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	<title>Left-handed Complement</title>
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	<description>A slightly skewed view of a very weird universe.</description>
	<pubDate>Wed, 05 Nov 2008 04:34:08 +0000</pubDate>
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		<title>mm510: Barack Obama will be the 44th President of the United States</title>
		<link>http://mudge.essoenn.com/2008/11/04/mm510-barack-obama-will-be-the-44th-president-of-the-united-states/</link>
		<comments>http://mudge.essoenn.com/2008/11/04/mm510-barack-obama-will-be-the-44th-president-of-the-united-states/#comments</comments>
		<pubDate>Wed, 05 Nov 2008 04:28:17 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[Obama]]></category>

		<category><![CDATA[Presidential election]]></category>

		<category><![CDATA[44th President of the United States]]></category>

		<category><![CDATA[Barack Obama]]></category>

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		<description><![CDATA[
Words fail me. But the electorate didn&#8217;t.
It’s it for now. Thanks,
&#8211;MUDGE
Technorati Tags: Barack Obama,presidential election,44th President of the United States
Posted in Obama, Presidential election&#160;&#160;&#160;Tagged: 44th President of the United States, Barack Obama, Presidential election&#160;&#160;&#160;     ]]></description>
			<content:encoded><![CDATA[<div class='snap_preview'><br /><div id="attachment_2452" class="wp-caption alignnone" style="width: 442px"><a href="http://mudge.files.wordpress.com/2008/11/dreamstime_4855689-amen.jpg"><img class="size-full wp-image-2452" title="dreamstime_4855689-amen" src="http://mudge.files.wordpress.com/2008/11/dreamstime_4855689-amen.jpg?w=432&#038;h=349" alt="© Misty Pfeil | Dreamstime.com" width="432" height="349" /></a><p class="wp-caption-text">© Misty Pfeil | Dreamstime.com</p></div>
<p><a href="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg"><img class="alignnone size-full wp-image-2052" title="mudgesmusings1.jpg" src="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg?w=361&#038;h=79" alt="mudgesmusings1.jpg" width="361" height="79" /></a></p>
<p><span style="font-family:Palatino Linotype;color:#000080;font-size:medium;">Words fail me. But the electorate didn&#8217;t.</span></p>
<p><span style="font-family:Palatino Linotype;color:#000080;font-size:medium;">It’s it for now. Thanks,</span></p>
<p><span style="font-size:medium;"><span style="font-family:Palatino Linotype;"><span style="color:#000080;">&#8211;M<span style="font-size:x-small;">UDGE</span></span></span></span></p>
<div id="scid:0767317B-992E-4b12-91E0-4F059A8CECA8:bac91c94-f576-48a6-b1e5-52a8fdf07946" class="wlWriterSmartContent" style="display:inline;margin:0;padding:0;">Technorati Tags: <a rel="tag" href="http://technorati.com/tags/Barack%20Obama">Barack Obama</a>,<a rel="tag" href="http://technorati.com/tags/presidential%20election">presidential election</a>,<a rel="tag" href="http://technorati.com/tags/44th%20President%20of%20the%20United%20States">44th President of the United States</a></div>
Posted in Obama, Presidential election&nbsp;&nbsp;&nbsp;Tagged: 44th President of the United States, Barack Obama, Presidential election&nbsp;&nbsp;&nbsp;<a rel="nofollow" href="http://feeds.wordpress.com/1.0/gocomments/mudge.wordpress.com/2451/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/comments/mudge.wordpress.com/2451/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/godelicious/mudge.wordpress.com/2451/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/delicious/mudge.wordpress.com/2451/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/gostumble/mudge.wordpress.com/2451/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/stumble/mudge.wordpress.com/2451/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/godigg/mudge.wordpress.com/2451/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/digg/mudge.wordpress.com/2451/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/goreddit/mudge.wordpress.com/2451/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/reddit/mudge.wordpress.com/2451/" /></a> <img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=mudge.essoenn.com&blog=387243&post=2451&subd=mudge&ref=&feed=1" /></div>]]></content:encoded>
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		<title>mm509: Hear that sound? It&#8217;s the ice skaters in hell!</title>
		<link>http://mudge.essoenn.com/2008/10/17/mm509-hear-that-sound-its-the-ice-skaters-in-hell/</link>
		<comments>http://mudge.essoenn.com/2008/10/17/mm509-hear-that-sound-its-the-ice-skaters-in-hell/#comments</comments>
		<pubDate>Sat, 18 Oct 2008 03:35:45 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[McCain]]></category>

		<category><![CDATA[Obama]]></category>

		<category><![CDATA[Politics]]></category>

		<category><![CDATA[Presidential election]]></category>

		<category><![CDATA[Republican]]></category>

		<category><![CDATA[Chicago Tribune]]></category>

		<category><![CDATA[Joseph Medill]]></category>

		<category><![CDATA[Rupert Murdoch]]></category>

		<category><![CDATA[Conrad Black]]></category>

		<category><![CDATA[Dewey Defeats Truman]]></category>

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		<category><![CDATA[Col. Robert McCormick]]></category>

