May 2012 archive

On This Day In History May 30

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

Click on image to enlarge

May 30 is the 150th day of the year (151st in leap years) in the Gregorian calendar. There are 215 days remaining until the end of the year.

On this day in 1922, Former President William Howard Taft dedicates the Lincoln Memorial on the Washington Mall on this day in 1922. At the time, Taft was serving as chief justice of the U.S. Supreme Court.

Taft remains the only former president ever to hold a seat on the Supreme Court. He served from 1921 to 1930. He recalled his time on the court as his most rewarding career, later saying in his memoirs, I don’t remember that I was ever president.

History

The Lincoln Memorial, designed after the temples of ancient Greece, is significant as America’s foremost memorial to their 16th president, as a totally original example of neoclassical architecture, and as the formal terminus to the extended National Mall in accordance with the McMillan Plan for the monumental core of Washington.

Demands for a fitting memorial had been voiced since the time of Lincoln’s death. In 1867, Congress heeded these demands and passed the first of many bills incorporating a commission to erect a monument for the sixteenth president. An American, Clark Mills, was chosen to design the monument. His plans reflected the bombastic nationalistic spirit of the age. His design called for a 70-foot (21 m) structure adorned with six equestrian and 31 pedestrian statues of colossal proportions, crowned by a 12-foot (3.7 m) statue of Abraham Lincoln. However, subscriptions for the project were insufficient and its future fell into doubt.

The matter lay dormant until the turn of the century, when, under the leadership of Senator Shelby M. Cullom of Illinois, six separate bills were introduced to Congress for the incorporation of a new memorial commission. The first five bills, proposed in the years 1901, 1902, and 1908, met with defeat; however, the final bill (Senate Bill 9449), introduced on December 13, 1910, passed. The Lincoln Memorial Commission had its first meeting the following year and President William H. Taft was chosen as president. Progress continued at a steady pace and by 1913 Congress had approved of the Commission’s choice of design and location. However, this approval was far from unanimous. Many thought that architect Henry Bacon’s Greek temple design was far too ostentatious for a man of Lincoln’s humble character. Instead they proposed a simple log cabin shrine. The site too did not go unopposed. The recently reclaimed land in West Potomac Park was seen by many to be either too swampy or too inaccessible. Other sites, such as Union Station, were put forth. The Commission stood firm in its recommendation though, feeling that the Potomac Park location, situated on the Washington MonumentCapitol axis, overlooking the Potomac River and surrounded by open land, was an ideal site. Furthermore, the Potomac Park site had already been designated in the McMillan Plan of 1901 to be the location of a future monument comparable to that of the Washington Monument.

With Congressional approval and a $300,000 allocation, the project got underway. On February 12, 1914, an inauspicious dedication ceremony was conducted and following month the actual construction began. Work progressed steadily according to schedule. However a few changes did have to be made. The statue of Lincoln, originally designed to be 10 feet (3.0 m) tall, was later enlarged to 19 feet (5.8 m) to prevent it from being dwarfed by its huge chamber. As late as 1920, the decision was made to substitute an open portal for the bronze and glass grille which was to have guarded the entrance. Despite these changes, the Memorial was finished on schedule. In a (May 30) celebration in 1922, Commission president William H. Taft dedicated the Memorial and presented it to President Warren G. Harding, who accepted it for the American people. Lincoln’s only remaining son, 79 year old Robert Todd Lincoln, was in attendance.

Muse in the Morning

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Pierce

Late Night Karaoke

Cause I Don’t Like It Here?

Look you have advertized my job twice already based upon snap decisions made by a manager every long term employee here considers a first class asshole.  This is in spite of my stellar career of 22 years in a directly related field.  Your documentation is ten years old including instructions sheets calling for lead solder.  The place is run much like junior high school, we can’t build stuff cause we don’t have parts cause you didn’t pay the bills.

It is institutionalized mediocrity.  I miss talking to intelligent people.

