Bill Gates Says Recovery Will Take Years - Software - IT Channel News by CRN

Bill Gates Says Recovery Will Take Years - Software - IT Channel News by CRN: "Gates said even when the economy does improve the government will have to institute systemic changes in order for any real rebound to take root. 'The budget's very, very out of balance and even as the economy comes back, without changes in tax and entitlement policies, it won't get back into balance. And at some point, financial markets will look at that and it will cause problems,' Gates told Good Morning America.

Gates' struck a similar chord last week in his annual letter from the Bill and Melinda Gates Foundation. 'Although the acute financial crisis is over, the economy is still weak, and the world will spend a lot of years undoing the damage, which includes lingering unemployment and huge government deficits and debts at record levels,' Gates wrote in the letter."
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That's more or less what I keep saying. How can the economy "recover" with every level of government mired in unprecedented levels of debt? I get so tired of hearing all this nonsense about cyles and leading and lagging indicators, and how this so-called "recovery" is inevitable because, well, you know...it just is. No, it isn't. There is nothing automatic about this. It seems to me that there will have to be a major rethinking of what governments are going to pay for and how they are going to pay for it. And a whole lot of things that are taken for granted now will have to go on the chopping block. For example, how about the notion that you can just jack up prison terms for tens of thousands of convicted felons, year after year, subjecting them to automatic long, or even natural life terms, without regard to the costs of incarceration? That is what happened in California from about 1980 to the present. How about the costs of federally-mandated special education and bilingual education programs? And the costs of treating uninsured patients in county hospital emergency rooms?

It isn't that there is something unworthy about such expenditures. The problem is that you can make a case for each of them individually and dozens more as well. But how do you make a case for cutting any of them from the budget when taken together there is no way to pay for all of them?

December home sales down nearly 17 percent - Yahoo! Finance

December home sales down nearly 17 percent - Yahoo! Finance: "WASHINGTON (AP) -- Sales of previously occupied homes took the largest monthly drop in more than 40 years last month, sinking more dramatically than expected after lawmakers gave buyers additional time to use a tax credit."
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One analyst says "It's 'exit stage left' for first-time homebuyers." And thanks to the anonymous commenter who sent a link to this cartoon.

What if America’s Urban Economies Were National Ones?

Streetsblog Capitol Hill » What if America’s Urban Economies Were National Ones?: "The U.S. Conference of Mayors released a report this week with some dire conclusions for the nation's cities: Even the payroll growth that many prognosticators anticipate this year won't make a dent in double-digit urban unemployment. Half of the 363 biggest metro areas won't return to their pre-recession jobs levels until 2013 or beyond.

All this despite the fact that those 363 cities accounted for 90 percent of the U.S. gross domestic product (GDP) last year and 86 percent of all jobs."
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Why do people think 2013 will be so much better than 2010? Did those people predict that 2008 and 2009 would be catastrophic? I don't think so.

Public's Priorities for 2010: Economy, Jobs, Terrorism: Summary of Findings - Pew Research Center for the People & the Press

Public's Priorities for 2010: Economy, Jobs, Terrorism: Summary of Findings - Pew Research Center for the People & the Press
Guess what problem comes in dead last in priority with the public, out of 21 issues? Here's a hint: its initials are G W.

Obama Administration Steers Lucrative No-Bid Contract for Afghan Work to Dem Donor

FOXNews.com - Obama Administration Steers Lucrative No-Bid Contract for Afghan Work to Dem Donor: "Despite President Obama's long history of criticizing the Bush administration for 'sweetheart deals' with favored contractors, the Obama administration this month awarded a $25 million federal contract for work in Afghanistan to a company owned by a Democratic campaign contributor without entertaining competitive bids, Fox News has learned.

The contract, awarded on Jan. 4 to Checchi & Company Consulting, Inc., a Washington-based firm owned by economist and Democratic donor Vincent V. Checchi, will pay the firm $24,673,427 to provide 'rule of law stabilization services' in war-torn Afghanistan."
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I can hear the reasoned reply from the left now: "Yeah, but...but...HALLIBURTON!!! FOX NEWS!!! DICK CHENEY!!!"

The search for aliens should start on Earth not outer space, says scientist - Telegraph

The search for aliens should start on Earth not outer space, says scientist - Telegraph: "Prof Davies said: We need to give up the notion that ET is sending us some sort of customised message and take a new approach.'

He suggested that the search could focus on deserts, volcanic vents, salt-saturated lakes and the dry valleys of Antarctica - places where ordinary life struggles to survive - to find 'weird' microbes that belong to a 'shadow biosphere'."
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Not only are we surrounded by aliens--what about the Neanderthals among us?

