Sometimes, the wisdom of the ages comes to roost in the most unsuspecting places. Who would have thought that a teenage mother with a dropout father/boyfriend would come out with the following inciteful comment:

"Like, your whole priorities change after having a baby."

I guess they need to push that idea a bit more in those abstinence-only classes.

BTW, did I mention that the author of such wisdom is Bristol Palin?

She also couldn't let it go with how badly the "evil" media treated her and her mother during the campaign after the news of her pregnancy broke.

Four years after losing their court case to have a religious precept be taught as a scientific principle, the folks of Dover, PA now get to have their noses rubbed in the dirt a bit more thanks to a sign posted a mile from their border on Darwin's birthday.

To emphasize how much these folks are sore losers that they couldn't push their religious views down other people's throats, here is a quote from William Buckingham, a former school board member who voted to have an Intelligent Design book used in a science class:

"It would be nice if free speech applied to Christians, too. This wasn't a trial; it was a fix. We didn't lose it. It was taken from us. And that judge is still a jackass."

It should be noted that the judge in question, John E. Jones, III, was appointed by Bush senior and is a Catholic (I think).

The full text of the article from my local paper may be found here.

And nizo, it's not about wanting an argument. It's about having the people who think an unknown, omnipotent being created everything to provide some evidence for their idea. NOT ask science to show its evidence, which is abundant, but for those who think Evolution is flawed to present their evidence to support their side. That's all.

To date, no one, not even the Discovery Institute, has ever presented any evidence to support their claim.

Apparently technology which changes ads based on who you are isn't geeky enough, but showing your art when the Google van comes by is.

Reminiscent of scenes from Minority Report, advertisers are starting to use technology which identifies who is looking at ads on video screens and change the ads accordingly.

Using small cameras embedded in the screens or along the edge, software determines who is looking at ads, for how long, what gender they are, approximate age and in some cases, your ethnicity. If the software identifies you as a young male, they might show ads for video games. For a young woman, cosmetics.

The manufacturers say their systems can accurately determine gender 85 to 90 percent of the time, while accuracy for the other measures continues to be refined.

here I am, stuck in the middle.

I think we can all remember a time when we were much younger and would surreptitiously put a note on a person's back saying 'Kick me'. Maybe some of you still do this.

Apparently I have such a sign on the back of my car which everyone else but me can see which says, "Hit me."

For the third time time since owning my car, and twice in the last month, I was rear-ended. The damage itself wasn't significant but there was paint transfer and my bumper cover is scratched about a yard wide.

This time it was a taxi and the guy admitted he didn't see me. Which is funny because a) I was the last person in the line of cars and had my foot on the brake, b) there were two lines of cars with their brake lights on, and c) it was at a red light.

Now, here's where it gets fun. Because every car I have driven someone has hit me, I've gotten to the point where I both know the routine and get ticked off more and more each time it happens. The other night was no exception.

I teed off on the guy who told me it wasn't a big deal, he didn't hit me that hard and it would buff out easily. Which completely misses the point that his incompetence caused damage, however slight, to my car.

Granted, my being angry got him angry but it was fun writing down his license plate and other information and watching his tune change. Especially when I told him I was getting a police report.

While we were waiting, I refrained from teeing off more on him and he asked if there was some way we could work it out, that he didn't want to go through his insurance because he already had points and one more claim would probably make him lose his insurance and thus his job.

Sob stories such as this don't work on me but I agreed to let him pay for the damages after the police report was filed. The cop came, wrote everything up and away we went.

Today I got all the information, estimate plus car rental, and the total will come to just under $500. I called his home phone number and left a message giving him the details and said I would front the deposit the rental company would want (obviously I would get it back so there's no loss to me). How much money do you folks want to wager he'll actually cough up the money?

I look at it this way: if he doesn't want to pay or can't, I'll go to the insurance company anyway. If it means he loses his job, I guess he shouldn't be running into people.

