We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
It's usually pretty good, satisfying, and adequately-compensated, but right now it's a bit of a bummer. The biz is slow and quite stressful, and it (corporate communications, PR, investor relations, marketing, etc.) is a good measure of the condition of the US economy.
Perhaps this is my winter depression, DSM 4 "Life sucks." I have not been skiing often enough. My bonus this year is half of last year's. I need a new hot girlfriend who can appreciate my annoying quirks and bad habits. Why can't the government give me some money and some cute sweet girls just be be my wonderful self, so I can go protest something, or go back up to Sugarloaf for a few days? I blame Obama. Everybody always told me that I was very special, wonderful and talented, but maybe they lied.
If my next big deal goes through this week, we can delete this post. Plenty of difficult work is all I want. If I am not working 7 days/week at my age, I feel like I am wasting my time. Thankfully, I am no Euro-weenie, and don't have a union job like my Dad did where they prevented you from working too hard or too long.
The country’s largely suburban and increasingly Southern electorate does not see big government as its friend or wise liberal mandarins as the source of its salvation. This sets up a potential political crisis between those who know what’s good and a presumptively ignorant majority. Obama is burdened, says Joe Klein of Time, by governing a “nation of dodos” that is “too dumb to thrive,” as the title of his story puts it, without the guidance of our president. But if the people are too deluded to cooperate, elements in the progressive tradition have a solution: European-style governance by a largely unelected bureaucratic class.
The tension between self-government and “good” government has existed since the origins of modern liberalism...
Excerpts from an interview in Private Wealth magazine:
From his perch at The Wall Street Journal, Robert Frank has become one of the nation’s leading chroniclers of the 1%. He has been the newspaper’s wealth reporter for eight years, writing about the lives, culture, economy, spending and investing of the wealthy....
Frank: To a degree, there has always been churn in the world of wealth. Austrian economist Joseph Schumpeter called it “creative destruction,” where one sector of the economy replaces another because of business and product cycles. But the cycles of wealth are now far more rapid, extreme and frequent. The old saying used to be “shirtsleeves to shirtsleeves” in three generations. Now it can happen in three years.
Before the 1980s, the top 1% used to be the flat line on the income charts—rising and falling less than the rest of America during economic cycles. Suddenly, in the early 1980s—1982 to be exact—the 1% started jumping off the charts, soaring far higher than the rest of the country during good times and crashing harder during recessions. They became like the binge drinkers of the economy....
First, more fortunes are tied to the stock market. The Dow Jones rose from under 1,000 in 1981 to 11,000 and change today. That fueled the creation of the largest number of new millionaires and billionaires ever in America, with the rise of stock-based pay—and entrepreneurs who started and sold companies, either through IPOs or mergers. Those fortunes, however, are far less stable, since the stock market is up to 20 times more volatile than overall economic growth.
The second reason is debt. The debt levels of the top 1% increased more than threefold since the 1980s, and many of the rich loaded that debt pile onto speculative bubbles or paper wealth. Leverage can be deadly, no matter how much you think is “manageable.”
The third reason is spending. Some of the wealthy went overboard with homes, cars, yachts, planes, vacations, handbags, shoes and other luxury goods because they thought they could afford it. As it turned out, many looked rich but were actually living one crisis away from financial collapse. Some of the wealth of the past decade was a mirage.
The wealthy are a more diverse group than ever, and on the subject of taxes, they’re as divided as the rest of the country. By sticking to this rich-get-richer narrative, the country may be missing the real danger, which is that we’re more dependent than ever before on a group that is highly unstable.
Prince: So what’s the solution? Frank: That was the hardest question to answer in the book. To solve the problem of high-beta wealth you have to roll back all the forces that have created inequality. You’d have to roll back all the recent advances in technology, you’d have to roll back globalization and you’d have to somehow wipe out most of the financial markets around the world. Not going to happen. So the practical solution is to better prepare for these wealth and income shocks. Governments need to create bigger, more robust rainy day funds that they can fill during good times and drain down during crises. As consumers and workers, we need to save more, spend less and borrow less to survive these cycles. And for those who aspire to be wealthly, they need to take money off the table as they’re on the way up and use debt sparingly. You can’t get around risk if you want to get rich today. But you can manage those risks and price it more intelligently....
And in a high-beta world, wealth no longer ensures stability and security in your life. What really matters in this world is doing something you love, having strong connections to family and friends, and making a contribution to your community or the world at large.
Have you ever bothered to see what happens to your town's recycling? Those bins and things you put out there - where do they go? And are you charged for this extra effort of yours?
In my home town, we have to lug cardboard to the dump excuse me, recycling center. Newspapers, too. We are also supposed to separate glass from metal, and colored glass from clear glass, and plastic from glass.
For all of this self-applauding virtuously annoying pleasure, my most recent research reveals that ours all goes to a landfill in upstate New York, some is trucked to West Virginia to be dumped in a swamp or something, and some is burned by a subsidized power plant. There is no market for this "garbage" other than the marketplace for meaningless virtue. Glass, plastic, and newspaper, for starters, are far cheaper to make new than to recycle. Who is making money from this scam which makes naive soccer moms feel better about themselves?
