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.
This is how it begins: Doctors urged to limit practices. Next come the "guidleines," then come the one-size-fits-all requirements. At that point, the patient becomes helpless and choice-less, and the physician becomes an agent of the state rather than a confidential and private partner with his patient.
At that point, I will reluctantly quit and abandon you suffering patients - and myself when illness comes my way - to whatever unionized government lackeys, technicians, and drones they can find who are willing to pretend to take care of you, between their mandated lunch, coffee breaks, and 1 hour/day study time to master the government treatment manuals which will tell them what they can do for your age and category.
I have seen that kind of medicine, and will not be part of it. Watch for the politicization of medical care. Ugly. Every real and imaginary disease, and every real or imaginary treatment, will have a lobby in DC.
Government contaminates and corrupts almost everything it touches. Why any Psychiatrist or psychotherapist could be anything but Libertarian-minded is beyond my comprehension, because we are all about freedom, individuation, self-determination, and self-reliance.
No time to check the hearts of girls' dollies. A damn shame.
The riots by anti-Vietnam war protestors at the Democrat Convention in Chicago in 1968 received mostly favorable coverage from the major media at the time, as it bemoaned the police actions. Contrary to their expectations, public opinion was negative toward the protestors and Democrats seen as weak on public order, which helped elect Richard Nixon.
Democrat and Republican presidential campaign sages likely studied this and are planning for similar events in 2012.
Then, avoiding the draft motivated most college-age protestors to join in with radicals whose program was supporting North Vietnam. Now, the financial and career repercussions of loan debt and fading job prospects sends students to the barricades to demand continued societal financial support for avoiding their fate, and liberals are supporting this to defeat Republicans who want to face up to our debilitating deficits and stagnant economy.
That is the sharp difference between then and now. The anti-Vietnam war protestors, although having much support among leading Democrats, were largely independent of the Democrat Party and its organizations. Their primary target was to elect anti-Vietnam war Democrats and to confront Democrat presidential nominee Vice-President Hubert Humphrey for his public fealty to President Johnson’s war policies. Today, there is major financial and manpower support for the OWSers from a key and critical Democrat base, the liberal labor unions, and there are major Democrat leaders, right up to President Obama, publicly for the OWSers.
Now as then, protestors provoke police actions to clear their blocking of public spaces, not to mention police the violence and rapes occurring within their encampments or clean up their fetid messes. Now as then the liberal media neglect to report mush of the excesses by protestors and castigate the police, and by extension those who believe in public order.
A prediction. Although some OWSers will interrupt Democrats, (President Obama today replied to the OWSers, “You are the reason I ran for office.”) the Democrat powers behind the OWSers will try to gather them at the Republican presidential nominating convention in 2012 in Tampa, Florida, for a repeat of Chicago 1968. The question. Will the OWSers end up helping the Republican nominee’s election in 2012 as in 1968?
Snark question: Will they bus in "homeless" people?
"But, gee whiz, we sure have had a lot of weather lately, haven't we? Storms and droughts? Terrible."
The climate alarmists are corrupt and contemptible, but we try to be sympathetic to their scam. They need government grants to pay their mortgages, and we also understand why governments like this stuff - it means more tax income for them. Governments will take tax income anywhere and everywhere. They don't care where it comes from so they will get on board with any "crisis," real or imaginary. (With the MSM in the tank with them: See the NYT's "near-poverty crisis." We are all near poverty, for heaven's sake, unless we work. That's life unless you are on the dole or, on the other end of the bell curve, hit the jackpot and live in Hollywood.)
How many "crises" have governments used to rip us hard-working souls off in the past 30 years? It's always something, if only to justify their existence. Always a crisis to be addressed, and only government experts can deal with it. Who believes that baloney anymore? You can only cry wolf so many times until people learn the game. And you can model anyway you want. That's the beauty of models: you'll be retired when the long-term results come in. Too bad Corzine didn't have time for his models. Neither did Long Term Capital.
I think I'll fly to Paris in my plastic glued-up model of a P-15 I made in 5th grade.
