confessed to being mastermind after being captured like five years ago confesses again at Gitmo hearing and now the transcript is released by the Pentagon to get Gonzales off the front pages!" But he went on to accuse the US of double standards, saying America made an exception of the rule when it killed people in Iraq. "You said we have to do it. We don't like Saddam. But this is the way to deal with Saddam." His conclusion: "Same language you use, I use." Well, duh. We have bigger guns. By min | March 15, 2007, 12:10 PM | Liberal Outrage | Comments (1) | Link Underwater Opera If they always incorporated dance with opera, i might be persuaded to actually sit thru an entire performance. Mebbe. ![]() Sasha Waltz has now taken the opera Dido and Aeneas, which always had a couple of dance scenes, and expanded it. Each character has a singer and a dancer, forming a kind of duet. That sounds pretty kewl to me. Waltz has gone a step further, adding a water tank. The stills can be viewd from this page. Waltz's version of the work, for which she has cast both a dancer and a singer in each main role, opens with dancers bobbing, diving, swimming and gliding their steps in a tank of water. This underwater sequence relates to the libretto of the opera's prologue, for which the original music is lost, in which mythical sea creatures dance as the gods Apollo and Venus look on. The review in the Guardian seemed to like the water prologue. Another reviewer said the choreography was sadly limited but on the whole an interesting device. When i look at the stills, all i can think is "I hope they filter that water". By min | March 15, 2007, 11:27 AM | Music| Link
Too many slaves in this world Too many people do not know Watch the damned (God bless ya) Balls to the wall, man You may screw their brains One day the tortured stand up You better watch the damned (God bless ya) Balls to the wall, man Come on man, lets stand up all over the world Build a wall with the bodies of the dead - and youre saved You better watch the damned (God bless ya) Balls to the wall, man By min | March 15, 2007, 10:56 AM | Music | Comments (1) | Link
Bad Loans Come Back To Bite You Sub-prime loan meltdown, as the headlines say: One analyst said Australia's biggest four banks were only marginally exposed to such loans - about 2 to 3 per cent of the $800 billion home-loan market - and would not be concerned. Burdett Buckeridge & Young banking analyst John Buonaccorsi said there was not much of a sub-prime market in Australia because such customers would not pass credit-scoring tests employed by local banks. "If you are below a certain level here you are assigned as sub-prime and banks will tell you to go somewhere else," Mr Buonaccorsi said. Goodness. Imagine that. If you have bad credit, they won't lend you money. Who came up with that crazy idea? I think it's heartily unfair of anyone to blame the lenders who gave people mortgages they couldn't afford. It's all just shocking, really. By min | March 14, 2007, 3:34 PM | Ummm... Other?| Link
Music Training Makes You A Better Listener The findings indicate that experience with music at a young age in effect can "fine-tune" the brain's auditory system. "Increasing music experience appears to benefit all children -- whether musically exceptional or not -- in a wide range of learning activities," says Nina Kraus, director of Northwestern's Auditory Neuroscience Laboratory and senior author of the study. Or you could all just learn some Mandarin. Cantonese might be better. It's got twice as many tonal sounds. Too bad Mandarin's the official language. By min | March 13, 2007, 2:32 PM | Music & Science | Comments (4) | Link The Price of Invasion Michele sent me this link yesterday. Here's what the face of Bush's War for Oil looks like. ![]() From Nina Berman's Portfolio I don't think there is anything the White House and the Pentagon can possibly do that could ever give this poor guy back what they took from him. But that doesn't mean they shouldn't spend a lifetime trying. By min | March 13, 2007, 1:04 PM | Liberal Outrage | Comments (1) | Link
Who Will Cleanse Our Spirit? Best thing i've read so far today. They're gonna need an army of spiritualists to get that stench out of the White House, that's for sure. Or they could just blow it up after he leaves and start again. "Governor Tarkin. I should have expected to find you holding Vader's leash. I recognized your foul stench when I was brought on board." By min | March 12, 2007, 12:33 PM | Liberal Outrage| Link Wha-huh? You know that guy on Law and Order who plays the bobble-head DA's boss? The guy who's only in a couple of scenes, says something to his underlings about making sure they get it right and then is never seen again in the episode? Well, that guy is thinking of running for president in 2008. Thompson, who plays District Attorney Arthur Branch on NBC's drama "Law & Order," said Sunday that "I'm giving some thought to it, going to leave the door open" and decide in the coming months. On the issues, Thompson said he: Is "pro-life" and believes federal judges should overturn the 1973 Roe vs. Wade abortion-rights decision as "bad law and bad medical science." Opposes gay marriage but would let states decide whether to allow civil unions. Opposes gun control and praised last week's 2-1 federal appeals decision overturning a long-standing handgun ban. "The court basically said the Constitution means what it says, and I agree with that." Supports President Bush's decision to increase troops in Iraq. "Wars are full of mistakes. You rectify things. I think we're doing that now," he said. Would pardon former White House aide Lewis "Scooter" Libby's conviction for perjury and obstruction of justice. Thompson is a fundraiser for Libby's defense. I don't know what else to say other than "Oh, just stop it." By min | March 12, 2007, 8:31 AM | Liberal Outrage & TeeVee| Link
