Unlike Past Identifiable Tyrants, Today's Monsters Are Faceless Multinationals

So says Andrea Lunardelli, quoted here at CNBC.com:

"It's history, not propaganda," Andrea Lunardelli insisted during an interview on a warm August morning in his family's modest wine cellar where a lone employee was busy attaching labels — Hitler giving the Nazi salute; a portrait of Hitler with his autograph; another portrait with the motto "Ein Volk, ein Reich, ein Führer" (one people, one nation, one leader) — on bottles waiting to be boxed and shipped. ... Bottles with labels from what Mr. Lunardelli, the son of the company owner, Alessandro Lunardelli, describes as the "historical line of products" occupied a shelf on a wall. The discriminating buyer could choose among Mussolini, Lenin and Stalin, indicating that when it comes to despots, Lunardelli wines are equal-opportunity merchandizers. ... These products "are a way of not forgetting history and the monsters it produced, ensuring that they never return," he said. At least the past had identifiable tyrants, he added. "Today's monsters are faceless multinationals." ... Only Che Guevara popped corks when it came to leftist figures. ... Nazi bottles, he acknowledged, are among the company's best sellers. "Eighty percent of the sales are Hitler," he said, or around 20,000 bottles a year, about a quarter of Lunardelli's total production, which consists mostly of table wines using local variety grapes. ... Despite years of complaints about his labels, Mr. Lunardelli pointed out that the law was on his side. Several lawsuits and investigations by public prosecutors have failed to prove in court that the wines are an apologia for fascism or Nazism, which is against the law in Italy.

Obama Draws A Red Line In Syria

Mortgage Securitization Only Works At The Expense Of Taxpayers And Banks

So says Arnold Kling for The American, here, who provides a useful summary of crony capitalist rent-seeking since World War II:

At this point, all signs point to victory by two of the biggest culprits in the mortgage crisis — the mortgage bankers (firms that originate loans to distribute, not to hold) and the Wall Street investment banks. Both depend on securitization if they are to participate in the mortgage lending process. However, securitization has only been able to compete with traditional bank lending when securities are backed by guarantees from the taxpayers and when bank capital requirements punish banks that hold their own loans.

-------------------------------------------

Arnold Kling is otherwise famous for his firm grasp of the obvious: "Most home owners are not libertarians."

Once Again, It's The Banks Doing The Money Printing, And The Bubble Blowing, Not The Feds

Jeffrey Snider, here:

That is not to say that paper dollars are issued by banks; they are not. Paper currency still takes the form of Federal Reserve Notes, but in the marginal monetary and banking system they are largely irrelevant. Dollars in the banking system, what is called liquidity, are created and dispersed by bank balance sheet accounting. These marginal liquidity units are digital representations of currency, ledger balances that shift daily, even by the minute. Bankruptcy and insolvency are not when you run out of Federal Reserve Notes in your bank vault, they come when you have to settle your accounts with the liquidity provider and there are no positive numbers on the right side of the computerized ledger (or when your ledger does not match your counterparty's, and that counterparty happens to be JP Morgan).

Given that global banks are the primary "money printers" in the dollar trade system (and the dollar swap standard), the Fed's role under interest rate targeting is to backstop the wholesale money markets where banks obtain short-term funding from each other. The implicit promise of interest rate targeting had been enough for the global dollar fraction to expand through accounting, regulatory and derivative leverage, providing the financing for the myriad bubbles of recent decades. The Fed did not create the bubbles directly, just provided the conditions for banks to do it for them.

Actually Obama's Been This Way Since He Was 25, Not 52

Don't you find that comforting knowing his finger is on the nuclear button?

To Hell With Negotiation: ObamaCare Wasn't Passed In A Bipartisan Manner, So Why Should Defunding It Be?

No Negotiation!

The Democrats held the country hostage to pass ObamaCare, so there's nothing to holding it hostage to defund it, especially since a clear majority doesn't want ObamaCare.

Erick Erickson here:

I have no fall back plan. Defunding Obamacare is not a starting position for negotiation. The Democrats did not negotiate with the American public before subjecting them to this law. I see no reason to negotiate now. The GOP has the power to defund Obamacare and if the Democrats do not agree, it is on them. ... The Democratic Party of the United States and the President himself were willing to sacrifice their majority in order to foist Obamacare on an unwilling populace. If the GOP is not willing to stake its position on repeal of a law most Americans oppose, that makes the Democrats far braver.

