I thought this New York magazine story was illustrative about how big business in general operates now: If you can manage to creative a narrative that simulates a loss, you can force lesser beings to eat those losses , even if they’re only theoretical. Is this a great country, or what? If you’re wondering why the NBA is canceling preseason games and might very well cancel its season, you only have to head downtown. The Zuccotti Park protesters’ motivations are diverse, but it’s probably fair to say that what has really turned Occupy Wall Street from a meeting of the usual vegan anarchists into a larger cause is not the mere existence of banks, or even that they were bailed out, but the fact that they’re crying about taxes and regulations so soon after being saved from self-inflicted bankruptcy. In other words, they want the freedom to make whatever stupid decisions they please along with the guarantee that they will never have to suffer the consequences. Which is essentially what is happening in the NBA right now too. Actually, what Commissioner David Stern (who represents the league’s owners in their collective-bargaining dispute with the players) is up to might be even more audacious than what your Citigroups and AIGs got away with. Because at least we know that those companies did lose a ton of money . While the league asserts that its teams lost a collective $300 million last year, the NBA’s finances are opaque. It’s very much up for debate whether the league is losing money at all. Its self-reported revenues are rising faster than player salaries, and it’s hard to see why other expenses would be so onerous—of the nearly $2.1 billion spent on stadium construction and renovation since 2000, a Holy Cross study found, $1.75 billion was financed by taxpayers rather than ownership. And every time someone sells an NBA team, he sells it for much more than he bought it for . (A guy named Chris Cohan bought the Golden State Warriors before the 1995 season for $119 million, guided the team to the playoffs exactly once over the next sixteen years, then sold the team for $450 million two summers ago.) It seems that what losses there are would have to be largely the result of individual owners’ incompetence. Despite all that, according to writer Tom Ziller, the league’s most recent offer calls for a permanent yearly cut to player salaries of either $240 million or $280 million, depending on which beat reporter’s version of the owners’ offer you’re using. The players, then, would be locked into essentially paying for 80-plus percent of the owners’ losses, which may not actually exist and, if they do, owe at least partly to the awfulness of an economy that will eventually improve. (It will!) Meanwhile, bear in mind that owners do not have to give out big contracts to bad players if they don’t want to. Any team losing money can cut payroll. And that won’t necessarily affect on-court performance, because, as always in sports as in life, you don’t have to spend the most to be the best: The Oklahoma City Thunder paid its players $58 million and won 55 games last year, while the Toronto Raptors paid $70 million and won 22 (financial data provided by ShamSports.com). So here’s what the owners are saying to the players: “We’ve made so many poor spending choices lately that we’ve lost money, even without having to pay for our own facilities and even as the NBA has grown more popular. And we’d like you to give up enough money to make it almost a certainty that we never lose money again, even if we make all these same mistakes for a second time and the economy never improves.”
Continue reading …I thought this New York magazine story was illustrative about how big business in general operates now: If you can manage to creative a narrative that simulates a loss, you can force lesser beings to eat those losses , even if they’re only theoretical. Is this a great country, or what? If you’re wondering why the NBA is canceling preseason games and might very well cancel its season, you only have to head downtown. The Zuccotti Park protesters’ motivations are diverse, but it’s probably fair to say that what has really turned Occupy Wall Street from a meeting of the usual vegan anarchists into a larger cause is not the mere existence of banks, or even that they were bailed out, but the fact that they’re crying about taxes and regulations so soon after being saved from self-inflicted bankruptcy. In other words, they want the freedom to make whatever stupid decisions they please along with the guarantee that they will never have to suffer the consequences. Which is essentially what is happening in the NBA right now too. Actually, what Commissioner David Stern (who represents the league’s owners in their collective-bargaining dispute with the players) is up to might be even more audacious than what your Citigroups and AIGs got away with. Because at least we know that those companies did lose a ton of money . While the league asserts that its teams lost a collective $300 million last year, the NBA’s finances are opaque. It’s very much up for debate whether the league is losing money at all. Its self-reported revenues are rising faster than player salaries, and it’s hard to see why other expenses would be so onerous—of the nearly $2.1 billion spent on stadium construction and renovation since 2000, a Holy Cross study found, $1.75 billion was financed by taxpayers rather than ownership. And every time someone sells an NBA team, he sells it for much more than he bought it for . (A guy named Chris Cohan bought the Golden State Warriors before the 1995 season for $119 million, guided the team to the playoffs exactly once over the next sixteen years, then sold the team for $450 million two summers ago.) It seems that what losses there are would have to be largely the result of individual owners’ incompetence. Despite all that, according to writer Tom Ziller, the league’s most recent offer calls for a permanent yearly cut to player salaries of either $240 million or $280 million, depending on which beat reporter’s version of the owners’ offer you’re using. The players, then, would be locked into essentially paying for 80-plus percent of the owners’ losses, which may not actually exist and, if they do, owe at least partly to the awfulness of an economy that will eventually improve. (It will!) Meanwhile, bear in mind that owners do not have to give out big contracts to bad players if they don’t want to. Any team losing money can cut payroll. And that won’t necessarily affect on-court performance, because, as always in sports as in life, you don’t have to spend the most to be the best: The Oklahoma City Thunder paid its players $58 million and won 55 games last year, while the Toronto Raptors paid $70 million and won 22 (financial data provided by ShamSports.com). So here’s what the owners are saying to the players: “We’ve made so many poor spending choices lately that we’ve lost money, even without having to pay for our own facilities and even as the NBA has grown more popular. And we’d like you to give up enough money to make it almost a certainty that we never lose money again, even if we make all these same mistakes for a second time and the economy never improves.”