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		<description><![CDATA[
We&#8217;ve written before about our hometown newspaper, the Chicago Tribune. 
Taken most seriously in its home town. 
But proud of its Republican tradition. Its first editor of any distinction, Joseph Medill, was influential in winning the presidency for Abraham Lincoln. 
That Republican heritage caused it to be newspaper non grata in my grandparents&#8217; and my [...]]]></description>
			<content:encoded><![CDATA[<div class='snap_preview'><br /><div id="attachment_2433" class="wp-caption alignnone" style="width: 379px"><a href="http://mudge.files.wordpress.com/2008/10/deweytruman12.jpg"><img class="size-full wp-image-2433" title="deweytruman12" src="http://mudge.files.wordpress.com/2008/10/deweytruman12.jpg?w=369&#038;h=286" alt="© Associated Press photo by Byron Rollins" width="369" height="286" /></a><p class="wp-caption-text">© Associated Press photo by Byron Rollins</p></div>
<p><a href="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg"><img class="alignnone size-full wp-image-2052" title="mudgesmusings1.jpg" src="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg?w=361&#038;h=79" alt="" width="361" height="79" /></a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">We&#8217;ve <a href="http://mudge.essoenn.com/2008/09/25/mm503-the-700-billion-fairy-tale/">written before about our hometown newspaper</a>, the <em><a href="http://en.wikipedia.org/wiki/Chicago_Tribune">Chicago Tribune</a></em>. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Taken most seriously in its home town. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">But proud of its Republican tradition. Its first editor of any distinction, <a href="http://en.wikipedia.org/wiki/Joseph_Medill">Joseph Medill</a>, was influential in winning the presidency for Abraham Lincoln. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">That Republican heritage caused it to be <em>newspaper non grata</em> in my grandparents&#8217; and my parents&#8217; households, and indeed, our household for many years, until its more favored tabloid competitor, the once scrappy and progressive <em>Sun-Times</em>, was eviscerated by Rupert Murdoch, the first of a series of newspaper bandits that have effectively destroyed it. The latest in that series, <a href="http://en.wikipedia.org/wiki/Conrad_Black">Conrad Black</a>, is in federal prison, convicted of fraud in connection with his newspaper properties.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">But we digress.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The <em>Tribune</em> is &lt;so&gt; Republican that once, the year <em><a href="http://mudge.essoenn.com/about/">yr (justifiably) humble svt</a></em> was born, they allowed wishful thinking to trump reality, resulting in the headline illustrated at the top of this post, a photograph that <a href="http://en.wikipedia.org/wiki/Dewey_Defeats_Truman">Wikipedia</a> rightfully describes as one of the most famous ever published.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">That was then.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Times, even for the 161 year old <em>Chicago Tribune,</em> have changed.</span></p>
<p><img style="border-right:0;border-top:0;border-left:0;border-bottom:0;" src="http://mudge.files.wordpress.com/2008/10/chitrib.jpg?w=392&#038;h=67" border="0" alt="chitrib" width="392" height="67" /></p>
<blockquote><p>FROM THE CHICAGO TRIBUNE EDITORIAL BOARD</p>
<h3>Tribune endorsement: Barack Obama for president</h3>
<h6><em>2:33 PM CDT, October 17, 2008</em></h6>
<p>However this election turns out, it will dramatically advance America&#8217;s slow progress toward equality and inclusion. It took Abraham Lincoln&#8217;s extraordinary courage in the Civil War to get us here. It took an epic battle to secure women the right to vote. It took the perseverance of the civil rights movement. Now we have an election in which we will choose the first African-American president . . . or the first female vice president.</p>
<p>In recent weeks it has been easy to lose sight of this history in the making. Americans are focused on the greatest threat to the world economic system in 80 years. They feel a personal vulnerability the likes of which they haven&#8217;t experienced since Sept. 11, 2001. It&#8217;s a different kind of vulnerability. Unlike Sept. 11, the economic threat hasn&#8217;t forged a common bond in this nation. It has fed anger, fear and mistrust.</p>
<p>On Nov. 4 we&#8217;re going to elect a president to lead us through a perilous time and restore in us a common sense of national purpose.</p>
<p>The strongest candidate to do that is Sen. Barack Obama. The Tribune is proud to endorse him today for president of the United States.</p></blockquote>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Do you get it yet? </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">In over 160 years, forty (40!) elections, the <em>Tribune</em> has NEVER endorsed a Democrat for president in a general election. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Until today.</span></p>
<p><span id="more-2432"></span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s an open question how influential newspapers, and more specifically, their endorsements, are with today&#8217;s voters. Newspapers are no longer the king of all media that they were in the days before electronic journalism. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">But as a symbol of the utter bankruptcy of the Republican party, its candidates, Mad Capt. McCain and the Redneckette, and indeed, this country after eight years of George III&#8217;s misrule, this endorsement of Barack Obama is a telling indictment.</span></p>
<blockquote><p>The Republican Party, the party of limited government, has lost its way. The government ran a $237 billion surplus in 2000, the year before Bush took office &#8212; and recorded a $455 billion deficit in 2008. The Republicans lost control of the U.S. House and Senate in 2006 because, as we said at the time, they gave the nation rampant spending and Capitol Hill corruption. They abandoned their principles. They paid the price.</p>
<p>We might have counted on John McCain to correct his party&#8217;s course. We like McCain. We endorsed him in the Republican primary in Illinois. In part because of his persuasion and resolve, the U.S. stands to win an unconditional victory in Iraq.</p>
<p>It is, though, hard to figure John McCain these days. He argued that President Bush&#8217;s tax cuts were fiscally irresponsible, but he now supports them. He promises a balanced budget by the end of his first term, but his tax cut plan would add an estimated $4.2 trillion in debt over 10 years. He has responded to the economic crisis with an angry, populist message and a misguided, $300 billion proposal to buy up bad mortgages.</p>
<p>McCain failed in his most important executive decision. Give him credit for choosing a female running mate&#8211;but he passed up any number of supremely qualified Republican women who could have served. Having called Obama not ready to lead, McCain chose Alaska Gov. Sarah Palin. His campaign has tried to stage-manage Palin&#8217;s exposure to the public. But it&#8217;s clear she is not prepared to step in at a moment&#8217;s notice and serve as president. McCain put his campaign before his country.</p></blockquote>
<p><a href="http://www.chicagotribune.com/news/opinion/chi-chicago-tribune-endorsement,0,1371034.story">Tribune endorses Barack Obama for president</a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Now, I&#8217;m sure some of my friends and readers (you, too, Mr. M) will make the obvious connection of the <em>Tribune</em>&#8217;s famous error at the top of this post, and today&#8217;s endorsement. &#8220;Hey, they&#8217;ve been famously wrong before!&#8221;</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And there&#8217;s no denying two other salient facts: Barack Obama is a home town hero; and the Tribune&#8217;s new owner is <a href="http://en.wikipedia.org/wiki/Sam_Zell">Sam Zell</a>, a billionaire real estate guy, and bottom feeding investor, although his political views hitherto have seemed to lean toward Republican candidates and causes. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The important difference between 1948 and 2008: there&#8217;s no wishful thinking in this endorsement.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Just hopeful thinking.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And it&#8217;s fun to imagine <a href="http://en.wikipedia.org/wiki/Robert_R._McCormick">Col. McCormick</a> spinning in his grave.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s it for now. Thanks.</span></p>
<p><span style="font-size:medium;"><span style="font-family:Palatino Linotype;">&#8211;M<span style="font-size:x-small;">UDGE</span></span></span></p>
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<div id="scid:0767317B-992E-4b12-91E0-4F059A8CECA8:3ad13154-40b8-422f-b2eb-da1b8db4c390" class="wlWriterSmartContent" style="display:inline;margin:0;padding:0;">Technorati Tags: <a rel="tag" href="http://technorati.com/tags/Chicago%20Tribune">Chicago Tribune</a>,<a rel="tag" href="http://technorati.com/tags/Obama">Obama</a>,<a rel="tag" href="http://technorati.com/tags/McCain">McCain</a>,<a rel="tag" href="http://technorati.com/tags/Republican">Republican</a>,<a rel="tag" href="http://technorati.com/tags/Joseph%20Medill">Joseph Medill</a>,<a rel="tag" href="http://technorati.com/tags/Rupert%20Murdoch">Rupert Murdoch</a>,<a rel="tag" href="http://technorati.com/tags/Conrad%20Black">Conrad Black</a>,<a rel="tag" href="http://technorati.com/tags/Dewey%20Defeats%20Truman">Dewey Defeats Truman</a>,<a rel="tag" href="http://technorati.com/tags/Sam%20Zell">Sam Zell</a>,<a rel="tag" href="http://technorati.com/tags/Col.%20Robert%20McCormick">Col. Robert McCormick</a></div>
Posted in McCain, Obama, Politics, Presidential election&nbsp;&nbsp;&nbsp;Tagged: Chicago Tribune, Col. Robert McCormick, Conrad Black, Dewey Defeats Truman, Joseph Medill, McCain, Obama, Republican, Rupert Murdoch, Sam Zell&nbsp;&nbsp;&nbsp;<a rel="nofollow" href="http://feeds.wordpress.com/1.0/gocomments/mudge.wordpress.com/2432/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/comments/mudge.wordpress.com/2432/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/godelicious/mudge.wordpress.com/2432/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/delicious/mudge.wordpress.com/2432/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/gostumble/mudge.wordpress.com/2432/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/stumble/mudge.wordpress.com/2432/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/godigg/mudge.wordpress.com/2432/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/digg/mudge.wordpress.com/2432/" /></a> <a rel="nofollow" href="http://feeds.wordpress.com/1.0/goreddit/mudge.wordpress.com/2432/"><img alt="" border="0" src="http://feeds.wordpress.com/1.0/reddit/mudge.wordpress.com/2432/" /></a> <img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=mudge.essoenn.com&blog=387243&post=2432&subd=mudge&ref=&feed=1" /></div>]]></content:encoded>
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		<title>mm508: A great, and most useful, debate</title>
		<link>http://mudge.essoenn.com/2008/10/15/mm508-a-great-and-most-useful-debate/</link>
		<comments>http://mudge.essoenn.com/2008/10/15/mm508-a-great-and-most-useful-debate/#comments</comments>
		<pubDate>Thu, 16 Oct 2008 04:20:28 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[McCain]]></category>

