Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts

August 31, 2010

Sins of left and right


I mentioned in yesterday's post that the political terms left and right are the result of which side of the room people happened to sit on in the early days of the French Revolution. The terms aren't particularly apt, but the difference between perspectives is real by whatever names they are called.

Using the old terms for now, it's probably safe to say that people on the right have been more supportive of the existing or old order and particularly of hierarchy, while those on the left have advocated a more egalitarian position, although I can imagine any number of arguments with that statement.

It seems to me that both perspectives have their own characteristic errors or excesses. People on the "right" have tended to believe that existing inequalities are something like facts of nature that cannot be changed. People on the "left" from the French Revolution onward have made a different kind of error by viewing human nature as a blank slate which can be changed given different conditions.

I think the reality is a bit messier. We probably do inherit a bit of evolutionary baggage which can get in the way of an egalitarian society. For example, many animals--especially but not exclusively males--strive for status all the time and many of both sexes are biased in favor of their own offspring. But that doesn't mean that any particular system of inequality--monarchy, feudalism, plutocracy--is a feature of nature that can't be changed.

THIS IS WHAT I'M SCREAMING. Here's a call for more action to get the economy moving by a member of President Obama’s Economic Recovery Advisory Board.

TO LOAN OR NOT TO LOAN? Some banks are thinking about the environmental impact of their lending practices.

WHERE THE RUBBER HITS THE ROAD. Health care reform passed Congress (finally) last spring. Now a lot of the action is happening at the state level. Here's an article about how things look in West Virginia.

CLEANLINESS is next to self-righteousness.

GOAT ROPE ADVISORY LEVEL: ELEVATED

February 26, 2009

Poor Richard on piety


Ben Franklin's amigo François-Marie Arouet, better known as Voltaire (1694-1778). Image courtesy of wikipedia.

El Cabrero has been combing through Benjamin Franklin's Poor Richard's Almanac lately in search of bloggable nuggets. I found a few items on the subject of religion that seemed worth a look.

Franklin, like many people in his generation, tended towards Deism, a rationalist outlook that believed that God figuratively speaking wound up the world's clock and then got out of the way (although he tried not to antagonize those with more traditional beliefs).

Most Deists rejected miracles and any revelation other than reason, although they tended to support rational moral virtues and many believed in some kind of afterlife. They tended to believe that God did not intervene in the world's affairs, other than by giving people the use of reason. As Voltaire put it,

God gave us the gift of life; it is up to us to give ourselves the gift of living well.


Deism can be seen in part as a rejection of the dogmatism and fanaticism that led to so many of the wars and religious persecutions in European history. This quote from the Almanac pretty well expresses that:

Many have quarreled about Religion
That never practiced it.


Ain't that the truth?

Here are some more:

A good example is the best sermon.

None preaches better than the ant,
and she says nothing.


(Ben had the Protestant work ethic out the wazoo...)

Here's one for the road:

Don't judge of men's wealth or piety
by their Sunday appearances.


A DIFFERENT KIND OF BUDGET BATTLE from those waged during the Bush administration looms. The NY Times reports that President Obama's proposed budget will call for closing tax breaks for the wealthy to expand health coverage and a serious approach to climate change.

ECONOMISTS TALKING SENSE. Thirty-nine prominent economists have signed on to a statement in support of the Employee Free Choice Act. They also took out a full page ad to that effect in the Washington Post.

BANK ON IT. El Cabrero is a fan of the work of Nassim Nicholas Taleb, author of The Black Swan: The Impact of the Highly Improbable. Here's his take on the banking mess. And here are his words of wisdom:

Indeed, the incentive system put in place by financial companies has produced the worst possible economic system mankind can imagine: capitalism for the profits and socialism for the losses...

No incentive without disincentive. And never trust with your money anyone making a potential bonus.


ON THE BRIGHT SIDE. The economy may be tanking, but shark attacks are down.

