Crossposted from The Stars Hollow Gazette

mishima is excluded because he’ll spoil the curve.

In 1930, the Republican-controlled House of Representatives, in an effort to alleviate the effects of the… Anyone? Anyone?… the Great Depression, passed the… Anyone? Anyone? The tariff bill? The Hawley-Smoot Tariff Act? Which, anyone? Raised or lowered?… raised tariffs, in an effort to collect more revenue for the federal government. Did it work? Anyone? Anyone know the effects? It did not work, and the United States sank deeper into the Great Depression. Today we have a similar debate over this. Anyone know what this is? Class? Anyone? Anyone? Anyone seen this before? The Laffer Curve. Anyone know what this says? It says that at this point on the revenue curve, you will get exactly the same amount of revenue as at this point. This is very controversial. Does anyone know what Vice President Bush called this in 1980? Anyone? Something-d-o-o economics. “Voodoo” economics.

How many of you know that Fukushima means “fortunate island“?  Hands?  Mr. Hand?  I like irony except I find that if you just toss your clothes in the dryer for a few minutes you hardly ever have to use it.

Now, how many of you know that Dai’ichi means “number one”?

Just as when we start numbering battles (First Bull Run, Second Manassas) and wars (WWI, WWII) and movies (Han shot first!), this should be a clue that there are others out there.

Dai’ni means “number two”, and now you and Elmo can count in Japanese.

Tepco Plans Radioactive Water Release from Second Plant

By MITSURU OBE, The Wall Street Journal

JUNE 8, 2011, 10:55 A.M. ET

TOKYO-Tokyo Electric Power Co. is planning to release 3,000 tons of lightly radioactive water into the ocean from the Fukushima Daini nuclear complex, the sister plant of the stricken Fukushima Daiichi complex, officials said Wednesday.

…

The government’s Nuclear and Industrial Safety Agency said the water contains a small amount of radioactive material, including manganese-54 and cobalt-58, but that the amounts are mostly within permissible levels for being discharged into the ocean. The total amount of radioactive materials contained in the 3,000 tons of water is estimated at three billion becquerels, NISA said.

Not that this is the worst news-

Blackout hits Fukushima nuclear plant’s Nos. 1, 2 units

Japan Today

Wednesday 08th June, 06:59 PM JST

TOKYO – The crippled Fukushima Daiichi (that would be number one original for you newly bi-lingual folks) nuclear power plant suffered power outages at its Nos. 1 and 2 reactors temporarily Wednesday, with lights in the units’ central control room being cut off and the transmission of radiation data being partially halted.

…

The system to transfer data from radiation monitoring posts was found to have partly stopped. The blackout is also believed to have affected the nitrogen supply system for the No. 1 unit’s containment vessel so its operation was stopped manually.

They’re also having humidity problems which they’re going to “solve” by leaving the doors open and letting radioactive vapor vent into the environment.

High Tech, isn’t it?

But wait, there’s more!

Since I’m entirely vain and constantly in search of validation I’m happy to report my original estimate that all three active reactors suffered containment vessel breaches is now confirmed–

‘Melt-through’ at Fukushima? Govt report to IAEA suggests situation worse than meltdown

The Yomiuri Shimbun

Jun. 8, 2011

Nuclear fuel in three reactors at the Fukushima No. 1 nuclear plant has possibly melted through pressure vessels and accumulated at the bottom of outer containment vessels, according to a government report obtained Tuesday by The Yomiuri Shimbun.

A “melt-through”–when melted nuclear fuel leaks from the bottom of damaged reactor pressure vessels into containment vessels–is far worse than a core meltdown and is the worst possibility in a nuclear accident.

The possibility of the situation at the plant’s Nos. 1 to 3 reactors was raised in a report that is to be submitted to the International Atomic Energy Agency.

Have a nice day.