		<category><![CDATA[Obama]]></category>

		<category><![CDATA[Politics]]></category>

		<category><![CDATA[Presidential election]]></category>

		<category><![CDATA[Barack Obama]]></category>

		<category><![CDATA[Barratt O'Hara]]></category>

		<category><![CDATA[Chester Bowles]]></category>

		<category><![CDATA[debate]]></category>

		<category><![CDATA[John McCain]]></category>

		<category><![CDATA[Kennedy-Nixon debates]]></category>

		<guid isPermaLink="false">http://mudge.wordpress.com/?p=2426</guid>
		<description><![CDATA[
The last debate.
Three weeks to go. 
Got me to reminisce about my early exposure to politics.
The first presidential debate I ever watched was the first modern presidential debate: Nixon v. Kennedy, 1960. 
I was a kid, growing up in a very political household. My dad had been a precinct captain, and was soon to become [...]]]></description>
			<content:encoded><![CDATA[<div class='snap_preview'><br /><div id="attachment_2428" class="wp-caption alignnone" style="width: 394px"><a href="http://mudge.files.wordpress.com/2008/10/dreamstime_6600977.jpg"><img class="size-full wp-image-2428" title="dreamstime_6600977" src="http://mudge.files.wordpress.com/2008/10/dreamstime_6600977.jpg?w=384&#038;h=186" alt="© Kevin Renes | Dreamstime.com" width="384" height="186" /></a><p class="wp-caption-text">© Kevin Renes | Dreamstime.com</p></div>
<p><a href="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg"><img class="alignnone size-full wp-image-2052" title="mudgesmusings1.jpg" src="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg?w=361&#038;h=79" alt="" width="361" height="79" /></a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The last debate.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Three weeks to go. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Got me to reminisce about my early exposure to politics.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The first presidential debate I ever watched was the first modern presidential debate: Nixon v. Kennedy, 1960. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">I was a kid, growing up in a very political household. My dad had been a precinct captain, and was soon to become Democratic township committeeman of our (before he took over) rock-ribbed Republican suburb. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">My mother was the brains of the outfit, who had helped my dad go door to door to elect a Democratic congressman whose name was always gold in their house, even 40 years later, <a href="http://en.wikipedia.org/wiki/Barratt_O%27Hara">Barratt O&#8217;Hara</a>.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The first television we had was purchased not to watch <a href="http://en.wikipedia.org/wiki/Uncle_Miltie">Uncle Miltie</a> and the antics of <a href="http://en.wikipedia.org/wiki/I_Love_Lucy">Lucy and Desi</a>, but rather was acquired to watch the conventions of 1952.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">In late 1959, my parents began an impossibly quixotic quest: from our family room they created a national campaign to nominate <a href="http://en.wikipedia.org/wiki/Chester_Bowles">Chester Bowles</a> of Connecticut for president. Where this cockamamie idea came from I have no idea to this day. A very distinguished progressive politician. Before that, a phenomenally successful advertising executive. Once and future ambassador to India and Under Secretary of State.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Way too qualified for the presidency. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;"><em><a href="http://mudge.essoenn.com/about/"><span style="color:#800000;">Yr (justifiably) humble svt</span></a></em> spent many a weekend that year and through mid-1960 stuffing, addressing and stamping envelopes. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It was a simpler time. Stuffing envelopes in support of a national presidential campaign by hand, indeed.</span></p>
<p><span id="more-2426"></span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">My parents were crushed when they arrived in Los Angeles for the Democratic convention only to find the fix was in, and Jack Kennedy the landslide nominee. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">They left, and took a much needed vacation to San Francisco. But, staying with my grandmother, my siblings and I watched that convention, and the Republican one.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">So, aged 12, I accompanied my parents to the nearby Unitarian church, where several large screen TVs were set up for the local Democratic party faithful to watch the proceedings. Of course, this being 1960, the large screen TVs were maybe 25-inch. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">But it made an impression.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Nixon: tricky,  in need of a shave for his five-o&#8217;clock shadow, not trustworthy. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Kennedy: youthful, dynamic, eloquent.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">There was no doubt in my young mind who would win the election.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Fast forward 48 years. (O. M. G.)</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Watched the debates (all four of them, start to finish) on M<span style="font-size:x-small;">UDGE</span>let No. 3&#8217;s 50-inch high definition TV, currently harbored (as is he) in our humble abode. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Can&#8217;t hide anything from high definition.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Tonight&#8217;s final McCain-Obama debate was the best one of their three, I think. McCain finally seemed to be prepared. Askew, but prepared. Way too focused on plumbers for some reason. Maybe it was something he ate.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And Obama seemed, as always, to have command of the facts and was typically imperturbable in the face of the odd grimaces and all too expected character attacks. Does anyone even slightly to the left of Attila the Hun really care about Bill Ayers?</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">McCain: Ancient, snarling, reptilian.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Obama: Knowledgeable, calm, reassuring.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">As more than one observer has noted tonight, it seems inconceivable that one would willingly invite the former into your living room for the next four years. Jarring. Discordant. </span><span style="font-size:medium;font-family:Palatino Linotype;">Discomforting. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Whereas Senator Obama &#8230; well, we&#8217;ve been listening to and watching him for many, many months now. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Cool under fire. Thoughtful. Capable.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The choice we citizens face November 4 &#8212; now, actually for the many states that are allowing early voting &#8212; has never seemed so strikingly clear.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The ugly past v. the handsome future. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And their looks have absolutely nothing to do with that comparison.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s it for now. Thanks.</span></p>
<p><span style="font-size:medium;"><span style="font-family:Palatino Linotype;">&#8211;M<span style="font-size:x-small;">UDGE</span></span></span></p>
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		<title>mm507: Nobel and noble - a daily double</title>
		<link>http://mudge.essoenn.com/2008/10/13/mm507-nobel-and-noble-a-daily-double/</link>
		<comments>http://mudge.essoenn.com/2008/10/13/mm507-nobel-and-noble-a-daily-double/#comments</comments>
		<pubDate>Tue, 14 Oct 2008 02:40:33 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[Economic depression]]></category>

		<category><![CDATA[Economy]]></category>

		<category><![CDATA[McCain]]></category>

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		<category><![CDATA[Paul Krugman]]></category>

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		<category><![CDATA[Nobel Memorial Prize in Economic Science]]></category>

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		<category><![CDATA[the only thing to fear is fear itself]]></category>

