![]()
|
Chronicle of the Conspiracy Saturday, August 09, 2008 THE LEFT TAKES THE HIGH ROAD Amazing that the New York Times reported this, but it did:Nearly 10,000 of the biggest donors to Republican candidates and causes across the country will probably receive a foreboding “warning” letter in the mail next week.Thanks to Michael Angelides for the link. Posted by Donald L. Luskin at 9:09 PM |
link
A REPORT FROM THE ECONOMIC GRASSROOTS Our Texas correspondent Richard Ridgeway reports in: I've got a pic (below) that I took in Loving, Tx that had me scratching my head. Unusual museum? Pondering the past? Wax? Metal? What the hell is it!? Posted by Donald L. Luskin at 5:12 PM |
link
Friday, August 08, 2008 BRILLIANT POLITICAL ANALYSIS BY KRUGMAN Paul Krugman writes this morning about the failure of Republicans and the Democrats to work together for the common good....remember this the next time someone calls for an end to partisanship, for working together to solve the country’s problems. It’s not going to happen — not as long as one of America’s two great parties believes that when it comes to politics, stupidity is the best policy.Reader E. M. Schultze comments, Which suggests the Krugman approach to marital bliss:Update [8/9/2008]... If Republicans are "stupid" for wanting to drill for more oil to lower the gasoline price, as Krugman alleges in this column, the what do we call Democrats? "Moronic"? Reader Don Mackison writes, I was just fiddling with my legal pad and Zebra pen (ain't technology great) and in roughly 15 seconds came up with the following figures:Update 2 [8/9/2008]... Reader Jason Legel points out a good analysis of this Krugman column on Wizbang. Update 3 [8/10/2008]... Reader Carl Meijer responds to Mackison: Doesn't this analysis assume that these new vehicles are going to be driven 24 hours a day? In which case, the number of nuclear reactors is out by an order of magnitude.Update 4 [8/10/2008]... Mackison responds: My fifteen second analysis assumed constant operation of the cars. Do another five seconds of thought: make the assumption of 5% duty cycle (1.2 hours/day), and we're down to 3 new nuclear reactors for the 1,000,000 new electric cars, and 450 new reactors for the whole fleet.Update 4 [8/10/2008]... Reader Dave Ivers responds, as well: Well, I have a question for Mr. Meijer. Are the cars going to be driven enough to need to be plugged in every day (hopefully in the late evening during off-peak hours)? If so, how much electricity does it take? Then we can multiply that by the number of such cars to find the load factor. I notice that Mr. Meijer, unlike Mr. Makison, includes no numbers to support his assertions. Posted by Donald L. Luskin at 8:54 AM |
link
KUDLOW REPLAY Here are a couple of versions yesterday's appearance -- one on CNBC.com, and the other on MSN. I'm never sure how these sites organize video content, so this may be the same thing twice, and perhaps neither is complete. Posted by Donald L. Luskin at 8:02 AM |
link
Thursday, August 07, 2008 OK, IF YOU INSIST Normally I'm being ordered to conserve! Seen at Disneyland.
Posted by Donald L. Luskin at 4:54 PM |
link
I COULDN'T FIND FERDINAND THE BULL... ...so I had to settle for getting chummy with this bear at Disneyland today.
Posted by Donald L. Luskin at 11:51 AM |
link
THANK GOD THERE'S A GLOBAL RECESSION GOING ON Otherwise Disneyland would be really crowded! This photo was taken this morning at the front gate an hour before the park opens to the public -- this is just the "magic morning" people staying at the park's various hotels, who get admission one hour early. They've lined up like this at 7:00 am.
Posted by Donald L. Luskin at 11:30 AM |
link
ARE WE DEPRESSED YET? Our friend Jim Glass has been headline hunting... A fast check at Google News a few minutes ago quickly found news reports of how we now are in the ...."worst economic crisis since the Great Depression" "worst financial crisis since the Depression"....among many others. Posted by Donald L. Luskin at 8:24 AM |
link
WE MAKE THE LIST Thanks to Scott Martin and Conservatism Today, who has put me on his list of "Top Conservative Bloggers." Donald Luskin runs this site, one of my all-time favorite blog names. (When is that book coming out, Don?) You may know Luskin from his frequent guest appearances on the CNBC show Kudlow & Company. Luskin posts less-frequently than many of my favorite bloggers, but is consistently dead-on in his analysis and the stories he links to. He seems used to being the smartest person in the room at any given time (giving off a vibe of friendly, good-humored arrogance) and has fun ripping liberal ideology. He also posts clips from his TV appearances, which inevitably feature him tearing apart some hapless liberal on the economic and political issues of the day. Posted by Donald L. Luskin at 8:18 AM |
link
Tuesday, August 05, 2008 DAMN! AND WITH AN ELECTION COMING UP, TOO! This is what passes for optimism at the New York Times:Even if the economy continues to deteriorate, economists generally agree that the United States is not heading for another Great Depression. Posted by Donald L. Luskin at 11:58 PM |
link
JUST OBEY THESE SIMPLE INSTRUCTIONS... ...and nobody gets hurt. My DC-insider friend "Mick Danger" does a little photo-blogging from Cape May, New Jersey. Thank God Government tells us these things in pictures...but what does this even mean?Let's see -- "Women prohibited from stomping on the arches of men's feet when wearing high-heeled shoes, but otherwise okay to stomp?" And how about that other one? "Don't play Elvis Costello songs"?