Continue reading …Academy Award-winning actress Kathy Bates wants President Obama “to stand up on his hind legs and fight these rat bastards.” When asked by the host of CNN's Piers Morgan Tonight to elaborate, Bates said Friday, “I think he has got to indict these guys from Wall Street. Somebody's got pay for that mess” (video follows with transcript and commentary): PIERS MORGAN, HOST: What do you make of what's going on now in Washington, President Obama, the whole political shakeup at the moment? KATHY BATES: Well, you know, I have to kind of go back and say that I — I grew up in Memphis, Tennessee. I grew up in a segregated town. When I went back my first year in college, that spring, I had my first black friend. I wanted to bring her home. And my father said, “Are you crazy? You want to start a race riot?” And I was like — I didn't understand it because my parents were from another generation. My dad was born in 1900, my mom in 1907. I came very late in life to them. Long story short, that was the spring that Martin Luther King was slaughtered in my hometown. Fast forward now to, what is it three — two years ago, I'm in Paris, I'm on my computer watching these election results, because I've gotten so inspired by this man — and I'm so apolitical. And for the first time in I don't know how many years, I was just galvanized by this election. It was so emotional to me. The last two years, I want to go back, something my father said to me — he always said, “Stand up on your hind legs and fight.” And that's what I'd like to say to my president, whom I'm so proud of. But I want him to stand up on his hind legs and fight these rat bastards. And he has got do it. MORGAN: Who do you mean by the rat bastards? BATES: Well, I think he's got to indict these guys from Wall Street. Somebody's got pay for that mess. And I don't think it's the American public.
Continue reading …SNP leader tells annual conference ‘the sovereign people of Scotland are now in the driving seat’ Alex Salmond, leader of the Scottish Nationalists, says his party’s electoral victories have put the “Scottish people” in the driving seat, but admits a future referendum ballot paper may offer options other than independence. Salmond used his speech to the SNP annual conference in Inverness to claim that his party’s landslide victory in the Holyrood elections ensured that “no London politician” would determine the future of Scotland. He also declared that the SNP would campaign for full independence when the referendum he has promised arrives. However, the country’s first minister did not set a detailed timetable for a referendum on Scotland’s withdrawal from the UK, in a sign that the party still lacks confidence that voters support his aspirations. And, while claiming “it was not enough”, he said that a ballot paper question on whether more powers should be transferred to the parliament at Holyrood may be included as an option in the referendum vote. “Fiscal responsibility, financial freedom, real economic powers is a legitimate proposal”, he said. “It could allow control of our own resources, competitive business tax and fair personal taxation.” The conference is the SNP’s first since the party’s victory in May’s elections, when the Nationalists became the first party to secure an overall majority in the Scottish parliament. Salmond said: “The days of Westminster politicians telling Scotland what to do or think are over. The Scottish people will set the agenda for the future. No politician, and certainly no London politician, will determine the future of the Scottish nation. The people of Scotland – the sovereign people of Scotland – are now in the driving seat.” The SNP’s election victory means a referendum will be held on Scottish independence. While no date for such a vote has yet been set, Nationalists have said it will take place in the second half of the Scottish Parliament’s five-year term. Salmond’s speech marked the start of the SNP’s campaign ahead of that referendum, as he told activists: “This party will campaign full square for independence in the coming referendum.” Last month his style came under attack from Labour’s outgoing leader, Iain Gray, during the Scottish Labour party’s conference. Gray told his party the Scottish Parliament “was never meant to be an arena for constant constitutional grievance – a platform for posturing, preening and insufferable pomposity”. Scottish National party (SNP) Alex Salmond Scottish independence Scottish politics Scotland Daniel Boffey guardian.co.uk