Al Gore's Latest Loose Screw Safely Removed From The Roadway By WaPo

To think this guy could have been president, or that some think he would have been an improvement over George W. Bush.

Story in The Washington Post, here.

Real Median Income Falls 4.4% Under Obama, 6% Since 2007

You talkin' to me?

Way to go, Brownie!

Story here:

The median, or midpoint, income in June 2013 was $52,098. That's down from $54,478 in June 2009, when the recession officially ended. And it's below the $55,480 that the median household took in when the recession began in December 2007. The report says nearly every group is worse off than four years ago, except for those 65 to 74.

-------------------------------

"It is also advantageous for a tyranny that all those who are under it should be oppressed with poverty, that they may not be able to compose a guard; and that, being employed in procuring their daily bread, they may have no leisure to conspire against their tyrants." -- Aristotle, Politics

Fewest Ever Lose Their Jobs Under Obama In Last Month

First time claims for unemployment have hit a new low under Obama this week. For four weeks in a row initial claims in the not-seasonally-adjusted category have come in well below the 300,000 mark, averaging just over 283,000 per week in the last month. That's the first time that's ever happened under Obama. The seasonally-adjusted figure completely misses the fact and is nearly 17% worse.

If kept up for a year 283k/week would be the equivalent of 14.7 million first time claims for unemployment. Under George W. Bush the actual annual level never got below 16 million.

You could hardly ask for better conditions under which to add jobs, if there were any to add.

In 2011 Head Of FISA Court Ruled NSA Had Already Lied To It Three Times

No wonder Snowden got fed up and blew the whistle.

The New York Times reports here:

The Justice Department had told Judge Bates that N.S.A. officials had discovered that the program had also been gathering domestic messages for three years. Judge Bates found that the agency had violated the Constitution and declared the problems part of a pattern of misrepresentation by agency officials in submissions to the secret court. ... “The court is troubled that the government’s revelations regarding N.S.A.’s acquisition of Internet transactions mark the third instance in less than three years in which the government has disclosed a substantial misrepresentation regarding the scope of a major collection program,” Judge Bates wrote.

350 Radioactive Water Storage Tanks At Fukushima Have Rubber Seals, Not Welded, Just Like The One That's Leaking

There's a line in Heartbreak Ridge which updates snafu. That's Fukushima, except there's nothing normal about pools of leaking radioactive water throwing off 100 millisieverts per hour. 

Story here, by Fukushima Diary, and here by the BBC, which regrettably didn't put Mochizuki on the radio.

Hillary Has More Sooty Baggage Than A 90-Car Freight Train

So says Camille Paglia, here:

'It remains baffling how anyone would think that Hillary Clinton (born the same year as me) is our party’s best chance. She has more sooty baggage than a 90-car freight train. And what exactly has she ever accomplished — beyond bullishly covering for her philandering husband? She’s certainly busy, busy and ever on the move — with the tunnel-vision workaholism of someone trying to blot out uncomfortable private thoughts. I for one think it was a very big deal that our ambassador was murdered in Benghazi.'In saying “I take responsibility” for it as secretary of state, Hillary should have resigned immediately. The weak response by the Obama administration to that tragedy has given a huge opening to Republicans in the next presidential election. The impression has been amply given that Benghazi was treated as a public relations matter to massage rather than as the major and outrageous attack on the U.S. that it was. Throughout history, ambassadors have always been symbolic incarnations of the sovereignty of their nations and the dignity of their leaders. It’s even a key motif in “King Lear.” As far as I’m concerned, Hillary disqualified herself for the presidency in that fist-pounding moment at a congressional hearing when she said, “What difference does it make what we knew and when we knew it, Senator?” Democrats have got to shake off the Clinton albatross and find new blood.'

Detained In London Limbo Land, David Miranda Didn't Have The Right To Remain Silent

Glenn Greenwald's "wife" detained to intimidate him

As explained here in the UK Guardian:

The reality about schedule 7 of the 2000 [British terrorism] act is that it is a legal power tailored to the half-world of ports and airports. It gives police powers to do things to people in that half-world that they could not do in the real one. In the real world, legal checks and balances apply – in America, ironically, some of these go under the name of "Miranda rights". In the half-world, people can be held and questioned, searches carried out and property confiscated without particular suspicion or legal safeguards. There were 69,000 such stops last year, only a handful of which led to arrests.

