russell

let’s make a deal

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by russell OK, looks like this is how it's going to play out: Bush-era cuts extended across the board for two years Unemployment benefits extended for 13 months Swapping 2% off of FICA for the "making work pay" tax rebate Reinstating inheritance tax as planned, but hold to 35% on estates over $5M Extending the Bush-era cuts on … Read more

anybody want a baseball hat…?

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Gary mentioned there had been no open thread for over a week.  That's just wrong. We got your open thread right here. News in my world includes the amazing fecundity of my nieces (yay babies!), I still have a job (yay software!), and I'm almost done raking the yard (no yay). Spent last evening in … Read more

capital

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by russell

No cites on this post, these are just my own thoughts.

As I'm sure I've mentioned, I write software for a living.  I also free-lance as a drummer, but I'll stick to the software for the moment.

I want to talk about capital.

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tell me why we’re going broke, again….?

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by russell Remember this? OK, now check this out (from here, via Kevin Drum at Mother Jones). The short form: with very few exceptions, medical procedures and drugs cost more in the US than anywhere else.  A lot more.  Often the lowest price here is higher than the average price in other, similar nations. Also, … Read more

the producers

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by russell

No, not those Producers.  Not even these guys. 

I'm talking about the producers-not-moochers.  The most productive members of society.  The folks who, through their own efforts, generate wealth and create jobs for others.

At the end of this year, the Bush tax cuts are going to expire.  Between now and then, Congress will do one of three things:

  1. Extend the tax cuts for everyone.
  2. Extend the tax cuts for only folks making less than $250K a year.
  3. Nothing, in which case everyone's tax cuts will expire.

The second position is the "Obama plan", aka the Democratic position.  The first is the Republican position.

Extending cuts for everyone will cost us a lot of money.  The argument in favor of it claims that levying a 3 to 5% higher marginal tax rate on folks making north of $250K will punish the folks who actually create jobs, and so will be counter-productive.

So, I wanted to know who these people are. 

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cutting to the chase

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by russell OK, so the President's bi-partisan Fiscal Commission has released a initial draft report on how to reduce the national debt.  Or, not really the whole commission, just the two co-chairs, Bowles and Simpson. The document contains a number of bold proposals.  By "bold" I mean, guaranteed to enrage an amazingly broad cross-section of … Read more

it’s about that time….

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by russell All this talk of war and elites is making me weary to my very bones. To say nothing of wondering what the Congress is going to look like on Wednesday morning.  Can you relate? I spent most of this week rooting around in the contorted bowels of a weird old legacy classic ASP … Read more

the great ones never go out of style

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by russell Via self-evident, a discussion of the banking mess that many here will, I think, find congenial. The money quote: What market regulations should prohibit are practices in which profit-taking can routinely occur without wealth creation But, if you have a few minutes, read the whole thing.

money love

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by russell OK, this is a short one.  I'm trying to get my head around some numbers and it's making my brain hurt. This wiki article cites this Bank for International Settlements report to say: Thus, derivatives trading – mostly futures contracts on interest rates, foreign currencies, Treasury bonds, etc. had reached a level of $1,200 trillion, … Read more

everything is broken #17 and #24

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by russell Just to follow up on seb's post…. Via the the powder blue satan, a pretty good introduction to the hideous train wreck that is the mortgage industry today. The article is not very long, and is well worth a read (as are the supporting articles, links to which are included in the article).  But … Read more

pakistan

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by russell OK, I always like to try to get a sense of relative scale when I think about things.  It's just a way to kind of orient yourself in the issue. Go here, type "us" in the text box, click "Go", and take a look.  The area flooded in Pakistan is about the size … Read more

the american grain

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by russell

And as we all know, the American grain is corn.  Lovely wonderful corn, boiled roasted or grilled, with butter and salt.  Yum!

Or, tasty corn flakes!

It's as high as an elephant's eye.

We love, love, love corn.  We love it so much, we pay billions of dollars in tax subsidies to farmers to grow it for us.  Billions with a 'B'.

Unfortunately, corn is making us sick.

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yo gummint so big…..

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it uses busses for rollerskates!  when it stands up the sun goes out!  it uses bowling balls for earrings!

Or, in the more measured words of the Republican Pledge To America:

Our plan stands on the principles of a small, more accountable government

Sounds great. Ain't gonna happen. Details at 11.

OK, introductions first I guess. "singingbone" is "russell". At some point I'll figure out how to make it use my actual name. Or, everyone will just get used to the fact that "singingbone" is "russell". Whichever comes first.

Next, many thanks to the kitteh for the the very kind invitation to post. I will do my best not to be an idiot, and will try not to blow anything up.

Next after that, if you want to save yourself a few minutes, you can skip this and read sekajin's comment here. It's crisp and to the point, and pretty much says most of what I'm going to say here in fewer words.  I'm just going to add detail.

If you're still with me, more after the jump. 

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