		<guid isPermaLink="false">http://mudge.wordpress.com/?p=2422</guid>
		<description><![CDATA[
Sometimes good things happen to good people.
Paul Krugman of Princeton University and the NYTimes, frequently quoted in this space, was awarded the 2008 Nobel Prize in Economics today.
This is worthy recognition to an outstanding thinker, who not only thinks the deep thoughts of his &#8220;dismal science,&#8221; but articulately delivers complex concepts with clarity.
Well done, Nobel [...]]]></description>
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<p><a href="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg"><img class="alignnone size-full wp-image-2052" title="mudgesmusings1.jpg" src="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg?w=361&#038;h=79" alt="" width="361" height="79" /></a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Sometimes good things happen to good people.</span></p>
<p><a href="http://mudge.essoenn.com/2008/09/08/mm493-superficialities-or-substance-the-2008-choice/"><span style="font-size:medium;"><span style="font-family:Palatino Linotype;">Paul Krugman of Princeton University and the <em>NYTimes</em></span></span></a><span style="font-size:medium;font-family:Palatino Linotype;">, </span><a href="http://mudge.essoenn.com/2008/09/09/mm494-blast-from-the-past-no-50-health-care-excuses/"><span style="font-size:medium;font-family:Palatino Linotype;">frequently quoted in this space</span></a><span style="font-size:medium;font-family:Palatino Linotype;">, was awarded the </span><a href="http://www.nytimes.com/2008/10/14/business/economy/14econ.html?hp"><span style="font-size:medium;font-family:Palatino Linotype;">2008 Nobel Prize in Economics</span></a><span style="font-size:medium;font-family:Palatino Linotype;"> today.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">This is worthy recognition to an outstanding thinker, who not only thinks the deep thoughts of his &#8220;</span><a href="http://www.economics.unimelb.edu.au/TLdevelopment/econochat/Dixonecon00.html"><span style="font-size:medium;font-family:Palatino Linotype;">dismal science</span></a><span style="font-size:medium;font-family:Palatino Linotype;">,&#8221; but articulately delivers complex concepts with clarity.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Well done, Nobel committee, and Paul Krugman!</span></p>
<p align="center"><span style="font-size:medium;font-family:Palatino Linotype;">&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Last post, I spoke in glowing terms of <a href="http://mudge.essoenn.com/2008/10/09/mm506-what-to-read-when-youre-not-reading-me/">one of my favorite progressive blogs, <em>First Door on the Left</em></a>. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Len did it again today (recognizing Paul Krugman, by the way) by posting the complete transcript of Barack Obama&#8217;s fleshed out economic rescue plan delivered in Ohio today.</span></p>
<h3><a href="http://www.esoterically.net/weblog/2008/10/13/a-rescue-plan-for-the-middle-class/"><img style="border-right:0;border-top:0;border-left:0;border-bottom:0;" src="http://mudge.files.wordpress.com/2008/10/firstdoorontheleft.jpg?w=484&#038;h=88" border="0" alt="firstdoorontheleft" width="484" height="88" /></a></h3>
<blockquote>
<h3>A Rescue Plan for the Middle Class</h3>
<h6><em>Posted by Len on Monday at 1:19 pm in </em><a href="http://www.esoterically.net/weblog/category/democrats/"><em>Democrats</em></a><em>, </em><a href="http://www.esoterically.net/weblog/category/election-2008/"><em>Election 2008</em></a><em>, </em><a href="http://www.esoterically.net/weblog/category/politics/"><em>Politics</em></a></h6>
<p>I know these are difficult times. I know folks are worried. But I also know this – we can steer ourselves out of this crisis. Because we are the United States of America. We are the country that has faced down war and depression; great challenges and great threats. And at each and every moment, we have risen to meet these challenges – not as Democrats, not as Republicans, but as Americans.</p>
<p>We still have the most talented, most productive workers of any country on Earth. We’re still home to innovation and technology, colleges and universities that are the envy of the world. Some of the biggest ideas in history have come from our small businesses and our research facilities. It won’t be easy, but there’s no reason we can’t make this century another American century.</p>
<p>But it will take a new direction. It will take new leadership in Washington. It will take a real change in the policies and politics of the last eight years. And that’s why I’m running for President of the United States of America.</p>
<p>My opponent has made his choice. Last week, Senator McCain’s campaign announced that they were going to “turn the page” on the discussion about our economy so they can spend the final weeks of this election attacking me instead. His campaign actually said, and I quote, “if we keep talking about the economy, we’re going to lose.” Well Senator McCain may be worried about losing an election, but I’m worried about Americans who are losing their jobs, and their homes, and their life savings. They can’t afford four more years of the economic theory that says we should give more and more to millionaires and billionaires and hope that prosperity trickles down to everyone else. We’ve seen where that’s led us and we’re not going back. It’s time to turn the page.</p></blockquote>
<p><span id="more-2422"></span></p>
<blockquote><p>Over the course of this campaign, I’ve laid out a set of policies that will grow our middle-class and strengthen our economy in the long-term. I’ll reform our tax code so that 95% of workers and their families get a tax cut, and eliminate income taxes for seniors making under $50,000. I’ll bring down the cost of health care for families and businesses by investing in preventative care, new technology, and giving every American the chance to get the same kind of health insurance that members of Congress give themselves. We’ll ensure every child can compete in the global economy by recruiting an army of new teachers and making college affordable for anyone who wants to go. We’ll create five million new, high-wage jobs by investing in the renewable sources of energy that will eliminate the oil we currently import from the Middle East in ten years, and we’ll create two million jobs by rebuilding our crumbling roads, schools, and bridges.</p></blockquote>
<p><a href="http://www.esoterically.net/weblog/2008/10/13/a-rescue-plan-for-the-middle-class/#more-8915">First Door on the Left » A Rescue Plan for the Middle Class</a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Click the link above, and read the entire speech. And, if you care to, Len has posted the video. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Details and substance in a statesman&#8217;s package. It&#8217;s not that much of a stretch: noble.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The contrast with the shrill, desperate bleating from the Republican opposition couldn&#8217;t be more stark. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Obama calmly talks numbers, carefully researched and thoughtfully delivered. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">McCain and the redneckette shout what most voters are accurately recognizing as Faux News/talk radio inaccuracies, and more telling, irrelevancies.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">&#8220;</span><a href="http://mudge.essoenn.com/2008/07/31/mm454-its-going-to-take-a-liberal-quantity-of-bold/"><span style="font-size:medium;font-family:Palatino Linotype;">The only thing to fear is fear itself</span></a><span style="font-size:medium;font-family:Palatino Linotype;">.&#8221; And McCain/redneckette are fearmongers of the classic, Republican stripe.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Citizens: On Nov. 4, cast your decisive vote against fear.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Sen. Obama: Now, make some room for a recent Nobel prize winner on your advisory team.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s it for now. Thanks.</span></p>
<p><span style="font-size:medium;"><span style="font-family:Palatino Linotype;">&#8211;M<span style="font-size:x-small;">UDGE</span></span></span></p>
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		<title>mm506: What to read when you&#8217;re not reading me</title>
		<link>http://mudge.essoenn.com/2008/10/09/mm506-what-to-read-when-youre-not-reading-me/</link>
		<comments>http://mudge.essoenn.com/2008/10/09/mm506-what-to-read-when-youre-not-reading-me/#comments</comments>
		<pubDate>Fri, 10 Oct 2008 02:56:03 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[Economic depression]]></category>

