1994 vs. 2011

By James Kwak

I’m sorry that I’ve been too busy for the past two weeks to blog much, but I did manage to write a column for The Atlantic yesterday. It looks at how far the conservative revolution has come in less than a generation and wonders why they can’t just declare victory and go home.

41 responses to “1994 vs. 2011

  1. Uncle Big Steve

    Wow. The commenters over there are pretty harsh. And they apparently don’t have any idea what happens to percentages of a number (GDP) when that number goes down. Interesting that they claim you have no concept of math at the same time they prove they don’t.

    Kudos to you for going into the lion’s den.

  2. That’s okay Simon, you have better things to do than chase around politicians.

  3. Here’s a thought, please debunk:

    Congress is well on its way to fulfilling my wish for them: Do Nothing. Pass no legislation. Reform nothing. Change nothing. In Wall Street parlance, Let It Ride…

    If Congress simply does not ACT, the budget deficit will go away on it’s own, through mechanisms which are already baked into the cake:

    1. January 2012: Payroll Tax Holiday expires. Woo-Hoo! Holiday’s over! Get back to work.

    2. January 2013: BUSH TAX CUTS EXPIRE. W00-H00 X 10! Consider them our very own austerity measures. If you survived Y2K, you can certainly afford the taxes you paid then. $800Billion/Year added back into Revenue.

    3. January 2013: Automatic $1.2Trillion in cuts to existing programs through Super Committee FAIL. There ya go, Tea Party, You’re Welcome.

    4: January 2014: Affordable Care Act takes full effect. Does this mean we can negotiate with the drug companies now? If only…

    Democrats and Independents should take a note from the Republican playbook on this: Obstruct. Gum up the works. Wrench in the engine. VETO.

    More than anyone, Obama has the power to do nothing. Climb into his teflon body armor, buy the next election with his $1Billion donation box, and go play golf.

    If they simply committed to this intent, the capital markets would rave! How’s THAT for predictability! Lest we forget, the Fed has promised to keep interest rates at 0% through 2013. What more could they ask for, another Trillion in paper? Don’t tempt Ben. QE3 has a nice ring to it.

  4. Uncle Big Steve:
    What do you expect from the home of Megan McArdle? She apparently finds it too hard to use a calculator, and that math is hard, also, too.

  5. Mark V Anderson

    Oh come on Uncle. See the following site http://www.gpoaccess.gov/usbudget/fy12/hist.html. Open Table 1.3.

    The outlays for 1994 were $1879B in 1994 and $3067B in 2010 in constant 2005 dollars. That is a 63% increase. That is quite an increase regardless of the GDP one compares it to.

    It certainly doesn’t match Kwak’s fantasy of a success at minimizing government. Everyone knows that government continues to increase no matter which party is in power, and regardless of the rhetoric the politicians use. I don’t understand why Kwak insists on denying the obvious. He breaks out “discretionary” spending as if that somehow explains a decrease in government. I don’t know how he breaks out this spending, but it doesn’t really matter if it is entitlement spending or otherwise that’s going up. Congress and the President make all the laws, not just the so-called discretionary ones.

    Government has in no way shrunk since 1994.

  6. “There are three kinds of lies: lies, damned lies and statistics.” – Mark Twain

  7. There should be discrimination (that is qualifications) for elected government positions. Any person that wishes to run for any electable government position should be subject to passing a thorough examination of U.S., and global, history. And unless they pass said examinations, the candidate will be doomed to repeat the exam, as opposed to subjecting the people to repeat the follies of the past.

    That being said, the implication is candidates actually want to work for their country — not fill their coffers at her expense.

  8. JD, I’d settle for a $100 drug test like the $7/hr peons that take their haircuts and bed pans to the place where the sun don’t shine.

  9. Bruce E. Woych

    http://www.pvhs.chico.k12.ca.us/~bsilva/projects/revs/1848time.html
    Why not go back to 1848 instead:
    1848: The French Revolution of 1848 led to the creation of the French Second Republic.
    1848: The Revolutions of 1848 in the Italian states.
    1848: The Revolutions of 1848 in the German states.
    1848: The Hungarian Revolution of 1848 grew into a war for independence from Austrian Empire.
    1848: The Young Irelander Rebellion of 1848 took place during the Great Irish Famine.
    1848: A rebellion in British-ruled Ceylon.
    1848: Wallachian Revolution of 1848 and Moldavian Revolution of 1848.