Daredevil Space Diver To Leap Toward World's First Supersonic Free-Fall From 120,000 Feet | Popular Science

Daredevil Space Diver To Leap Toward World's First Supersonic Free-Fall From 120,000 Feet | Popular Science: "Dubbed the Red Bull Stratos and sponsored by the energy drink company, the jump will send Baumgartner to the stratosphere in a small space capsule, lifted by a helium-filled balloon. Once he reaches 120,000 feet after three hours of ascension, ground control will give him the “all clear” sign and he’ll pop open the door and jump, as video cameras on the capsule and his suit record his descent. Within 35 seconds or so, Baumgartner will hit supersonic speeds and break the sound barrier. No one really knows what will happen at that point, but the scientists seem confident that he’ll maintain consciousness. He will free fall for roughly six more minutes, pulling his chute at about 5,000 feet and coasting for 15 minutes back to solid ground."
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As the article notes, "don't die" is part of the plan as well.

Gallup Daily: Obama Job Approval

Gallup Daily: Obama Job Approval
Hello, Mr. Approval Line. I'd like to introduce you to Mr. Disapproval Line.

Glacier scientists says he knew data had not been verified | Mail Online

Glacier scientists says he knew data had not been verified | Mail Online: "The scientist behind the bogus claim in a Nobel Prize-winning UN report that Himalayan glaciers will have melted by 2035 last night admitted it was included purely to put political pressure on world leaders.

Dr Murari Lal also said he was well aware the statement, in the 2007 report by the Intergovernmental Panel on Climate Change (IPCC), did not rest on peer-reviewed scientific research.

In an interview with The Mail on Sunday, Dr Lal, the co-ordinating lead author of the report’s chapter on Asia, said: ‘It related to several countries in this region and their water sources. We thought that if we can highlight it, it will impact policy-makers and politicians and encourage them to take some concrete action."
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It has been a bad year for the global warming crowd, and the winter isn't over yet. February 2 is Groundhog Day, and I'll bet Punxsutawny Phil will deliver more bad news to them.

Steve Chapman: Free Speech for Corporations

RealClearPolitics - Free Speech for Corporations: "During the 2008 campaign, a group called Citizens United put together a documentary, 'Hillary: The Movie.' Remember seeing it on cable TV? No, you don't, because the organization decided it couldn't show the film without the risk of felony prosecution. It had every reason to be afraid.

The problem was that the movie was not only about Clinton but made the case that she should not be president. Worse, it was supposed to be shown during -- get this -- an election campaign. That, under the federal law, made it verboten."
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Good commentary on Citizens United v. FCC, the recent USSC decision that says corporations have political free speech rights. Much of the lefty reaction to this decision raises the specter of multinational business corporations flooding the airwaves with pro-capitalist propaganda. I have not waded entirely through the gigantic pile of opinions the court generated in this case, including a 90 page dissent, but I am not sure these fears are realistic. It should be kept in mind that Citizens United is a not-for-profit corporation that was formed to do political advocacy from a conservative perspective. They didn't show their political documentary during an election campaign because it would have been a felony. As Chapman points out, there is something pretty disturbing about that.

Housing bust keeps consuming California jobs - latimes.com

Housing bust keeps consuming California jobs - latimes.com: "Payrolls shrank by 38,800, marking the worst month for job losses since September. The unemployment rate remained flat at 12.4%, but only because more than 100,000 workers left the labor force and are no longer counted. Many of them have given up looking for work or have moved out of state.

Economists expect the state's labor market to remain weak this year largely because the bellwether housing sector continues to struggle. Over the last two years, California has lost more than 1 million jobs."
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Fred Pilot flagged this. The housing construction sector drove the economy for years, in large part because it employs so many people, and you can find many statements to that effect from the 1990s and up to 2008. It hasn't started to come back yet, despite blips of life here and there, and until it does I see no way for the US to have a real economic recovery.

Air America, the Talk Radio Network, Will Go Off the Air - NYTimes.com

Air America, the Talk Radio Network, Will Go Off the Air - NYTimes.com: "Air America, the long-suffering progressive talk radio network, abruptly shut down on Thursday, bowing to what it called a “very difficult economic environment.”

The chairman of Air America Media, Charlie Kireker, said in a statement that the company would file under Chapter 7 bankruptcy “to carry out an orderly winding-down of the business.”"
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This is not a reorganization. It is a wipeout. Goodbye, Air America. It's been real.