		<category><![CDATA[Economy]]></category>

		<category><![CDATA[McCain]]></category>

		<category><![CDATA[Obama]]></category>

		<category><![CDATA[Politics]]></category>

		<category><![CDATA[Presidential election]]></category>

		<category><![CDATA[Recession]]></category>

		<category><![CDATA[progressive]]></category>

		<category><![CDATA[$700 billion Wall St. bailout]]></category>

		<category><![CDATA[BlogExplosion]]></category>

		<category><![CDATA[Carly Fiorino]]></category>

		<category><![CDATA[First Door on the Left]]></category>

		<category><![CDATA[Meg Whitman]]></category>

		<category><![CDATA[Political Realm]]></category>

		<category><![CDATA[The 12 Angry Men Blog]]></category>

		<category><![CDATA[The Coyote's Byte]]></category>

		<category><![CDATA[Tom Paine.common sense]]></category>

		<category><![CDATA[Warren Buffet]]></category>

		<category><![CDATA[Washington Interns Gone Bad]]></category>

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		<description><![CDATA[
Away (from blogging &#8212; the writing, not the reading) and the economy, and especially the stock markets, continues in free fall. 
Everyone is on edge, if not downright frantic, because if you&#8217;re too young to be that concerned about your retirement account and pension, you very well might be looking over your shoulder for economy-related [...]]]></description>
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<p><a href="http://mudge.files.wordpress.com/2008/09/mudgesmusings1.jpg"><img class="alignnone size-full wp-image-2067" title="mudgesmusings1.jpg" src="http://mudge.files.wordpress.com/2008/09/mudgesmusings1.jpg?w=361&#038;h=79" alt="" width="361" height="79" /></a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Away (from blogging &#8212; the writing, not the reading) and the economy, and especially the stock markets, continues in free fall. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Everyone is on edge, if not downright frantic, because if you&#8217;re too young to be that concerned about your retirement account and pension, you very well might be looking over your shoulder for economy-related pink slips.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The presidential campaign continues its free fall, from idealism and straight talk to Republican distortions and lies, and increasingly strident (and quite rapid, altogether a nice improvement over the &#8220;gentlemanly&#8221; Kerry debacle) Democratic responses.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And chanting relentlessly about Bill Ayers to mad-dog mobs (did Sarah Palin bring out every last one of this country&#8217;s rednecks?) while 401Ks keep decaying and mortgages keep resetting  is making ordinary, moderate people downright angry. </span><span style="font-size:medium;font-family:Palatino Linotype;"><br />
</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Fiddling while Rome burns, indeed. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">My approach to the meltdown? I just don&#8217;t look at my funds. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">If you&#8217;re not spending it tomorrow, why make yourself crazy? If you live long enough, you&#8217;ll see the markets come back. <a href="http://mudge.essoenn.com/2007/05/07/mm001-the-first-real-post/">And I&#8217;m not retiring until my 90th birthday</a>.<br />
</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Of course those now living off of their pensions and especially their IRAs and 401Ks have a right to be furious with the criminal class of plutocrats running (yeah, and ruining) this country&#8217;s biggest financial institutions. And the Republican politicians who made the world safe for their crimes.<br />
</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">I can imagine some really juicy show trials come January.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Meanwhile, I&#8217;m reading lots of good stuff, enough so that this past week I find myself rather tongue-tied as a result.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">So, rather than fight to get the words out, here&#8217;s a laundry list of worthwhile reading.</span></p>
<p><span id="more-2414"></span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Jason Buckley at <a href="http://www.jasonbuckley.com/blog/">Washington Interns Gone Bad</a> is one progressive political site I check out frequently, either through the good offices of <a href="http://blogexplosion.com/">BlogExplosion.com</a>, or better yet, through our blogroll. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">A favorite read (also on our blogroll) is Len at <a href="http://www.esoterically.net/weblog/">First Door on the Left</a>, who seems to find the good stuff first, and apparently has access to the mother lode of political cartooning.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The <a href="http://12angrymen.wordpress.com/">12 Angry Men Blog</a> had the most concise rundown of the contents of the &#8221; $700 Billion Wall Street Bailout&#8221; (and I saw a funny [rueful] comment somewhere tonight that for Wall St. billionaires it&#8217;s a bailout; proposals that would pay off mortgages of average citizens is socialism); another site I just don&#8217;t get to frequently enough.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Just found Scott of <a href="http://coyotebyte.tumblr.com/">The Coyote&#8217;s Byte</a> in the last week or so, and I&#8217;m glad I did. He picked up (and, more to the point, beat <em><a href="http://mudge.essoenn.com/about/"><span style="color:#800000;">yr (justifiably) humble svt</span></a></em> to the punch) on McCain&#8217;s extraordinary call during Tuesday night&#8217;s debate for Meg Whitman, late of (soon to be late?) Ebay as a potential Treasury Secretary. The same week that Ebay announced 10% in personnel layoffs. Like McCain&#8217;s pal, Carly Fiorino, lately of (thankfully robust, despite Fiorino&#8217;s &#8220;best&#8221; efforts) HP, these two famous Silicon Valley women have proven themselves to be all hat, no cattle when it comes to running their businesses. I wouldn&#8217;t want them coming near running this economy. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;"><a href="http://en.wikipedia.org/wiki/Warren_Buffet">Warren Buffett</a>? Now there&#8217;s one septuagenarian I would trust with my money, and my country&#8217;s fate. Obama, be very persuasive!</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;"><a href="http://politicalrealm.blogspot.com/">Political Realm</a> is one of the most useful comprehensive political sites. Important news and commentary to read and view there, day in and day out.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Finally, <a href="http://www.tompaine.com/">TomPaine.common sense</a> sends me a daily newsletter, proving every day that there&#8217;s nothing that&#8217;s ever been more needed, but is less common and more difficult to find in today&#8217;s perilous world, than common sense.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And everyone&#8217;s pace, save yours truly, has picked up, reflecting the relentless countdown to what well might be one of, if not the most important of this generation&#8217;s tipping points, November 4, 2008.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">So, faithful reader, there&#8217;s billions of pages to read, even if I haven&#8217;t updated in eight days. But thanks for not giving up on me.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And, thanks for voting.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s it for now. Thanks</span></p>
<p><span style="font-size:medium;"><span style="font-family:Palatino Linotype;">&#8211;M<span style="font-size:x-small;">UDGE</span></span></span></p>
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		<title>mm505: Could it happen again?</title>
		<link>http://mudge.essoenn.com/2008/10/01/mm505-could-it-happen-again/</link>
		<comments>http://mudge.essoenn.com/2008/10/01/mm505-could-it-happen-again/#comments</comments>
		<pubDate>Thu, 02 Oct 2008 03:30:55 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[Economic depression]]></category>