Rahm Emanuel said it best: "Let no crisis go to waste." Meaning, government should grab power at every opportunity. These incompetent, sleazy, professional politicians know best. That's the Chicago Way, the old Big City machine way. It helps them maintain their meal ticket while others work to pay them for attending meetings, lunches, and lobster dinners while picking up chicks. Models, whenever possible, of course.
Of course, most of us at Maggie's would welcome a global warming trend. It would be a blessing to the darn human species, and would lower our heating bills in the Northeastern US.
Today, the first of two GDP revisions was issued. It was revised down from 2.5% to 2.0%. Revisions are a natural part of our economic reporting structure. We can't get all the data in a timely fashion, so certain guesses are made regarding the data that is missing when initial results go out. 'Guesses' should be incorrect. 'Estimates' would be the correct term.
It's not unusual for data to be revised downward, and it's not unusual for revisions to get little fanfare. What is unusual is the consistent nature of the downward revisions we have seen over the last few years and how little attention this receives.
I'm sure the bureaucrats view their 'guesses' as 'estimates'. But I wouldn't be surprised if they have been told to paint a pretty picture, within reason. Few of the downward revisions have been outlandish. Given the nature of the economy the past few years, however, wouldn't it make sense to have a slightly more negative outlook on the initial print?
No, because the initial print is what gets all the press and it's what everyone will pay attention to. Politics isn't supposed to alter the economic reporting, but in this administration it has taken a decidedly political turn.
Just as housework withers away, so the obligations of parents to their children wither away gradually until finally society assumes the full responsibility. Under capitalism children were frequently, too frequently, a heavy and unbearable burden on the proletarian family. Communist society will come to the aid of the parents. In Soviet Russia the Commissariats of Public Education and of Social Welfare are already doing much to assist the family. We already have homes for very small babies, creches, kindergartens, children’s colonies and homes, hospitals and health resorts for sick children. restaurants, free lunches at school and free distribution of text books, warm clothing and shoes to schoolchildren. All this goes to show that the responsibility for the child is passing from the family to the collective.
It's White Truffle season right now (Oct-early December) in Italy. Black Italian truffles are often jarred, but the fresh Italian White Truffle is "the diamond of the kitchen" and is only obtained fresh.
At $300/oz., they ain't cheap, but you shave them into paper-thin flakes with a truffle-shaver so just one truffle goes a long way in making ordinary things into something miraculous. One is good for many meals. That incredible funky, earthy fragrance is the thing. The rule is that you never cook truffle: only add it after the cooking. D'Artagnan has them now, until they run out.
My very best truffle experience was Woodock Ravioli in jus gibier, with shaved black truffle on top. Perhaps my best taste experience in my life. My chef pal and occasional hunting buddy made it for us, with Woodcock he had shot. (Non-American readers may not know that wild game cannot be sold commercially in the US. You have to fetch it yourself.)
Some friends treated us to dinner last Weds. night at their favorite Italian restaurant because they were having a special White Truffle Night there. We chose the Carpaccio with Truffle, the Truffle Risotto, and a wood-grilled Tuscan Steak on a bed of Truffled Potato. That's Italian! Not many places I know where you can get a real Tuscan steak. It's not bland like an American or Argentinian corn-fed steak, and it's grilled with Italian Bay.
They even had a White Truffle Gelato, but we passed on that.
I commented that, if I were eaten by a tiger on my way to the car, he would be pleased because I was White Truffle-infused.
Most of the time, when we want a truffle flavor, I just use truffle oil. It comes in either White or Black, and it is wonderful stuff. D'artagnan sells that, too. As with fresh truffle, you add truffle oil after cooking.
A preview performance of Chekhov's The Cherry Orchard at Classic Stage. Is Cherry Orchard the first modernist play? Some say it is. Plenty of ellipses, and disjointed communication. A comedy, sort-of, or a slice of life. Chekhov was a physician, a writer on the side.