Thanks to Fred Pilot for flagging this sinking, sunk, sunken ship.

My Way News - Edwards says he's father of Rielle Hunter's child

My Way News - Edwards says he's father of Rielle Hunter's child: "Frances was born Feb. 27, 2008, indicating that the child was conceived in the middle of 2007, several months after Hunter stopped working for Edwards. John and Elizabeth Edwards renewed their wedding vows in July of 2007 to celebrate their 30th wedding anniversary.

Elizabeth Edwards, whose cancer returned in an incurable form in March 2007, has stood by her husband despite the affair. She has said that it does not matter to her whether her husband fathered a child with Hunter, saying, 'that would be a part of John's life, but not a part of mine.'"
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Let's see. Nine months before Feb. 27, 2008...that means John Edwards was cheating on his wife just about May 27, 2007, which would be just two months after Elizabeth Edwards learned she had incurable out-of-remission cancer. And then, just six weeks after conceiving little Frances with his mistress, John Edwards renewed his wedding vows to his incurably ill wife. It will soon be revealed that he set up an elaborate scam whereby one of his campaign aides was induced to claim that he, not Edwards, was the father of Frances. They set up Reille Hunter in a house of her own in this aide's gated community, as I recall.

So: while this reptile was one of the leading Democratic candidates for President of the United States he was cheating on his terminally ill wife and lying about it to the country.

Outside of the tabloids, little press attention paid was paid to this particular candidate and his scandal, and even now that it all comes out it is just a blip. How does it stack up with the press attention paid to the much less significant foibles of Sarah Palin?

John Edwards is morally unfit to hold any public office, but he came pretty close to the presidency. I think maybe his supporters ought to think deeply about their own judgment.

Schwarzenegger: Martha Coakley shouldn't have tried to assume the Kennedy legacy | California Politics | Los Angeles Times

Schwarzenegger: Martha Coakley shouldn't have tried to assume the Kennedy legacy | California Politics | Los Angeles Times: "“Anyone else that tries to use that name and to step in and says, ‘And I’m going to protect the Kennedy legacy’ – that didn’t work,” Schwarzenegger said as he emerged from a meeting with Health and Human Services Secretary Kathleen Sebelius. “Because the people know that there’s only one that can really protect the Kennedy legacy and this was Teddy, or, you know, one from that family. But not someone from the outside.”"
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And of course Fred Pilot skewers the Governator with this terse comment: "Caroline should have run...you know?" Let's face it. Has subtlety ever been Arnold's strong suit? I don't think so. But there is a problem. Caroline lives in Caleeforneea, not Mahsseeechuusetts. Yet, Arnold thinks he may yet be President even though he was born in Austria, so I think these residency issues are always negotiable in his mind.

Illinois enters a state of insolvency | Crain's Chicago Business

Illinois enters a state of insolvency | Crain's Chicago Business: "While Illinois doesn't have the option of shutting its doors or shedding debts in a bankruptcy reorganization, it seems powerless to avert the practical equivalent. Despite a budget shortfall estimated to be as high as $5.7 billion, state officials haven't shown the political will to either raise taxes or cut spending sufficiently to close the gap.

As a result, fiscal paralysis is spreading through state government. Unpaid bills to suppliers are piling up. State employees, even legislators, are forced to pay their medical bills upfront because some doctors are tired of waiting to be paid by the state. The University of Illinois, owed $400 million, recently instituted furloughs, and there are fears it may not make payroll in March if the shortfall continues."
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See? I'm not the only one who says these things.

Senator Jim Webb (D-VA) -- statesman

On to Plan C - Ben Smith - POLITICO.com: "In many ways the campaign in Massachusetts became a referendum not only on health care reform but also on the openness and integrity of our government process. It is vital that we restore the respect of the American people in our system of government and in our leaders. To that end, I believe it would only be fair and prudent that we suspend further votes on health care legislation until Senator-elect Brown is seated."
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Once upon a time, there was something called a "statesman," and that was a rank or two above "politician." The mark of the statesman was saying things like this--and meaning them, which he does. It means putting the interests of your country above short-term gain for your party. Senator Webb stands for something, and I think the Senate would be a better place with a few more like him.

A Whiter Shade of Pale

The Signal - Santa Clarita Valley News - Shades of beige: "Homeowner's associations have sprung up rapidly since 1970, said Evan McKenzie, an associate professor of political science at the University of Illinois at Chicago.

In 1960, there were fewer than 500 HOAs. Today, there are about 300,000, McKenzie said.