Crossposted from The Stars Hollow Gazette

Or is it?  Despite the headline (which I think is punny and the important thing about my pieces is that they amuse me), if I really believed that I’d be guilty of what lambert calls a category error.  Expecting a freshwater economist from the Chicago school to promote anything but the discredited theories his academic position is based on is as naive as blaming anybody but his boss, Barack Hussein Obama, for hiring him in the first place and listening to them.

Discredited?  Oh my yes.  All you have to do is look at the economic history of the last 30 years to see how wrong their predictions and policies are.  They don’t practice science, it’s faith-based voodoo (my apologies to practioners of Santeria).

Unless, of course, you wish to consider them straight out thieves and con men in which case it makes perfect sense.

So of Obama’s apocalyptic economic team only Geithner the Wall Street toady remains, apparently for the duration.  Given the results achieved their tenure in government would likely be more limited than in academe anyway.

Scarecrow’s Nightmare: Austan Goolsbee Defends President Romney’s Economic Plan

By: Scarecrow, Firedog Lake

Sunday June 5, 2011 7:00 am

Goolsbee correctly told us that a smart economist wouldn’t get overly excited about one month’s jobs and growth numbers but would instead look at the overall trend. Of course what he wouldn’t want to concede is that GDP grew at a meager annual rate of 1.8 percent over the first three months of 2011 and so far was predicted to grow at only 2.8 percent for the next three. And the overall trend for job growth was still not enough to make a serious dent in unemployment unless you believe taking 5-10 years to get back to full employment is okay.

So Goolsbee was in denial from the opening moment because he didn’t have a decent story to tell even in his own framework. When Amanpour asked him what the Administration could or should be doing to improve conditions, he ticked off items you’d expect to hear from a typical GOP Presidential adviser: we’ve got to get the debt under control; we have a White House effort to identify and get rid of governmental regulations that are preventing the private sector from growing the economy; we should pass “free trade” agreements backed by the Chamber of Commerce; and we should leverage limited public dollars to release billions in private funding for investments.

Goolsbee’s bottom line: “It’s now up to the private sector.” That’s exactly what you’d expect from President Romney’s economic adviser.

…

I’m sure I imagined all this. The country wouldn’t possibly be dumb enough to elect an unprincipled moral chameleon like Mitt Romney President. And we’d never put up with someone as defensive and unconvincing as Goolsbee was today, though we’d wonder how the voters got taken.

No, that couldn’t be real, so when I really wake up, I’ll let you know what the adviser for the actual Democratic President said today about the sagging economy and the undefensible unemployment numbers.

Scarecrow Awakens: Austan Goolsbee To Go *Poof!* But It Won’t Help Economy

By: Scarecrow, Firedog Lake

Monday June 6, 2011 5:53 pm

In recent weeks, after a near stagnant first quarter, we’ve seen one forecaster after another lower their forecasts of economic growth from about 4 percent this year to under 3 and perhaps as low as 2.5 percent. This quarter is expected to grow at an annual 2.8 percent rate or less. Last week, we got confirmation of the slowdown via disappointing jobs numbers, with the unemployment rising to 9.1 percent. While that followed more hopeful March and April numbers, the trend level is clearly unlikely to make a significant dent in the overall unemployment rates before 2013. In fact, at that rate, it would take about ten years to get back to normal.

…

With reputable economists starting to use the words “panic” and “depression” to describe the potential risks to the economy, it was left on Sunday to Austan Goolsbee to explain why the White House was stuck on stupid, unwilling to change course or even concede that the recovery was in serious danger. We were asked to ignore that the nation’s unemployment is back above 9 percent, extended unemployment insurance is running out, and states are continuing to slash their budgets and payrolls. The latter are offsetting what little stimulus might have come from last December’s tax cut deal. Even someone with straw for brains can see we’re going the wrong way.

…

Faced with this insanity, even a Chicago economist should have the good sense to get out before the worst is blamed on him, when he’s likely just the apologist for Larry Summers. And following his, uh, strange performance on Sunday’s shows, he got a clear signal from those who might be inclined to be more charitable about motives and predicaments. When a former Democratic Administration econonomist like Brad DeLong linked favorably to Mark Thoma questioning how the Administration could continue to have it’s head in the sand and not see the need to pivot towards job creation, Goolsbee may just have seen it as a sign it’s time to announce his departure.

