Wednesday, July 31, 2013

Banks, Commodities, and Werner von Braun



7/31/2013 7:58 PM
The Evening Line – from this morning’s NYTimes

I’m fighting a head cold or something, but got in a run anyway, which wiped me out, and then spent a few hours trying to stabilize a computer set-up. All that by way of saying I meant to write this this morning.

Millions are denied checking accounts because, somewhere, sometime, they bounced a check or had an overdraft. Millions. Due to records kept in databases they’ve never heard of, including a big one owned together by all the big banks, including JPMorgan.  “[L]enders just don’t want to take a risk on these clients.”   

Two quick points: First, these are the same banks that would lend hundreds of thousands in mortgages to a person with no money, and did it millions of times, but they can’t open a checking account for some paycheck-to-paycheck working stiff?   

And second, following their logic, since we know them for the abject banking failures they are, that overran their debts and so we had to float them a trillion dollars in overdrafts, can we NOT give them any more business? “None of the banks listed below may participate in any way in the issuance of any public entity’s bond or collateral obligations.”

I can dream, can’t I?


Meanwhile, JPMorgan is being fined for corrupt pricing practices < > selling energy from the powerplants it owns. WTF? The story here isn’t another bank manipulating commodity prices. GoldmanSachs got caught at it last week, being so greedy it even made the Daily Show last week.

The real story is that the Fed gave banks a loophole in the regulations, so now banks can own commodities and commodity suppliers. Whether it’s aluminum or electricity, now that all the money is going to five banks, and they are allowed to own commodity suppliers that they then trade futures in, soon these banks will just own…everything. As I pointed out yesterday, they’ve got legislation queued up to ‘own’ the legal records of property ownership, and now they can own any other commodities, not just provide markets for trading them.

And that fine that JPMorgan is going to pay, that $410 million dollars? That’s just for manipulating the electricity market. Not for owning the power plants, which used to be illegal, but faded away same as Glass-Steagall did. And since there’s no admission of guilt, just a settlement, it’s a “business expense” tax deduction.  And it’s only 6.3% of JPMorgan’s profit…this quarter.

Here’s a silly suggestion: How about rewriting the fines on the banking regs so that the fines aren’t specific amounts, but percentages of income based on the prior year’s profits? Whenever I hear some crime having a penalty of “$10,000 or up to a year in jail, or both,” I always think “To that banker, $10,000 is nothing, but a year in jail is worth real money.” So why not just make the penalties dependent on the incomes of the criminals?

And again, Blythe Masters dodges the bullet. At the end of that article about JPMorgan’s $410M fine, the energy regulatory agency decided not to charge her with multiple felonies. In case the name doesn’t ring a bell, she invented the Credit Default Swaps that everyone was trading to insure all the mortgage securities, which all blew up when both ends of all those swaps had no money to pay off the failures of those securities.  She’s said "I do believe CDSs [credit default swaps] have been miscast, much as poor workmen tend to blame their tools."


When I read this, I was reminded of Tom Lehrer’s tribute to Werner von Braun , the German who designed the V-2s that Nazi Germany rained down on London in WWII: ‘  “Once za rrrrockets go up, who cares vere zey come down? Zat’s not my deparrrtment,” says Werner von Braun.'

Baseball: The Reds finally won, 4-1 against San Diego, but Pittsburgh beat St Louis, so Reds are still 6 games out, but a game closer to the second-place St. Louis. Who (whom?) they play at home starting Friday...

More tomorrow...
7/31/2013 8:52PM


Tuesday, July 30, 2013

The Morning Line: The Forum, Filner and TeaBagger Frauds



7/30/2013 9:38 AM
The Morning Line 7/30/13

I listen to AM radio, with all its ads, and the same advertisers also interrupt the MSNBC TV simulcast on XM satellite radio in the evening. Apparently, America is made up of limp-dicked men, wide-waisted women, all of whom are in foreclosure, need a loan, and cheat on their taxes. Oh, and their teenage sons back-talk them (what, they never did that to their parents?), their dogs have mange and their cats have fleas.
Oh, well, at least our cat gets fleas when I forget to use the stuff on him. Otherwise, you’d think I wasn’t American.

