Category Archives: Political Commentary

Arrogance

More projection from a leftist:

Just a few days ago in a meeting with American CEOs of American banks, President Obama’s tone and attitude were rife with the arrogance, dismissiveness, and derision he had just criticized in Europe. A participant in the meeting told Politico that when the CEOs tried to explain that the nature, complexities, and competition of the finance and banking industries required that they continue retention bonuses for their employees, the president became impatient. He interrupted them and said, “Be careful how you make those statements, gentlemen. The public isn’t buying that. My administration is the only thing between you and the pitchforks.”

The imagery behind Obama’s threat couldn’t be more obvious: comply with my demands or I will make sure you are harassed, intimidated, and run out of town on a rail. He made them an offer they couldn’t refuse. Don Corleone couldn’t have said it better.

We can not forget, however, that it was Barack Obama himself along with his fellow Democrats who agitated this mob-like frenzy about the banks, the CEOs, and the bonuses. It was Obama who said the bonuses were an “outrage” and a “violation of our fundamental values.” Democrat Barney Frank hauled AIG’s CEO in front of the House Financial Services Committee and interrogated him, demanding to know why he approved the hundreds of millions of dollars of bonuses. Conveniently, Congressman Frank failed to mention that the approval was inside the very stimulus bill Obama championed and the Democrats overwhelmingly voted for.

Funny, that.

Jim Muncy

In about half an hour, Jim Muncy of the Space Frontier Foundation will be talking about space policy issues, particularly the dreaded Gap. Look for live updates after the current break, when I get back to the computer.

[OK, speech starting]

Jim (unusually) has charts. Title: Mind The (Space) Gap. Another troublemaking project of the Space Frontier Foundation.

Back in 2005 CEV (Orion) was not aimed at ISS. No requirement for ISS, and Steidle didn’t want it to. Number of innovative architectures considered. Steidle proposed a “nontraditional crew” development effort over 2005-2008 to address if you could take the Burt Rutan SS1 approach and use the commercial market to build the reliability of human earth/orbit systems so that NASA wouldn’t have to “human rate” vehicle that would launch CEV. CEV could go up uncrewed, and meet crew on orbit. At that time, NASA forecast a four-year gap from 2010 to 2014, even with risk reduction of two CEV contractors and nontraditional effort. That was the plan.

Then came Mike. Had to get rid of the gap. Was “unseemly in the extreme” for the US (read NASA) to not have a human launch capability, maybe even a national security issue. It was no longer about getting NASA beyond earth orbit, but it became about “closing the gap” because it was just wrong for NASA not to launch humans into space. He says that it’s not Apollo on steroids, it’s Gemini on steroids. What we’d be left with after Ares 1 and Orion would be Gemini in capability, with a larger capsule.

Some doubted hysteria, and didn’t think we could afford to both close gap and achieve VSE goals, and that it wasn’t a national security threat to not be able to launch astronauts into space on NASA vehicles. But some Senators insisted (with zero evidence) that it was.

So we lost the goal of the vision, of affordable and sustainable. The brightest guys in the room, the rocket scientists, decided to pull a bait and switch. They decided to use the ISS as an excuse for developing the new vehicle to close the gap, even though they defunded the research at the station to pay for their new rocket. They thought that this was the one and only opportunity to develop a new launch vehicle. It wasn’t really designed to close the gap, it was designed to go to Mars. But that’s not how it was sold, and they rammed through a transportation system as though it was the B-52, something to be used for over half a century to do everything NASA would be doing. And the story was that it was a Shuttle-derived approach that would close the gap down to 2012. It would be Safe, Simple and Soon.

How is that working out? NASA’s current forecast is calendar year 2017. $44B to Initial Operating Capability, so gap has grown by three years from original VSE goal. Slipped five years from ESAS goals of three and a half years ago, or 1.3 years per year (new NASA metric YPYS — Year per year slip). So much for new exploration.

No way NASA gets to the moon by 2019 if it only launches Ares 1 in 2017. May not get there until 2029 (Apollo sixtieth anniversary), if ever, and it won’t be “affordable” or “sustainable” or fit under likely budget. “We are spending a lot of money in DC right now.” Do you see politicians throwing a lot of money at NASA? No. NASA is not seen as stimulating the economy, or developing technology, or relevant. Some of have noted and said this for years. Doesn’t fit the budgets as they’re likely to be, and NASA never gets back to exploring. Betrayal of a third presidential mandate in space (first was space station, second was Bush 39 SEI, also known as staff expansion initiative, and now VSE). Presidents have set goals for space, but the agency hasn’t been honoring them. And even leaving aside exploration, NASA has failed by its own metric of clsoing the gap. You don’t have to argue about the technical details, or even that it’s going to be too expensive to operate. All you have to do is point out that with this plan the gap has increased from four years to six or seven years. In the administrator’s words, this architecture is unseemly, a national security threat, disinspiring our youth.