So I blew my first real interview for a job I have been doing for about six months cause I was honest with the HR thrity something twit?

I don’t like it here?

Nobody likes it here!

Former premier defense contractor.  Name forthcoming upon my termination and subsequent litigation process.

Fed Bank Examiners Go Native

Cross posted from The Stars Hollow Gazette

Not only did they go native, they were hand picked by the same bank CEO’s that sit on the Federal Reserve board of directors. This is great article of how that works from Prof William K. Black, associate professor of economics and law at the University of Missouri-Kansas City, who explains some more of the reasons the TBTF banks need to be broken into smaller pieces.

Embedded Examiners always married the Natives, but now their Bosses Do Hook Ups

Jessica Silver-Greenberg and Ben Protess have written an extraordinarily important column for the New York Times about embedded examiners at JPMorgan.

Embedded examiners’ are federal regulators whose normal work station is a desk at the bank.  We only embed examiners for systemically dangerous institutions (SDIs) – banks so large that they pose a systemic risk to global economy.

Embedded examiners do not work.  They get too close to the bank officers and employees.  In the regulatory ranks we called this “marrying the natives.”  Nothing works with SDIs – they are too big to manage, too big to fail, and too big to regulate.  A conventional bank examination, scaled up to size to fit an SDI the size of JPMorgan would have 500 examiners and take 18 months to “complete.”  (Obviously, when it takes that long to complete an examination it is impossible to “complete” an examination in any meaningful sense – by the time you’ve spent 18 months examining an SDI it can be a radically different bank.)  One cannot conduct an effective conventional bank examination of even a medium-sized bank on a “real time” basis because of the amount of new information pouring in every minute.  Conventional examinations examine a bank’s records and operations “as of” some date (typically the last quarter-end for which reports have been filed).  Embedding examiners is an effort at achieving an “early warning” system.  It has one virtue – it indicates that some senior regulator(s) recognized that they cannot rely on the bank’s own reports to determine whether it is steering toward trouble.

In fairness, twenty-five years ago the proponents of embedding recognize the severity of the “marrying the natives” problem.  They simply viewed embedding as the least bad manner of attempting the impossible – effectively regulating SDIs.  Here is the key passage of the NYT column.

   Roughly 40 examiners from the Federal Reserve Bank of New York and 70 staff members from the Office of the Comptroller of the Currency are embedded in the nation’s largest bank. They are typically assigned to the departments undertaking the greatest risks, like the structured products trading desk. Even as the chief investment office swelled in size and made increasingly large bets, regulators did not put any examiners in the unit’s offices in London or New York, according to current and former regulators who spoke only on condition of anonymity.

   Senior JPMorgan executives assured the bank’s watchdogs after the financial crisis that the chief investment office, with hundreds of billions in investments, was not taking risks that would be a cause for concern, people briefed on the matter said. Just weeks before the trading losses became public, bank officials also dismissed the worry of a senior New York Fed examiner about the mounting size of the bets, according to current Fed officials.

The authors of the article frame the issue as whether Jamie Dimon’s role as Director of the Federal Reserve Bank of New York poses a conflict of interest and could have led to the regulatory failure to place any examiners in the chief investment office (CIO).  The CIO appears to be the largest de facto hedge fund in the world.  (Note: “hedge fund” is a deliberately misleading term.  Entities called hedge funds typically speculate rather than hedge.  When I call the CIO a “hedge fund” I mean that it largely speculates and disingenuously calls its bets “hedges.”) [..]

SDIs are not simply dangerous, they are also inefficient.  Shrinking the SDIs to the point where they no longer posed a systemic risk would also increase their efficiency, make them small enough to regulate, and help recover our democracy.

SDIs that function as banks pose intolerable risks to the global economy.  SDIs that function as (thinly disguised) hedge funds should be far beyond the pale.  Conservative and libertarian philosophy rightly condemn providing enormous federal subsidies to a private entity whose senior officers claim any wins and socialize any severe losses.

