Found this via Ed Cone: Kevin Phillips doesn't think the average American can grasp the scope of our financial disaster, and because of that we're doomed to be continually led down the path of financial cornholery by the same abusers who have taken us this far. Have to say I probably agree, and when you read Phillips' post you might too.
The principal inventors, hustlers , borrowers and culprits were the nation's 15-20 largest and best known financial institutions – including the ones that keep making headlines by demanding more bail-out money from Washington and giving huge bonuses. These same institutions got much of the early bail-out money and as of December 2008 they accounted for over half of the bad assets written off. The reason these needed so much money is that they government had let them merge, speculate, expand and experiment on dimensions beyond all logic. That is why the complicit politicians and regulators have to talk about $100 billion here and $1 trillion there even while they pretend that it's all under control and that the run-amok financial sector remains sound. This is a much grander-scale disaster than anything that happened in 1929-33. Worse, it dwarfs the abuses of debt, finance and financialization that brought down previous leading world economic powers like Britain and Holland (back when New York was New Amsterdam). I will return to these little-mentioned precedents in another post this week. But for the moment, let me underscore: the average American knows little of the dimensions of the financial sector aggrandizement and misbehavior involved. Until this is remedied, there probably will not be enough informed, focused indignation to achieve far-reaching reform in the teeth of financial sector money and influence. Equivocation will triumph. This will not displease politicians and regulators leery of offending their contributors and backers.
Got this anonymous email today and thought I'd share to see if anyone's heard about this:
On Monday, April 6, an unnamed Urgent Care provider has announced its intentions to the open a new immediate care clinic in Clemmons, NC, located close to the proposed Novant Hospital location, pending state and local approvals. The clinic will feature the same state-of-the-art technology and equipment including electronic medical kiosks, digital radiology and flat screen televisions. Medical care services will range from school and sports physicals, lab work, x-rays, prescriptions, vaccinations and walk-in medical and urgent.
Last Month, Wake Forest University Medical Center’s physicians group announced plans to build another new $2 million to $3 million multispecialty clinic in Clemmons.
My anonymous emailer's address is "saynotonovant" at a free email service provider, and what I gather is that he (or she) thinks that Novant's proposed hospital will lead to more facilities being built in the area. I'm also supposing that he thinks one of those facilities is being built by WFU which is also building a hospital in nearby Advance. If all this is true we'll soon have a veritable health care mecca in Clemmons.
Penn Jillette writes a commentary piece that asks the right questions about our current straits in his own quirky way. It comes down to this: is spending our way out of the recession/depression a counterintuitive necessity like turning into a skid on an icy road, or is it a suicidal decision like accelerating your car as you approach an oncoming reinforced concrete wall?
Greensboro-based economist Dave Ribar has an interesting post about workers' comp, particularly how asymmetric information is contributing to the "war" between employers and employees.
Ken at The Seventh Sense reports on the new unemployment numbers and links to Robert Reich's piece on TPM where Reich says we're in a depression. The unemployment numbers are definitely depressing but are we actually in a depression?
Mark Cuban has written an excellent blog post about executive compensation and layoffs. In a nutshell he's simply asking why we don't reward executives who bust their butts to avoid laying people off. It's a good read, and love him or hate him, I think you have to admit he makes a great point. The first paragraph gives you a taste:
I have a simple question. Why are profitable companies laying off people ? I can see if a company’s survival is at stake. If payroll can’t be met. If debt can’t be paid. Then layoffs are a necessary evil. Even if companies have created cash flow deficits through their own mistakes, that’s the nature of business. Mistakes are made. What I have a problem with is that discussion of executive pay never includes whether or not the executive has been good enough to pre empt or prevent layoffs.