Continue reading …SNP leader tells annual conference ‘the sovereign people of Scotland are now in the driving seat’ Alex Salmond, leader of the Scottish Nationalists, says his party’s electoral victories have put the “Scottish people” in the driving seat, but admits a future referendum ballot paper may offer options other than independence. Salmond used his speech to the SNP annual conference in Inverness to claim that his party’s landslide victory in the Holyrood elections ensured that “no London politician” would determine the future of Scotland. He also declared that the SNP would campaign for full independence when the referendum he has promised arrives. However, the country’s first minister did not set a detailed timetable for a referendum on Scotland’s withdrawal from the UK, in a sign that the party still lacks confidence that voters support his aspirations. And, while claiming “it was not enough”, he said that a ballot paper question on whether more powers should be transferred to the parliament at Holyrood may be included as an option in the referendum vote. “Fiscal responsibility, financial freedom, real economic powers is a legitimate proposal”, he said. “It could allow control of our own resources, competitive business tax and fair personal taxation.” The conference is the SNP’s first since the party’s victory in May’s elections, when the Nationalists became the first party to secure an overall majority in the Scottish parliament. Salmond said: “The days of Westminster politicians telling Scotland what to do or think are over. The Scottish people will set the agenda for the future. No politician, and certainly no London politician, will determine the future of the Scottish nation. The people of Scotland – the sovereign people of Scotland – are now in the driving seat.” The SNP’s election victory means a referendum will be held on Scottish independence. While no date for such a vote has yet been set, Nationalists have said it will take place in the second half of the Scottish Parliament’s five-year term. Salmond’s speech marked the start of the SNP’s campaign ahead of that referendum, as he told activists: “This party will campaign full square for independence in the coming referendum.” Last month his style came under attack from Labour’s outgoing leader, Iain Gray, during the Scottish Labour party’s conference. Gray told his party the Scottish Parliament “was never meant to be an arena for constant constitutional grievance – a platform for posturing, preening and insufferable pomposity”. Scottish National party (SNP) Alex Salmond Scottish independence Scottish politics Scotland Daniel Boffey guardian.co.uk
Continue reading …Protesters call ‘general assembly’ at site in Moorgate and declare it a second occupation after St Paul’s A second Occupy London protest camp has sprung up in a sign that campaigners are spreading from St
Continue reading …Protesters call ‘general assembly’ at site in Moorgate and declare it a second occupation after St Paul’s A second Occupy London protest camp has sprung up in a sign that campaigners are spreading from St
Continue reading …David Brooks is one of the most dishonest conservative columnists going. He’s not an idiot, but he can take events that have occurred and craft them into complete nonsense. That does take real talent. Only it’s a despicable one. In his latest column in the NY Times , he writes one of the most perfidious pieces of excrement imaginable. Charles Pierce has an excellent debunking of Brooks’ latest travesty in Esquire: David Brooks Does Not Get the Moral Norm of Being Broke He notices that poor people are having fewer babies, which makes him sad. But, things are looking up! People have stopped using their “bank-issued” credit cards as much. (These would be the cards they used so as to support the overstuffed suburban lifestyle that David Brooks so celebrated in his earlier, funnier work.) This means, to Brooks, “Quietly but decisively, Americans are trying to restore the moral norms that undergird our economic system.” Jesus H. Christ in a fking Volvo, no, it doesn’t. It means people are broke . People are broke because the end product of 30 years of economic theorizing and political action that you supported has resulted in a shattered middle-class. People are broke because the Wall Street casino that your politics created and celebrated and enabled finally broke the entire country and took the rest of us down with it. People are broke because you and the rest of your “conservative” pals latched onto a crackpot scheme called supply-side economics, married it to a deregulatory frenzy and free trade, and then pitched it to the Bobos as economic liberty. You got rich. You got important. Now people are not using their credit cards because they can’t afford to buy the overpriced, Chinese-made crap that you once proposed as the new staple of American society. That is not a conscious mass moral choice. You’ve got to be on mushrooms to believe that. We continue. “Second, Americans are trying to re-establish the link between effort and reward. This was the link that was severed on Wall Street, where so many made so much for work that served no productive purpose. This was the link that was frayed by the bailouts, when people who broke the rules still got rewarded.” Oh, really? What tipped you off, Sherlock? Got two sources for that insight? Have no fear, though. Brooks has lingered as long as he cares to in the general vicinity of the fact that the people his politics enabled and celebrated were grievously amoral in almost everything they did for a decade. He’s got workers to bash. “The auto bailouts mostly worked, but they are unpopular even in the Midwestern states that directly benefited because those who failed in the market still got the gold. Public sector