Listen up audiophiles, have I got a product for you. For only $64,000, you can get a four-arm, handcrafted turntable. Made from aluminum, bronze and stainless steel, a technician will come to your location to assemble, install and calibrate your new toy. It will even have your name engraved on it!

But act quickly. This is a limited time offer. There is a $27,000 one arm model for the cheap asses among you.

From http://iowa.gotthefacts.org/011607/9000/PX09617.pdf:

Confidential Memo

To: Microsoft Internal
From: Walmart/Linux Taskforce: Robin Bradshaw, Christine Briggs, Mark Croft David Hoffman & Tom Perrier
CC: Rogers Weed
Date: May 16, 2006

Summary

Microtel PCs without an operating system ("naked") first started appearing on Walmart.com in CY 01. We responded by workding with Walmart.com on the language that was used to market those PCs. The focus was on "anti-piracy" messages.

The first Microtel Lindows PCs appeared on Walmart.com in June 2002. We are responding with a taskforce and coordinated efforts to understand the situation and intentions of all parties involved.

To date, there has been a lot of press about the Linux PCs selling on Walmart.com (See attached list of articles.) The media has been mixed, some telling a positive story about the Linux efforts and some pointing out the flaws in the offerings. One consisten message is that these are "substandard" PCs based on todays technology advances.

There is one critical data point we are missing: volume. Walmart will not disclose the volume of Microtel PCs they are selling, and Microtell has told us they are under a "non-disclosure agreement with Walmart." We have been working on some tactics so attempt to obtain volume estimates, but at this time, we can't confirm any numbers.

- We understand that Microtel is shipping approximately 100 units per week on Walmart.com orders.
- We understand that most of the volume is at the $199 price point.
- We understand that most of those systems are shipping with NO OS. (Naked Systems)
- We understand that there has not been a customer satisfaction issue. Walmart sets fairly strict standards for customer return rates and service calls.

The PR activity and focus from Walmart has definitely increased out efforts to understand the Linux threat on the desktop. Several Linux PCs were purchased and evaluated. See the summary of those findings below.

Linux on the Desktop

Abcdefghijklmnop.....

Microtel

Microtel is a small system builder in the City of Industry California. A couple of principles in the company came from a previous OEM Mitsuba. Microsoft filed suit against them in _____ for piracy and they went out of business. They haven't been proponents of Microsoft, their volumes haven't warrented direct account management, and we just began to engage and build a relationship with them in 2002.

We started to engage with Microtel in the beginning of FY02, but the AM was met with a closed door and had little if no success. When the Lindows issue broke, Tom Perrier (tperrier), Microsoft System Builder RSM, discovered that Rich Hindman was their VP of Sales/Marketing (from Mitsuba). Tom had worked with Rich prior at AST Computer. Tat got us in the door and Rich is open to work on the relationship with Microsoft and Tom, but isn't sharing any information regarding their plans of volume. This is a summary of his progress with Rich:

1.) Continue the engagement with Rich Hindman to focus on strategies to differentiate the offerings as Microtel introduces a new wave of SKU's. This will seperate the offerngs and focus on the added value of the Windows based systems. (Avoid the current situtation where the $299 Windows Home SKU is the same config as Lindows model but $100 more for the same model with XP Home, with no other differentiation). This can be accomplished with scenarios like the Office XP 20-Day trial (in place today).

2.) They are still very "non-disclosure" oriented. I tried and tried, but could not get Rich to divulge any shipment data. I continue to think that the shipments out of their facility in City of Industry are small. In addition, Rich would not give me any real data for the current PRM Account Profilling that we are doing.

3.) All of the conversations with Microtel are centered on growing their Microsoft business, and improving the relationship between Microtel and Microsoft. We avoid any direct conversations on Linsows.

4.) Rich realizes and states that Microtel is getting increased focus and attention based upon their offerings on the Wal-Mart.com site. He will continue to take advantage of these opportunities as they arise.

5.) In developing the relationship with the local VIA Sales Rep, Roger Goh (rogergoh), System Builder AM was able to determine that the systems built for Walmart.com are build somewhere on the east coast, and the volume is approx 1000 a week. He was not able to get the mix.