Superb early dinner at the Blue Water Grill on Union Square. Mrs. BD had the Crab and Sweet Potato Hash. I had the Baked Cod with Lobster Mashed Potatoes. I didn;t pay attention to what our friends had. We had a jolly afternoon and evening in NYC. Blue Water is a Maggie's 4-star joint, especially for seafood. Perfect ambience, service, and food. I prefer the balcony, but there's more people-watching on the main floor. Their pic below:
I didn't want to use flash:
Took the subway, of course. Quicker and cheaper. The NYC subway system is a good IQ test, and a small d democratic form of transportation in the best sense. I have always enjoyed the subways. The whole thing was developed by separate private companies to meet market demaind, not by government planners. Works great, once you get the hang of it. The government took it all over, but I don't know why. Governments always have reasons to take things over, and it's usually all about money or votes.
14th St was hopping. Gotta love the vitality of a thriving, bustling city full of young, hard-working, ambitious, determined, and attractive people. That's the Empire State bldg lit up in the distance:
I realize that some of our readers own more firearms than can be easily listed (obsessional collectors, with too much money), but some just own a few.
I don't collect firearms, but I have two friends who are serious collectors, with hundreds of functional and valuable antiques of all sorts.
I have an ugly Savage 110, a Glock 9 mm (and a carry permit), a pile of old .22s, one lovely old Abercrombie & Fitch 20 ga s/s for grouse and woodock, a pretty Belgian Browning 12 ga o/u which I use for clays, a Rem 12 ga semiauto for deer, turkey, ducks and geese, and a few other nice old field shotguns in the back of the closet which I can't remember. I don't go for fancy: guns are tools, meant to be used and banged around.
While Italy is bickering over just how inhumane it is to raise the retirement age by 2 years in a 15 year span (which works out to a whopping 48 days per year) and will likely lead to mass riots and bloodshed in Rome before the idea is ultimately scrapped, things in America's own back yard, the country that now that the EFSF is finished will have no choice but to come to Europe's rescue via the IMF, are looking horrendous to quite horrendous. In fact when it comes to retirement, 80 is, we are sad to say, the new 65, at least according to Wells Fargo. And with average life expectancy in the US peaking at 78.1, it means that the typical American will have to work for an additional 2 years after death to pay for not only not having any retirement savings (thank you Bernanke ZIRP and VIX>30 stock market), but to make sure Europeans have theirs. You think we jest? Nope.
Read the whole thing. Years of cheap money, the housing bubble, and other bubbles resulted in a 20-year party built on credit and spending. (Of course, governments did the same thing.) Although most people continue to work after retirement, it is more pleasant when it is semi-optional.
On the other hand, if you spend most of your life drearily putting money into savings instead of living, you will get sick before you ever have a life with some fun and adventure in it. Sailing in the Med, fly fishing in Patagonia, hunting Ptarmigan in Alaska, cruising around the world, riding horses in Montana, golfing in Scotland - none of these things are (yes, "none" takes a plural verb) much fun to do when deaf, half blind, and with a colostomy bag, two bad knees, and a touch of dementia.
Honestly, I'd rather be working with the latter and have some of my fun in advance. Buy now, pay later. Health, like youth, is wasted on the young, and idleness wasted on the old. During my two years of zombie working, I'd like to be a WalMart greeter, just adding some good cheer to the world for a humble wage.
As an old-fashioned person, I always claim, whenever I do something wrong (and I do), "The Devil made me do it."
At the same time that I mean that, I also accept the notion of human agency. Every waking second of life offers choices, and I think a college bs post about Free Will would be sophomoric. All I will say is that what we feel, and how we chose to behave (absent severe mental illness) are entirely different things. Human dignity and civilization itself requires a distance and a delay between the two. Even animals exercise that delay.
A human without a reliably moral, executive "I" is a dangerous entity, an entity to be avoided if not locked away.
Has individual liberty been a prime value in American politics and policy since Coolidge? (We are defining liberty as freedom from the power and interference of the state.)
Do Americans talk liberty, but desire utilitariansm? Is real freedom too difficult or scarey for most people nowadays?
Secondly, three guys including Will Wilkinson discuss Libertarianism and Liberty in serious depth at Boston Review. At Maggie's, we believe that the "liberty cost" has to be a large factor in any policy equation, or else we aren't America anymore.
Today, you hear more about financial cost, health cost, and environmental cost, than about liberty cost. (Can I trademark the term "liberty cost," or has somebody else done that already?)