We are now in the era of hope and change. We can fix mistakes with a new administration and congress. The fastest safest/cheapest/approach is to utilize existing/developing commercial ELVs to launch simple human-carrying spacecraft (i.e., COTS D).

SFF thinks it’s time to declare Ares 1 and ESAS a failure. NASA should use its stimulus funds to stimulate a new human ETO industry by funding multiple COTS D concepts. Launch Orion on EELV. Pursue “cheapest” medium-heavy option for exploration and intermodal demos.

When NASA claims that Ares 1 is needed for Orion they’re fudging the numbers, because the abort system for Ares 1 is heavier than it would be for an EELV, because the former cannot be shut down and the abort system has to outrun it.

Has no problem with Shuttle Z or some other cheap and dirty approach to launching fifty or sixty metric tons at a time, but have to do something so that fifty years after we landed a man on the moon we can land a man on the moon. It’s easy to fix the problem if we only mind Mike Griffin’s first suggestion, and actually mind the space gap.

In response to a question, he still professes optimism about the administration. There is someone at OSTP (Mike Kleegle ) who wants to build partnerships with private industry, and he hopes that there will be an administrator and deputy who will implement it. He was hoping for Isakowitz, but his appointment was killed by Senator Nelson. His comment about Senator Nelson’s cerebral propensity was off the record, so I won’t repeat it.

Obama Subtitled

The Grauniad, of all places, has his number:

Nick Robinson: “A question for you both, if I may. The prime minister has repeatedly blamed the United States of America for causing this crisis. France and Germany both blame Britain and America for causing this crisis. Who is right? And isn’t the debate about that at the heart of the debate about what to do now?”

Brown immediately swivels to leave Obama in pole position. There is a four-second delay before Obama starts speaking [THANKS FOR NOTHING, GORDY BABY. REMIND ME TO HANG YOU OUT TO DRY ONE DAY.] Barack Obama: “I, I, would say that, er … pause [I HAVEN’T A CLUE] … if you look at … pause [WHO IS THIS NICK ROBINSON JERK?] … the, the sources of this crisis … pause [JUST KEEP GOING, BUDDY] … the United States certainly has some accounting to do with respect to . . . pause [I’M IN WAY TOO DEEP HERE] … a regulatory system that was inadequate to the massive changes that have taken place in the global financial system … pause, close eyes [THIS IS GOING TO GO DOWN LIKE A CROCK OF SHIT BACK HOME. HELP].

People see what they want to see.

The Journochat

Iowahawk has managed to penetrate the Journolist, and found a copy of the latest chat session:

SPENCER ACKERMAN: did katha leave?

MATTHEW YGLESIAS: yeah

SPENCER ACKERMAN: shes a total bitch but she’s right… none of the hot media girls will hang out with us

EZRA KLEIN: i/k, but i don’t get it… i know i used to have kind of a complexion problem but it cleared up after i started using ProActiv

CHRIS HAYES: i/k a couple of us are a little chubby but were all pretty cute and it’s not like we wear gross clothes or anything

SPENCER ACKERMAN: ya but the only girls who will talk to us are ugly av club lepers like katha and jane hamsher and amanda marcotte

EZRA KLEIN: dont forget the two naomis

MATTHEW YGLESIAS: ewwwwww

JOSH MARSHALL: sometimes i really hate my body… does anyone know any good fast diets?

ERIC ALTERMAN: dont fall in that trap josh… read the article in the May Teen Utne about dealing with body image

MATTHEW YGLESIAS: idk if im ready to really be with a girl

KATHA POLLITT has entered the room.

KATHA POLLITT: this is katha and jane and amanda!! we are at amandas house and we have been reading EVERYTHING you boys said!!!! F/U!!! i hope your happy, jane is crying in the bathroom!!!

EZRA KLEIN: oh s**t sorry

KATHA POLLITT: tell it to jane you JERK-O-LIST AZZHOLES!! And guess what ezra?? I have a screen cap of the whole thing!!! I bet mickey kaus will be interested in seeing it!!!!