GOAT ROPE ADVISORY LEVEL: ELEVATED

February 23, 2009

Poor Richard, old Ben




You know who. Image courtesy of wikipedia.

Many of the founders of the United States were brilliant and colorful people, but few had as interesting and varied a life as Benjamin Franklin (1706-1790). Author, revolutionary, entrepreneur, scientist, diplomat, citizen, innovator...the list could go on and on.

Before he was an actor on the world stage, Franklin published the popular Poor Richard's Almanac between 1732 and 1758 under the pseudonym Poor Richard or Richard Saunders. It contained all the usual calendar and weather stuff we associate with almanacs, but is best remembered today for Poor Richard's wit and wisdom, which ranged in subject from religion and politics to marriage, love, money, and lots more.

Along with the usual links and comments about current events, we'll be sampling a little of Poor Richard's fare this week at Goat Rope.

Why don't we start with the subject of foolishness?


The World is full of fools and faint hearts, and yet every one has courage enough to bear the misfortunes and wisdom enough to manage the affairs of his neighbor.


Some things never change. But wait, there's more:


He's a Fool that cannot conceal his Wisdom


That reminds me of what a friend said about a certain politician, to wit "He's usually the smartest person in the room but isn't smart enough not to show it."

Poor Richard particularly enjoyed poking fun at educated fools:


A learned blockhead is a greater blockhead than an ignorant one.

The most exquisite Folly is made of Wisdom spun too fine.


It's unlikely that we'll ever be rid of fools or our own foolishness, which leads to a dilemma:


It is Ill-Manners to silence a Fool
and cruelty to let him go on.


BANK ON IT. Paul Krugman discusses nationalization here.

WHITHER CAPITALISM? In this op-ed, Benjamin Barber muses on the future of capitalism.

NICKNAMES, MESSIAHS AND MORE are discussed in the latest edition of the Rev. Jim Lewis' Notes from Under the Fig Tree.

MORE SUPREME FUN. El Cabrero missed this one last week. Here's a cover story from USA Today on the Don Blankenship/Massey Energy/WV Supreme Court saga.

GOAT ROPE ADVISORY LEVEL: ELEVATED

December 09, 2008

The uses of adversity?


Wu prefers to sleep through hard times, which may not be a bad idea.

It is an article of faith in some circles that going through hard times brings out the best in people. In many myths, books and films, the hero or heroine must undergo an ordeal to achieve greatness. There are all kinds of popular sayings to the same effect, as in "no guts, no glory" and "no pain, no gain."

I do not entirely agree. Misery, as they also say, loves company. The world is full of unnecessary or preventable suffering, which usually only leads to more of the same. Given the choice, I'd rather get rid of it.

Then there are those who seek for some deep and perhaps cosmic purpose in human suffering and insist that it is all somehow for the best. Voltaire did a great job of skewering that viewpoint in his hilarious little novel Candide, and far be it from me to try to improve on that masterpiece.

I find that kind of cosmic optimism to be a real downer. For the record, I can't imagine a more depressing thought than the idea that this is "the best of all possible worlds."

Still there are some bullets that can't be dodged. In such cases, tenacity can be a virtue. And it really is sometimes true that going through tough periods can build a kind of endurance. Nietzsche famously said "What does not destroy me makes me stronger" (although the evidence often leans in the other direction). Sometimes telling yourself that can help a bit.

So can having some kind of goal or purpose, as Holocaust survivor Victor Frankl argued in Man's Search for Meaning (search the Goat Rope archives in the upper left hand corner for an earlier series here on his ideas). To quote Nietzsche again,


He who has a strong enough why can bear almost any how.


WORKS FOR ME. In the wake of the financial bailout, the union SEIU has proposed organizing bank workers.

HARD TIMES have sparked a boost of interest in WV's historic New Deal sites.

I COULD HAVE TOLD THEM THIS. Scientists have discovered that dogs have what seems to be a sense of fairness and are capable of envy. Perhaps they might have discovered this sooner if they'd have tried the novel experiment of giving food or treats to more than one at a time. My theory is that they can even do a kind of canine arithmetic in which they quantify the goodies and express disappointment if the balance doesn't add up.