What kind of message is that for the children? ![]() P.S. - Why are my favorite super villains the ones with giant heads? By fnord12 | March 9, 2007, 4:18 PM | Comics | Comments (1) | Link
I'm an X-Man, with the power of Godlessness! By fnord12 | March 8, 2007, 6:37 PM | Comics & Liberal Outrage & Science| Link Fwoooom! Here is our lovely, brand new, uber powerful, and most importantly, fully functional furnace. ![]() It's shiny. By min | March 8, 2007, 5:19 PM | My stupid life | Comments (5) | Link
In the white room with black curtains near the station. I'll wait in this place where the sun never shines; You said no strings could secure you at the station. I'll wait in the queue when the trains come back; At the party she was kindness in the hard crowd. I'll sleep in this place with the lonely crowd; I found this analysis of the lyrics online. I don't know how correct his interpretation is. It sounded good to me. But i'm not the english major. And high school english took away my ability to interpret anything. By min | March 8, 2007, 8:41 AM | Music| Link
Lucky! NYT: As NY1 News reported last week, 220 people were arrested last year in the sting, known as Operation Lucky Bag. (Found on This Modern World, where he notes, as the article does, that people might be bringing the bags to the Lost and Found, or home to track down the owners.) By fnord12 | March 7, 2007, 11:22 AM | Liberal Outrage & Ummm... Other? | Comments (4) | Link Arrgghhh!!!! There's frozen water falling out of the sky!! Honestly, people. Haven't you ever seen snow before? You're making us look bad in front of the guy from Quebec. On the other hand, i'd rather sit in my car and listen to music than be at work anyway. By fnord12 | March 7, 2007, 10:57 AM | My stupid life| Link Guilty On 4 of 5 Counts Libby was found guilty on 4 of the 5 counts. I'm sure FDL's got the full soap operatic version over there, if you want to know every dirty detail. Or you can get the somewhat drier version here. Libby's team is going to ask for a new trial. I don't know what grounds they have for that. I'm pretty sure "We didn't want to lose" isn't enough of a reason. I don't think he can use the 11 jurors instead of 12 as leverage because the defense ok'd that decision and in fact said they would prefer to go ahead with 11 instead of seating an alternate. I'm sure FDL's got that speculation going, too. I just don't have the energy to go to their site right now. If you manage, just give me a summary of the bulletpoints. Thanks. By min | March 7, 2007, 8:25 AM | Liberal Outrage | Comments (5) | Link
Where Have You Gone, Oh Bastion Of Truth And Light? Conservapedia continues to be broken. Or just completely gone. How am i gonna read the Atheism page if it won't load? I'm heartbroken. By min | March 6, 2007, 2:29 PM | Ummm... Other?| Link
I Love Christopher Walken I saw this a looooong time ago on tv and never could find it again. Now, thanks to YouTube, i can watch it over and over and over and over again. He's such a freak. He's the bestest. Love that YouTube. By min | March 5, 2007, 4:02 PM | Music | Comments (11) | Link
I was promised half naked girls and cute anime chicks. I went to look at the slideshow (so i could personally condemn these pervy photographers for being so sleazy and exploitive, of course), but i didn't really see what they were referring to. One girl dressed as Link might qualify as "cute anime chick" and there was a girl dressed as Jabba-slave Leia, but that's 2 pictures out of 30+. Am i missing something? By fnord12 | March 2, 2007, 4:55 PM | Comics| Link Marvel Sales By fnord12 | March 2, 2007, 4:54 PM | Comics| Link