…

Why become the front for a team that remains committed to failed policies that may very likely take the economy down with them? And when a Nobel laureate has to tell the White House via the New York Times that he’s withdrawing his nomination to the Federal Reserve because Washington, including the White House, has become dysfunctional, it’s pretty clear the communication between the President and the economic team is not what it should be.

More boring numbers-

Austan Goolsbee Is Almost Correct, Just Not in the Fashion He Thinks

By: dakine01, Firedog Lake

Monday June 6, 2011 11:03 am

Now a million new jobs over the last six months sounds good, right? Not so fast there Bucky. In an economy that needs to add roughly 125K jobs every month just to maintain status quo (that would be 750K jobs for a six month period), then a million jobs in six months doesn’t begin to put a dent in the 14 or so millions of unemployed, much less the un and underemployed numbers sitting somewhere between 25M and 30M.

…

Now I actually went back seven months rather than six months and using information gleaned from the monthly BLS press release for jobs created, I still only come up with 784K jobs. And I haven’t accounted for the little nugget in this past Friday’s report that the March and April numbers were revised down 39K, placing the seven month total at 745K jobs created. 745K jobs created instead of the 875K jobs needed just to maintain the status quo, still leaving the 14M unemployed and the 25M to 30M un and underemployed.

Electoral victory my ass.  NO president has been re-elected with unemployment above 6% except Reagan and then it was trending down.

Barack Hussein Obama is no Ronald Wilson Reagan.

Crossposted from The Stars Hollow Gazette

Seems someone has got their po’ wittle fee-fees hurt.

Sunday I wrote about the Yves Smith kerfluffle.  You know, if someone calls you a sellout (or makes other, less flattering characterizations) you have two choices- ignore it or own it.

Now as I’ve always chosen to embrace every vice (unless you have something new and inventive to suggest), my typical response is “Yeah, so?”  The Roosevelt Institute has, on the other hand, decided that Yves’ shoe fits and attempts to defend their neoliberal policy prescriptions as progressive.

What are those prescriptions?  I’m glad you asked.  Jon Walker has a handy little roundup-

Peterson Foundation Proposals From the Roosevelt Institute, CAP and EPI Abandon Progressive Policy

By: Jon Walker, Firedog Lake

Monday June 6, 2011 9:43 am

While Medicare and Medicaid are technically what drives government spending, they are not the problem. They are both dramatically more cost effective than our broken private insurance system, which is what is actually driving all our health care cost radically higher than the rest of the industrialized world.  The projected deficit is due mainly to historically low tax rates, massively unnecessary military spending and most importantly a totally broken health care system.

The “progressive” solution to our current health care problems has historically been to copy the models of nations with cheaper and more efficient systems: it could be fixed by adopting the progressive solutions of socialized medicine (VA for all), or single payer (Medicare for all). If those are “too big a change,” most of the benefits of single payer can be replicated following the model of countries like Germany and Japan and adopting all-payer, where the government plays a role in setting uniformed reimbursement rates that all private insurance companies most pay.  Adopting any of these models would effectively eliminate our long term deficit.

Yet none of the three “liberals” deficit plans even come close to calling for any of these proven progressive solutions for health care. Only one of them, EPI, includes a moderately strong public option. “Tort reform” gets more play than single payer.

…

Note that the Roosevelt Institute plan doesn’t even call for what became the significant progressive compromise from single payer in the health care debate, an immediate public option. Instead, it calls only for a “trigger” that might make a public option available at the earliest by 2022 if cost(s) continue to increase. If a robust public option can significantly reduce the deficit, which the CBO has concluded, what possible justification exists for waiting a decade to use it? So the Roosevelt Institute plan to reduce the deficit is to needlessly waste a few hundred billion dollars.

