University of Newcastle economist Bill Mitchell (“Professor of Economics” in a University system where Professor means something far more than just “university teacher”) addresses the disconnect between Ben Bernanke’s economic universe and the real world in The Great Moderation myth. This is one of his (typically) long blog posts with the (normal) very high signal to noise ratio combined with (typical) substantial amount of detailed economic discussion which may be off-putting to those with poor tolerance for economic discussion.

However, in his post, he has two diagrams which perfectly capture an important element of the disconnect between Bernanke’s world and the real world.

So, two diagrams and a handful of paragraphs on why Bernie Sanders is quite right: we need somebody different from Bernanke as Fed Chairman.

source of image is the linked to piece by Bernie Sanders in the Guardian’s Comment is Free

Now in Orange

Kossack slinkerwink tells us that Vice President “Amtrak Joe” Biden has spoken out against the filibuster:

Vice President Joe Biden said at a Florida fundraiser Sunday that the 60-seat threshold for passing legislation in the Senate put a dangerous new roadblock in the way of American government.

“As long as I have served … I’ve never seen, as my uncle once said, the constitution stood on its head as they’ve done. This is the first time every single solitary decisions has required 60 senators,” Biden said. “No democracy has survived needing a supermajority.”

Well, if this is about the survival of our Democracy, I say it may be time to recall the parliamentary maneuver threatened by the Republicans in 2005, dubbed the “nuclear option”. Since this is a more precisely targeted version of that parliamentary maneuver, I refer to it as the “Neutron Bomb”.

Burning the Midnight Oil for Living Energy Independence

{I’m still sick, so I am going back to a 24 July 2006 dKos post, slightly updated (additions/amendments in braces and italics like this paragraph) to recall why the Sunday Train goes out under the “Living Energy Independence” banner.}

All to often, the idea of Energy Independence has its priorities reversed. Scratch under the surface, and all too often the question lurking is, “How can we get as close as possible to Energy Independence without any real changes in the way we live and move?”

Stop and think about that … really think about it, with your heart instead of your habits of thought. People – good people – are fighting and dying right now in Iraq {and Afghanistan} in a failing occupation, following a successful invasion … in pursuit of a continued Energy Dependence policy.

In your heart, do you think that is a fair price to pay? If you do, do not read any further.

Burning the Midnight Oil for Living Energy Independence

Flying home from the Economist’s national conference Atlanta (see note1) my brilliant entertainment plan to pass the day lost flying home from Atlanta fell apart.

I could not attend even the 8am session on Tuesday, because the flight left at 11:15, and I was warned about TSA security theater delays. So I got on the MARTA train around 8:30, to stand in line to check-in, to stand in line to get through screening, to get to the gate and wait, to get on the plane which waited in line for a runway. It was, however, only half an hour in the air, so that fact that with a 125mph train to Charlotte I could have gone to the morning conference session and arrived in Charlotte sooner is neither here nor there.

Then I had a 3hr+ layover in Charlotte until the plane back home to NE Ohio. But I had my Netflix and some FullMetal Alchemist DVD’s, so no problem. Except my portable DVD player decided to stop working (see note2), so there were no DVD’s. Which meant I was forced to fall back on a “pbook” (paper book) I had brought with me – Waiting on a Train, which meant that I finally finished it (and still had several hours to wait after I had done so).

And in particular read the fascinating discussion of the touchy relationship between freight and passenger trains. Regular readers will know that this is a critical point: indeed, the entire Steel-Interstate strategy to getting Higher Speed Rail for Appalachia rests on passenger trains running on infrastructure provided in support of 100mph electric freight trains.

Burning the Midnight Oil for Living Energy Independence

What is the CEI? It is the “Cost Effectiveness Index”, used to evaluate applications for capital improvements in transit. As described by Yonah Freemark at The Transport Politic:

In reviewing transit capital projects to fund with New Starts grant money, the Federal Transit Administration evaluates proposals from a variety of perspectives. Since 2005, it has placed an overwhelming focus on one criterion, requiring a medium “cost-effectiveness” rating, which values predicted overall travel time saved by commuters likely to use the new service.

… but there’s a problem with that.

We kept hearing about Triggers and State Opt-Ins and State Opt-Outs … for the Public Option. Its time to move an amendment to the Individual Mandate that triggers it, with an Opt-Out. Note that these can be split into two Amendments, as the Opt-Out works with or without the Trigger.

(1) The Individual Mandate is triggered when everyone subject to the Mandate in a state has available to them insurance from a not-for-profit entity, and excluding all entities owned by for-profit entities, at a premium after any public subsidy of less than 5% of their annual income.

(2) Before the Individual Mandate can come into force in any state, a measure approving the individual mandate must be placed on the ballot in the next Federal general election, and the mandate must obtain a simple majority of votes cast.

Burning the Midnight Oil for Living Energy Independence

I’ve been reading James McCommon’s Waiting on a Train. And in cowed deference to the FCC, I will put the disclaimer up front that, yes!, I was more likely to read it and talk about it because Chelsea Green gave me a free review copy – since I would otherwise have had to wait until both it and I was in the library at the same time …

… {of course, making me more likely to read it and talk about it is a gamble, since I’m not going to change my view of it because its a free copy – so if you have any publisher friends, warn them that if they reckon a book is a piece of garbage, they’d be better advised not to send a review copy}

The Chapter that is inspiring today’s Sunday Train is “Amtrak Cascades: it’s all about frequency”.

“Uznanski” is Ken Uznanski, former passenger rail chief of the Washington DoT:

“Once those intermodal trains can go through Stampede Pass, it will take some traffic off the main line and free up more room for additional passenger trains,” said Uznanski.

By bringing the number of trains up to eight a day between Vancouver and Portland, ridership and ticket revenue will increase significantly. Currently ticket sales – what is known as farebox – cover 43% of the Amtrak Cascades’ operating expenses; the state subsidizes the remainder. Run eight trains daily, however, the farebox recovery goes up to 70%.