Meanwhile, here in California, things seem to be getting, well, not worse. Democrats passed a budget on time, without the kinds of bookkeeping that Enron’s Kenny Boy and his buddy, George Bush, made famous. It even includes more funds back to K-12 schools, and a billion-dollar rainy-day fund.
Since this kinda puts the dagger in the ‘austerity lifts all boats’ crap that the GOP is selling in the red states, you knew they’d want to exact some revenge.  So their House faction is going to try to roll back (read ‘federalize’) a lot of the environmental and business practice regulations that make California capable of having some of the least polluted (per capita) cities in the U.S.  The problem is, some of this is flying under the radar by being included in Senate (!) bills to “strengthen” the EPA.  Sounds like the Dems are gonna get rolled again. C’mon, Lautenberg, haven’t you learned?

Meanwhile, and I can’t tip a big enough hat to Dave Dayen, Republicans and the banks are trying to get off the hook of having to produce the paperwork for their foreclosures (and cut your local registrar out of the business of tracking deeds) by adding a new, privately-owneddatabase as the national record of all real estate ownership. Boy, can’t wait ‘til it gets hacked so that everything belongs to the Whitewater Investment Company of Arkansas.

Locally, the Forum is gonna be back in business as a “music venue” in 2014, starting off with three nights of a band that made me run to KROQ for music back in the 70s. I haven’t been to a Lakers game since they left the Forum, and hadn’t seen a local game until the Expo line got to Culver City, and took me to a Clippers game this year. (Yea, while they were on the winning streak.) . Gave up on downtown ages ago. Can’t stand that Santa Monica Fwy parking lot. More time on the freeway than at the events. Now the light rail means someone else drives, and parking isn’t an issue, so I’m going more.

‘Cause if there’s something LA needs, it’s another venue for the circuses in “bread and circuses”, since we’re losing one, while the Republicans do their damnedestto sink this country.  So let’s all wait to see what a bunch of aging wanna-bes do in the audience of a band of wish-they’d-beens at the Forum come January.  It’ll be a nice way to start a year when the TeaBaggers want to take us back to the ‘70s…the 1870s.

I have one thing to say about Mayor Filner in San Diego.  Seventy? He’s seventy and he’s doing this? And he thinks anyone would believe two weeks anywhere is going to change he approach to, well, to anything? That thought process, as much as his well-reported handling (literally) of women, make him unfit to continue what, if you read that wiki bio, is a long career as a progressive, starting as a Freedom Rider in Jackson Mississippi. Buh-Bye, Bob. Don’t ask San Diego to pay for your lawyers, just take your publicly-funded pension and go

While Dems doing dirt seems to be the theme of the day, at least we call for them to step down, if they don’t do so on their own. As opposed to the freaks on the GOP side of the fence. If you want to spend a few bucks to make a statement, send $13 worth of men’s diapers to Senator David Vitter  at his Capitol office, 516 U S Senate, Washington DC 20510. Or to one of his many Louisiana offices.  Warning, shipping and tax will get this up to $22, but the childish satisfaction is so worth it.

And finally: Nuts. Reds lost to San Diego 2-1 last night. If you know baseball, you can tell exactly when the Padres got all their runs by seeing that the losing pitcher was Aroldis Chapman.

7/30/2013 10:36 AM
7/30/2013 10:43 AM

Thursday, July 11, 2013

The Evening Line, July 11, 2013

7/11/2013 6:00 PM

The Evening Line for Thursday, July 11, 2013

 

Going through a few articles that have caught my eye but not gotten any real coverage over the last few days (OK, maybe a couple of weeks).  Also, some notes on stuff going on around me. I’ll try to keep each one brief. And I’ll stop a little sooner than last time. Maybe.