    Timeline–Revolutions of 1848

    1846-1849: Economic depression was spread throughout Europe. It was marked by rising food prices after a poor harvest and the recession that followed the industrial expansionin the early 1840s.

    February 22, 1848: One of many banquets to protest the government’s inflexibility was planned, but he government banned it. Crowds began to gather in the streets and minor skirmishes with police erupted. Workers who could have never afforded tickets to the banquet constructed barricades. The revolution had begun.
    details:
    http://www.pvhs.chico.k12.ca.us/~bsilva/projects/revs/1848time.html

  10. michael johnson

    A Texas mantra: ‘more than enough ain’t never enough.’

  11. “a master plan to turn the U.S. into a low-tax, small-government society back in 1994. Look how far they’ve come”.

    That is very pure agenda driven intellectual dishonesty.

    A US up to the tilt in public debt, and where a bank if it lends to the government needs to hold no capital, but if it lends to a small business or an entrepreneur needs to hold about 8 percent in capital… can never ever be described as a small-government society… more as a communist state… more as a government that has used up a lot of its future spending capacity.

  12. Bruce E. Woych

    http://www.dailykos.com/story/2011/11/22/1039110/-President-Obama-Mic-Checked-at-High-School-in-New-Hampshire-%28Updates%29

    Tue Nov 22, 2011 at 10:56 AM PST
    President Obama Mic Checked at High School in New Hampshire (Updates)
    see updates #3, 4, & 5 especially.
    (pass them along…)

  13. About the movement I’d just like to say that the American dream can be one of a great number of things or achievements to one or many types of persons. Our progress(well its more like a temporary idle for now) is progressing just fine. The movement doesn’t understand that it is/was the inefficiency of the democratic system itself, that bankrupt the country. When the majority is incorrect over a long enough period of time, it is felt economicly/financially by a broader section of the population, and so there are more displeased citizens.[If I was a con man of economics, I would say that the cycle of displeased citizen runs opposite to the economic cycle, what ever that would mean. It sounds professional enough to swipe a media paycheck and my friends, that is how a business is started] My beef is that we have to turn around and do this exact same thing, perhaps with a bit more resistance on our part, in just a handful of years.

  14. @ Per, and with that “used up spending capacity”, I expect to see more bridges in disrepair, and crumbling, like the one I keep seeing, going into the city on the commuter rail line.

    No mo’ money for anyTING, ‘cept for constant, ceaseless, mindless WARS.

    Happy Thanksgiving.

    Has Corzine been arrested yet? : )

  15. Enter Cede & Co II; The Fed Is Now Backstopping $25 Trillion In DTCC Cleared Credit Default Swaps

    One for the European record books, if link does not work paste in browser and it should get you there.

  16. Enter Cede & Co II; The Fed Is Now Backstopping $25 Trillion In

    Or try this, its worth the read.

  17. owen owens opined, “The movement doesn’t understand that it is/was the inefficiency of the democratic system itself, that bankrupt the country. When the majority is incorrect over a long enough period of time, it is felt economicly/financially by a broader section of the population, and so there are more displeased citizens.”

    Which to me makes no sense whatsoever – perhaps based on how vague it is – open for interpretation.

    I’m going to give it the college try because it’s got to be coming from either a dweller in the only tribal kingdom lucky enough to have something of value to the world – otherwise we’d have totally ignored you for another 1000 years

    or it’s coming from someone in China who was educated about Americans by a Mormon – I had to go get a map of the entire United States to prove to this Chinese scientist that the Grand Canyon was located in Arizona – bordered by Utah to the north – because I was being dismissed by that prissy intellectual dignitary (as he saw himself) as being a stupid American woman. Uh huh – and we all know that I make a person regret having thought that and worse actually said it :-)) So the Mormons can’t even teach USA geography to people in other countries. Okay, that’s bad. You can’t teach more made-up stuff (speculation based on prophecy) than you can stuff that another person will verify is *real* to you both – like where an actual big rock is sitting in perfect stillness on the land.