Tom has been working closely with the taskforce team and David Hoffman on driving a longer term strategy with Walmart.com. Microtel seems willing to do the implementation.

Walmart.com

Retail relationship efforts have been historically focused on Walmart corporate and not walmart.com. There is a high level of autonomy at walmart.com. They are not managed under the same guidelines and processes as Walmart corporate. They are making their own decisions about product offerings. Luke Ellison is the Technology Manager at Walmart.com. David Hofman, Microsoft HRD Account Manager, has developed a relationship with Luke. He is eager to work on some additional Microsoft programs with David, but isn't sharing too much regarding their Linux plans. This a summary of his meetings with Luke:

1.) Luke is concerned that Microsoft is mad at them for selling Linux PCs.
a. He wanted to make sure that we knew that www.wal-mart.com is very "pro-Microsoft"
b. They feel that customers that purchase Linux PCs were never a "Microsoft" customer anyway, and that by offering Linux PCs, they were broadening their customer base
c. Their goal with Lindows was to hit a very low price point - if it sold, they would keep it, if it didn't they would dump it after 90-120 days. It's selling.

2.) "Naked PCs" (no O/S) are still outselling Linux PCs (but not by much)
a. They plan to start selling Windows XP OEM (bundled with mouse) as a standalone product (technically this is legit)

3.) All the machines are build-to-order and that www.wal-mart.com carries no inventory.

4.) They are currently working on a way to offer additional software bundles with all of their PCs (like Office, Anti-Virus, etc.)

5.) He mentioned that Microtel was upset about the E-machines deal with Wal-Mart retail, but that Wal-Mart didn't think Microtel could handle being a retail partner - it was just too big of a job for them.

David is working with Walmart.com to help them promote the Windows XP PCs that are listed on walmart.com today. In an effort to differentiate the Windows XP PC from the Linux PC, we are working on a consumer software title bundle to promote as part of the purchase of the Windows XP machine.

Next Steps

1.) Continue the relationship efforts with Microtel and Walmart.com. (Tom Perrier & David Hoffman)

2.) Develop a deeper understanding of the Linux efforts at other System Builders and OEMs in the US. (Datel, ZT Group, MEI etc) (Tom Perrier & Ken Goetsch)

3.) Work with Windows Team to understand options for a Windows XP eval solution. (Mark Croft)

4.) Stay close to HP and eMachines (tow OEMs selling PCs at Walmart) to understnd their efforts and position in the account.

DRAFT

http://www.startribune.com/stories/789/3341339.html

http://mslibrary/news/elecpub/csn

http://msnbc.com/news/813350.asp

http://www.pcmag.com/print_article/0,3048,a=30914,00.asp

http://www.desktoplinux.com/news/NS9675669942.html

http://www.extremetech.com/article2/0,3973,491621,00.asp

http://newsforge.com/newsforge/02/08/22/1855237.shtml?tid=23

http://biz.yahoo.com/fo/020821/doesn t do windows 3.html

Wal-Mart Sells Windows-Less Computers
Associated Press
Silicon Valley.com

USA Today: http://www.usatoday.com/life/cyber/tech/review/2002-07-17-walmart-computers x.htm

Linux finds fans at Wal-Mart
C/Net:

Sun, Lindows.com Strike Deal
Internet.com: http://www.internetnews.com/ent-news/article.php/1404731

Mandrake on Lindows
C/Net:

http://www.washingtonpost.com/ac2/wp-dyn/A35576-2002Jul20?language-printer

http://www.washingtonpost.com/ac2/wp-dyn?pagename=article&node=&contentID=A35576-2002Jul20&notFound=true

http://www.pcmag.com/article2/0.4149.470658.00.asp

http://www.pcmag.com/print article/0,3048,a-30914,00.asp

Those wacky Japanese. Can't live with them, can't live without them (and their oodles of tentacle sex, bukkake and other sex-related endeavors). Now you can add to the list, manhole cover art.