Quote Farts This is a quote fart: ’ We get them when we copy in text from some web pages in place of apostrophes (and sometimes other special characters like long dashes, but that i can deal with). Even if we copy something from a web page into notepad before copying into the MoveableType editor, we still get them. To remove them, we have to post, and then see if we've generated any quote farts. If we do, we manually hunt for them in our post and replace them with regular apostrophes. Does anyone else experience this/have a better way to deal with them? By fnord12 | March 1, 2007, 6:25 PM | My stupid life | Comments (3) | Link Musical Perspectives. So there was a woman in her 70s who was battling cancer and was releasing all these classical piano CDs that everyone thought were just beautiful. And now it has been revealed that they were in fact forgeries of relatively unknown young piano players. It raises questions about how we interperet music: This makes instrumental criticism a tricky business. I'm personally convinced that there is an authentic, objective maturity that I can hear in the later recordings of Rubinstein. This special quality of his is actually in the music, and is not just subjectively derived from seeing the wrinkles in the old man's face. But the Joyce Hatto episode shows that our expectations, our knowledge of a back story, can subtly, or perhaps even crudely, affect our aesthetic response. I've always argued that an artist's intention and biography is very important to the understanding/enjoyment of a piece of art. I've had lots of disagreements with friends and teachers on this subject. If i listened to those piano recordings and thought that i was listening to the expressions of an old woman fighting cancer, and enjoyed it in that context, now that i find out that they were forgeries, does that mean that the music is no longer good? I would argue yes. Or at the very least i would need to re-evaluate it and determine if it was good for different reasons. Certainly it would no longer be valid to listen to the music and still enjoy it as a portrayal of old age and disease. Some have argued that art can mean whatever you want it to mean, that whatever emotions it evokes in you are valid regardless of the artists intention or the actual meaning of the piece. I say if it's a poem about a boat, it's about a boat. It's an especially tricky thing when we are talking about "covers" (to use rock terminology) of classical music. You have the original composers intention, and then you have the performer's emoting through the pre-arranged music. I still think the same basic idea is true, however. By fnord12 | March 1, 2007, 6:05 PM | Music| Link My beard is growing in sideways Last month i cut all my hair short, and my beard too, and now it's growing back in. Except the beard is growing in at a 45 degree angle to my chin. Isn't that a dwarven (or perhaps viking kitten) curse and/or inverted blessing? ("May your beard never grow sideways?") What did i do to offend? ![]() ("Artist's" rendition) By fnord12 | March 1, 2007, 5:38 PM | My stupid life | Comments (1) | Link Purely hypothetical Let's throw out a purely hypothetical scenario. Imagine that the bad news on new home sales, mortgage applications, durable goods orders, and productivity actually translates into an economy that is about go into a recession. Now let's suppose that the market has two types of investors. The first type are the high rollers. They move in and out of financial assets on a moment's notice. Let's call them "hedge funds." The second type are naive investors. They put money into the stock market at regular intervals and let it sit. We'll call them middle class 401(k) investors. Okay, now in our hypothetical scenario, because the economy is genuinely facing serious problems, the market is likely to be heading downward in the months ahead. Our hedge fund investors will likely begin to recognize this fact and dump their stock. On the other hand, our middle class 401(k) investors are likely to keep putting new money into the market. Suppose that Mr. Bernanke recognized that the economy is facing trouble and told Congress that the future looks bleak. The markets would presumably crash, because both the hedge funds and the middle class 401(k) investors would dump their stock. Everyone takes a hit, but the pain would be shared between the hedge funds and the middle class 401(k) investors. Now, let's suppose that Mr. Bernanke recognizes bad times ahead, but thinks that it is best to try to calm the financial markets, so he tells Congress that the economy is just fine. While this could be sufficient to assuage the middle class 401(k) investors, the assurances may not be sufficient to calm the hedge fund investors. Suppose they offload their stock over the next few weeks. In this case, Bernanke's soothing words would have the effect of keeping the market high while the hedge fund investors offloaded their holdings. The big losers would end up being the middle class 401(k) investors who keep buying into a sinking market. In this purely hypothetical scenario, it would not be good for Bernanke to soothe financial markets, unless the goal is to redistribute wealth from middle class 401(k) investors to hedge funds. While this scenario may bear no relationship to the actual situation, it is not always true that the Fed should be trying to stabilize financial markets. The press could ask some questions along these lines, instead of just assuming that stable financial markets are always good. By fnord12 | March 1, 2007, 5:36 PM | Liberal Outrage| Link
Ah, ah,
On we sweep with threshing oar,
Ah, ah,
On we sweep with threshing oar,
So now you'd better stop and rebuild all your ruins, By min | March 1, 2007, 9:17 AM | Music | Comments (5) | Link Is It Warm In Portland? Cause we ain't got no heat. By min | March 1, 2007, 8:40 AM | My stupid life | Comments (8) | Link |