    Proving people wrong has gotten my phone line muted by *management* at many a teleconference. Not wrong now about any of the truths muted by electricity. They spent millions more on trying to get out of the worst accusation of law than they did on the R&D –

    but heck, when all anyone is going to buy in bulk from you is *compliance* WAR chemicals – pepper spray and molecules that break through the blood brain barrier to do god-knows-what to your carefully laid neuronal paths that let you make sense of the world – what could go wrong there, huh? Monkey brains on imagination and then on drugs…all 7 billion at once to see if it raises our collective consciousness…??!!

    “….I am a god and democracy is inefficient compared to me….”

    Which leads to the MATH of the situation – again – it’s the 99% who had nothing to do with the 1% math melt down – so how can the majority be incorrect – honestly, eyeball to eyeball one day, owen owens…there is stuff in our garages that you have no capacity to imagine….inventions galore…so you just keep sitting there in *idle*…

    Democracy will get pretty *efficient* at shutting down COMPUTER THEFT to fund psycho wars since we’ve all got a computer….it’s a survival war to access the same materials of the earth for peace or for war. Yeah, I think we’re done with messupotamia…whatever it takes….we’re living without electricity after every nor’easter so we’re ready to dance in the dark….the future is here….

    In deadly seriousness, if the *threat* is based on speculation which was based on prophecy, we should not even be LISTENING to that – shut down THAT *manager’s* phone line….NO ONE SANE GOES TO WAR BASED ON PROPHECY. That is not in USA’s history and We the People government. We are a practical people – and too respectful to each other to play *god*…so *bible* this >>

    What *species* ARE you people? borg 8827?

    Like 1994 is some flippin’ magical mystery tour year – first time excessive amounts stripped out of commerce to fund a private war…? Let’s do it again?

  18. Oh we’ll do it again, without you perhaps. I often get people in trouble because I believe in a woman God, with all the rights and privalges of a comfortable 120 year old. You scare me, strung and hung on the edge all the time, profitizeing and planetering. Eye ball to eye ball, hows about mirror to mirror, thats separates the men from the boys and girls, doent(insert line), or slaves should I say. You are the equivalent of an illegal alien to me, a complete stranger and someone I hope to never meet and to never relie on. I don’t know if I will enjoy watching you squirm in pain for the 5 years, but i’ll give it the college try.

  19. I don’t know if I will enjoy watching you squirm in pain for the 5 years, but i’ll give it the college try.

    owen owens
    November 23, 2011 at 8:16 pm

    who the f-ck are YOU, psycho boy…? I’m going to squirm in pain for 5 years because of something YOU can do to me financially?

    Quite the moral high ground you’ve achieved for yourself with TRUST in the *system*….sure – invest with owen owens

    50 bucks to lay you out – cheap…

  20. I did’nt say anything about hurting you financially, you told me that. No, I am refering to the mechanical parts of the human body, or body mechanics. Once the parts don’t align properly, the pain begins, it is the difference between heaven and hell. Some people think you got to die someday, I got news, you never got to go. Plus I can tell by your words alone, that you are hurting, at least in the head and my money is on the body too. Would you like me to leave foot notes so you can refer to them one day in your quest for,………………. quest for what I wonder. Later, psyco chicky, much.

  21. Owen, you sound like such a tough guy with the ladies……why don’t you pick on someone your own size?

    You’re obviously not a real man, because real men don’t behave like you.

  22. Yea, I stink with the ladies, but not ones with fresh mouths, or white lip stick.

  23. Bruce E. Woych

    Please stay somewhere on current affairs or at least…”the topic” ????

    http://en.wikipedia.org/wiki/Liberalism

    http://en.wikipedia.org/wiki/Conservative_Revolutionary_movement

    http://www.amazon.com/Conservative-Revolution-Movement-Remade-America/dp/0684835002

    http://jeffersonianlib.blogspot.com/2006/08/worldwide-libertarian-revolution.html

    http://en.wikipedia.org/wiki/Libertarian_perspectives_on_revolution

    http://en.wikipedia.org/wiki/Spanish_Revolution

    The “so-called” conservative revolution is nothing more than King of the Haystack. Everyone grabbing at straws to compile a leading position in hegemonic trains of consensus, where the minority power coalition dictates to the majority through a political market that creates mass media electoral consent.