Ok, so it's been around for at least twenty years, but apparently, in typical Japanese style, now that the "fame" of manhole cover art is spreading, the various municipalities are trying to outdo each other.

Web site is only in Japanese but navigation is straight forward.

fyi - can't multiply cause of work, so I've become a twitter man... that's where I do my updating... if you twitter, my id is my last name...

#9. Slashdot is a plot by Microsoft to destroy the productivity of Linux users.

I have friends who were once tremendously productive programmers, until they started reading Slashdot. Then, the endless stream of links, updated a dozen times a day no less (so you don't go once a day to get your fix; instead, you keep a window open and hit reload every twenty minutes or so), steadily seduced them, until they eventually became babbling idiots, dribbling saliva from the corners of their mouths, ranting on the forums about the relative merits of Karma Whores and Anonymous Cowards. Can there be any doubt that this website is anything other than a nefarious ploy to destroy Linux by undermining the productivity of its developers? And is there any organization that would like to destroy Linux more than Microsoft? (Well, maybe the Santa Cruz Operation...) Is it any coincidence that just as the Feds were working out Microsoft's sentence, Microsoft sued Slashdot, resulting in a firestorm of geek ire that totally overshadowed the monopoly ruling?

#8. Screaming 14-year-old boys attempting to prove to each other that they are more 3133t than j00.

Need I say more?

#7. Technical opinions refereed by popular vote means lousy technical opinions.

Before the Internet, a certain breed of deconstructionists had a lot of fun telling everybody that "privileging of dominant paradigms" was wrecking the world. The Internet has taught us that privileging certain views is absolutely crucial to avoid drowning in the ravings of idiots. On Slashdot, many articles discuss technical issues---but comments are refereed by popular vote, and even though the populace of Slashdot readers knows somewhat more than your average set of people off the street, they still tend to promote (as in "moderate up") a lot of technical nonsense. Reading Slashdot can therefore often be worse than useless, especially to young and budding programmers: it can give you exactly the wrong idea about the technical issues it raises.

The pre-Internet publishing world had magazines, newspapers, and journals with editors. Respectable publications hired qualified editors. Those qualified editors were educated enough to make intelligent decisions about the quality of content. The Slashdot model removes the editors and substitutes popular vote, and the result (unfortunately) is that the quality level becomes incredibly inconsistent. It was an interesting experiment; it didn't work, not for Slashdot (though it might work in some other population of users). Too bad. Now, it's time to quit.

#6. Community myth that Linux is technically superior to any other operating system in the known universe.

People who do operating systems research, of course, think this is a joke. Dissent from this view in Slashdot, however, and you'd better be wearing your asbestos fatigues.

#5. Butt-ugly visual design.

Of course, this one's a matter of taste. However, in my analysis, the visual elements of the Slashdot site are basically hopelessly confused and wrong. From the cryptic links in the left margin, to the drop-shadowed graphics (hello, digital design cliche circa 1994?), to the offensively lousy color scheme (let's use circuit board green, because it's "News for Nerds", right?) I can't find much to like about the design of Slashdot.

#4. Gullible editorial staff continues to post links to any and all articles that vaguely criticize Linux in any way.

Blowhards (like the flock of irresponsible columnists over at the Windows-boosterism rag InfoWorld) have had tons of fun taking advantage of this tendency to drive hits to their site. On any given day, Slashdot readers are treated to another link to another column by another self-proclaimed pundit declaring that Linux is (pick one) unreliable, not scalable, not user-friendly, doomed, piracy-inducing, foul-smelling, or un-American. And irony was that the editors of Slashdot are falling right into the pundits' trap: inciting the Slashdot community is the one surefire way to drive up your hit count and hence your revenue from ad banners. Did the Slashdot editors ever wise up? Not that I ever saw. Given how tiresome the endless pro-Linux jihad had become by the time I quit, I have very little desire to go back and find out whether that's changed.

#3. Gullible editorial staff continues to post links to bogus pseudoscience articles by crackpots.