Seems to me that Repubs talk more liberty than the Dems, who have eliminated it from their political calculus since Woodrow Wilson. However, the Repubs talk it better than they act it. Have pols simply learned that, when it comes to voting, people want stuff more from the feds than they want freedom?
What the researchers omitted, as they went on to explain in the rest of the paper, was just how many variables they poked and prodded before sheer chance threw up a headline-making result—a clearly false headline-making result.
The odds of statistical bogosity grow when researchers don't have to report all the ways they manipulated their data in exploratory fashion. For example, the researchers "used father's age to control for baseline age across participants," thereby fudging the subjects' actual ages. They factored in lots of completely irrelevant data. And, rather than establish from the outset how many subjects they would test, they tested until they obtained the false result.
The authors of that provocative paper were Joseph P. Simmons and Uri Simonsohn of the University of Pennsylvania, and Leif D. Nelson of the University of California at Berkeley. "Many of us," they wrote—"and this includes the three authors of this article"—end up "yielding to the pressure to do whatever is justifiable to compile a set of studies that we can publish. This is driven not by a willingness to deceive but by the self-serving interpretation of ambiguity. ... "
A beautifully-restored turn-of-the-century summer "cottage" on the CT shore. These sorts of places originally had no central heat as they were indeed summer get-aways for prosperous New Yorkers, but they had plenty of coal fireplaces to take the chill off on cool summer or fall nights.
Third floor, as in most larger, pre-income tax era houses, was servants' quarters.
Very nice carriage barn too, with room upstairs for your chauffeur or gardener. In those days, there were tons of secure jobs for semi-skilled servants.
Many attorneys and many law profs generally assume that the Commerce Clause is dead and, indeed, was laid to rest many years ago. Whenever I bring up my sentimental and quaint views of the Constitutional limits on federal power, colleagues often see me as a naive artifact from a former age. Which, perhaps, I am.
Lawyers rarely deal with Constitutional issues, just with ordinary civil and criminal laws and rules and regulations (of which there exist more than anyone could possibly know or even be dimly aware of, thus providing people like me with tidy incomes).
Fact is, the late, lamented death of the original meaning of the commerce clause (designed mainly, as I understand it, to eliminate then-existing obstacles to inter-state commerce) opened the door to the Feds regulating and controlling everything and anything they want to. One might wish that the FFs might have been a little more explicit in their definitions and intentions, but they could not have anticipated every single language loophole the feds might have decided to exploit in their reaches for more and more power, control, and money - even though that was their greatest fear and the reason they bothered to write the thing in the first place. King George lll would envy the power of our current federal government. Loopholes are always for the Common Good, naturally. Antique that I am, for me freedom is the ultimate Common Good. To me, the meaning of "Freedom" is freedom from the power of the state far more than it is freedom from external threats to security, or German threats to Europe, or Islamist insanity.
I predict that much or all of ObamaCare is upheld by the Supremes, in deference to Congress. I deeply hope that I am wrong because the feds have shown little ability to run much of anything effectively or flexibly except the armed forces, much less 17% of the American economy. We'll all end up with USPS medical care, and it will be frozen in law so it can no longer adapt or innovate, or even try to help me and you outside of government guidelines.
When I was able to get on a military transport home to the East Coast from the West just before going on to Vietnam, it was all officers on board except me (then a Lance Corporal). Regardless of rank, I was fully treated as an equal. When we arrived at New Jersey's Maguire AFB, anti-Vietnam protesters surrounded the gates, blocking buses in to NYC. Several high-ranking officers invited me to share their cab, at no cost (knowing I cleared about $100 a month).
When I returned from Vietnam and was mustered out, all my college friends -- most opposed to the US in Vietnam -- threw me a welcome home party. It was totally sincere and non-political. Many told me I had experienced something they couldn't imagine and wouldn't risk, and wondered what that would add to my life or diminish in theirs. -- However, my first date after that was with a girl who asked if I'd killed any babies in Vietnam. I didn't date for many months after.
My point is that almost any who have an inkling, a modicum of sense, have respect for our service. As decades have gone by, most Americans have realized that respect is due.
