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This page contains a single entry from the blog posted on October 7, 2008 5:25 AM. The previous post in this blog was Four weeks to go.... The next post in this blog is Disaster out at Reynolds School District. Many more can be found on the main index page or by looking through the archives.



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Tuesday, October 7, 2008

America, meet your new savior

Another Bush administration emergency response man:

And good news! He's 35 years old and from Goldman Sachs.

Comments (17)

He either looks "surprised" or "evil". Not sure which.

"I am a free-market Republican," Kashkari said" Translation: I believe in tax-payers bail-outs. His new job is Cash-Carry to the rich and crooked. Other than the spelling, his sir name is quite apt.

Great pick! I could sure use another stimulus check about now.

What's up with the Lex Luthor/Dr. Evil look?

If he's taking chemo, then I understand the bald look (and hope he's able to beat it). But otherwise, I'm assuming a 35 year old guy can still grow hair. Am I wrong to think like that?

The voluntary bald look seems like a rather severe response to male pattern baldness, that's all I'm saying.

What if he treats the taxpayers like he treats his hair follicles?

What's up with the Lex Luthor/Dr. Evil look?

Paulson pattern baldness.

The FIX is in...Can't America SEE this???? That thief-gangster Paulson has 557 million of his own dough wrapped up in Goldman. This is par with Cheney and his group of Mafia...and don't leave out the worst President in US History George W Bush Jr and the dots he connected. We thought Clinton hit it rich walking out of that White House....oh my frigin god. These guys are skating with billions. Bush will not have to do any speaking tours, he has it in the bag. Can't speak worth a shit anyway. Hope his plane crashes going back to Crawford. ASSHOLE.

Surely it's not a coincidence that his name is pronounced "Cash Carry."

He's going for the "voluntary bald look" because he can't grow hair on top. With a cue ball, he gets noticed for his striking look.

Without it, he's just another schlub on the street.

That guy has a true case of the "creepy eyes"

Wasn't he in the the Mummy or Scorpion King?

One of my best friends growing up was almost entirely bald by the age of 20. He opted for the cue ball look. It works much better on him than Mr. Kashkari.

At least he used to be a rocket scientist.

The guy looks exactly like an American Bald Eagle.

I see a remake of "West World" in his future.

I'd rather be bailed out by Captain Picard.

It's the same Dr. Evil look sported by creepmasters Schmidt and Chernoff and aspired to by John (just dodged a bullet in Iraq) Negroponte.

As Arlo once said, "When three people do it . . . they may think it's an organization" and beyond that they may think it's a movement.

I think they're giving themselves away.

Let's start where all Economists start, with an assumption: It is possible to isolate out ideological belief as to the superiority of public versus private ownership and control of the means of production.

After which: One can then isolate on the single distinction of distributed, diverse decision making versus decision making by an ever decreasing number of number of experts . . . until there is but one.

The conclusion is inescapable that reliance on fewer decision makers is both more inefficient and more wasteful.


If everyone follows the same cookie-cutter approach to assessment of risk then it could be likened to having just one single variety of corn that is universally vulnerable to Southern Corn Leaf Blight.

"Yet only a tiny amount of hybrid corn seed was lost to the new disease that summer, so no alarms were sounded. Whatever it was, the new malady was probably a freak occurrence that would most likely die off over the winter. Diseases like that were one of the 'normal' consequences of doing business with nature." (Follow the link to see where it leads.)

I favor diversity.

Let's not forget that it was not government insurance of deposits per se that was the cause of bank failure (such as Lincoln Savings & Loan) but the rapid injection of brokered deposits . . . leading to too much money chasing after too few investments of limited value.

Sound familiar? Too Much Money . . .So Little Time . . . With A Predefined Set Of Beneficiaries.

I would not deliver a single dollar to any financial institution that has not yet cleaned up their own private house. They must first shed themselves of their toxic sludge, at their own expense. (It works for sites such as abandoned gas stations.) But then again, if they survived that then they would not need the public gifts.

One can think of the derivatives (and valueless insurance, privately guaranteed at the time it was offered) as like the Teledyne Wah Chang sludge ponds in Millersburg Oregon.

It is the derivatives that are the financial toxicity. Trying to find value in them would make the same sense or nonsense as a project to go to the Umatilla Chemical Depot and retrieve the contents of the now-moved Teledyne Wah Chang sludge ponds and extract value from them. Someone could always say that it would create jobs, some jobs, and they would always be right . . . but still be wrong in context and in aggregate.