At the time I quit, the editors were posting links to theories of alternate consciousness, unified theories of the universe made up by people in their garages, and the like at a rate of two or three a week. And the number was only increasing. If I want to read articles that promote totally bogus pseudoscience, I'll open up the Village Voice. We don't need another webzine filling that role.

#2. Editorial/comment system pretends to be democratic but in reality most content remains firmly in the iron clasp of the editors.

The above problems with editorial could be solved if stories could be moderated as well as comments, or if editors paid attention to negative feedback about the posting of certain articles. However, the editorial staff, while pretending to be ideology-free selectors of any "interesting" content, in fact exert tremendous power over the content of the site, because they are the only ones who can select top-level links. They have furthermore demonstrated, for all the reasons above, that they cannot use this power wisely.

In fact, if you think about it, the links on Slashdot are easily an order of magnitude less interesting, on average, than those of Suck, Hotwired, or FEED---all of which are run by smart editors with good taste (and two of which are dead---thus proving that only the good die young). If you've read any of these webzines, you'll probably agree. Rob and Hemos simply don't compare, as editors, to Stephen Johnson or Joey Anuff.

So, really, it's time to ask yourself: why should I read Slashdot? Because it targets my demographic? That's a silly reason. So why not quit today?

#1. Two words: Jon Katz.

Every community has its resident gasbag. The difference between Slashdot and other communities is that they have the means to kick their village idiot off his soapbox, but they lack the will. If Jon Katz is not the single worst writer for any webzine, anywhere on the planet, alive today, then I am a penguin. His writing manages to be endlessly meandering and verbose, and simultaneously utterly content-free.

Notice, by the way, that I have not said a word about his technical acumen. It's not necessary to. Katz (who, like all opportunists, likes to paint himself as an innocent victim whenever he's criticized) makes a big deal about how there are "technical snobs" in the Linux user population who blast him for not being a technical genius. To tell the truth, Katz's inability to install even recent Linux distributions (which are arguably as easy to install as MacOS or Windows) on a run-of-the-mill x86 PC does testify to his general cluelessness. However, Katz is not a programmer or sysadmin; he's a writer. He must stand or fall based on the quality of his writing. And his writing is totally the pits. He would never have gotten published anywhere but Slashdot; even WIRED, cheerleaders of all things "digital" and "decentralized", finally got tired of his babbling and let him go. The cheesiest, most blatantly pandering "Hookers Who Read Proust" article on Salon.com displays more literary skill than the finest Katz screed ever to see the light of day.

To make things worse, Katz is also a shameless opportunist who regularly uses Slashdot to promote his books. And the Slashdot admins go right along with it. You can't criticize someone for their taste in friends, but you can criticize them for continuing in a relentless and blind nepotism that destroys the quality of the site.

No single factor wase more pivotal in driving me away from Slashdot than Jon Katz. Even when I registered for an account and filtered Katz out, still he made it into news items not labeled Jon Katz---presumably to promote sales of his book. What other webzine displays such a blatant disrespect for its readers?

But then again, Katz's pandering, one-note "Ich bin ein Geek" spiel may be exactly what the Slashdot audience deserves.

Simply put, it's time to quit Slashdot, once and for all.

Token Ring LAN (Score:2)
by crayz (1056) Alter Relationship on 06:59 AM -- Sunday April 16 2006 (#15137828)

(..to the tune of "Particle Man")

Token Ring LAN, Token Ring LAN
Doing the things a token ring can
How does it work?
It's not important
Token Ring LAN

Is it a drag or is it a waste?
When it's installed
Does it get replaced?
Or does that admin get axed instead?
Nobody cares
Token Ring LAN

Ethernet LAN, Ethernet LAN
Ethernet LAN hates Token Ring LAN
They have a fight
Ethernet wins
Ethernet LAN

Internet WAN, Internet WAN
Size of the entire Internet, man
Usually kind to the smaller LAN
Internet WAN