And here:

"They even asked me about the protests in Brazil, why people were unhappy and who I knew in the government," said Miranda. He got his first drink – from a Coke machine in the corridor – after eight hours [of detention and interrogation] and was eventually released almost an hour later. Police records show he had been held from 08.05 to 17.00. Unable immediately to find a flight for him back to Rio, Miranda says the Heathrow police then escorted him to passport control so he could enter Britain and wait there. "It was ridiculous," he said. "First they treat me like a terrorist suspect. Then they are ready to release me in the UK."

Sen. McCain Couldn't Find His Own Ass With Both Hands. Neither Could USA Today.

From the most ridiculous editorial about NSA abuses I've read yet, here, in USA Today Away, quoting the senator whom that dope Sarah Palin helped reelect:

"[W]e need more congressional oversight. We need more information."

You mean from Senator Feinstein who is in charge of the oversight in the Senate, who never even had the May 2012 NSA internal audit detailing its own abuses, let alone read it?

Both senators belong in a retirement community, far away from Washington, D.C., reading lifetime subscriptions to that birdcage liner.

UK PM Cameron Joins United Stasi Of America, Tells UK Guardian To Destroy Snowden Files

The Financial Times has the story, here:

"[I]f the material was not handed over or destroyed, the government would try to stop the Guardian’s reporting through a legal route."

30 seconds of truth

Kim Dotcom punks the US Embassy in Berlin July 2013

TBSOL: McCain Has No Credibility In The American World

(seen at Drudge)

Under Harry Truman Federal Spending Was Slashed More Than Two Thirds

Between fiscal years 1945 and 1948 inclusive federal spending declined 67.85%, from $92.7 billion in 1945 to $29.8 billion in 1948. By the end of fiscal 1952 spending increased back up to $67.7 billion, but still 27% lower than in 1945.

Real GDP declined 9.4% from January 1945 to January 1949, but rebounded 28% by the time he left office four years later.

Who says we can't cut the size of government dramatically and still grow like gangbusters?

Kudlow Is Right That Obama's Glorious Immediate Post-War Never Existed, But Completely Misses The Spending Cut Angle

Larry Kudlow, here:

[S]peaking in Galesburg, Ill., this summer, Obama served up a convenient historical fairy tale: "In the period after world War II," he said, "a growing middle class was the engine of our prosperity." Presumably he was thinking of a time when high taxes on the rich and industrial-union rule had the middle class soaring. The trouble is, Obama's history is wrong.

--------------------------------

Arguably, government spending cuts were the engine of post-war prosperity.

While Truman's record is second only to JFK/LBJ for real GDP growth in the post-war period, it occurred under special circumstances of extraordinarily deep government spending CUTS, which is little appreciated today when politicians and Keynesian and monetarist economists stress the importance of government spending for GDP. The truly remarkable thing under Truman is how the economy soared as spending decreased by TWO THIRDS from 1945 to 1947, as Arnold Kling reminded us here last year. Funny how Kudlow doesn't mention this. I guess they don't teach that at Princeton.

Under Truman's successor Eisenhower, real GDP growth slowed dramatically because of onerous levels of taxation maintained primarily to retire the war debts, but Eisenhower spent almost as frugally as Truman at the same time, making them the two best presidents we've had when it comes to small increases in the US public debt. That said, only the two Bush presidents and Obama have turned in poorer GDP performances than IKE. Funny also how Kudlow mentions only the one Bush. He leaves out the other one. You know, the "read my lips . . . no new taxes" Bush who ended up raising taxes.

Interestingly enough for US public debt growth, JFK/LBJ come in right behind Truman and Eisenhower while introducing the tax cuts which might have made Eisenhower's GDP record better than it was. Despite the guns and butter era under LBJ, the presidents occupying The White House between 1945 and 1968 were the most fiscally responsible we've had in the post-war, and it was a dramatic resetting of the baseline for spending LOWER under Truman which was the foundation of that period's economic growth.

Sen. Diane Feinstein, Washed-Up Geezer, Thinks NSA Oversight Means Overlooking It

Senator Dianne Emiel Goldman Berman Feinstein Blum, I think

Senator Diane Feinstein (D-CA) is supposed to be leading the oversight of the NSA in the Congress, but to her "oversight" means something more like ignoring it. Easy to do during naps.

Conor Friedersdorf for The Atlantic reports here:

The [Washington Post] got its hands on the [internal May 2012 NSA] audit -- more than a year after the fact -- before she did! And the trend? "Despite the quadrupling of the NSA's oversight staff after a series of significant violations in 2009," [Barton] Gellman reports [link added], "the rate of infractions increased throughout 2011 and early 2012."