unions are unpopular because of the perception that benefit packages are out of balance.” The prosecution would like an offer of proof on that first sentence, Your Honor. As to the second, and the ironclad “perception” on which it depends, I guess Brooks was watching the Amanda Knox trial and missed all those people standing around on the lawn in Madison last winter, and he’s still missing all those folks in Ohio who are kicking John Kasich’s nuts through the roof of his mouth. Ah, but the real brilliance is yet to come. “The third norm is that loyalty matters. A few years ago there was a celebration of Free Agent Nation. But now most people, even most young people, would rather work long-term for one company than move around in search of freedom and opportunity.” Yes, you idiot, they would. Everyone would. Unfortunately, and I hate to keep bringing this up, Dave, but 30 years of dumb Republican economics and even dumber Republican politics, both of which you made your bones celebrating, have sort of made that impossible. (A couple of decades of bipartisan “free-trade” agreements haven’t helped, either.) Who was it that was cheering on “Free Agent Nation”? It was the politicians and the pundits who were declaring the golden age of the global economy, in which we’d all have two or three jobs before we retired, fat and happy, on the 401k’s that the miracle of Wall Street by then would have inflated beyond our wildest dreams. Anyone who meekly suggested that, maybe, he’d like to put in 20 years at his job and collect a pension at the end of it that he could live on, was dismissed as a whiny relic of a past age, or as a state employee. And, in any case, part of the miracle of Wall Street was devising new and complicated financial instruments by which private pension plans could be pillaged for private profit. If David Brooks was concerned about this prior to 2008, when the people who go to dinner with him and who pay his honoraria nearly blew up the world, he kept devilishly quiet about it. What American capitalism knows about “moral norms” is that they are for other people. The people who did all the real damage are not in any way interested in “repairing the economic moral fabric” that “is the essential national task right now.” They are interested in keeping the money they stole and in stealing as much more of it as they can. But David Brooks is far more concerned with some guy, sitting around his kitchen table, bills up to his elbows, who decides that, in the interest of the “economic moral fabric” of the country, he won’t take the kids to Chuck E. Cheese tonight on the family MasterCard. Congratulations, good and faithful servant, says David Brooks, and orders another brandy. Pierce reminds us of this take down by Sasha Issenberg back in 2004 that should have had him booted out of the occupation of masquerading as an intellectual writer of non-fiction. (h/t Atrios )
Continue reading …David Brooks is one of the most dishonest conservative columnists going. He’s not an idiot, but he can take events that have occurred and craft them into complete nonsense. That does take real talent. Only it’s a despicable one. In his latest column in the NY Times , he writes one of the most perfidious pieces of excrement imaginable. Charles Pierce has an excellent debunking of Brooks’ latest travesty in Esquire: David Brooks Does Not Get the Moral Norm of Being Broke He notices that poor people are having fewer babies, which makes him sad. But, things are looking up! People have stopped using their “bank-issued” credit cards as much. (These would be the cards they used so as to support the overstuffed suburban lifestyle that David Brooks so celebrated in his earlier, funnier work.) This means, to Brooks, “Quietly but decisively, Americans are trying to restore the moral norms that undergird our economic system.” Jesus H. Christ in a fking Volvo, no, it doesn’t. It means people are broke . People are broke because the end product of 30 years of economic theorizing and political action that you supported has resulted in a shattered middle-class. People are broke because the Wall Street casino that your politics created and celebrated and enabled finally broke the entire country and took the rest of us down with it. People are broke because you and the rest of your “conservative” pals latched onto a crackpot scheme called supply-side economics, married it to a deregulatory frenzy and free trade, and then pitched it to the Bobos as economic liberty. You got rich. You got important. Now people are not using their credit cards because they can’t afford to buy the overpriced, Chinese-made crap that you once proposed as the new staple of American society. That is not a conscious mass moral choice. You’ve got to be on mushrooms to believe that. We continue. “Second, Americans are trying to re-establish the link between effort and reward. This was the link that was severed on Wall Street, where so many made so much for work that served no productive purpose. This was the link that was frayed by the bailouts, when people who broke the rules still got rewarded.” Oh, really? What tipped you off, Sherlock? Got two sources for