 

Been seeing a lot of W lately. Front page of my NYTimes today. The most hated man in America thinks he can add something to the immigration debate. I was reminded recently, during a C-SPAN interview with a historian discussing Viet Nam and LBJ, that LBJ made a political decision not to send National Guard units to Nam. Army Reservists did go, but the rich parked their sons in National Guard units, because the boys could wear the uniform, but never face danger.  W was placed in the Texas Air National Guard by his dad, through a connection to a general in Texas. Better TANG than DaNang, I suppose, eh, Junior?

 

Speaking of despicable, two days ago the Illinois legislature overrode Gov. Quinn’s veto, and became the 50th state to allow concealed carry of weapons. That means guns. CCW combined with ‘Stand Your Ground’ laws sweeping the country means that if Zimmerman is acquitted, it’s open season on hunting humans. You just follow his example. Can’t wait for the new ‘Welcome to Florida, Where It’s Always Open Season.’ road signs.

 

By the way, regarding the Second Amendment, if you go back to the first link above, to the AirForceMag, the third paragraph mentions that “In every war since the American Revolution, the militia—which evolved into the National Guard and Reserves—was mobilized to fight.” See, we’ve already got the ‘well-regulated militia’, so the CCW laws are based on, well, nothing but the successful marketing of fear by the arms vendors, not on any legal foundation.

 

In "violent robots" news this week (and neither of them is “Pacific Rim”).  First, under ‘never-ending fantasy equals never-ending waste of money’ Reagan’s Star Wars dream of shooting ICBMs out of the sky took another hit this week by not making a hit. They’ve never shot a missile down without being told ahead of time where it would be, and haven’t hit anything since 2008. Doesn’t mean they won’t spend $40B on it, from the end of Bill’s first term (1996) to the beginning of Hillary’s first term (2017). But they’ve got 30 of these useless missiles deployed in Alaska and here in CA, and this failure means they’ll…add 14 more in Alaska.

Second, more impressive and successful, Boeing’s X-47B (read ‘pilotless jet drone’) successfully landed on an aircraft carrier, took off, and landed again, all on computers, no remote pilot involved. While this is a real accomplishment, it’s actually simpler than getting a human pilot to do it. There’s no ego on the drone that knows that it knows better than the guy on the landing deck how to land the plane.  
A lot of pilots earn the Order of the Diaper on their first couple of attempts, if you know what I mean. That was a big ol’ adult Depends, not a codpiece, that W was sporting when he was landed on the Mission Accomplished photo op. Can’t have the president on camera wetting his pants. At least not visibly.

 

Changing subjects to ObamaCare.  I think it was a mistake to push any deadlines, especially past the 2014 election cycle. I also hate that the Koch Brothers are funding a huge campaign against it. But the worst part is that no one points out when it's helping people now, already. Worse is when the criminals who made it necessary take credit for its effects.   In a letter to the NYTimes on June 7th, Sam Ho, the Chief Medical Officer for UnitedHealthCare (and notice, just a ‘ho’ for the company, not even a doctor) talks about how his company has ‘put relevant medical price information at people’s fingertips’, without pointing out that this is required under the ACA law, ObamaCare, so we can actually do comparison-price shopping. All this new data that is required to be published is intended to change the market from a black hole where the customer is always lost, into the actual open market that Republicans and other small minds have always claimed it was. For good insight on the issue, check out how colonoscopies and births are priced. Makes you cry, don’t it?

 

On a lighter note, because anything is lighter than billionaires robbing the uninsured, an obituary of a well-lived life. Donald Bevan was a gunner in WWII until he was shot down, then a POW. You may know a bit about it. He co-wrote the play ‘Stalag 17’, which was a hit on Braodway and then on film. Later, he was the third caricaturist to draw for Sardi’s restaurant in New York. (There’ve only been four.) A marriage that lasted over 50 years, too.  Talk about lemons into lemonade. Worth the read.

 


I got a few good comments last time I did this, thank you, as well as a “you gotta let people know what they’re in for, you had a lot in there,” so I’ll leave it there for a while.


Kelley


7/11/2013 7:11 PM

7/11/2013 7:23 PM

 

 

  

 

Tuesday, June 25, 2013

Bicyclists have rights, yes, but what about responsibilities?