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The IMF on UK macroeconomic policy: Part 1

Martin Wolf, Financial Times

May 25, 2012 4:43 pm

How long then is a change in policy supposed to wait?

I find it hard to believe that the Fund staff disagree that action is needed right now. It is far more likely that they (and, not least, the IMF’s Managing Director, Christine Lagarde) felt unable to take on the government of what remains an important member country. That is also what the BBC’s Stephanie Flanders suggests in her excellent post, “IMF: ‘Great Policies: Shame about the Economy‘.”

The time for aggressive fiscal consolidation is when the economy – by which I mean spending by the private sector – is strong, not weak, as it is now. What, then, is the argument against using fiscal policy more aggressively, to support the economy now? As Jonathan Portes, director of the National Institute for Economic and Social Research, notes, it is very hard to make one.

The principal argument against any fiscal action now, apart from the hope against implausible hope that monetary policy is going to do the job, even though interest rates are almost zero and the Bank of England has indulged in substantial “quantitative easing”, is that it will destroy the government’s credibility, lead to a rapid spike in interest rates and so weaken the economy, rather than strengthen it.

The IMF on UK macroeconomic policy: Part 2

Martin Wolf, Financial Times

May 28, 2012 5:52 pm

(A) willingness to make determined use of fiscal policy should also reduce the uncertainty of decision-makers about the likely direction of the economy. If businesses think the authorities are not determined to sustain demand, they are right to be more cautious. Ultimately, the government insures business against the macroeconomic risks of investment, via its determination to sustain demand in a slump. But the government has shown no such determination, with effects on the willingness of business to invest that we now see. Thus, the very determination to act might make a huge difference to the outcome for the economy.

In brief, the endlessly repeated “credibility” arguments against a change in fiscal policy are feeble. The UK has fiscal levers at its disposal and should use them.

What is true, however, is that a change would weaken the government’s credibility. But this is because the government made an unwise commitment.

(h/t Herr Doktor)

The lies we tell ourselves

Obama the Warrior

Glenn Greenwald, Salon

Tuesday, May 29, 2012 07:59 AM EDT

Miller (Link Here) devotes himself to debunking one of the worst myths in Washington, propagated out of self-interest by conservatives and progressives alike: namely, that there is a vast and radical difference between the parties on most key issues and that bipartisanship is so tragically scarce. In the foreign policy context which is his expertise, Miller explains that – despite campaign rhetoric designed to exaggerate (or even invent) differences in order to motivate base voters – the reality is exactly the opposite.



The article (Link Here) describes in detail how “Mr. Obama has placed himself at the helm of a top secret ‘nominations’ process to designate terrorists for kill or capture, of which the capture part has become largely theoretical” – an actual presidential-led death panel (as always in American media parlance, “Terrorist” means: individuals alleged by the U.S. Government – with no evidence, transparencey or due process – to be Terrorists). Specifically, Obama himself “insisted on approving every new name on an expanding ‘kill list,’ poring over terrorist suspects’ biographies on what one official calls the macabre ‘baseball cards’ of an unconventional war.” In total secrecy – with no transparency or oversight of any kind – he then selects who will live and who will die.



One of the most glaring myths progressives like to tell themselves and others is that the GOP refuses to praise Obama no matter what he does. This is patently false. Virtually every one of the most far-right neocon Bush officials – including Dick Cheney himself – has spent years now praising Obama for continuing their Terrorism policies which Obama the Senator and Presidential Candidate once so harshly denounced. Every leading GOP candidate except Ron Paul wildly praised Obama for killing U.S. citizen Anwar Awlaki without a shred of due process and for continuing to drop unaccountable bombs on multiple Muslim countries.

Cartnoon

The Wabbit Who Came To Supper

Third Way Electoral Victory!