The derivative toxic sludge is so great in size that it can swallow up the entirety of the M2 (minus M1) measure of money supply. It is a virtual black hole ("blight?") comprised of paper obligations by one private party to another private party. The immediate "crisis" is that any effort by the FDIC to support banks (or any other indirect cover of FDIC related obligations to depositors) will be siphoned off from the intended beneficiaries (the depositors) to cover the government-designed sludge recovery effort.

The evolution (in the biological sense) of the financial system cannot progress unless the financial institutions with a failed business model are allowed to close. They made their own private choices. They are not like a child that is born without a limb or missing some random chunk in their DNA chain, beyond their own individual choice. We need to allow the rare mutant money managers that have spurned the derivative gimmickry to survive and prosper. It is like spotting a single disease resistant plant. Capitalism need not be some sort of belief system or ideology, rather it can be just an observation of reality of survival of the fittest, of the fittest business model (regardless of private ownership and control versus government ownership and control of the means of production) to meet the needs of consumers.

Would you take your limited public resources and allocate it to Teledyne Wah Chang to engage in a sludge recovery effort just so that they could prove that there is (and was) value in it? (The sludge.) Even a Communist government economist that tries to mimic the genuine benefits, the ideological benefits (individual incentives to innovate and do useful stuff), of Capitalism would be embarrassed by such folly. The question is not the one that has been presented to us of: "The most efficient process to recover and process toxic sludge." Rather the question is to isolate the sludge so that it does not interfere with valid and vital business operations, or vital life support systems.

Goldman Sachs has apparently found a useful idiot to peddle their particular brand of "hybrid corn." Commingle insured deposits with wild financial ventures so as to give an excuse to be covered, to claim to be saving the depositors.

"He says he came with the promise that he was going to 'use technology to eradicate hunger and poverty in the world.'"

The combination of idiocy and religious zealotry seems to be a potent formula for guaranteed failure.


If Bank of America were closed down immediately and the federal government were to give cold hard cash to ALL the depositors would this pool of money be immediately available to remedy the so-called "credit crisis?" Of course it would. It is just that the banks that still contain toxic sludge that would be treated like a leper. If you instead give it direct to Bank of America where will it go? To support the growth and spread of blight.

I want a nice clean list -- a very short list -- of FDIC covered institutions that are free of toxic sludge.

Absolutely unbelievable:

"'I am a free-market Republican,' Kashkari said"

Perhaps he would genuinely believe that I am possessed . . . or merely suffering from the effects of consumption of bread made from ergot infected rye.

I like the following blog post title (if you read this far you can surely go read more . . .):

The Loophole the Size of the Universe.

There is a serious misallocation of the limited public resource of confidence in the US Dollar. The classic cure is a rise in interest rates, to account for the risk. Flooding the market with dollars to prop up assets prices is ultimately counter productive and ineffective.


As a lawyer/blogger, I get
to be a member of:

In Vino Veritas

Lange, Pinot Gris 2015
Kiona, Lemberger 2014
Willamette Valley, Pinot Gris 2015
Aix, Rosé de Provence 2016
Marchigüe, Cabernet 2013
Inazío Irruzola, Getariako Txakolina Rosé 2015
Maso Canali, Pinot Grigio 2015
Campo Viejo, Rioja Reserva 2011
Kirkland, Côtes de Provence Rosé 2016
Cantele, Salice Salentino Reserva 2013
Whispering Angel, Côtes de Provence Rosé 2013
Avissi, Prosecco
Cleto Charli, Lambrusco di Sorbara Secco, Vecchia Modena
Pique Poul, Rosé 2016
Edmunds St. John, Bone-Jolly Rosé 2016
Stoller, Pinot Noir Rosé 2016
Chehalem, Inox Chardonnay 2015
The Four Graces, Pinot Gris 2015
Gascón, Colosal Red 2013
Cardwell Hill, Pinot Gris 2015
L'Ecole No. 41, Merlot 2013
Della Terra, Anonymus
Willamette Valley, Dijon Clone Chardonnay 2013
Wraith, Cabernet, Eidolon Estate 2012
Januik, Red 2015
Tomassi, Valpolicella, Rafaél, 2014
Sharecropper's Pinot Noir 2013
Helix, Pomatia Red Blend 2013
La Espera, Cabernet 2011
Campo Viejo, Rioja Reserva 2011
Villa Antinori, Toscana 2013
Locations, Spanish Red Wine
Locations, Argentinian Red Wine
La Antigua Clásico, Rioja 2011
Shatter, Grenache, Maury 2012
Argyle, Vintage Brut 2011
Abacela, Vintner's Blend #16 Abacela, Fiesta Tempranillo 2014
Benton Hill, Pinot Gris 2015
Primarius, Pinot Gris 2015
Januik, Merlot 2013
Napa Cellars, Cabernet 2013
J. Bookwalter, Protagonist 2012
LAN, Rioja Edicion Limitada 2011
Beaulieu, Cabernet, Rutherford 2009
Denada Cellars, Cabernet, Maipo Valley 2014
Marchigüe, Cabernet, Colchagua Valley 2013
Oberon, Cabernet 2014
Hedges, Red Mountain 2012
Balboa, Rose of Grenache 2015
Ontañón, Rioja Reserva 2015
Three Horse Ranch, Pinot Gris 2014
Archery Summit, Vireton Pinot Gris 2014
Nelms Road, Merlot 2013
Chateau Ste. Michelle, Pinot Gris 2014
Conn Creek, Cabernet, Napa 2012
Conn Creek, Cabernet, Napa 2013
Villa Maria, Sauvignon Blanc 2015
G3, Cabernet 2013
Chateau Smith, Cabernet, Washington State 2014
Abacela, Vintner's Blend #16
Willamette Valley, Rose of Pinot Noir, Whole Clusters 2015
Albero, Bobal Rose 2015
Ca' del Baio Barbaresco Valgrande 2012
Goodfellow, Reserve Pinot Gris, Clover 2014
Lugana, San Benedetto 2014
Wente, Cabernet, Charles Wetmore 2011
La Espera, Cabernet 2011
King Estate, Pinot Gris 2015
Adelsheim, Pinot Gris 2015
Trader Joe's, Pinot Gris, Willamette Valley 2015
La Vite Lucente, Toscana Red 2013
St. Francis, Cabernet, Sonoma 2013
Kendall-Jackson, Pinot Noir, California 2013
Beaulieu, Cabernet, Napa Valley 2013
Erath, Pinot Noir, Estate Selection 2012
Abbot's Table, Columbia Valley 2014
Intrinsic, Cabernet 2014
Oyster Bay, Pinot Noir 2010
Occhipinti, SP68 Bianco 2014
Layer Cake, Shiraz 2013
Desert Wind, Ruah 2011
WillaKenzie, Pinot Gris 2014
Abacela, Fiesta Tempranillo 2013
Des Amis, Rose 2014
Dunham, Trautina 2012
RoxyAnn, Claret 2012
Del Ri, Claret 2012
Stoppa, Emilia, Red 2004
Primarius, Pinot Noir 2013
Domaines Bunan, Bandol Rose 2015
Albero, Bobal Rose 2015
Deer Creek, Pinot Gris 2015
Beaulieu, Rutherford Cabernet 2013
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Nine Hats, Red 2013
Benziger, Cabernet, Sonoma 2012
Roxy Ann, Claret 2012
Januik, Merlot 2012
Conundrum, White 2013
St. Francis, Sonoma Cabernet 2012

The Occasional Book

Phil Stanford - Rose City Vice
Kenneth R. Feinberg - What is Life Worth?
Kent Haruf - Our Souls at Night
Peter Carey - True History of the Kelly Gang
Suzanne Collins - The Hunger Games
Amy Stewart - Girl Waits With Gun
Philip Roth - The Plot Against America
Norm Macdonald - Based on a True Story
Christopher Buckley - Boomsday
Ryan Holiday - The Obstacle is the Way
Ruth Sepetys - Between Shades of Gray
Richard Adams - Watership Down
Claire Vaye Watkins - Gold Fame Citrus
Markus Zusak - I am the Messenger
Anthony Doerr - All the Light We Cannot See
James Joyce - Dubliners
Cheryl Strayed - Torch
William Golding - Lord of the Flies
Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 113
At this date last year: 155
Total run in 2016: 155
In 2015: 271
In 2014: 401
In 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269

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