EZRA KLEIN: come on dont do that katha

KATHA POLLITT: too late ezra, and you can write ur own f**king blogpost for 1st period. FTW!!!

KATHA POLLITT has left the room.

MATTHEW YGLESIAS: faaaaack

EZRA KLEIN: we’re screwed

JOSH MARSHALL:

Highlarious.

You Know They’ve Gone Too Far

…when they’ve nationalized Iowahawk:

The legislative charter of the TWRA, established by Congress and the President, specifies its principle goal as the preservation of jobs in the critically important blogging sector of the American economy. Thus the board invited Mr. Burge to present a formal proposal on March 11. After a brief negotiation period, Mr. Burge’s initial request of $6.3 billion was lowered to a mutually agreeable $750 and cab fare to the Greyhound station. In exchange, Mr. Burge agreed to (1) regularly submit the financial records of Iowahawk to TWRA oversight regulators, (2) cease outsourcing joke production to foreign subcontractors, and (3) implement a rigorous program of personal hygiene.

Well, at least they didn’t force a merger with Saturday Night Live.

How We Got Here

A useful talk on the cause of the financial crisis:

Before talking about how we did get here, let me say a quick word about what didn’t cause this mess. Those who wish to blame greed for the crisis need to explain how and why it is that greed seems to causes crises only at specific times, despite the fact that it is omnipresent as a feature of human nature and market economies. As the economist Larry White has noted, if we saw a bunch of planes crash all on the same day, we wouldn’t blame gravity. It’s always there. Something else must be at work. I would argue that the key is the set of institutions through which greed or self-interest is channeled. That is, good institutions can cause self-interest to generate desirable unintended consequences, and bad ones can cause undesirable ones. So perhaps we should be looking at institutions and policy.

Those who wish to blame deregulation or the supposed “laissez-faire” philosophy of the Bush Administration are going to have to identify the deregulation in question, which will be a challenge given that the last deregulatory legislation in the financial industry was in 1999 under Clinton. These folks will also have to explain how the enormous growth in the Federal Register and domestic spending over Bush’s two terms reconciles with his supposed belief in laissez-faire. Answer: it doesn’t.

The two key causes of this crisis are expansionary monetary policy on the part of the Fed and a series of regulatory and institutional interventions that channeled that excess credit into the housing market, creating a bubble that eventually had to burst. In other words, the boom (and the inevitable bust) are the product of misguided government policy, not unbridled capitalism.

The Fed drove up the money supply and drove down interest rates very consistently since 9/11. When central banks do so, they make long-term investments relatively cheaper than short-term ones, thus the excess funds flow toward such goods. Historically, these were producer goods in capital industries, but in this particular case, a set of other government interventions and policies pushed those funds toward housing.

A state-sponsored push for more affordable housing has been a staple of several prior administrations. Fannie Mae and Freddie Mac are key players here. Although they did not orginate the questionable mortgages, they did develop a number of the low down-payment instruments that came into vogue during the boom. More important, they were primarily responsible for the secondary mortgage market as they promoted the mortgage-backed securities that became the investment vehicle du jour during the boom. Both Fannie and Freddie are, we must remember, not “free-market” firms. They are “government-sponsored entities,” at one time nominally privately owned, but granted a number of government privileges, in addition to carrying an implicit promise of government support should they ever get into trouble. With such a promise in place, the market for mortgage-backed securities was able to tolerate a level of risk that truly free markets would not. As we now know, that turned out to be a big problem.

Read all. It also points out the ways that this mess is the debris of the New Deal and the depression.

And yet the lies that got Obama elected — that this was caused by “greed,” “deregulation,” and “tax cuts” continue, and continue to be used to justify running up the national debt to insane levels and nationalizing vast swathes of the economy.

[Update at 9 PM Pacific]

Richard Epstein:

…we take [failing enterprises] away from bankruptcy judges, who are experts, and give them to a collection of congressional individuals who are charitably called clowns. When you bring commercial decisions to Congress they become politicized, and politicized decisions become destructive decisions.

Charitably indeed.

How Did It Go?

Here’s a graph of Anti-HumanityEarth Hour’s effects in California.

It doesn’t really surprise me. Even if a lot of people dimmed lights, the amount of electricity used for lights in CA isn’t that huge a percentage of the total demand. For instance, one of the biggest drivers, particularly in the Bay Area, 24/7/365, is server farms, and no Virginia, even in the land of fruits and nuts, they’re not going to shut them down for a stupid political propaganda stunt.

[Update a few minutes later]

Martian Achievement Hour?