		<category><![CDATA[Economy]]></category>

		<category><![CDATA[History]]></category>

		<category><![CDATA[Politics]]></category>

		<category><![CDATA[$700 billion Wall St. bailout]]></category>

		<category><![CDATA[David Leonhardt]]></category>

		<category><![CDATA[Henry Paulson]]></category>

		<guid isPermaLink="false">http://mudge.wordpress.com/?p=2408</guid>
		<description><![CDATA[
There&#8217;s more at stake in the present Wall Street bailout tsunami than the partisan posturing might lead you to believe.
Conservatives vs. moderates vs. progressives vs. everybody.
In a lifetime of casual reading about the Great Depression of the 1930s, the main cause that stuck in my mind was the wrong-headed protective tariffs established by the Smoot-Hawley [...]]]></description>
			<content:encoded><![CDATA[<div class='snap_preview'><br /><div id="attachment_2409" class="wp-caption alignnone" style="width: 330px"><a href="http://mudge.files.wordpress.com/2008/10/dreamstime_1291298.jpg"><img class="size-full wp-image-2409" title="dreamstime_1291298" src="http://mudge.files.wordpress.com/2008/10/dreamstime_1291298.jpg?w=320&#038;h=480" alt="© Bo Widerberg | Dreamstime.com" width="320" height="480" /></a><p class="wp-caption-text">© Bo Widerberg | Dreamstime.com</p></div>
<p><a href="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg"><img class="alignnone size-full wp-image-2052" title="mudgesmusings1.jpg" src="http://mudge.files.wordpress.com/2008/08/mudgesmusings1.jpg?w=361&#038;h=79" alt="" width="361" height="79" /></a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">There&#8217;s more at stake in the present Wall Street bailout tsunami than the partisan posturing might lead you to believe.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Conservatives vs. moderates vs. progressives vs. everybody.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">In a lifetime of casual reading about the Great Depression of the 1930s, the main cause that stuck in my mind was the wrong-headed protective tariffs established by the Smoot-Hawley act, which caused the economic dominos to topple all over the world.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Economists tell a different story; far less global, and very much local. David Leonhardt, in the <em>NYTimes</em> tells of some disturbing parallels with the current crisis.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Crisis feels altogether too bland a word for what the nation is facing today. Abyss feels more appropriate.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And if I exaggerate, that is a reflection of what I see and hear. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">This one has even the normally oblivious shaken.</span></p>
<p><span id="more-2408"></span></p>
<h3><a href="http://www.nytimes.com/2008/10/01/business/economy/01leonhardt.html?em=&amp;adxnnl=1&amp;adxnnlx=1222911219-UU29dMosBukJilxEnEDg0w"><img style="border-right:0;border-top:0;border-left:0;border-bottom:0;" src="http://mudge.files.wordpress.com/2008/10/nytimes.jpg?w=214&#038;h=43" border="0" alt="nytimes" width="214" height="43" /></a></h3>
<blockquote>
<h3>Lesson From a Crisis: When Trust Vanishes, Worry</h3>
<h6><em>Economic Scene | By </em><a href="http://topics.nytimes.com/top/reference/timestopics/people/l/david_leonhardt/index.html?inline=nyt-per"><em>DAVID LEONHARDT</em></a><em> | Published: September 30, 2008 </em></h6>
<p>Why are we talking about the Depression, anyway?</p>
<p>Almost no economist thinks that even a terrible downturn would look like the Depression. The government has already responded more aggressively than it did in Herbert Hoover’s day. So a Depression-like contraction — a 30 percent drop in economic activity — is highly unlikely. The country is also far richer today, which means that a much smaller portion of the population is living on the edge of despair. No matter what happens, you’re not likely to see shantytowns.</p>
<p>But the Depression is still relevant, because the basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression. In both cases, a credit crisis is at the center of the story.</p>
<p>At the start of the 1930s, despite everything that had happened on Wall Street, the American economy had not yet collapsed. Consumer spending and business investment were down, but not horribly so.</p>
<p>In late 1930, however, a rolling series of bank panics began. Investments made by the banks were going bad — or, in some cases, were rumored to be going bad — and nervous customers besieged bank branches to demand their money back. Hundreds of banks eventually closed.</p></blockquote>
<p><a href="http://www.nytimes.com/2008/10/01/business/economy/01leonhardt.html?em=&amp;adxnnl=1&amp;adxnnlx=1222911219-UU29dMosBukJilxEnEDg0w">Economic Scene - Lesson From a Crisis - When Trust Vanishes, Worry - NYTimes.com</a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s about credit. Healthy lenders pull back; the rest of us founder. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And this is why Congress feels compelled, or its constituents are compelling it, to act.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">As I write this, the Senate, taking the lead today (while the House nominally observed the second day of the Jewish holiday) and <a href="http://www.nytimes.com/2008/10/02/business/02bailout.html?pagewanted=1&amp;hp">passed a bailout measure</a>. </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Henry Paulson&#8217;s three page sketch became a 450-page doorstep in the process.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Here&#8217;s hoping that there&#8217;s something real and substantial in there for ordinary citizens.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">But at least Congress has begun to act on this.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">History, if we bother to read it, records the folly of inaction.</span></p>
<blockquote><p>But in the end, this really isn’t about Wall Street. It’s about reducing the risk that something really bad happens. It’s about limiting the damage from the past decade’s financial excesses. Unfortunately, there is no way to accomplish that without also extending a helping hand to Wall Street. That is where our credit markets are, and we need them to start working again.</p>
<p>“We are facing a major national crisis,” as Meyer Mishkin’s grandson says. “To do nothing right now is to do what was done during the Great Depression.”</p></blockquote>
<p><span style="font-size:medium;font-family:Lucida Sans Typewriter;color:#008080;">It&#8217;s it for now, thanks.</span></p>
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		<title>mm504: Numb, but thawing</title>
		<link>http://mudge.essoenn.com/2008/09/28/mm504-numb-but-thawing/</link>
		<comments>http://mudge.essoenn.com/2008/09/28/mm504-numb-but-thawing/#comments</comments>
		<pubDate>Mon, 29 Sep 2008 02:31:38 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[Blogging]]></category>