  24. Interesting reading, but what happened to the Jeffersonian author?

    I would disagree with “both hate freedom” ending of this paragraph. I would counter that supporters of bankesters, corps, globalists, and the wealthy elite are all to happy to pay thier taxes, even before their own kin. Trickle down was meant for the others, not the family. A lapse of thought moment where the parasite wins.

    Modern day collectivism is just as dangerous. It is full of right wing and left wing statists and facsists. Leftist collectivists want to control your economic life, tax you to death,confiscate your wealth and give it to the non productive. Right wing collectivists support Banksters, corporations,globalists,and the wealthy elite over the masses. Both hate freedom.

  25. And I will further note that I don’t believe those overseas brotherhoods organizations would likely join in a/the collectivism that seems so prevalent in todays society.

  26. Bruce E. Woych

    http://en.wikipedia.org/wiki/Libertarianism

    This link would fairly belong in the grouping above (it should be 2nd; just below liberalism I should think). That grouping is a reflection of the topic citing [American version] self proclaimed Conservative Revolution which is frequently in the background noise of neo-cons with a boasting pride. I have always taken it as another version of the reverse engineering of any form or opposition (60s revolution against absolute class control, becomes a upper class “revolution” just as most recently the claim of class war was turned upon the lower and middle class (liberals…) making Koch Bros and their types out to be victims instead of predators.

    The notion I am trying to convey is that a guy like Perry aligns himself with name brand fundamentalists of different varieties but somehow he gets grouped in as one homogenous political grouping called conservative. For my reference the only thing that conservatives have in common is the use of two words:
    “ME” and “NO” and I would bet that the only thing that holds them together is the common cause of keeping freedom out of the cookie jar. So when the question is raised here about “the conservative revolution” it raises much more than an eyebrow to a KOCH ad on a billboard promotion. it has history.
    The “slogan” mania of republican propaganda should be placed in a context of the original German movement that led to a blending Nazi conservatism and fascism under a cloak of National Socialism. The language leads to confusion, but Newt Gingrich is a historian who likes to rehearse the good old days and he borrows these phrases freely. The American hybred is part market hype and part corporatist glamour, but it is clearly an offshoot from the same context that created the original German reactionary conservatism. The correct term is counter-revolution and in contemporary jargon it would be couched as a false flagging for counter-insurgency. And make no mistake about it (as Obama likes to repeat) the Republican core engineers see the likes of the average citizen as useless mouths and insurgents against their high priority interests.

    It is definitely worth reviewing the links for reference and context, not necessarily for direct interpretation. History may repeat itself, but it repetitive patterns are both borrowed and broken in variations on a theme.

  27. Bruce E. Woych

    Owen:
    A rat is a rat is a rat…by any other name…still a rat! There is a great deal of ambiguity among “membership” identities that hides a great deal of sins. The shrew burrows under the ground and stays out of sight, and the shrewd politician uses a class identity to cover their motives and transgressions. i liked the “Jeffersonian” article because the neutral “libertarian” is not pushing any specific agenda but sets a course for independent passage. Most neutral libertarians I know are “independents” and refuse to be labeled. When I hear someone call themselves libertarian and they promote a class identity agenda, I take them as either frauds, fools or just plain stupid.

  28. And that is why religion and politics both have no ending. The difference between the sexes is enough to make most peoples heads spin. Add consistant varity and before long the women start acting more like men, as bad as we already know that is. I know the difference between right and wrong, so if being a neutral independant is in the middle, count me out, i’d rather be right. Goin for turkey, so all have a good day.

  29. Bruce E. Woych

    OpenSecrets Blog: Most Members of Congress Enjoy Robust Financial Status

    Explore congressional lawmakers’ personal investments at OpenSecrets.org
    —————————————————————————————————————
    http://www.opensecrets.org/news/2011/11/goldman-sachs-congress-investors.html
    Many Influential Lawmakers Invested in Wall Street Giant Goldman Sachs
    By Seth Cline on November 22, 2011 3:55 PM

    [excerpt]
    “Nine of them sit on either the most powerful committee in their chamber or committees charged with regulating the Wall Street giant. Moreover, seven of them are among the 25 wealthiest members of their respective chambers, according to the Center’s research.

