Archives for September 2007

I’ve often wondered about the eye rolls I must get from readers who come along and land on one of my posts asserting that America is a fascist country and has been for a very long time.

Well.

Roosevelt himself called Mussolini “admirable” and professed that he
was “deeply impressed by what he has accomplished.” The admiration was
mutual. In a laudatory review of Roosevelt’s 1933 book Looking Forward,
Mussolini wrote, “Reminiscent of Fascism is the principle that the
state no longer leaves the economy to its own devices.…Without
question, the mood accompanying this sea change resembles that of
Fascism.” The chief Nazi newspaper, Volkischer Beobachter,
repeatedly praised “Roosevelt’s adoption of National Socialist strains
of thought in his economic and social policies” and “the development
toward an authoritarian state” based on the “demand that collective
good be put before individual self-interest.”

Keep rolling them eyes.

(Warren Meyer)

Interesting to read lefties observe Ron Paul’s campaign (via Rockwell). Interesting comments, too. One points to this video I’d not seen.

Turns out the guy who made it, ‘aravoth,’ has made quite a number of impressive compilations, including this. Here’s his YouTube page.

It’s going to be hard for the 2008 election industry to ignore what happened in Ron Paul’s campaign this last week. Some are going to to report it, so others won’t want to be seen as missing a real story. Maybe you recall the press he got at the end of last quarter, when it was learned he had more cash on hand than McCain. Once that got out, news outlets were compelled to deal with it. It’s a matter of getting the snowball rolling, and this might do it, again.

A little less than a week ago, Paul’s campaign set out to finish the quarter with a bang, by raising a half-million in the final five days of the quarter. When that goal was hit at about the halfway point, they increased the goal to $1 million. At this writing, they stand at having raised  $1,057,000 and there’s still nearly a day left.

I don’t vote, but I did kick in $200 for my part, and I’ll continue to do so over time. I still think actually winning is a very long shot, but it’s worth getting his message out. Just seeing the cheers he gets in the various debates, as well as winning most of them in the Internet and call in polls (until those get swept under the rug by powers who find such results embarrassing) is worth it. All of this ignoring of Paul has been predicated on the notion that his campaign can’t possibly contend seriously, so he’ll eventually go away. It’s about the only thing they can do. If they’re right, no one will care they did their best to ignore and marginalize him; and if they’re wrong, it will be irrelevant. And money talks. The news media is going to promote anyone’s campaign that has significant dollars to spend in political advertising over the next year on their networks. Paul is closing in on such levels.

Not a bad week. The market went essentially nowhere, but because of some of the trades I made at the lows for the week I’m up pretty good overall in spite of today’s down day. My guess: pretty big up across the board next week, and if so, I’m positioned for a serious killing. We’ll see.

You know that Crocs (CROX) trade I told you about? I’m still riding that one, now at a gain of nearly $11,000. I’m closing in on 100%, there. I also entered about the same $16,000 in calls on SAP (SAP) at the same time as Crocs and had to feel the heat for a while as yesterday, at the low, it was showing a loss of about $4,000. Today I’m almost back up to break even on it. We’ll see how that goes, but if it doesn’t get it in gear early next week, I’ll bail. I have sights on both Echelon (ELON) and Nvidia (NVDA) and that SAP trade would be the one to close in order to cut opportunity costs. Other than that, I’ve got some ProShares leveraged ETFs on the S&P and Qs, as well as some call options on both for even more leverage. All were entered near the lows of the week, so we’re looking good.

Today’s selection is The Traveling Wilburys. Quite and eclectic bunch, and even though neither Tom Petty or Bob Dylan shine in this particular one, both George Harrison and Roy Orbison make up for it in spades. And tun it up, wouldja?

This was already all over the blogs by the time I got up this morning, and Greg Freeman (that’s what you think) comments on another post about this bit of news.

For 11 years, Pedro Zapeta, an illegal immigrant from Guatemala, lived his version of the American dream in Stuart, Florida: washing dishes and living frugally to bring money back to his home country.

Two years ago, Zapeta was ready to return to Guatemala, so he carried a
duffel bag filled with $59,000 — all the cash he had scrimped and
saved over the years — to the Fort Lauderdale-Hollywood International
Airport.

Nope; the mariachi band was not in attendance that day. No teary but joyful send off for a guy who’d worked hard and achieved something in 11 years that few do in an entire lifetime: saved the equivalent of five year’s pay, all together in one spot: a real American Dream for someone of his background. And yep; the federal government stole every last penny of it. And two years later, he hasn’t seen a penny, though the Feds did offer to "settle" with him by giving him back a fifth of what’s his, $10,000.

But, you know; rules are rules and the law is the law. Sure is. You’re getting everything you want, and you’re getting it good and hard, you freedom-loving Americans, you.

Billy has some good words on an awful thing.

Here’s the Texas Legislature, which, among other things, is voting to limit voter fraud.