		<category><![CDATA[Economy]]></category>

		<category><![CDATA[Life]]></category>

		<category><![CDATA[McCain]]></category>

		<category><![CDATA[Obama]]></category>

		<category><![CDATA[Politics]]></category>

		<category><![CDATA[Presidential election]]></category>

		<category><![CDATA[$700 billion Wall St. bailout]]></category>

		<guid isPermaLink="false">http://mudge.wordpress.com/?p=2403</guid>
		<description><![CDATA[
Trying not to feel too guilty about this month&#8217;s continuing violations of the blogger&#8217;s prime directive: Thou Shalt Blog Daily! 
Guilty, your honor, with an excuse.
It&#8217;s not like there haven&#8217;t been extraordinary events to write about, in the big world out there, and in the not quite silent interior world each of us populate, eternally [...]]]></description>
			<content:encoded><![CDATA[<div class='snap_preview'><br /><div id="attachment_2404" class="wp-caption alignnone" style="width: 394px"><a href="http://mudge.files.wordpress.com/2008/09/dreamstime_5984846.jpg"><img class="size-full wp-image-2404" title="dreamstime_5984846" src="http://mudge.files.wordpress.com/2008/09/dreamstime_5984846.jpg?w=384&#038;h=256" alt="© Sharon Kennedy | Dreamstime.com" width="384" height="256" /></a><p class="wp-caption-text">© Sharon Kennedy | Dreamstime.com</p></div>
<p><a href="http://mudge.files.wordpress.com/2008/09/mudgesmusings1.jpg"><img class="alignnone size-full wp-image-2067" title="mudgesmusings1.jpg" src="http://mudge.files.wordpress.com/2008/09/mudgesmusings1.jpg?w=361&#038;h=79" alt="" width="361" height="79" /></a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Trying not to feel too guilty about this month&#8217;s continuing violations of the blogger&#8217;s prime directive: <span style="font-size:large;font-family:Matisse ITC;color:#800000;">Thou Shalt Blog Daily!</span> </span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Guilty, your honor, with an excuse.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s not like there haven&#8217;t been <a href="http://mudge.essoenn.com/2008/09/24/mm502-overwhelmed/">extraordinary events to write about, in the big world out there</a>, and in the not quite silent interior world each of us populate, eternally alone.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Faithful reader will have noted the <a href="http://mudge.essoenn.com/2008/09/11/mm495-family-and-politics/">personal elements that seem to have cost us our creative rhythm</a>.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Complicated, lately, by the recent edition of M<span style="font-size:x-small;">UDGE</span>let No. 3&#8217;s 50-inch HD plasma television (if the empty nest had to be invaded, at least there&#8217;s an extra dividend!), just in time for the football season and the exciting (for Chicagoans, surprisingly exciting) baseball late and post-season.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Football, especially, on the elderly 13-inch conventional TV that sits on a file cabinet in our home office, pales in comparison. And the only laptop in my possession (two, actually, in my custody) belongs to my employer, and it wouldn&#8217;t occur to me to blog on those machines. <a href="http://mudge.essoenn.com/2007/11/08/mm188-blogging-nsfw-2-of-2/">Inappropriate</a>.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">So, it&#8217;s a tough call, choosing between blogging and high-definition spectator sport, especially in these personally emotionally draining times, and especially on this Sunday evening when the often frustrating home team Bears are giving the Eagles a fight.</span></p>
<p><span id="more-2403"></span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Yes, I&#8217;m bemused when not scared silly over the financial meltdown that unrestricted greed and years of cynical neocon regulatory neglect have inflicted on the U.S.&#8217;s defenseless citizenry.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Yes, we watched every minute of Friday&#8217;s debate, and I&#8217;m less than humble to reveal that I pronounced it a draw before hearing or reading that informed evaluation from the pundits. Of course McCain looked strong on foreign policy experience; but Obama more than held his own, and seemed calm and presidential. Tie goes to the challenger.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">So, thanks for continuing to stop by. We&#8217;re healing, I promise.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s it for now, thanks.</span></p>
<p><span style="font-size:medium;"><span style="font-family:Palatino Linotype;">&#8211;M<span style="font-size:x-small;">UDGE</span></span></span>&#8216;</p>
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		<title>mm503: The $700 Billion Fairy Tale</title>
		<link>http://mudge.essoenn.com/2008/09/25/mm503-the-700-billion-fairy-tale/</link>
		<comments>http://mudge.essoenn.com/2008/09/25/mm503-the-700-billion-fairy-tale/#comments</comments>
		<pubDate>Fri, 26 Sep 2008 01:20:57 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[Economic depression]]></category>

		<category><![CDATA[Economy]]></category>

		<category><![CDATA[Politics]]></category>

		<category><![CDATA[Presidential election]]></category>

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		<category><![CDATA[$700 billion Wall St. bailout]]></category>

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		<category><![CDATA[Daily Kos]]></category>

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		<category><![CDATA[Henry Paulson]]></category>