    And of the six lawmakers who fall into neither category, two are the most influential Republicans in the U.S. House of Representatives: House Speaker John Boehner (R-Ohio) and House Majority Leader Eric Cantor (R-Va.).”
    http://www.opensecrets.org/news/2011/11/goldman-sachs-congress-investors.html
    (a must read & file article)

  30. Bruce E. Woych

    http://www.opensecrets.org/news/2011/11/goldman-sachs-congress-investors.html
    “Other Goldman investors with this kind of power include two members of the Joint Select Committee on Deficit Reduction, better known as the debt supercommittee.”

    opensecrets sets the record on the table and names names….

    http://www.opensecrets.org/news/2011/11/goldman-sachs-congress-investors.html

  31. Bruce E. Woych

    @Owen http://en.wikipedia.org/wiki/Spanish_Revolution
    “The British author George Orwell, best known for his anti-authoritarian works Animal Farm and Nineteen Eighty-Four, was a soldier in the militia of the CNT-allied Partido Obrero Unificación Marxista (POUM; English: Workers’ Party of Marxist Unification). Orwell meticulously documented his first-hand observations of the civil war, and expressed admiration for the social revolution in his book Homage to Catalonia.[4]”
    see excerpts of his book:
    http://en.wikipedia.org/wiki/Spanish_Revolution
    —————————————————————————————————
    The real confusion is when you do not understand each of these political ideologies in their own right, how they alter and swing during distinctive periods of history churning through opposition politics and extremist rhetoric. Collectivism sounds comprehensive, but frankly it generally only means the public realm. Any of the terms become fanatical when they are taken to the absolute exclusion of all others. The loading of political language to sound ominous (for example “socialism” as a derogatory branded term) is generally a fallacy of composition. It is never actually explained and the terms is never precisely defined. Yet the implication is that some part of its history is in voracious contradiction to a sense of economic justice and ideological righteousness. In reality they are referring to tyranny, but tyranny can be deduced or induced from capitalism, privatization, or collectivism depending on ones experience with “tyrants” …yet the designation gets tagged and flagged to the opposition’s nomenclature. Abusive power politics and brutal suppression come in all flavors and rolls over into any form that tries to correct its course of action…with distraction and fear mongering tactics. There are only good guys and bad guys…but they change clothes so often to keep us guessing.
    see:
    http://en.wikipedia.org/wiki/Fallacy_of_composition
    also check out :
    http://en.wikipedia.org/wiki/False_dilemma (also known as the fallacy of distinction: a common political ploy)
    and have some fun @
    http://www.csus.edu/indiv/m/mayesgr/phl4/Tools/phl4fallacyindex.htm

    I hope this is of some use to you,
    Happy Thanksgiving
    Bruce

  32. Bruce E. Woych

    http://www.amazon.com/gp/offer-listing/0156421178/ref=tmm_pap_used_olp_0?ie=UTF8&qid=1322191271&sr=1-1&condition=used
    Homage to Catalonia (Paperback)
    by George Orwell
    “Review
    Autobiographical account by George Orwell of his experience as a volunteer for the Republicans in the Spanish Civil War, published in 1938. Unlike other foreign intellectual leftists, Orwell and his wife did not join the International Brigade but instead enlisted in the Workers’ Party of Marxist Unification (Partido Obrero de Unificacion Marxista; POUM). The book chronicles both his observations of the drudgery of the daily life of a soldier and his disillusionment with political infighting and totalitarianism. — The Merriam-Webster Encyclopedia of Literature”

    NOTE: the “Republicans”…the mix and the tricks of nomenclature!

  33. Bruce E. Woych

    http://www.commondreams.org/video/2011/11/23 (news interview video 2.26 minutes)
    “Published on Wednesday, November 23, 2011 by Countdown / Current TV
    Occupy Wall Street: Activist Daniel Ellsberg on How Pepper Spray Has Impacted the Movement

    “Countdown” guest host David Shuster and activist Daniel Ellsberg detail how the usage of pepper spray by police officers at protests nationwide is “police torture.” Ellsberg also questions why more than 4,000 peaceful protesters have been arrested while zero prosecutions have been instituted against “the people who fraudulently brought this country to its knees in the subprime mortgage scandal.”
    ————————————————————————————————————–
    …..Empirical reality not words or theory!

