Category Archives: Business

Ashamed To Be From Michigan

Trust me, this doofus is not really representative of my home state. I love the way he points to his hand to show where Saginaw is.

[Update a few minutes later]

Sorting out the “extremists.”

“Extreme” is a funny word these days. It’s often used by mainstream news outlets to describe the tea parties and the tea-party-friendly caucus in the GOP.

For instance, when those hotheads in tricorn hats were trying to get the government to borrow slightly less than 40 cents for every dollar Washington spends, the conventional wisdom among enlightened liberals, the Obama administration, and the other usual suspects was that they were “extremists.”

Senate majority leader Harry Reid blasted said extremists as “heartless” for daring to suggest that the exploding federal debt might require cutting subsidies for “cowboy poets.”

Meanwhile, the sock-headed spokesman for the protesters wants to “overthrow the government.”

And yet, if you peruse LexisNexis, you’ll be hard pressed to find anyone calling him or his more radical confreres “extremists.”

You also won’t hear them being called racists, even though the Occupy Wall Street movement is mostly white. Personally, I don’t think the racial composition of the “99 percenters” is relevant, but the fact that the tea partiers are mostly white has been cited time and again as evidence of nascent racism. After all, what other explanation could there be for a mass movement opposed to the first black president’s policies? (Never mind that the most popular tea-party politician these days is Herman Cain, who, in case you hadn’t noticed, is black.)

[Update later morning]

Protesters freak out when questioned by reporters.

It’s all about the narrative.

The Wall Street Protesters

…have met the enemy, and it is they:

Wall Street was the enabler, but Main Street was the addict. Americans stopped saving as long as home prices rose; when home prices started to fall, they started saving again.

That is why the Wall Street protesters are foolish and petulant. American households levered a $6 trillion net inflow of foreign savings during the decade 1998 through 2007 into a bubble that benefited them far more than it did Wall Street. The impact of the bubble on the household balance sheet exceeds the growth in real-estate assets, moreover, because most small business expansion followed the housing bubble.

For fifteen years we rode a tsunami of foreign capital pouring into American markets. We didn’t save a penny. Why should we? Our home equity was our retirement account. Our smartest kids got MBAs and went to Wall Street derivatives desks. Engineering was for dummies. Home prices rose so fast that local governments swam with tax revenues and hired with abandon. Everybody went to the party. Now everybody has a hangover, especially the bankers. We thought we were geniuses because we won the lottery. Now we actually have to produce and export things, and we have to play catch-up. Our kids are competing with Asian kids who go to cram school and practice the violin in the afternoon. This isn’t going to be easy, and the sooner we decide to roll up our sleeves and get back to work instead of looking for bankers to blame, the better our chances of coming back.

They don’t want jobs. They just want paychecks.

Hitting The Sweet Spot

The true genius of Steve Jobs:

There are, fundamentally, two subspecies of entrepreneur. One starts from the present, and visualizes the next logical step from where things are now. This type figures out how to make something better, cheaper, or more widely available, and manages to clear the financial, regulatory, and market barriers to getting it into the marketplace. The other visualizes a different world, one in which things are different and better from the way they are now, and then figures out what path of evolution brings us to that world, and, as the last step, what is the least ambitious step possible that will move things toward that goal.

Spaceflight needs a Steve Jobs. It’s not clear yet whether Elon Musk or Jeff Bezos fit the mold. But someone or some group of someones has to create the vision of abundant affordable in-space infrastructure that will finally replace the Apollo model.

[Update a few minutes later]

The man who sold the future.

That Bienhoff Paper

I’ve got the presentation that Dallas Bienhoff gave in Long Beach last week that implicitly demonstrated the lack of need for a heavy lifter.

Note the element weights on page 6. The heaviest item is the depot at twenty tons, but that could go up in three flights. After that is the lander, at twelve tons. That sets the minimum throw weight for the launcher. It’s about ten percent of the eventual capability of the SLS.

[Update a few minutes later]

What’s funny is that the paper doesn’t just bury the lede — it leaves it out entirely. Note that nowhere in it, including the final chart describing the benefits quantitatively, does the phrase “heavy lift” appear. Because Boeing is not allowed to actually say that heavy-lift isn’t needed, even if that’s what their own analysis shows.

Groundhog Day

Guy Benson reports on the president’s latest press conference, so you don’t have to have had to suffer through it:

In summary: Pass this bill. It’s paid for. Republicans have no ideas. Mitch McConnell controls Congress. Independent economists love it. Millionaires and billionaires. Fair share. Not my fault. Japanese Tsunamis. I didn’t know. Bush. Pah-kee-stahn. Pass this bill.

What is it he wants us to do with the bill again?