…

In isolation many of these ideas are nice, but the totality of them is incredibly timid. Yes, we could save some money if Medicare negotiated directly for drug prices for seniors, but everyone could save significantly more money if Medicare negotiated lower drug prices for everyone through a single payer system or all-payer.

Given that as a country we probably spend $500 billion more a year than we need to on health care, is it truly depressing that these so-called progressive groups have totally abandoned even talking about a proven solution to our deficit and health care issues.

On an international level I would go so far as to say these three liberal health care plans are all significantly to the right of basically even center-right party in the rest of the industrialized world on health care.

If these constitute the “left flank” of the political discussion around the pressing issue of health care costs in America, we as a country are screwed.

Remember, they’re ever so much smarter and deserving than you and I.

E.coli: Germany says it might not be bean sprouts

German officials are no closer to finding the source of the deadly E.coli outbreak that has killed 22 people, after admitting it might not be the bean sprouts that they blamed only 24 hours earlier.

By Harry Wallop, Consumer Affairs Editor, The Telegraph

6:31PM BST 06 Jun 2011

After incorrectly blaming Spanish cucumbers, German officials said on Sunday that the source was almost certainly a bean sprout farm in Lower Saxony, in northern Germany.

However, on Monday afternoon German officials admitted that 23 of the 40 samples being tested from the alleged source of the outbreak had proved negative, though it insisted that the suspect farm was still a possible source.

…

Spanish farmers said that there were no signs that business was recovering, even though German officials admitted last week that Spain was not to blame. Antonio Moreno, who helps run a farmers organisation in Almeria in southern Spain, said: “We are indignant, angry, furious and everything else imaginable.

Two points- Germany is the new Randian exemplar of the 19th Century Gilded Age Capitalism that led to the Pure Food and Drug Act.

Food inspection and communicable disease control are exactly the kinds of programs our Austerian Idiots want to cut.  For the consequences of that particular folly I direct you to Edgar Allen Poe’s Masque of the Red Death–

And now was acknowledged the presence of the Red Death. He had come like a thief in the night. And one by one dropped the revellers in the blood-bedewed halls of their revel, and died each in the despairing posture of his fall. And the life of the ebony clock went out with that of the last of the gay. And the flames of the tripods expired. And Darkness and Decay and the Red Death held illimitable dominion over all.

Crossposted from The Stars Hollow Gazette

Now don’t get me wrong, I like Wikipedia from an anarcho-syndicalist standpoint and because I find it presents a fairly accurate consensus view (though not one I necessarily agree with) most of the time.  It’s a very good source for pop culture.  To me the downsides are it’s poorly organized (too much subdivision) and badly indexed (built in search sucks) as well as incomplete in critical parts.  Why no entry for Aqua Duck?

Now we’re all familiar by this point with Sarah Palin’s original flub on Paul Revere-

Frankly, I’m frequently wrong and when confronted by a mistake of this type my general instinct is to say- “I’m sorry, I misspoke.” even when doing so totally invalidates the point I was trying to make.  You know, like H.W. and September 7th-

This is Pearl Harbor Day. Forty-seven years ago to this very day, we were hit and hit hard at Pearl Harbor.

Bush addressing the American Legion in Louisville, Kentucky (7 September 1988).  Love to have a copy of the whole thing, but my Google isn’t up to it.

Remarks to the Veterans of Foreign Wars National Convention in Indianapolis, Indiana

1992-08-17

Thank you all so much. I’m proud to be back with you. This time I’ll remember Pearl Harbor Day, too.

Since that one’s from the H.W. library you can hardly deny it happened.

Sarah has instead decided to double down-

Now the legions of Sarah fans have decided to rewrite history, which is nothing new for Republicans (did I mention I can’t find a transcript of that 1988 speech to the Louisville, Kentucky, American Legion?).  So you don’t have to click through on the LGF links here are the direct links to the discussion pages.

• Revision history of Paul Revere
• Edit request from Dajames, 5 June 2011