Do me a favor and find out the facts about your local recycling - where does it all finally end up, and whether you pay extra for the privilege. Let us know. I think there's a news story in it.
Another movie comment from the weekend, this time the new Tinker Tailor. I don't advise seeing it.
Not because it is poorly-done, but because it is impossible to depict the plot and the subplots of this complex Cold War counterespionage story in 2 hours. Had I not read the book, and seen the BBC miniseries several times, I would not have understood this film at all.
The gold standard for Tinker Tailor is the 6 hour miniseries with Alec Guiness as Smiley. It's one of the best things ever produced for TV. Ever. Even so, following the plot is difficult if you haven't read Le Carre's book first.
Reagan's end of the Cold War was a great loss for fiction.
If you are fascinated with Alzheimer's or are in love with Meryl Streep's phenomenal talents playing an Alzheimer's patient, see Iron Lady. If you have any interest in Margaret Thatcher as a person or leader of Great Britain, don't expect any of that in this movie. The non-Alzheimer's flashbacks probable amount to less than 20% of this disjointed movie, and are designed to conceal any utility of her policies or actions, such as when she is portrayed as viciously attacking the poor Argentinians despite the advice of her admirals.
In short, it is clear that Mrs. T and her politics were repugnant to the writers and producers, who are using Streep's fabulous talents in one of the more effective hatchet jobs (fortunately, the hatchet was so blunt the agenda is obvious to all).
Our webmeister is on vacation on Kauai, and emailed this pic of Koloa Church yesterday. Looks like New England, and not by accident.
A quote from the guest preacher at my own home church yesterday: "Go with Jesus today, and let Him take you to places that cash and Mastercard can't take you."
"Atheism is like AIDS: it robs you of the ability to repel invading viruses, philosophical or mental, by crippling the spiritual version of your immune system."
Dining in a clam shack can be cheaper, and far better, than eating at home. I love rickety little clam shacks. This one has a more extensive menu than the usual. Place is famous for the best Lobster Rolls in the world (in their opinion).
Why Sea Scallops cost more than Bay Scallops, these day, is a puzzle to me. The little Bay Scallops are much tastier, but the big Sea Scallops make a better presentation, I guess. Lots of people just don't know their seafood. I don't know much, but I think I know my seafood.
Charles Murray on Belmont Vs. Fishtown, about social class in America and the Founding Virtues: marriage, industriousness, honesty, religiousness.
It's a major essay. One quote:
...if you live in an affluent suburb, an upscale neighborhood of a large city, or in a college town, you do not need to read (David) Brooks to know what I’m talking about. You live in that culture. But it is also possible (depending on the circumstances in which you grew up) that you are no longer familiar with what everywhere else in America is like. The problem is not the lifestyle of the members of America’s new upper class, which in many ways is attractive, but the degree to which the new upper class has become sealed off from the rest of America.
Sometimes the isolation is geographic as well as cultural. In major cities and their surrounding areas, those top-ranked zip codes in which the members of the new upper class live are surrounded by other top-ranked zip codes that form elite clusters consisting of tens or hundreds of thousands of people, creating large bubbles within which life can go on without reference to anywhere outside the bubble. Even when the geographic isolation is not extreme, the differences in culture often are...
Study the whole thing. It rings true to me. Even in a small town where we know all sorts of people, we tend to hang out with people who play tennis and golf, own guns, read lots of books, discuss Plato, Marx, Freud, Adam Smith and Hayek, go to church, have gardens, and love opera. Otherwise, what is there to talk about except the weather? It's not defined by financial status, but rather by common interests and, sometimes but certainly not always, similar backgrounds and similar world-views (but excluding political views, generally, untiil one is clear about where one's companions are coming from).
We posted on The Art of Choosing a little while ago. It got me to thinking about one of my favorite topics, the choices of life goals.
There tends to be a political assumption that everybody is most motivated by material and financial goals, but it just is not true for many people unless they are in dire straights. Sad to say, many are these days.
However, in normal times, normal people choose their goals, and construct their plans to achieve them for all sorts of reasons: religious, following a passion, "life style" reasons, security, wanting to "make a difference," following a calling, etc. So, while most people could always use more money, that cannot be assumed to be what most people base their choices on. Just ask a toll-collector on the Mass Pike, or a Mass. State Representative why he/she picked the job.
... one reason that people differ in their incomes is that some people care more about having a high income than others. To put it in geekspeak, preferences over pecuniary goods (say, consumption) and nonpecuniary goods (say, leisure) are heterogeneous.
The heterogeneity is the point. We make compromises, don't we, between our practical goals and our emotional goals in the endless pursuit of life satisfaction? However, most people do not have a career-related passion, in which case money and material often become our culture's default choice. I am fortunate in having a spouse with two absorbing passions: doing deals and playing sports. The former frees me up to pursue my less-lucrative academic work and charitable interests, and the latter keeps him out of trouble (except for orthopedic trouble).
If your preference is to work hard and long, with rewards potentially commensurate with effort but with plenty of risk too, I suggest starting a business.