  34. Bruce E. Woych

    1974 vs. 2011
    http://current.com/shows/countdown/blog/countdown-producer-joe-lapointe-explains-how-the-spirit-of-spiro-agnew-lives-in-todays-republicans
    ‘Countdown’ producer Joe Lapointe explains how the spirit of Spiro Agnew lives on in today’s Republicans

    Joe Lapointe
    November 23, 2011

    “NEW YORK – As vice president of the United States, Spiro Agnew proved too corrupt even for Tricky Dick Nixon. A year before Nixon resigned to avoid impeachment and removal in 1974, Agnew quit in 1973 because he was a crook.

    He left after copping a plea for income tax evasion, but Agnew was so much more than that. He was Nixon’s hatchet man – sent out to insult liberals, demonstrators and all other enemies during Nixon’s corrupt reign.

    Former president Richard with his Vice-President Spiro Agnew in 1968Agnew has been dead for 15 years, but his spirit lives on in Republicans like Newt Gingrich, the former Speaker of the House now running for president; Rudy Giuliani, the former New York mayor still running his mouth; and Joe Walsh, the Republican Illinois congressman who is a deadbeat dad on child support payments but always forthcoming with cheap shots.”
    (Great article: read it all here): http://current.com/shows/countdown/blog/countdown-producer-joe-lapointe-explains-how-the-spirit-of-spiro-agnew-lives-in-todays-republicans

  35. It was, and I thank you fer that. I think what I see in public is a politicial system that enjoys attention and gets it from the media. Who like to pump up anything in the name of money and politics brings that money home. They simply feed off each other, and the law gets to walk the troubled high wire, and its all approved by the citizens each and every time a voting cycle returns. Add a SC that feeds corporate paper to the 2 partys and its more than a wild ride, its a wild life, and certainly no way to carry on. Between the 3 of them, they should be the ones most heavly taxed to bring the deficit down and then forced to a balanced budget agenda.

  36. The US is falling behind for a multitued of reasons. Here is just another one.

    Scottish engineers were prominent in Britain’s Industrial Revolution from the beginning of the 18th century.

    Now a Scottish renewable energy company is continuing that grand tradition of innovation by selling the world’s first commercial-scale wave power machine.

    Inverness-based Wavegen announced that it has sold an array of 16 turbines to the Ente Vasco de la Energia, the Basque Energy Board in Spain for $1.58 million. On 18 November President of the Basque Country Patxi Lopez inaugurated the Mutriku tidal power facility.

    Wavegen Chief executive Matthew Seed said, “We are delighted to have developed the first wave power plant to be sold on a commercial basis. This is very exciting news, not just for our company, but for the whole marine energy sector. This major milestone is a demonstration of just how far the industry has developed in recent years. We believe our success in Spain clearly demonstrates our ability to deliver projects. We have unrivalled expertise and experience, and we will continue to harness those skills to move forward on our other projects.”

    Alas, the profits of Scottish technological expertise will be flowing to Berlin, not Edinburgh, as Wavegen, which was founded in 1990, was bought six years ago by German companies Siemens and Voith and is now technically known as Voith Hydro Wavegen.

    So, what is Ente Vasco de la Energia getting for its money?

    The Wavegen 300 kilowatt wave power plant has 16 turbines, is housed within a breakwater in the Basque port of Mutriku on northern Spain’s Atlantic coast, 30 miles from San Sebastian. The Mutriku facility is the first grid-connected ocean energy device to be commissioned in Spain and continental Europe. Designed with a 25 year operational lifespan, Mutriku will generate electricity for 250 homes.

    Leaping on the public relations bandwagon to celebrate Scottish engineering prowess Scotland’s Energy Minister Fergus Ewing said, “Scotland is leading the development of wave and tidal energy, using our skills and expertise to help Scotland – and the world – develop marine power. This welcome announcement by Inverness-based Wavegen highlights the progress being made towards full commercialization of wave and tidal technologies.”