Tuesdays are the Science Section in the New York Times. I recommend it. Yes, I know, I’m letting an outside agency schedule my life, blah, blah, blah, available on-line anytime, “you still read the paper?” and all that noise. Yes. I look forward to weekends, too. Sue me.

Today’s edition has several articles that speak to me, and I could go for a while on several, such as the value of short bursts of exercise,  rubella outbreaks in Japan due to gender-based vaccination policies,  why it’s easier to speak a foreign language when you’re seeing foreign cues (my friends know why this jumped out to me,) and the Gates Foundation’s quest for the perfect condom.  I could go on about that last one for quite a while.

But instead, there’s this article about “Safer Biking”, meaning bicyclists, that I want to do a brief launch on. 

The article discusses the half-million emergency room visits each year because of bike accidents, and safety stats on using helmets. “Dooring” as a common cause of car-bike accidents, which our soon-to-be-ex-mayor Villaraigosa discovered, first-elbow.  It recommends the Netherlands’ safety idea of opening your car door with your RIGHT hand, so you look over your left shoulder to clear the bike lane before you fling open that sucker into an oncoming cyclist. It talks about raising fines for this move, as well as discussing lane markings, intersection sensors for bikes, dedicated bike lanes, and all the usual  accommodations that bikes need in a car-centric traffic design.

Fine.

But only mentioned in passing is any obligation of the cyclist. One paragraph in a half-page article recommends against texting or talking on the phone while cycling, the same warnings given to all drivers on the road. 
Unmentioned are any of the following:

>>The sign says ‘STOP.’ It’s not a suggestion for cars, it’s a law. Want to be taken seriously as a vehicle? STOP. Same goes for Red lights.
>>My car has to have lights. Surprisingly, your bike does, too, at least after the sun sets. No lights equals hood ornament. No apologies.
>>My car has to have brakes. Yours does, too. A criterium racing bike is the only bike that shouldn’t have brakes, because it ONLY runs on a closed-track velodrome, only with other bikes without brakes.  I know you think you can stop that ‘fixie’ in time, but again, no brakes equals hood ornament. No apologies.
>>Pick a lane and take it, signal lane changes and make them. I’ve driven all the way down Palos Verde Drive East behind a pair of cyclists, without honking or crowding, because I’ve also ridden it on my Paramount, and know how much that ride rocks at 30 mph on a bike. But I’ve also seen the right-curb-to-left-turn-lane-without-a-signal move at the turn at PV Drive North. I’ll try to stop when you make that move, but…hood ornament? No apologies.

These have been examples of bad driving, or bad equipment. I see plenty of both on cars, too.  But then there’s just stupid. Let me spell that for the folks who commit these acts: STOOPID.

>>Doing the criterium dance at the red light, trying to stay poised to launch without taking your feet off the pedals, twitching the front wheel left and right, rocking the bike back and forth, and then (personal favorite) losing it and falling over in front of a car because you couldn’t get unclipped/ unstrapped/ unproud fast enough to get a foot down.  “How’d you break your wrist?”
>>The fallback faux pas, circling. For the maroons who want to do the dance but actually have gearing on their rear hubs, is to circle in tight loops at the front of the bike lane at the intersection as they wait for the light to change to green. Meanwhile, cars in the right lane have no idea what the bozo on the bike is doing. Especially when the bike is pointing against traffic, so if the light changes and the car wants to go, it has to wait for the bicyclist to finish the pirouette.
>>Constantly switching between being a car and a pedestrian, trying to be both, ie., turning through intersections by riding in crosswalks.
>>Vehicles all go the same direction on one side of the yellow line. NO EXCEPTIONS.  I look both ways for slow-moving pedestrians crossing the street at the corners. They’re easily seen, because there’s no cars parked at the corner to block my view. I look both ways at traffic, coming from the left close-in, from the right farther away. I usually have a good view, because parked cars aren’t parked too close to the corners, since the red no-parking zones are designed for this kind of traffic situation (speed, viewing angles, etc.) But if you’re riding in the curb lane against traffic, zipping towards me completely obscured by the parked cars you’re passing, coming at me on THIS side of the street but from the WRONG direction, well,…hood ornament. No apologies.