All this is by way of introducing you to read all of Justin Timberlake's awakening to respect. Then, for rueful chuckles at a complete fool in a dangerous position of academic authority, I invite you to read this post, and wonder "why can't this jerk be more like Justin Timberlake?"
Math and science are difficult, and they aren't all about "what I think" and "what I feel." Failure is a good thing in a meritocratic field because it separates those with potential from those without. Whether it's banks or students, America needs more room for healthy failure.
Failure is more important than success, because more can be learned from it. In the end, success in achieving goals is better, though. Much more enjoyable.
Long-term mortgages may or may not be a good idea, but they do have willing sellers and buyers. In most of the world, mortgages are either rare or very short-term, ie 5 years, and are not tax-advantaged. From Forbes:
A 2005 paper by Adam Gordon describes the effects of federal mortgage policy from the 1930s until the 1960s. Congress created the Federal Housing Administration in 1934, and gave it the power to provide mortgage insurance to housing lenders. At the time, state and federal regulations strictly limited the kinds of mortgages banks could issue, which meant that mortgages were short—often as little as 5 to 7 years—and came with down-payments of between a third and half the value of a home. In the 1930s, the FHA convinced all 48 states to relax these rules for FHA-backed loans, arguing (correctly) that such loans were not as risky since they had the backing of the federal government. But most states did not liberalize the rules for banks with private mortgage insurance. In practice, this meant that FHA-backed loans were the only 30-year, low-down-payment loans on the market, giving the FHA de facto power to decide who would be eligible for such loans.
and
The FHA’s standards became a self-fulfilling prophesy. Young, upwardly mobile families in the market for a first home (at least the white ones) went where they could get the best deal, and thanks to federal guarantees that was the suburbs. Meanwhile, urban areas were starved of capital thanks to state laws that banned private parties from making long-term loans in those areas. Not surprisingly, suburban home construction boomed during this period, while urban areas stagnated.
The FHA and the mortgage interest tax deduction introduced giant distortions into housing markets. Just add "free" government highways to the mix, and you get what you have.
In my view, the FHA and the mortgage deduction are simply subsidies to construction industries and unions, and the freeways simply indirect subsidies to the auto and trucking industries and suburban construction industries.
Introduced to NYC's Central Park from the UK over 100 years ago, Starlings have made America their home. This dramatic murmuration was filmed in Ireland.
Actress needs work, takes job as housekeeper. Before my time, of course. Gracie Fields was the best. Including "The artfulness, the sinfulness, the wickedness of men."
Like Megan McArdle, I don't give a darn about income inequality or asset inequality as long as people do not starve in the streets, and have opportunity and freedom to make their own path in life, but, in many years of talking to people, the patterns and major causes of very low reported income - bottom 1-4% - just call it the 1% because Life has a bell curve for economics -are obvious to me:
- Youth, career beginning, and education debt - Single motherhood - temporary unemployment - Life style choice - Lack of marketable skills - Living where there are no jobs to match skills - Very bad luck - Mental illness, addiction, etc. - Lack of cultural mastery, whether via recent immigration or whatever - Chronic disabling illness - A history of poor decision-making and life strategizing - Low IQ - Character traits such as laziness, inability to get along with people, lack of organization, initiative, goals, self-discipline, or ambition, no discipline to save money, impulsivity, poor planning, lousy judgement, etc etc. - Income data gaps due to the numbers of people who work off the books (for a dramatic example, our clinic realised that there was a 30-woman prostitution ring working out of a nearby government housing project) - Choosing to work the welfare/disability/food stamp/child care etc. system (with a couple of kids, the all with full government benefits brings them up to a working class standard of living without working. That ought to be good enough, roughly equivalent to a $40,000 salary). Our support system will bring you close to $30,000/yr in cash and/or benefits including unlimited free medical care) - History of criminality or career criminality
Everybody knows these things, but they are never talked about. I think that list covers pretty much all of the income poverty that I have seen. I have been lucky, and have worked my butt off as a physician, and still am not wealthy. I work because I need to be useful. For wealth-building, being a traditional gal, I rely on my beloved hubby. I stand by my statement, however, that money isn't happiness. It just provides choices.
You have to have things and people that you love, independence, and integrity, to make a good life.