I COULD HAVE TOLD THEM THIS ONE TOO. Research indicates that aging brains may be easily distracted. What was their first clue? And what were we talking about, anyway?

IN OTHER URGENT NEWS, vampires are cool again (or still).

GOAT ROPE ADVISORY LEVEL: DISTRACTED

November 28, 2008

Atlas begged


Image courtesy of wikipedia.

BB&T, a large multi-state bank, has given away millions of dollars through its "charitable" fund to promote the ideology of Ayn Rand. You know, unfettered capitalism, keep the government out of everything, and all that.

This was the subject of an earlier op-ed of mine in the Charleston Gazette and this story by NPR.

Well, the latest:

BB&T, the largest bank in West Virginia, announced on Oct. 27 it would receive $3.1 billion in federal rescue plan money.


Uhhhh...do you think they'll issue a clarifying statement to the effect that government intervention is OK if it goes to big corporations but not to anybody else?

WHILE WE'RE AT IT, here's a glimpse into the worldview of Massey Energy CEO Don Blankenship.

FOR THE RECORD, I didn't make any of this stuff up.

GOAT ROPE ADVISORY LEVEL: ELEVATED

September 17, 2008

The forgotten man


Hades, god of the dead, and pet.

The Goat Rope Odysseus odyssey continues. You'll also find links and comments about current events.

One of the tough things about the life of a soldier--and lots of other people too--is that they don't often get to pick who their bosses are. They could be good or they could be awful and often there's not a whole lot that can be done about it. It's luck of the draw.

No doubt the Gentle Reader has already figured that out...

Sadly for his men, the hero of the Odyssey is a terrible leader. In the Iliad, he fought well enough and was a good staff officer for Agamemnon and Menelaus and was capable of acting independently in raids and intelligence missions. But as a leader responsible for the well-being of the soldiers under him, he's a disaster.

If you've been following this series or are familiar with the story, he's been losing men by the score--since the Trojan War was over. Some died in a botched pirate raid, some were eaten by the cyclops, and hundreds died at the hands of the Laestrygonians, who were man-eating giants. He's down to one ship from an original twelve and the ship that's left is not at its full roster. One would think he'd try to do a little better at keeping up with the few who are left.

But when he makes his visit to the land of the dead and offers the appropriate sacrifices, he is surprised to find that the first ghost that speaks to him is someone he thought was alive. It is Elpenor who was just with him on Circe's island.

His death was about as unheroic as they come. He had been sleeping on the roof of the house and fell off, breaking his neck.

OK, so we can't blame Odysseus for that one, but after losing so many men you'd think he could at least be bothered to freakin' count the ones he has left before taking off.

In the Homeric world, the afterlife was a pretty bad place but it was even worse for those who were unburied. The ghost begs Odysseus to do what's right for once:


...my lord, remember me, I beg you! Don't sail off
and desert me, left behind unwept, unburied, don't,
or my curse may draw god's fury on your head.
No, burn me in full armor, all my harness,
heap my mound by the churning gray surf--
a man whose luck ran out--
so even men will come to learn my story.
Perform my rites, and plant on my tomb that oar
I swung with mates when I rowed among the living.


That's one promise Odysseus will keep, but many more of his men died worse deaths and never received their rites.

So this one goes out in memory of all the forgotten people who have suffered in war and peace from the neglect or incompetence of their leaders.

THE CULT OF THE MARKET GOD is up for some criticism here.

ON A SIMILAR NOTE, here economist Dean Baker on the Wall Street meltdown.

THE FOG OF WAR... The war on drugs in this instance. Here are some interesting numbers on drug related arrests.

RATIONAL VOTERS.This item from Newsweek asks where they are.

MATH IN THE BELLY. This NY Times article looks at the latest research on human mathematical abilities. A lot of it is intuitive.