		<category><![CDATA[Steve Chapman]]></category>

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Don&#8217;t have the energy for a full fledged rant, but several stories and commentaries crossed the screen today, and made it clear that, in an administration that never stops scamming us, they&#8217;ve totally topped themselves.
The Yiddish term is Chutzpah, whose classic definition has a young man, caught with bloody hands after murdering his parents, asking [...]]]></description>
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<p><span style="font-size:medium;font-family:Palatino Linotype;">Don&#8217;t have the energy for a full fledged rant, but several stories and commentaries crossed the screen today, and made it clear that, in an administration that never stops scamming us, they&#8217;ve totally topped themselves.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">The Yiddish term is <em>Chutzpah</em>, whose classic definition has a young man, caught with bloody hands after murdering his parents, asking the court for mercy, as he&#8217;s an orphan.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">We begin with that stalwart bastion of progressive thought, Steve Chapman of the <em>Chicago Tribune</em>. Stalwart, yes, bastion, yes, progressive? Judge for yourself.</span></p>
<p><a href="http://www.chicagotribune.com/news/columnists/chi-oped0925chapmansep25,0,6253846.column"><img style="border-right:0;border-top:0;border-left:0;border-bottom:0;" src="http://mudge.files.wordpress.com/2008/09/chitrib.jpg?w=392&#038;h=67" border="0" alt="chitrib" width="392" height="67" /></a></p>
<blockquote>
<h2>The case against a federal bailout</h2>
<h6>Steve Chapman | September 25, 2008</h6>
<p>The late comedian <a href="http://www.chicagotribune.com/topic/entertainment/jack-benny-PECLB000457.topic">Jack Benny</a> made a career of claiming to be a cheapskate. In one joke, a robber accosted him and said: &#8220;Your money or your life.&#8221; Getting no response, the thug repeated his demand. Benny replied, &#8220;I&#8217;m thinking about it!&#8221;</p>
<p>That&#8217;s the sort of dilemma posed by <a href="http://www.chicagotribune.com/topic/politics/government/henry-paulson-PEPLT007534.topic">Treasury Secretary Henry Paulson</a> and <a href="http://www.chicagotribune.com/topic/economy-business-finance/economy/economic-policy/federal-reserve-ORGOV000035.topic">Federal Reserve</a> chief <a href="http://www.chicagotribune.com/topic/economy-business-finance/economy/economic-policy/ben-bernanke-PEBSL000004.topic">Ben Bernanke</a> in their proposed rescue of financial institutions. They predict dire consequences if they don&#8217;t get their way. But the consequences of letting them have their way are so awful that the alternative doesn&#8217;t look so bad.</p>
<p>What they prescribe is for the federal government to buy $700 billion worth of lousy assets from banks and other lenders, exposing taxpayers to a potentially crushing liability. This plan would nationalize the money-losing part of the financial sector, to the benefit of capitalists who have made spectacularly bad decisions—fostering more bad decisions in the future.</p>
<p>It would add to the liabilities of a government that is already living way beyond its means. It would give unprecedented power to a couple of officials who have proved highly fallible in trying to avert this alleged crisis. And it poses the risk of abuse and corruption because the government has no way to gauge the value of what it will buy&#8230;.</p>
<p>Paulson and Bernanke say, and probably believe, that their program is for the good of us all. But remember what Thoreau thought of their 19th Century counterparts. &#8220;If I knew for a certainty that a man was coming to my house with the conscious design of doing me good,&#8221; he wrote, &#8220;I should run for my life.&#8221;</p></blockquote>
<p><a href="http://www.chicagotribune.com/news/columnists/chi-oped0925chapmansep25,0,6253846.column">The case against a federal bailout &#8212; chicagotribune.com</a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Read <a href="http://www.chicagoreader.com/features/stories/hottype/080925/">a local media observer today</a> who thought that this was the year that Chapman&#8217;s paper, the <em>Chicago Tribune</em> might endorse a Democrat for president for the first time. Ever. In over 150 years.</span></p>
<p><span id="more-2398"></span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Next, an interesting analysis from the opposite (?) end of the political spectrum, <em>Daily Kos</em>.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">All those assumptions they&#8217;ve been throwing us, about all of this calamity caused by subprime mortgages, are they factual? Perhaps not.</span></p>
<h4><img style="border-right:0;border-top:0;border-left:0;border-bottom:0;" src="http://mudge.files.wordpress.com/2008/09/dailykos.jpg?w=341&#038;h=63" border="0" alt="dailykos" width="341" height="63" /></h4>
<blockquote>
<h2>What Are We Buying?</h2>
<h6><em>by </em><a href="http://devilstower.dailykos.com"><em>Devilstower</em></a><em> | Thu Sep 25, 2008 at 11:15:01 AM PDT</em></h6>
<p>On one level, we know that the $700 billion taxpayers are being asked to cough up is going to investment banks, the institutions that have gobbled up the remains of investment banks, and wherever else Czar Paulson decides to pull out his checkbook. But what are those institutions using the money <em>for</em>? Because there&#8217;s a little problem with the math.</p>
<p>This crisis was brought to you by subprime mortgages. We know that because we&#8217;re told it many, many times each day. So how big is the problem?</p>
<p>The total value of all home mortgages has risen steeply over the last few years as the housing bubble drove home prices up and lax lending rules roped more people into the pool. Home mortgages were valued at $7 trillion in 2003 but were up to <a href="http://www.iii.org/financial2/mortgage/mortgages/">$11.1 trillion</a> by last year.</p>
<p>How many of those were &#8220;subprime?&#8221; It depends on how you define it. Funny thing: the initial definition was loans that didn&#8217;t meet Fannie Mae or Freddie Mac qualifications, meaning that those institutions shouldn&#8217;t be holding any subprime loans. But as a term, subprime is now more often applied to any loan where either the applicant&#8217;s credit fell below the mid-range of &#8220;good&#8221; or where the lender did an abbreviated credit check. That kind of loan really came and went rather quickly. They were 8% of loans in 2003, topped out at 20% of loans in 2005 and 2006, and were back to 3% of loans in 2007. According to the <a href="http://www.jchs.harvard.edu/">Joint Center for Housing Studies</a> at Harvard, $139 billion of subprime loans were handed out in the last quarter of 2006, but this was down to $14 billion in the matching quarter of 2007</p>
<p>Now the real question: how many of those loans are in trouble? &#8230;</p>
<p>Handing out $700 billion wouldn&#8217;t be buying up the mortgages of home owners who got in over their heads, it would be buying up the excesses of executives for whom even subprime loans weren&#8217;t enough. A sensible solution would be to hand out less money &#8212; maybe $100 billion &#8212; to address mortgages now in default, and authorize bankruptcy judges to negotiate on the terms of mortgages on primary residences. On those renegotiated mortgages, the $100 billion fund could be used to pick up some portion of the difference between the original and revised terms. Used that way, $100 billion should cover every mortgage that fails for the next decade.</p></blockquote>
<p><a href="http://www.dailykos.com/storyonly/2008/9/25/73954/8082/411/609799">Daily Kos: What Are We Buying?</a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Once again, the administration of George III is baldly manufacturing facts to fit a scenario they must have had in mind for many months, if not years. Sound like Iraq to you?</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Okay, for the hat trick, back to rock-solid conservative thought and <em>Forbes</em>, who once proudly characterized itself, and perhaps still does, as &#8220;The Capitalist Tool.&#8221;</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Here&#8217;s what they reported a couple of days ago, did you catch it?</span></p>
<h2><a href="http://www.forbes.com/home/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html"><img style="border-right:0;border-top:0;border-left:0;border-bottom:0;" src="http://mudge.files.wordpress.com/2008/09/forbesdotcom.jpg?w=224&#038;h=119" border="0" alt="forbesdotcom" width="224" height="119" /></a></h2>
<blockquote>
<h2>Bad News For The Bailout</h2>
<h6><em>Brian Wingfield and Josh Zumbrun 09.23.08, 6:39 PM ET</em></h6>
<p>&#8220;The secretary and the administration need to know that what they have sent to us is not acceptable,&#8221; says Committee Chairman Chris Dodd, D-Conn. The committee&#8217;s top Republican, Alabama Sen. Richard Shelby, says he&#8217;s concerned about its cost and whether it will even work.</p>
<p>In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.</p>
<p><span style="color:#ff0000;"><strong>&#8220;It&#8217;s not based on any particular data point,&#8221; a Treasury spokeswoman told Forbes.com Tuesday. &#8220;We just wanted to choose a really large number.&#8221; </strong></span></p>
<p>Wow. If it wants to see a bailout bill passed soon, the administration&#8217;s going to have to come up with some hard answers to hard questions. Public support for it already seems to be waning. According to a Rasmussen Reports poll released Tuesday, 44% of those surveyed oppose the administration&#8217;s plan, up from 37% Monday.</p></blockquote>
<p><a href="http://www.forbes.com/home/2008/09/23/bailout-paulson-congress-biz-beltway-cx_jz_bw_0923bailout.html">Bad News For The Bailout - Forbes.com</a></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">What a crock!</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Hank Paulson is attempting to deliver a bouquet to his Wall Street friends and former colleagues as his swan song. A bouquet worth $2,333 per man, woman and child in this country.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">How can we let these thieves and liars get away with yet another scam?</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">If you haven&#8217;t yet, let your elected representatives know what you think of this attempt to, as always over the past 8 years, work assiduously to line the pockets of the top 1/2% at the expense of the next four generations of the 99-1/2% of the rest of us.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">Remember, fairy tales are FICTION.</span></p>
<p><span style="font-size:medium;font-family:Palatino Linotype;">And, beyond this bailout catastrophe, remember your obligation come November 4. <a href="http://mudge.essoenn.com/2008/09/24/mm502-overwhelmed/">Quoting my favorite blogger</a>,</span></p>
<blockquote><p>Citizens, you must fight back.</p>
<p>Citizens, elect progressive candidates, starting with Barack Obama, on November 5, and chase the greedy troglodytes and religious wingnuts and knee-jerk NRA fanatics back to the 19th Century, or the stone age, where they belong.</p>
<p>Citizens, it’s seldom been more true: the future well being of you, your family (down to the fifth generation) and your nation is in your hands.</p>
<p>Citizens, the time for waffling is over. <a href="http://mudge.essoenn.com/2008/07/31/mm454-its-going-to-take-a-liberal-quantity-of-bold/">Vote progressive, proudly, and win back America</a>.</p></blockquote>
<p><span style="font-size:medium;font-family:Palatino Linotype;">It&#8217;s it for now, thanks.</span></p>
<p><span style="font-size:medium;"><span style="font-family:Palatino Linotype;">&#8211;M<span style="font-size:x-small;">UDGE</span></span></span></p>
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		<title>mm502: Overwhelmed</title>
		<link>http://mudge.essoenn.com/2008/09/24/mm502-overwhelmed/</link>
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		<pubDate>Thu, 25 Sep 2008 02:01:46 +0000</pubDate>
		<dc:creator>mudge</dc:creator>
		
		<category><![CDATA[Economic depression]]></category>

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