Posted by Donald L. Luskin at 11:00 AM |
link
HIGH GASOLINE PRICES MUST HAVE DRIVEN THEM MAD WITH POWER What else explains this bizarre sign, sighted in Menlo Park, CA? What is the meaning of the verb to smog -- to convert a Prius into a standard polluter? Why is the word now in quotation marks -- to suggest they don't really mean it, that they can't really do it now, just sort of now? And whatever it means to smog a car, can they really do it to all cars? How many hundreds of millions of cars are there in the world? When could they get to all of them? "Now"?
Posted by Donald L. Luskin at 9:59 AM |
link
KUDLOW REPLAY Here's the YouTube video of yesterday's appearance. Another run-in with mere journalist Quentin Hardy, who for lack of practitioner insight parrots Obama talking points on energy and markets. I challenged him to provide a source for his claim that new drilling in the outer continental shelf would yield only 18 billion barrels of oil -- I even gave him my email address on-air, but (no surprise) has hasn't risen to the challenge by contacting me. And that's because he's wrong. He claimed the source was the Department of Energy. Sure, you can find that number on the DOE website, but that doens't make DOE the source. DOE is merely repeating a statistic produced by the Mineral Management Service of the Department of the Interior. But that's only one of many estimates by the MMS, and the most conservative -- based on information that is years out of date, because the same regulations that prevent offshore drilling prevent offshore exploration to find out how much oil is really there. The MMS -- the same agency that Hardy himself unknowingly quotes -- says, The offshore areas of the United States are estimated to contain significant quantities of resources in yet-to-be-discovered fields. MMS estimates of oil and gas resources in undiscovered fields on the OCS (2006, mean estimates) total 86 billion barrels of oil and 420 trillion cubic feet of gas. These volumes represent about 60 percent of the oil and 40 percent of the natural gas resources estimated to be contained in remaining undiscovered fields in the United States.Even Hardy's 18 billion barrels is a lot of oil, equal to something like three years of US consumption at present levels -- though Hardy tries to trivialize it by saying it's only seven months of world consumption. But regardless of the denominator, that's not the right way to think about it. In a recent newsletter frequent Kudlow guest Dennis Gartman explained the correct way to see it [link unavailable] -- that the new oil is added at the margin to existing supply, and thus extends US (or for that matter world) consumption growth for many, many decades.
Update [8//2008]... Reader Mark Spahn sends along a good link to further analysis of the political use of the MMS statistics. Posted by Donald L. Luskin at 7:51 AM |
link
Monday, August 04, 2008 SIGNS OF THE TIMES Back in Silicon Valley, this was observed in an Asian supermarket. Don't you think it's a little late for that?
And here the cost benefit trade-off is illuminated for prospective vending machine scamsters:
Posted by Donald L. Luskin at 1:50 PM |
link
GOOD TASTE IS TIMELESS Seen in a newly gentrified neighborhood of Chicago. So what does the groom wear -- a black leather cutaway?
Posted by Donald L. Luskin at 1:49 PM |
link
TAXI MYSTERIES We're back home after our month in Chicago. While there, I took cabs every day, and had a chance to mull the mysteries of taxi culture. Of the, say, fifty cabs I took that month, one and only one -- and by chance I got this one twice on two successive days -- has a big brother camera set up to take pictures of all riders. What's the purpose? To discourage theives? Adultery? Shy people?
And how about this cosmic question: just who are all the taxi drivers constantly jabbering with on their Bluetooth cellphone headsets? For each driver, is there someone else, somewhere in the world, sitting around to talk to that driver? Is each driver, thus, a member of a team of two -- one to drive, one to talk to him? Or are they talking to each other? And what the hell do they talk about all day, every day? I know the answer to that one -- they are talking about me.
Update [8/5/2008]... Reader Don Edwards writes, Regarding the one taxi in Chicago with a camera, I think you are probably mistaken: that you only spotted one prominent notice, but every taxi you rode in had a camera and perhaps a less prominent notice of its existence. Posted by Donald L. Luskin at 1:43 PM |
link
IT DOESN'T GET ANY PLAINER THAN THIS Great IBD editorial: Before friendly audiences, Barack Obama speaks passionately about something called "economic justice." ...During his NAACP speech earlier this month, Sen. Obama repeated the term at least four times. "I've been working my entire adult life to help build an America where economic justice is being served," he said at the group's 99th annual convention in Cincinnati.Thanks to David Bahnsen for the link. Posted by Donald L. Luskin at 1:03 PM |
link
HAS CHARLIE GASPARINO BEEN BORN AGAIN? We've had our issues with the beefy CNBC "on-air editor." But readers are beginning to tell me that he's started to do some great work. This morning, from Kirn Dhaliwal: Did you happen to catch the abrasive Charlie Gasparino take on the unctuous Jared Bernstein on CNBC today? It's about time a someone set the record straight on the Clinton tax and economic performance record: the first term was marked by no to slow growth, whereas with the assistance of a Republican congress and the lowering of capital gains tax the second term saw robust economic growth - and it was Jared who got the history lesson. It's about time, I'm tired of all the air time "Krugman Jr." has been getting.Update... Art Patten sends along this link to a Gasparino op-ed that continues to show a side of Charlie I'd never appreciated: ...it's hard to see how a President Obama would be good for Wall Street. He wants to raise the capital-gains tax to a whopping 28 percent from the current 15 percent. That'd be great for the tax-shelter business, but stocks would tank. Posted by Donald L. Luskin at 12:47 PM |
link
|