(Balko)

Thanks to commenter Matt who came up with this example of a cop who murdered a motorcycle rider because he refused to stop. I could quote from that article, but it’s better to read the whole thing, because you must understand the underlying logic; how the decision is essentially mandatory by the court and perfectly logical. It made exactly the correct decision, given the premise and logic of the state and police forces.

You see, nobody — certainly not those intelligent judges — would dispute various facts.

1. There was no high speed involved.
2. The police car ramming the motorcycle (twice) was a greater danger to the rider, the officer, and other vehicles than was the motorcycle’s improper passing maneuver.
3. The event for which the police car rendered chase had already past, so presented no further danger to anyone else.

The federal appeals court ruled items 1 and 2 irrelevant, even though true. Yet, it’s item 3 that holds the potential of this being a just killing; i.e., the motorcyclist is currently (i.e., right now) engaging in activities that present a real and present danger to others, within the context of what’s going on (a busy roadway) and less violent alternatives (setting a moving roadblock a-la the OJ chase) to keep others clear are impossible or would take too much time. This is all within the scope of any intelligent man or woman to think through the possibilities — if reverence for human life were paramount.

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News headline:

GALLUP: Trust in Federal Government, On Nearly All Issues, Hits New Low — Even Less Than in Watergate Era

Relax. I’m sure things will be right back up to the normal level of foolishness right on schedule for the primary season and on into the general election.

(McQ)

Looks like Brett Darrow (and more) is getting plenty of "protection" and "service" these days. I’m sure those officers are just making sure none in their ranks go and do something stupid. I’m just sure of it.

(Balko)

Have you seen the billboards? Isn’t is amazing how much value Google delivers for free? I don’t think "awesome" is an overstatement.

All the while, focus will be turned over the next year to who you want next to dictate to everyone else some set of values closest to your own (unless you support Ron Paul). For such "great value," you’ll be happy to hand over (under threat of force) upwards of half the values you produce.

You may not see that as quite the revealing juxtaposition, but I sure do.

Well this is getting the rounds today, so I don’t even know where I saw it first. Cops Writing Cops. It’s a site dedicated to exposing the horror of some police not extending "professional courtesy" (euphemism alert) to other cops.

As I am driving, I’m really not paying attention to where I am at or how fast I was going.  I was pretty much keeping up with the cars in front of me and next to.  Most of the time I had my cruise set at 77-79 in a 65. […]

After stopping hundreds of cops on Lake Shore Drive, some state, I was getting a ticket.   I have friends in state police districts 2, 5 and of course Chicago.  This troop, Trpr Schroder #3512, from district 6 is the only officer to ever give me a ticket while I have been a police officer. Congrats to you.

He goes on to explain that he’s written 20,000 tickets in his career. I’m speechless. But it’s just the tip of the iceberg, if you can stomach going to take a look at a few of those.

I think Crocs are a crock. It’s amazing. Make a variety of injection molds, mix up various bright colors of foam rubber, gets the kids interested, and whamo! You’ve got a hit. They look ridiculous, but who am I to judge? (click to enlarge)

Not a bad run over the last year, eh? 400%. Anyway, in one of my rare individual equity trades (mostly I trade index derivatives) I bought just over $16,000 worth of Oct call options yesterday right as it was breaking that horizontal line it has been hitting its head against for two months. I was up nearly $4,000 by the end of the day, and up $7,000 as we speak.

Go stupid looking shoes!

I suppose I’ll have to tell you all about a losing trade here, soon. Gotta keep the selection bias within some measure of reason.

Don’t you dare have a few drinks at a wedding (watch the video). Do you understand how this single mom’s life has been irrevocably harmed for the rest of it? Listen to her. How many times will she have to relive that dread and horror over the space of her life? And for what? Who did she hurt? It’s not even worth using expletives anymore.

CBS claims that up to 200 people have been killed by these "non-lethal" tasers.

(Rockwell)

Update: My mom emails me with a perspective I had not considered.

I saw the
video this morning as I was getting ready for work. This sub-human is nothing
better than a rapist. This pig was rapping this woman. Look at his body
language, his face, he is enjoying every minute of his power show. He is loving
his control of her, his power over her, her life is in his hands. He is loving
every minute of hurting her. Exactly the mind set of a sexual rapist. This
woman was absolutely no threat to this beast at all. I sat and cried as I
watched another women being raped.

Note to the pig, Richard Kovach: You know, the Japanese have a long tradition in redemption for bringing this kind of shame upon one’s self. Look into it.

Gordon Haave, blogging at Daily Speculations raises a point I’ve been thinking about a lot, lately.

Prior to the Federal Reserve, there were private bank notes. They traded freely, such that if a bank was deemed to have too few reserves, the notes traded at a discount. In the late 1800s there was a big information problem, not only on the quality of the banks, but also authenticity of notes, because of distance. Does someone in St. Louis recognize a bank in New York?