One fine fact about life is that we can change our goals as we grow.
"Pat Moynihan once encountered Nixon in the hall of the White House and said ‘Mr. President, James Q. Wilson is the smartest man in the United States. The president of the United States should pay attention to what he has to say.’"
... if you do good research on how the world really works, if you have the right data and the right assumptions, and you make the right arguments, and (even) if you do this in a nonpartisan and objective way, it will lead in the great majority of cases to conservative conclusions, because good research amplifies that the world operates, when it operates successfully, on principles that conservatives embrace. It reinforces our commitment to free enterprise, personal freedom, and military strength.
Several months ago, I stumbled onto a baseball article which intrigued me. In probably the best example of how an exchange of product and services doesn't have to have a winner and a loser, Major League Baseball witnessed a trade in 2009 that ultimately benefited every team involved. What is particularly odd about this trade is that there were more than two teams involved.
Three teams executed a trade which, over time, involved a fourth team. The three involved were Detroit, the New York Yankees, and Arizona. A player involved in the original trade passed through 4 more trades before landing with the St. Louis Cardinals. Essentially, this turned out to be a trade which allowed 4 teams to improve enough to reach the playoffs. Sure, it took 2 years, but at least everyone benefited.
As the saying goes, one person's trash is another person's treasure. It is sometimes assumed that there has to be a winner and a loser involved in every trade. But the networked nature of exchange can lead to net gains for all involved. In an example of Metcalfe's Law, 4 teams showed how markets can benefit everyone, even in baseball where there are usually winners and losers.
Beurre Blanc is for seafood. Dynamite simple sauce for baked cod, haddock, scrod, or scallops. The trick seems to be the (unnecessary for flavor, but useful for the process) dollop of heavy cream in the saucepan.
At Watts: Green Movement Dead In The Water. It's been said many times before, but it certainly seems moribund. Problem is that too many people, and governments, make big bucks from the scam.
I remain in favor of more warmening for the benefit of the human species, but am preparing for the coming Ice Age apocalypse by buying a 1-BR condo in West Palm. (Just kidding. Florida is not my kind of place.)
WHO THREW THE OVERALLS IN MISTRESS MURPHY'S CHOWDER?
Mistress Murphy gave a party just about a week ago, Everything was plentiful, the Murphys, they're not slow. They treated us like gentlemen; we tried to act the same And only for what happened, well it was an awful shame. When Mrs. Murphy dished the chowder out she fainted on the spot; She found a pair of overalls at the bottom of the pot. Tim Nolan he got ripping mad, his eyes were bulging out, He jumped upon the piano and loudly he did shout.
cho: "Who threw the overalls in Mistress Murphy's chowder?" Nobody spoke so he shouted all the louder. It's an Irish trick that's true, but I can lick the Mick that threw The overalls in Mistress Murphy's chowder.
They dragged the pants from out the soup and laid them on the floor; Each man swore upon his life, he'd ne'er seen them before. They were plastered up with mortar and were worn out at the knee, They had their many ups and downs as we could plainly see. And when Mrs. Murphy she came-to she 'gan to cry and pout, She had them in the wash that day and forgot to take them out. Tim Nolan, he excused himself for what he said that night, So we put music to the words and sang with all our might.
cho:
(Trad. Irish pub song - correction, a Vaudeville tune)
To now, Ron Paul has been given prominence due to his poll results. Libertarianism and restraint in foreign involvements appeals to many Republicans as well as to others disillusioned by the overstepping of federal intrusions into our lives and the often bumbling and always difficult implementation of foreign policies. But, Ron Paul is not the answer. Indeed, his simplistic and conspiratorial utterances, his views shared by those who most actively oppose or attack the United States and its allies, place him beyond any pale. This ad takes his foreign policies head on:
Or, Glenn Beck reveals the committee Paul formed with Barney Frank, of all people, to reorganize defense with a $1 trillion cut: 11 out of 14 are funded by George Soros! Oh yeah, Paul has his head screwed on, backwards.
Our hunting friends all must have pheasants in the freezer at this time of the year.
This may be my favorite Pheasant recipe: Pheasant Braised with Red Cabbage and Apple. I plan to make some soon. A simple dish, but a treat for dinner guests. The meat must be pink in the middle but the skin crispy. Forget the legs - pheasant legs can only be consumed in a confit.
I like to throw a splash of reduced gibier sauce on top, to finish it off. A Pinot Noir is a good idea too - a white wine is always wrong with poultry and/or game birds.
If you have a favorite Pheasant recipe, let us know.
Have you ever bothered to see what happens to your town's recycling? Those bins and things you put out there - where do they go? And are you charged for this extra effort of yours?
Another movie comment from the weekend, this time the new 
How 
Three teams executed a trade which, over time, involved a fourth team. The three involved were Detroit, the New York Yankees, and Arizona. A player involved in the original trade passed through 4 more trades before landing with the St. Louis Cardinals. Essentially, this turned out to be a trade which allowed 4 teams to improve enough to reach the playoffs. Sure, it took 2 years, but at least everyone benefited. 
Our hunting friends all must have pheasants in the freezer at this time of the year.