It's got a link with PPP band,
A T1 band, and an OC3 band
And when they're together it's a happy LAN
Powerful WAN, Internet WAN

Workgroups LAN, Workgroups LAN
Formerly known as MS LANMAN
Lives its life in a garbage can
Workgroups LAN

Is it depressed or is it a mess?
Does it feel totally worthless?
Who came up with Workgroups LAN?
Degraded LAN, Workgroups LAN

Ethernet LAN, Ethernet LAN
Ethernet LAN hates Token Ring LAN
They have a fight
Ethernet wins
Ethernet LAN

Ever wondered how the tech press all ends up talking about the same stuff at the same time and why so many stories look like dupes that make Slashdot look original? There was an editorial revolt against PR practices by TechCrunch and Wired spills all the beans. TechCrunch is tired of "Embargos", a practice where talking points are issued to everyone who's willing to wait till a specified date to publish. Both TechCrunch and Wired are fed up with spams by people too lazy to build propper relationships. Both report ugly details of abusive manipulation by the PR firms and their masters. Though TechCrunch apparently fears Waggener Edstrom, they were happy to show off an ugly letter from someone from a weaker firm. The arrogance displayed is breathtaking.

Lois is one of the most obnoxious PR people you'll ever meet, and the poster child for everything that is wrong with the industry. ... Lois takes pleasure in making people miserable, and her specialty is spamming. ... [here's what she wrote someone who asked to be removed from a list] "CES publishes a list of press. You are one of a few thousand. ... I have seen nasty people like you melt away faster than a snowball going up hill in the rain. I am waiting for an apology. Maybe we can meet at CES for a hug or a slug. P.S. I just visited your web site. I would hardly call your blog a publication, However, you do have very interesting content ...."

Translation: eat my spam or die. TechCrunch thinks the PR firm's days are over,

As the economy turns south, PR firms are under increasing pressure to perform and justify their monthly retainers which range from $10,000 to $30,000 or more. In short, they have to spam the tech world to get coverage, or lose their jobs.

It's good to revolt against these practices but they only scrape the surface of what's wrong with tech writing. Neither deals with OEM manipulation that always backs up the worst of hack writing. PR firms are also engaged in a whole other world of abuse, astroturf and heckling designed to stifle academic and professional conversations which fall outside of market force control. The sooner these games end, the better informed all of us will be. Traditional news has long failed to inform, now much of it also fails to make money.

Story also submitted to firehose.

Updates

• December 20, Slashdot discusses death of newspapers.
• December 26, Pew News Survey on death of print covered.

Yet another reviewer is tempted to Vista's annoyances and finds it still lacking.

Yes, I finally slowed down enough to let the Microsoft Vista steamroller catch me. ...

Although this PC is aimed at home and small business users, the Out Of Box Experience would make many of the people I know in those categories uncomfortable. First, the network connection didn't work. ... Second, the HP TotalCare and other setup crap gets really annoying. I'm almost certain I will delete most of these helper programs, but I'm going through all the standard steps just so I can feel the pain of all the users getting new Vista PCs this holiday. ... I had to download four big update files. I don't think these were for Microsoft, but for HP's software. Even more aggravating, while the main download popup windows sat in the middle of the screen, the task bar popups alerted me to start the exact updates that were already in progress. Speaking of progress, there doesn't seem to be much in this installation sequence over XP, at least not so far. ... Remember when nag screens were what you got from trial software, not purchased products? ... No sound from the speakers during installation, even though HP put a volume setting on the display like there should be sound. [he had to download drivers to make it work]

Elswhere, he describes his frustration with Vista networking.

Now that my sound function works, and I vented about the User Access Control, let's get to a serious problem: networking. ... Microsoft's bizarre configuration change turned DHPC into a source of incredible frustration. I've been fighting networks for over two decades and never, ever had to worry about DHCP before, but that was before Microsoft's incompetence with Vista.

Too bad he did not buy an HP system with GNU/Linux instead.

This one is worth preserving.