All those problems would be gone today. Citibank and B of A would issue currencies. They would be backed with real assets (like a money market fund, sort of). Everyone would have a real interest in bank solvency, and if banks did silly things, their notes would trade at discounts and their customers would be miffed.

To recap, I’m not a “gold bug,” and never have been. It’s the state monopoly, stupid. Whether the federal government backs its currency with “full faith and credit,” dynamically intervening in the credit markets with interest rate adjustments, or with gold, seems hardly relevant to me. It’s a monopoly currency, and that’s the problem, assuming there is one. And given what I think I know, credit offers a lot more flexibility than some commodity backing. I recently blogged about all this. Promises to repay, issued by responsible people and institutions, have value to anyone with any sense. In short, I think that a gold standard would be economically stifling. And besides all that, much of the “printing press” money libertarians lament is actually secured by real property and other assets (cars, boats, airplanes, machinery and equipment).

On the other hand, if money were created by separate banks, worldwide, at will with no external restrictions, then they themselves could determine their own proper balance of securitization with warehoused commodities, financial securities, real property, consumer goods, capital equipment, and unsecured promissory notes. Then these currencies all trade on the world market.

You, as a “consumer” (I loath the term), could actually maintain a portfolio of currencies (you can now, only they’re all government monopoly currencies) issued by various banks. Banks could even issue a number of different currencies, backed by a different mix of things (like institutions offer mutual funds in different risk, volatility, growth, and income categories and combinations). You could hold them or trade them, just like you can do with stocks, bonds, mutual funds, and ETFs. You might have 70-80% of your currency portfolio in ultra conservative currencies (gold backed, 100% reserve, or whatever), and then have some risk spread for the rest, from moderately volatile to “insane” venture capital sort of risk where you invest lots of pennies, lose most of them 100%, and even now and then, one grows from one penny to 10,000 pennies.

And then everyone could operate on whatever standard they wish, that the market will provide. This would not have been possible for most people even a dozen years ago. It has only been since the advent of online brokerage accounts over about the last decade that this has become possible — for both individuals and institutions.

While there are nonetheless moral distinctions to make, Murray Sabrin’s argument is worth taking a minute to ponder.

President Ahmadinejad has made provocative statements, to say the
least, about the Holocaust and the State of Israel.  As a savvy
politician Ahmadinejad knows how to push the international community’s
buttons. But if he is a Holocaust denier, someone who has called it a
“myth,” then his understanding of European history is shallow, at
best.   

However, there are American politicians — and scholars — whose knowledge
of our own history is shallow or wrapped up in myth:  Lincoln is the
“great emancipator,” Teddy Roosevelt was a great president because he
was a “reformer,” Woodrow Wilson was a great leader because he wanted
to spread democracy, FDR saved American from the Great Depression with
the New Deal, Truman had to nuke two Japanese cities to end Word War
II, LBJ was a compassionate architect of the Great Society, etc, etc.
Yet, not only do American politicians get air time to repeat these
myths of American history but some of them are  revered by the media
and are running for president.

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Of liberty I would say that, in the whole plenitude of its extent, it
is unobstructed action according to our will. But rightful liberty is
unobstructed action according to our will within limits drawn around us
by the equal rights of others. I do not add “within the limits of the
law,” because law is often but the tyrant’s will, and always so when it
violates the right of an individual. [added emphasis mine]

I’d never seen that before, but it’s excellent, particularly for its subordination of the law to liberty. I’ll add that if you accept that definition, then you must honestly infer by consequence that America simply does not operate on this principle. America is not a free country of individual liberty. It’s just not, and that’s a plain fact. Via Rockwell.

I hadn’t known about this film until just this afternoon, looking for something to do. Bea wasn’t feeling great, so I rang up my dad. I knew that unless he was involved in something he absolutely couldn’t pull away from, there was a 100% chance he’d go. See, after leaving the Nevada Air National Guard as a jet engine mechanic in the early 60s, he went to work for Rocketdyne in the Nevada desert as a technician for the descent engine for the Apollo Lunar Module. He claims to be the first to ride that engine. Something was amiss after a test firing while he was on the test stand, it fired again, and moved down the track some yards. So far as I know, his claim is undisputed. So it was no surprise that in spite of getting to the theater about five minutes before our appointed meeting time, he was already there with my ticket in hand. I bought snacks.

The film is amazing. Quite a lot of footage I’ve never seen before, and I’ve seen a lot. Lot’s of lead-up and behind the scenes footage too. And the interviews with the guys — their insights and perspectives — are just a wall-to-wall treasure. Really something to see.

The last time I went through the Air & Space at the Smithsonian, I recall seeing an area dedicated to the world’s reaction to the moon mission and it’s even more extensive in this film. In watching how obviously idolized America was in that time, It brings to mind a sad state of affairs today.