that insight? Have no fear, though. Brooks has lingered as long as he cares to in the general vicinity of the fact that the people his politics enabled and celebrated were grievously amoral in almost everything they did for a decade. He’s got workers to bash. “The auto bailouts mostly worked, but they are unpopular even in the Midwestern states that directly benefited because those who failed in the market still got the gold. Public sector unions are unpopular because of the perception that benefit packages are out of balance.” The prosecution would like an offer of proof on that first sentence, Your Honor. As to the second, and the ironclad “perception” on which it depends, I guess Brooks was watching the Amanda Knox trial and missed all those people standing around on the lawn in Madison last winter, and he’s still missing all those folks in Ohio who are kicking John Kasich’s nuts through the roof of his mouth. Ah, but the real brilliance is yet to come. “The third norm is that loyalty matters. A few years ago there was a celebration of Free Agent Nation. But now most people, even most young people, would rather work long-term for one company than move around in search of freedom and opportunity.” Yes, you idiot, they would. Everyone would. Unfortunately, and I hate to keep bringing this up, Dave, but 30 years of dumb Republican economics and even dumber Republican politics, both of which you made your bones celebrating, have sort of made that impossible. (A couple of decades of bipartisan “free-trade” agreements haven’t helped, either.) Who was it that was cheering on “Free Agent Nation”? It was the politicians and the pundits who were declaring the golden age of the global economy, in which we’d all have two or three jobs before we retired, fat and happy, on the 401k’s that the miracle of Wall Street by then would have inflated beyond our wildest dreams. Anyone who meekly suggested that, maybe, he’d like to put in 20 years at his job and collect a pension at the end of it that he could live on, was dismissed as a whiny relic of a past age, or as a state employee. And, in any case, part of the miracle of Wall Street was devising new and complicated financial instruments by which private pension plans could be pillaged for private profit. If David Brooks was concerned about this prior to 2008, when the people who go to dinner with him and who pay his honoraria nearly blew up the world, he kept devilishly quiet about it. What American capitalism knows about “moral norms” is that they are for other people. The people who did all the real damage are not in any way interested in “repairing the economic moral fabric” that “is the essential national task right now.” They are interested in keeping the money they stole and in stealing as much more of it as they can. But David Brooks is far more concerned with some guy, sitting around his kitchen table, bills up to his elbows, who decides that, in the interest of the “economic moral fabric” of the country, he won’t take the kids to Chuck E. Cheese tonight on the family MasterCard. Congratulations, good and faithful servant, says David Brooks, and orders another brandy. Pierce reminds us of this take down by Sasha Issenberg back in 2004 that should have had him booted out of the occupation of masquerading as an intellectual writer of non-fiction. (h/t Atrios )
Continue reading …Western Australian authorities vow to track down 10ft shark that killed US diver and may have taken 64-year-old swimmer A great white shark killed an American diver in the second fatal shark attack off Western Australia in 12 days. A witness on a dive boat saw “a large amount of bubbles” before the 32-year-old man surfaced with obviously fatal injuries, Western Australia police sergeant Gerry Cassidy said. People on the boat described the shark as a 10ft great white. It struck off the resort of Rottnest Island, 11 miles from a Perth mainland beach where a 64-year-old swimmer is believed to have been taken by a great white on 10 October. The diver who died was staying in Perth on a working visa. Police would not release his identity. It is unclear whether he was killed by the shark that is believed to have taken Bryn Martin as he made his regular morning swim from Perth’s Cottesloe Beach towards a buoy about 400 yards offshore. But an analysis of Martin’s torn swimming trunks recovered from the seabed near the buoy pointed to a great white shark being the culprit. No other trace of Martin has been found. “It’s a cloudy old day today, which is the same as we had the other day with Cottesloe, and they are the conditions that sharks love,” Cassidy said yesterday. It is the third fatal shark attack off Western Australia in less than two months and the fourth in 14 months. Fatal shark attacks average fewer than two a year nationwide. Colin Barnett, the leader of Western Australia state government, said the shark would be killed if possible. Great whites can grow to more than 20ft in length and 5,000lb in weight. They are protected in Australia, a primary location for the species. Associated Press Australia Oceans guardian.co.uk
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