I hate Vista so much I want to cry. Bought a Vaio. The most useless $4k ever spent. It just will not join a sec-enabled network. ... I have nine macs!!!!!! I don't need another fucking mac. I just want ONE ARSING PC that isn't complete SHIT. ... Too late. It's going out the window. I can't put up with this sort of arse. Listemn I have parallels, I have fusion, I have 2 distros of Linux. I need jsut one, just 1 of cunting Vista so that I can review things. Forgive intemperate language, but every time I buy a PC they're worse, not better than they were before and it make me so angry I could kill. ... I've calmed down now. Vista and PCs are so crap it's funny

Nothing is so sad as the tears of a clown. Give up Steve, Vista's not worth your efforts.

To show you the brilliance of our IT security team, and why blondes have a reputation for stupidity, it has been decided that instead of having one password to sign on to SafeBoot and one to sign on to the network, we're now going with single sign-on.

For those not familiar with SafeBoot, it's a program that sits between the boot up and the OS load. We have the program loaded on our laptops as a security measure. It encrypts the drive and prevents unauthorized access. If you fail to provide the correct username and password, it starts to progressively lock the machine for longer periods of time before you can try again. First one minute, then 2, then 8 and so on. And yes, we've had people that have input the wrong information so many times, they have to wait an hour to try again.

Part of this came about because one of the PHBs wants it that way and another is because our security officer, a blonde, doesn't want to restart her laptop every day and have to sign on to SafeBoot because she can't remember two different passwords. But hey, she is attractive and perky so she has one of the key requirements to getting ahead in life.

And by the way, we've also moved to single sign-on for VPN.

So now, thanks to the brilliance of our security officer and the inability of our fearless leaders to remember 2 different passwords (the usernames are the same), we now have a huge, gaping security hole just waiting to be exploited.

Anyone interested in a few bucks to test our security?

If you want an inside understanding of the current financial bust, you could ask the man who wrote Liar's Poker. Or you could read his great essay on it.

Update March 23, 2009

Despite the extended looting and accompanying sucker's rally on Wall Street today, the current predatory lending and investment fraud crisis is showing it's true magnitude. Small wars have cost less than what this crisis has already cost and we are looking at the start of losses, not their end. Other interesting summaries come from Rolling Stone and alternet [2]. The people who described 12 deregulatory steps bought with $5 billion in lobby money can rightly say, "we told you so," have some interesting regulatory remedies. Here are a few interesting links that chronicle the details of the mess:

2008

• March 14 - Greg Pallast says the removal of Elliot Spitzer on private prostitution charges was done to make "bailouts," bank mergers and nationalization possible. He also gives a nice summary of the working of the predatory lending and "sub prime" mortgage scams. Stats: $250 Billion to bankers, 2 million homeowners on brink of forclosure.
• October 13 - Naomi Klein notices the "bailout" is little more than public looting. There has been no "nationalization" of banks because they are under no obligations. She further predicts that bankers will be back for more. Stats: $700 Billion spent.
• October 23 - U.S. Security and Exchange Commission Chairman Christopher Cox repudiates deregulation policies, "The last six months have made it abundantly clear that voluntary regulation does not work." He's talking about the "Enron loophole" where energy futures were and still are traded on the unregulated Intercontinental Exchange (ICE) where rampant speculation blew the price of oil and fattened oil company proffits. The price of oil doubled normally between 1988 to 2000 but the the market was deregulated in 1998 and 2002, shooting the price from $36 in 2000 to $60 in 2005 then a staggering $110 per barrel in 2008. This resulted in high gasoline prices that precipitated the housing collapse.
• November 27 - Alan Greenspan admits he was wrong about deregulating derivatives markets.

2009

• January 19 - Truthout jeers the second round of public looting that does little for homeowners and proposes two reasonable alternatives. The second alternative to TARP 2 is to give homeowners the difference between bubble price and current fair value instead of the banks. That would give people the ability to make their payments and rescue the banks. As things are proposed, homeowners end up with a lower priced mortgage but no equity or way to make payments and banks will end up blighted property owners anyway.