One of the things I love about this blog is that I often hear from people with different viewpoints and who really get me thinking with their comments or emails sent in response to something I've posted. Dwight Defee sent me an email about my Revaluation post from March 29 and I liked it so much I asked his permission to post it here. He graciously said yes so here it is:
This is response to your post of March 29, 2009. Jon. I can’t say that I disagree with you about annual appraisals: However, if that happens you and I had better be prepared for higher tax valuations and higher taxes annually.Even though annual valuations would reflect more accurate property values, who’s going to pay for the additional cost associated with such an accelerated project?We will, of course, because we are property owners and we are asking for additional services provided by the County Tax Assessor. In North Carolina, Counties are considered a political subdivision of the State.The State requires Counties to revalue Property every eight years but permits more frequent valuations. Quite a number of years ago ( I was a county employee at the time) the Tax assessor, Harvey Pardue, recommended that the County move from an eight year valuation cycle to a four year valuation cycle.He was hailed as a hero by the Utilities and Business communities and as a demon by residential property owners. The reason for this, as I understand, is that utility and business property was valued annually and residential property was valued every eight years. Since this was a period of growth for our County, Utilities and Businesses were clearly paying more than their “fair share” of the tax burden.When Harvey retired, his assistant, Jack Sprinkle, continued the quadrennial valuation schedule but was able to reduce costs with technological advances.After Jack’s retirement, Pete Roda took the reins as Tax Assessor/Collector and in my opinion has done a good job.As a former associate of Harvey, Jack, and Pete, I say unequivocally that I have the utmost respect and admiration for the job that they performed for the County. Now if you can convince the County Commissioners to provide for annual valuations, I’m sure Pete can handle the job…BUT…you and I had better be ready to help foot the bill for more employees (think salary & benefits), more space and equipment (think office space, desk, computer, etc), Transportation (some of these people have to visit property sites across the County), and other employee expenses that I can’t enumerate at this time. Sorry to be so verbose but I needed to respond to a person quick to criticize professionals employed by public entities which are governed by officials elected by the likes of you and I. DwightDefee Former Personnel Director Forsyth County, NC
Here's part of my reply to Dwight that explained a little better (I hope) what I'm thinking when I say that annual revaluations would be better than every four years:
Dwight, Thanks very much for the email. I think you make very good points andI have to say that I agree with you. I thought about the extra stafftoo but I figure that it will be paid for by the extra revenue thecounty would see.
In retrospect one of my errors is that I came across as thinking thatI blame Mr. Roda or the other folks doing the work. I don't. I alwaysassumed that they were working within boindaries set by the legislature. In other words if they calculate the property valuesusing a formula it is one they've been given and they do the best theycan. But that's not how I said it and that's my fault.
I actually think that if the revaluations were done annually it wouldwork out best for everyone, just like I believe that a flat income taxof 10% on everyone without any deductions would be better for everyoneand meet the country's needs (but that's a whole other topic). I alsoagree with you that we'd have to be prepared to closely watch ourcommissioners and the tax rates they apply to us.
I want to emphasize what I wrote in that second paragraph: I absolutely agree with Dwight that the assessor is doing his job very well. As far as I know he doesn't get to decide how or when revaluations are done, he simply makes sure his office carries out their mandate efficiently. What I'd like to see is that the people who do decide how revaluations are done find a way to do revaluations that are more representative of a properties real current value. Okay, I'm now off my soapbox.
The news story from Davidson County is one of those "stupid criminal" stories we get fairly regularly; a woman tried to pay her bail with counterfeit money. Here's the part that gives it that distinct North Carolina flair: she was arrested at her home on Nascar Fan Alley.
Well my post about the Time Warner's move to charge variable rates for high speed internet garnered more comments in a few minutes than I ever typically get on any post. Lots of good points were made and questions asked in those comments, the most obvious of which is how customers are supposed to tell how much data they're pushing through Time Warner's "tubes". Ben offers some excellent tips for how to track your internet usage here. I'm sure there will be much more on this story to follow.
So ER ends tonight after 15 seasons. Personally I don't think I've watched it in at least 10 years, but when it first started airing Celeste and I would watch it every week. I have fond memories of watching the show in its early years because our kids were toddlers at the time and we had no social life. We were living in the first place we'd ever purchased and we didn't have two nickels to rub together, so our entertainment was limited to whatever we could find on the tube. Even though we knew the show offered a portrayal of emergency medicine that was as accurate asCSI Miami's portrayal of police crime scene work we still found it a nice change of pace from everything else that was on the tube at the time. BTW Law & Order was another staple of our viewing week and that show's still going strong and it's one we still watch fairly regularly.
It's hard to believe that those same toddlers who were crawling around when ER premiered are now in high school and working on getting their drivers licenses. It's also hard to believe that I don't think I yet owned my first cell phone when the show premiered and I'm sure I never imagined that my kids would communicate with each other (and me) primarily by typing short text messages on their cell phones when the show finally came to an end. Man I feel old.
Befuddled 