And now, a brief discussion of the 1991 Americans with Disabilities Act (ADA) and the Law of Unintended Consequences.  Folks in wheelchairs, or crutches, or just suffering the infirmity of advanced age, found themselves cut off from their friends across the street, and from the businesses blocks away, by the curbs you and I step over every day. So the ADA mandated curb-cuts at intersections, so folks who could barely lift their feet as they walked could nonetheless cross the street.  So the wheelchair-bound could  cross the road to the grocery/drugstore/fastfood complex that services their neighborhood.  NOT so that sidewalks could become the new bike highways, allowing cyclists to scream through intersections without having to negotiate curbs at all. They’re called sideWALKS, you know.  And I expect, anticipate and check for traffic that’s moving at pedestrian/wheelchair speed coming along sidewalks. So if you’re speeding those sidewalks, especially going WITH traffic, so I can’t see you because of the parked cars between you and me? No apologies, hood ornament.

I could go on, but you get the idea.

Being an analyst, as well as a bicyclist, I look for solutions to these issues. Here are a few ideas.

Enforcement. What cop wants to chase a bicycle? Especially here in LA, where most of the cops are in cars, it’s a losing proposition.  A cyclist can elude a car, the fines are small, and aren’t taken seriously. Since bikes aren’t registered,  failure to pay has no result. But now, we can do photo enforcement.  Cops can take pics, citizens can take pics, and they can be posted online, with rewards for identification, paid from the car/vehicle size fines for the tickets that result.
Want to ride on the roads? Valid ID at all times, just like with other vehicles out there. Lights and brakes, and fines for missing them.  Various cities have tried bike registration and licensing. It hasn’t worked so far.  But carrying ID is simple. And when the cop pulls you over for no brakes, no lights, not stopping at the light, you can show him a valid ID, or he can take your picture and if you don’t pay within 30 days, your picture goes up, and a reward is offered for ID’ing you.

All laws for cars apply to you. Blow lights, cross streets by riding intersections, drive the wrong way in traffic, circle instead of stop and put a foot down at the red light? Ticket. Period.

Here’s a simple rule: If you couldn’t do it riding a motorcycle, don’t do it on a bicycle.

Exceptions:
We don’t let small children drive toy cars in traffic, and we don’t let cars drive along sidewalks. We understand those are bad ideas.  So twelve and under, on the sidewalk. Over twelve, in the street. The age is negotiable, but needs to be over ten and under sixteen. This way, years before they’re eligible to drive a car, kids will learn the traffic rules accurately. Probably improve the quality of drivers out there eventually. Both kinds.

Look, I ride, too. I’ve ridden the gravel roads and one-laners from Fairbanks to Anchorage, and PCH from San Francisco to San Diego. I ride in traffic on Venice Blvd in LA and the bike path on the beach there. I know what kinds of inconsiderate, angry assholes there are behind the wheels of those cars.

But every time you blow a stop sign, or surprise a driver coming from the wrong direction, you don’t just scare that driver and make him or her angry at you.  You make that driver angry at all the rest of us cyclists, who are trying to be vehicles, to move with traffic, to not show off or be jerks.  You are setting a bad example to everyone, including your own children.

So wear a helmet. Stop at the light and the STOP sign. Put a red rear light on the bike. Maybe four. Maybe flashing. A white headlight, too, so you can be seen by the cars turning left as you come at them. And put a goddamned brake on that front wheel, with the grip on the left handle, where every real bicycle brakeset puts the stronger brake. Seventy per cent of your stopping power is on the front wheel. Rely on your chain to stop from the rear wheel and you’ll always lose to a cable brake.

Want to be treated like a vehicle and get the respect (and space) of other vehicles on the road?  Then act like a vehicle. Same rules, no surprises. You already get to go to the front of every lane at a STOP. Isn’t that enough? If you couldn’t do it riding a motorcycle, don’t  do it on a bicycle.

I said I’d do a “brief launch” on this. 
Aren’t you glad I didn’t go long?
6/25/2013 1:50 PM