McKenzie said he could spend days talking about problems with HOAs, but one of the biggest is how residential governments have changed the cultural landscape by invading residents' personal space.

'Nobody wants to live under a nitpicky level of government,' McKenzie said. 'HOAs manage an aspect of peoples lives that have always been private.'"
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Thanks to Shu Bartholomew for locating this one. Where is Procol Harum when you need them? (I think my cultural reference may be lost on the younger set, but can I get an amen here?)

FT.com: US Public Pensions Face $2 Trillion Deficit | Benzinga.com

FT.com: US Public Pensions Face $2 Trillion Deficit | Benzinga.com: "Much like we were early citing the coming fiscal disaster that are state budgets [Dec 16, 2007: California in a State of Fiscal Emergency - Coming to a Theater Near You] so will be early to the disaster that is the US public pension system. As we clearly now see, there is no political will to make hard decisions that alienate any of the potential voting public. So, much like the state (and city) budget crisis, I expect the nation to continue to kick the can, doling out pensions we cannot afford to the public worker - until we run into a wall at 180 mph. And then your grandchildren will be asked to foot the bill 'in the public interest' or 'to keep the system stable' or 'this is what we promised'. And when the bill for Medicare comes due sometime later in the decade - perhaps when it starts eating up 20%+ of all US GDP - we'll hear the same thing. At some point there will be no extra sources to borrow from, so Federal Reserve Chief Geithner? Summers? will be printing new US pesos at a rate that makes Ben Bernanke's quantitative easing look like child's play. It's all the same pattern - played over and over, just in different future liability accounts."
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You can read the details of what is coming toward us at light speed.

U of Illinois President Ikenberry: ‘we may in fact have to do some layoffs’ | The Daily Illini

Ikenberry: ‘we may in fact have to do some layoffs’ | The Daily Illini: "DI: What is the worse case scenario for the University right now for the budget crisis? Will there be any consolidation or layoffs in any academic or administrative units?

SI: Yes, there will be."
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Oh, yes. There will be. The state of Illinois is insolvent, and there has been no adult supervision for the state legislature, in the form of a sane and honest governor, since...who knows when...12 years? First the crook Ryan, then the crook and lunatic Blagojevich, and now the airhead do-gooder Quinn. The state is now in the process of destroying the University of Illinois system. And I am not exaggerating. The situation will be so bad in a few months that entire departments will be eliminated and faculty positions along with them. You can say what you want about rebuilding, but there is no chance of this state ever (in the remotely forseeable future) being able to get out from under its existing obligations to fund rebuilding of the U of I. To take only one crisis, the State of Illinois has systematically, over many years, underfunded its public pension plans in the amount of $80 billion dollars.

Eighty. Billion. Dollars.

And despite not making those payments, and despite not paying the U of I $400 billion dollars, and despite not paying doctors and social service agencies and despite ignoring crumbling infrastructure, and a host of other such bogus and shortsighted money-saving policies...the State of Illinois is running a budget deficit this year of $13 billion.

So, once this system is reduced to a shadow of itself, which will have happened by a year from now, there will never be the resources to restore it. It would take a national economic boom the likes of which this country hasn't seen since 1946. And even if there were such a time (which I think would be possible to envision only after smoking a big fat bag of crack), the U of I's reputation will have been wrecked in the academic hiring market forever. If you were a first-rate job candidate, and you were on the market a few years from now, would you go to a university that has just gone through radical downsizing of departments and now promises that, don't worry, your job is safe?

Here's the irony--our tuition revenues are up, and our enrollments are up, and to all appearances the institution is thriving, as long as you don't know about the fiscal nightmare that is unfolding.

Libertarian paradise emerging in post-earthquake Haiti

Lynch mobs turn on looters amid Haiti aid crisis - Times Online: "Six days after the Port-au-Prince earthquake large areas of the city remain untouched by the global aid effort as bottlenecks continue to clog the airport and looting threatens to descend into wholesale violence."
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I would be interested in hearing the libertarian perspective on why, when Haiti's government collapsed along with the government buildings, people didn't immediately begin ordering their affairs with voluntary and efficient contracts. Instead, with no government and a long delay before external aid appears, Haiti is offering a good look at Thomas Hobbes' vision of life in a state of nature: "solitary, poor, nasty, brutish, and short."

This is also a good lesson for the survivalist wingnuts who can't wait for the the US to collapse so they can grab their bugout bag and a .223 and machete-hack their way through the marauding gangs to a patch of open land where they will set up a homestead and live off venison and home grown mung beans. Good luck with that.