Florida: Hundreds of eligible citizens in Miami-Dade Co alone told they are ineligible to vote

By Gaius Publius, Americablog

5/29/2012 09:15:00 AM

So how does this play out? Here’s one way – Falsely disenfranchized Floridians appeal to Obama’s Justice Dept. Eric Holder makes noises that “this is an outrage.” Republicans make noises that “this is just political, and besides (shh, Holder has, well, melatonal ties that disqualify his etc., but shh).”

The White House, certain of November victory anyway, decides to back down. No need to ruffle R feathers.

Holder then makes all the right public noises, but does little to actually block this. (My best guess at the explanation: it’s a matter for “the courts,” plus something about the “states.”)

I really really want to be wrong. Let’s watch together, shall we? 115,000 purged eligible voters isn’t small beer.

On This Day In History May 29

Cross posted from The Stars Hollow Gazette

This is your morning Open Thread. Pour your favorite beverage and review the past and comment on the future.

Find the past “On This Day in History” here.

May 29 is the 149th day of the year (150th in leap years) in the Gregorian calendar. There are 216 days remaining until the end of the year.

On this day in 1913, Stravinsky’s Le Sacre du printemps makes its infamous world premiere

Some of those in attendance to see the Ballets Russes at the Théâtre des Champs-élysées on May 29, 1913, would already have been familiar with the young Russian composer Igor Stravinsky through his 1910 ballet L’Oiseau de feu (The Firebird). But if they expected his newest work to proceed in the same familiar and pleasing vein as his first, they were in for a surprise. From the moment the premiere performance of Stravinsky’s Le Sacre du printemps (Rite of Spring) began on this night in 1913, it was clear that even an audience of sophisticated Parisians was totally unprepared for something so avant-garde.

Premiere

After undergoing revisions almost up until the very day of its first performance, it was premiered on Thursday, May 29, 1913 at the Théâtre des Champs-Élysées in Paris and was conducted by Pierre Monteux under the Ballets Russes.

The premiere involved one of the most famous classical music riots in history. The intensely rhythmic score and primitive scenario shocked audiences more accustomed to the demure conventions of classical ballet. Vaslav Nijinsky’s choreography was a radical departure from classical ballet. Stravinsky would later write in his autobiography of the process of working with Nijinsky on the choreography, stating that “the poor boy knew nothing of music” and that Nijinsky “had been saddled with a task beyond his capacity.” While Stravinsky praised Nijinsky’s amazing dance talent, he was frustrated working with him on choreography.

This frustration was reciprocated by Nijinsky with regard to Stravinsky’s patronizing attitude: “…so much time is wasted as Stravinsky thinks he is the only one who knows anything about music. In working with me he explains the value of the black notes, the white notes, of quavers and semiquavers, as though I had never studied music at all… I wish he would talk more about his music for Sacre, and not give a lecture on the beginning theory of music.”

The complex music and violent dance steps depicting fertility rites first drew catcalls and whistles from the crowd. At the start, the audience began to boo loudly. There were loud arguments in the audience between supporters and opponents of the work. These were soon followed by shouts and fistfights in the aisles. The unrest in the audience eventually degenerated into a riot. The Paris police arrived by intermission, but they restored only limited order. Chaos reigned for the remainder of the performance. Fellow composer Camille Saint-Saëns famously stormed out of the premiére allegedly infuriated over the misuse of the bassoon in the ballet’s opening bars (though Stravinsky later said “I do not know who invented the story that he was present at, but soon walked out of, the premiere.”) .

Stravinsky ran backstage, where Diaghilev was turning the lights on and off in an attempt to try to calm the audience. Nijinsky stood on a chair, leaned out (far enough that Stravinsky had to grab his coat-tail), and shouted counts to the dancers, who were unable to hear the orchestra (this was challenging because Russian numbers above ten are polysyllabic, such as eighteen: vosemnadsat vs. seventeen: semnadsat).

After the premiere, Diaghilev is reported to have commented to Nijinsky and Stravinsky at dinner that the scandal was “exactly what I wanted.”

Muse in the Morning

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