URGENT ANT UPDATE here.

GOAT ROPE ADVISORY LEVEL: ELEVATED

January 10, 2008

DOJO KUN



Gichin Funakoshi.

The theme of this week's Goat Rope is strategy and what people who want to make the world less violent and more just can learn from the theory and history of conflict. If this is your first visit, please click on earlier entries.

El Cabrero admits to being a fan of Sun Tzu from way back. I first learned about his Art of War when I began became interested in martial arts as a child. At the time, there were no classes in my little town and we couldn't afford the tae kwon do school in a nearby city, which charged high payments and made you sign contracts. (I've always been grateful to Lady Poverty for saving me from going that route.)

So for a few years, I just read whatever I could find about it. In the process, I learned about different religions, philosophies and traditions. Eventually, we found a non-commercial dojo which taught shotokan, a strict traditional Japanese/Okinawan style. Practice sessions are a mixture of ritual and drill, part boot camp and part high church.

Shotokan was founded by Gichin Funakoshi, an Okinawan schoolteacher, scholar, and calligrapher (Shoto was his pen name, and kan means school). A sickly child, he studied from the leading masters of his day and was a pioneer in introducing the Okinawan art to Japan and ultimately the world. His writings and example have probably influenced my moral and spiritual development (such as it is) as much as the Bible and the church I sometimes attend. Probably more.

In one of his earlier manuals, he wrote the following:

Deep within the shadows of human culture lurk seeds of destruction, just as rain and thunder follow in the wake of fair weather. History is the story of the rise and fall of nations. Change is the order of heaven and earth; the sword and pen are as inseparable as the two wheels of a cart. Thus, a man must encompass both fields if he is to be considered a man of accomplishment. If he is overly complacent, trusting that fair weather will last forever, he will one day be caught off guard by terrible floods and storms. So it is essential for all of us to prepare each day for any unexpected emergency.


Funakoshi drilled his students in ethics and courtesy as much as physical techniques. The result combined strong inhibitions against the use of force with a fierce, linear, all-out fighting style.

His master text, Karate-Do Kyohan, contains a section of maxims for the trainee which includes quotes from Sun Tzu as well as Confucian and Buddhist sources. They are quoted without attribution since it was presumed that readers would know the source.

Here are two well known ones. They are pretty basic but if you only keep two from Sun Tzu, they'd be a good choice:

For to win one hundred victories in one hundred battles is not the highest skill. To subdue the enemy without fighting is the highest skill.


In other words, the ultimate level of skill in understanding conflict or strife is to accomplish what you need to without it. Understood metaphorically, it also means one should use the least possible energy and do the least possible harm in responding to situations.

Funakoshi also quoted Sun Tzu on the importance of knowledge:

Know the enemy and know yourself; in a hundred battles you will never be in peril.

When you are ignorant of the enemy but know yourself, your chances of winning or losing are equal.

If ignorant of both your enemy and of yourself, you are certain in every battle to be in peril.


In other words, understanding one's own capacities and limitations as well as those of one's opponent can help one anticipate developments and/or take advantage of openings in a given situation or avoid engagement altogether. Those two sayings taken together are pretty good advice for the most peace loving people, whether they are trying to effect some change or just deal with the ordinary collisions of life.

CITIES FIGHT BACK. Here's an interesting item from Business Week about how some cities are dealing with home foreclosures. It seems that many banks abandon homes after they force out the former owners for not being able to keep up with payments. The abandoned housing causes all kinds of problems. Some cities are taking banks to court to force them to keep up the property, demolish it or otherwise take some responsibility for the mess they created.

THE DIETARY DIVIDE reflects the economic one. The rich get organic and the poor get diabetes.

MASSEY IN COURT. Here's the latest on Massey Energy's most recent legal battle.

STATE OF THE STATE. Here's the text of Gov. Manchin's speech.

GOAT ROPE ADVISORY LEVEL: ELEVATED