    No less enthusiastic, the Basque Energy Agency calls the Mutriku facility “a world leader that opens the door to new marine developments and the creation of a new manufacturing sector that can generate wealth and employment,” adding that Mutriku is “the only one of its kind in the world, since the other two facilities in Portugal and Scotland are prototypes designed for research purposes rather than to generate power; not the case with Mutriku, which is a pre-commercial plant

  37. By Martin Strydom
    2:06PM GMT 25 Nov 2011
    Italy sold six-month debt for a yield of 6.504pc – nearly double the 3.5pc yield demanded by investors at an auction at the end of October.
    The auction will be a blow to Mario Monti, the new Italian prime minister, who is battling to persuade markets that he can reduce the €1.9 trillion debt burden of the eurozone’s third largest economy.
    “In a matter of three weeks, Italy’s credit worthiness has sunk to desperate levels. This is clearly an unsustainable situation and Italy won’t be able to afford to sell debt at this level,” said Kathleen Brooks, of forex.com.
    After the auction, stock markets retreated and the yield on Italy’s benchmark 10-year bonds widened further to 7.273pc – a level at which other debt-laden eurozone nations were forced to seek bailouts.
    The auction was alway going to be difficult after a weak German bond sale on Wednesday ignited fears that the debt crisis was starting to infect the eurozone’s biggest economy.
    The German government was unable to sell about 35pc of the €6bn (£5bn) 10-year bonds it offered to the market, getting just €3.9bn of the debt away.
    Ms Brooks said: “Investors are not taking any chances with Europe right now. For as long as the ECB remains on the side-lines and the currency bloc’s high command fail to instil confidence that it has a workable solution to the crisis then there will be a buyers strike.”
    The next test for Italy is a bond auction on Monday and one on Tuesday. The country also has to auction €22bn of debt in December.

  38. http://www.reuters.com/video/2010/11/30/electric-eel-lights-christmas-tree?videoId=165395363

    so many ways to generate electricity that it makes you dizzy trying to decide on which method would put you in the *god’s seat*….

    and once in the *god’s seat* – well, crank up the eugenics think tanks to rationalize the choices made – how about this time you make the case for additional global slave labor investment through war…? tricky socio-politico risks when it comes to finding the balance between IQ and task, huh? Already the generation shift in computer programming – a broken link in the chain – they don’t know how to do the programming because they never got the pencil and paper formula jotted down at the country club for *next step*…

    The family unit as the fundamental unit of civilization being replaced by the *corporate* governance unit – what could go wrong there? :-)

    Ah well, text book of history being written as we opine….

    What happens when men do an *ism* take over of the domains of the female – which are, traditionally, education and health care – and make a corporate daddy to rule over the raising of children based on their *theory*…?

    Economists should be required to provide the *gold standard* of these human groupings – who is the *perfect* 1%er – the archetype? Guess we could use Europe as an example of what the 99% can be broken up into – take Belgium for example – they’re getting people to vote on whether to go French or German – Flench is my choice :-) by having people vote on whether the half of the country developing the perfect french fry to win the popularity contest over the other side of the country developing the perfect beer buzz. It’s not a settled issue and Belgium will continue to be without the *modern* part of its government until the issue is settled…and so what, right? No one cares as life goes on daily, it’s just a common cultural touchstone people chat up when discussing *politics*. Countries where people have always chatted about *politics* are more apt to keep *politics* in its proper place – politics separated from church, state, and government by the people…

    Yes, the 99% can be analyzed into groupings for commerce based on a *country* model…let me guess, wasn’t done that way, right? Math too easy…?

    Stealing from EU countries is a lot tougher since you’re cracking open their experientially-won balance in the man to land ratio and it’s hard not to perceive that kind of political and religious CRAP as a causus belli.

  39. Bruce E. Woych

    CELS 2011: 6th Annual Conference on Empirical Legal Studies
    The CELS 2011 conference is sponsored by the Society for Empirical Legal Studies (SELS), the Searle Center on Law, Regulation, and Economic Growth at Northwestern Law, and the American Bar Foundation. The conference features original empirical and experimental legal scholarship by leading scholars from a diverse range of fields.

    You can browse all abstracts for publicly available papers to be presented at CELS 2011 in the SSRN database at:
    http://www.ssrn.com/link/CELS-2011.html.

    You may also visit the CELS 2011 conference website at:
    http://www.law.northwestern.edu/faculty/conferences/cels-2011.

  40. Outrageous links there Bruce, thanks.