The wonderful Nicole Gelinas has an essay up at City Journal which reviews the history of the idea of retirement (invented, as you know, during the Depression in an effort to move older folks out of the work force), and the financial challenges would-be retirees are facing today.
People, especially men, are postponing retirement.
As one of those cussed, cranky Yankee types who intends to die at his desk, I don't think much about it, but for those greying Boomers who aspire to exit the world of productivity, many of them have more debt and less assets than they thought they might have. A quote:
Thanks to Botox and treadmills, the boomers are aging well. Their finances? Not so much, as some Federal Reserve numbers show. Baby boomers, like most Americans, have seen no wage gains for two decades. In 2007, families headed by younger boomers—those aged 45 through 54—earned a median income of $64,200, almost exactly the same, in inflation-adjusted dollars, as families in the same age group earned in 1989. (The comparison doesn’t work well for the older boomers—those aged 55 through 64—because, as we’ll see, people are retiring later these days, which skews their incomes.)
Read the whole thing. I have often said that what people seek, more than retirement, is financial independence. When they have that, they enjoy working more.
Is it just a coincidence that November 11 is the celebration of Veterans Day and St. Martin’s Day? I haven't found documented evidence that the two are connected. (The evidence of the connection may be in some memoir of decision-makers.) Yet, it does seem more than a coincidence, rooted in Christian and European culture.
St. Martin’s Day is widely celebrated in Europe, its roots going back to one of the earlier Christian saints, who as Wikipedia describes it:
The feast day is November 11, the feast day of St. Martin of Tours, who started out as a Roman soldier. He was baptized as an adult and became a monk. It is understood that he was a kind man who led a quiet and simple life. The most famous legend of his life is that he once cut his cloak in half to share with a beggar during a snowstorm, to save the beggar from dying of the cold. That night he dreamed that Jesus was wearing the half-cloak Martin had given away. Martin heard Jesus say to the angels: "Here is Martin, the Roman soldier who is not baptised; he has clothed me." …
St. Martin's Feast is much like the American Thanksgiving [a thanking for bounty harvest festival]…In many countries, including Germany, Martinmas celebrations begin at the eleventh minute of the eleventh hour of this eleventh day of the eleventh month….
In another Wikipedia entry, the widespread adoption of St. Martin as a saint to the military is described. “He was a brave fighter, knew his obligation to the poor, shared his goods, performed his required military service, followed legitimate orders, and respected secular authority.”
The armistice ending fighting (at least on the Western Front) was signed at 5AM on November 11, 1918, scheduled to take effect at the eleventh minute of the eleventh hour of the eleventh day of the eleventh month. The diplomatic wrangling leading to the armistice had gone on for several months. So, the fighting didn’t end just because of St. Martin’s Day, but the timing of the signing and cessation very likely was a reach into a shared meaning in Christian and European culture.
Today’s Veterans Day, in the US, and similarly timed observances in other countries, owes its roots to Armistice Day, and even to St. Martin.The word “chaplain” – military clergy from the various religions -- traces back to the “capellas”, early churches that had relics of St. Martin’s cloak, later churches being named “chapels”.
President Woodrow Wilson's proclamation of the first Armistice Day is fitting: "To us in America, the reflections of armistice Day will be filled with solemn pride in the heroism of those who died in the country's service and with gratitude for the victory, both because of the thing from which it has freed us and because of the opportunity it has given America to show her sympathy with peace and justice in the councils of the nations." Those who served, who we honor today, brought peace and justice at the ultimate sacrifices of comforts and, for many, of life. The eleventh minute of the eleventh hour of the eleventh day of the eleventh month is a well-fitting time to remember that.
Last night, I attended a 50th anniversary screening of "West Side Story". The event was for one night only, and having never seen it anywhere but on TV, my better half felt it would be fun to see on the big screen. As usual, she was right.
The film has been digitally remastered for the 50th anniversary release, with the sound and picture as crisp as if it were filmed today.
Prior to the feature there were short interviews of Russ Tamblyn, Richard Beymer, George Chakiris, and Rita Moreno. Turner Classic Movies then interviewed Chakiris, producer Walter Mirisch, and Natalie Woods' singing voice double Marni Nixon. Each preview offered insight to the casting, the production, the choreography and the amazing amount of training and effort that went into the production.
The seamless nature in which the singing was dubbed is not noticeable. Pitch, accents, and lip synching were all managed extraordinarily well. Meanwhile, the framing of the shots and choreography are phenomenal. This remains true today even if we compare "West Side Story" to movies which take advantage of modern film and audio technology.
Just like Jefferson County, Alabama, you cannot borrow forever, and when you begin borrowing (as we have begun to in the US) to make your interest payments, it's a bad sign, not sustainable unless God intervenes.
In my view, all Euroland can do now is to pray that somebody strikes oil in Provence or Tuscany - and I don't mean olive oil. Problem is, they don't pray over there anymore. I think they are screwed, and it will affect all of us. A slo-mo death spiral.
The Euroland project is in hospice care, it seems to me, on oxygen and IV morphine. There is not enough money available in the world to cover their crappy debt from their crappy, lazy, hyper-regulated welfare states, and they will never be able to pay it back. Never. Furthermore, as my Wall St. friend tells me, defaults will trigger more CDSs than anybody in the world can cover. It's a shit show, as they say.
I would advise getting popcorn to watch the earthquake unfold, but it can hit us in the US with a financial tsunami here, across the pond.
Maggie: "The problem with socialism is that you eventually run out of other peoples' money." She never mentioned that you can run out of credit, too.
Iffy as an investment, especially in the liberal arts, but a good thing for a kid who is desperate to deepen his thinking and expand his mental life but who cannot do it on his own. After all, even Thomas Jefferson and Bill Gates took one or two years in college before they quit.
The Occupy Wall Street protestors are right to be angry about the failed promise of higher education. Colleges and universities have fallen down on the job of developing the human capital we need to improve our economy and civic life.
The villain is not the lenders who played an incidental role in providing capital to creative writing majors, however. It’s the tenured bozos who gave them Derrida and finger painting in their formative undergraduate years instead of Plato and Aristotle (or a good course in computer-aided drafting). The Zuccotti Park crew should drop their beef with the banks and demand change from academia instead.
WSJ: Is an Ivy League Diploma Worth It? - Fearing Massive Debt, More Students Are Choosing to Enroll at Public Colleges Over Elite Universities
Most people I know would rather hire a University of Indiana Physics major than a Harvard English Lit major.
A national Baccalaureate exam? Fine with me, as long as I get to design it - and as long as anybody can take it whether or not they attended college because it would be an exam on what is often regarded as post-high school academic knowledge, however acquired. I would not trust anyone to design this thing except me. Among other things, it would contain Trig and Calculus, Physics, Astronomy, Plato and Aristotle, Shakespeare, the Bible, Econ, mechanical engineering, Ancient Greece, Biochemistry, Music history and theory, Civics and American history, Anatomy, Geology, Roman law, Statistics, Architectural history, accounting, a sample essay...and many more things of substance and rigor which one typically thinks of a college grad as knowing, plus special sections on subjects of claimed expertise. There are smart and ambitious high school grads who could possibly pass the exam. This would be an elite degree representing broad and deep achievement, which people could make of it what they will, and not replace the shoddy, ordinary college degree which only means you paid your bills for four years. I doubt my Baccalaureate exam would mean much to the job market, but it would be a meaningful life credential to parade around and would be challenging enough to supercede a college BA and maybe even a Rhodes Scholarship. I'd aim for a Pass rate of around 2-10% of those brave enough to take it.
Well, I'll get to work on a sample exam right now - if there's any money in it for me. Or perhaps just a separate blog post.
This is how it begins: 
It's White Truffle season right now (Oct-early December) in Italy. Black Italian truffles are often jarred, but the fresh Italian White Truffle is "the diamond of the kitchen" and is only obtained fresh.
I realize that some of our readers own more firearms than can be easily listed (obsessional collectors, with too much money), but some just own a few.
A 2005 paper
The wonderful 
Iffy as an investment, especially in the liberal arts, but a good thing for a kid who is desperate to deepen his thinking and expand his mental life but who cannot do it on his own. After all, even Thomas Jefferson and Bill Gates took one or two years in college before they quit.