Saturday, November 24, 2012

Cab Thoughts 11/24/12

Men are equal; it is not birth but virtue that makes the difference.
Voltaire (1694 - 1778)

So a very flawed African-American overcomes his shortcomings and against all odds, with terrific high quality help and organization, and aided by naive and overwhelmed citizens, wins where no one logically expected him to. I was thinking of O.J. Simpson. Gotcha.

A reason why labor unions are flourishing among people who work for government might be government agencies do not go out of business, even if the self-destructive unions raise costs astronomically.

Renting a 20-foot truck one-way from San Francisco to San Antonio, for example, will cost $1,693. But the U-Haul tab to go in the opposite direction is just $983. This is the soon-to-be-famous "U-Haul Index." The University of Michigan economist Mark Perry has tracked this "U-Haul Index" and says the difference in these rental rates is the result of straightforward supply and demand.
Question Of The Day: What was the Mountain Meadows Massacre of 1857?

Generally economists believe that for every dollar of real income gained, consumption goes up by 70 cents. 70 percent impact on spending. Compare that with the 0.004 positive impact on spending for every one-dollar increase in wealth

42% of parolees return to prison or jail within 24 months of their release.
By some estimates, Congress has awarded $45 billion in subsidies to the ethanol industry since 1980.

From The Detroit News: http://www.detroitnews.com/article/20121117/AUTO01/211170359#ixzz2CzHyMdaS
The EPA has rejected the request of 200 lawmakers and eight governors to relax the ethanol mandate for gasoline. Corn farmers are happy with the 400% rise in corn but pork and beef producers see it in the cost of feed. Some estimate the cost of subsidies to the ethanol industry since 1980 is in the range of $45 billion.
The Environmental Protection Agency on Friday rejected a request from eight governors and nearly 200 members of Congress to waive requirements for the use of corn-based ethanol in gasoline, after last summer's severe drought wilted much of the nation's corn crop.
The move is a victory for corn farmers who have seen corn prices jump 400 percent in recent years. But it is a loss for pork and beef producers who say the diversion of corn to ethanol raises feed prices and ultimately prices at the supermarket.


From The Detroit News: http://www.detroitnews.com/article/20121117/AUTO01/211170359#ixzz2CzIPKo6Q
By some estimates, Congress has awarded $45 billion in subsidies to the ethanol industry since 1980.

From The Detroit News: http://www.detroitnews.com/article/20121117/AUTO01/211170359#ixzz2CzHyMdaS

Can economic policy stimulate hiring in a service economy?

Jesse Jackson has resigned his House seat. This allows him to avoid prosecution. It also allows him to keep his pension. A win-win for everyone except the people.

If the argument is that withdrawal of money from the private economy for less efficient application in the public economy is inherently bad for the general economy, why is the Republican plan to raise money by closing tax loopholes any better than general taxation as proposed by the Democrats?

A recent vascular surgery conference scheduled 2 days of 11 hour sessions a day, each session made up of consecutive lectures on different topics by different presenters, 5 minutes long. 12 lectures an hour, 11 hours a day, 2 days .

Nissan has given up on its sales target for its all-electric car this year. Nissan has sold 6,791 Leafs, down 15.6 percent from this time a year ago. It sold 9,679 all-electric Leafs in 2011.

Golden oldies (for Thanksgiving): http://steeleydock.blogspot.com/2010/02/mann-made-global-warming.html

The military code of ethics, a code that soldiers all agree to, lists adultery as a military crime. This might be a big deviation from the social norm but, when agreed to, becomes its own norm in its own subset. And the government is the enforcer of that norm. What will happen when the government becomes the enforcer in medical care? Will new standards be legislated? Remember, Medicare pays for chiropractic spinal adjustments.

In the 9th century, Charlemagne recruited Jewish trading communities from Italy to the Rhine region to add the dynamic of trade to his largely agricultural kingdom. These Jews called the area to which they relocated Ashkenaz and became know as Ashkenazi Jews. Ashkenaz was an area in the Levant and many of the Jews associated themselves with this background. (It also was associated with learning and so may have had an additional appeal. In the 11th Century they made up only 3% of Jews but, in the 20th Century became 92%. They particularly suffered during the Holocaust and now are 80% of the Jewish population.) So Charlemagne developed his economic community by importing traders. Many of these Jewish communities suffered with the early Crusades when enthusiastic Crusaders, headed to fight the infidel in The Holy Land, decided to practice on those infidels closer to home. Some of these attacks were savage and many annihilated the local Jewish communities.

The City of Chicago has awarded San Francisco Bay Area startup Motiv Power Systems a $13.4-million contract for 20 Class 8 electric refuse trucks. The 52,000-lb trucks, powered by a 200 kWh battery pack, will have a range of up to 60 miles. Motiv suggests the ePCS design approach cuts operating costs by 50% over an eight-year period. With a medium-duty pilot shuttle, Motiv reduced operating cost from 80 cents per mile ($0.80/mi) to 10 cents per mile ($0.10/mi). However, 670,000 per electric refuse truck X ~$.70/mile reduced operating cost = 469,000 mile cost break-even. And that does not include battery replacement.

In its list of "options to reduce mandatory spending" and cut the deficit, the CBO says that repealing ObamaCare's insurance subsidies would cut federal spending by $150 billion in 2020 alone. Repealing the individual mandate would save another $40 billion that year. This is just too rich. Here is a summary of the options (from IBD.)
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In 2008 the Roman Catholic vote for Obama was 53 per cent but it dropped this time to less than 51 per cent. That he got any serious percentage at all indicates how far the Catholic Church has fallen as an influence in the daily lives of Catholics. And remember this is a group who identified itself as Catholic. The Church will never have a better referendum on its importance to American Catholics and it failed terribly. The Church now faces a brutal decision between giving up its principles-which will infuriate its loyal base--and giving up its social action activities. The only thing that can save it from this choice is the Supreme Court.

Since 1968, according to "Alien Nation" author Peter Brimelow, 85% of legal immigrants have come from "developing countries." I think that is a euphemism for "skill-less."

An influx of money into the long bond market has allowed longer term refinancing by corporations which has reduced bankruptcies. That is companies that otherwise would have gone bankrupt have taken out longer term, lower interest loans.

Lee Strasberg, the drama teacher from the Actor's Studio, taught many famous actors: Marlon Brando, Paul Newman, Dustin Hoffman, Robert De Niro, Al Pacino, James Dean, Anne Bancroft, Julie Harris, Marilyn Monroe among many. Strasberg himself is best known for his role as Hyman Roth in The Godfather, Part II. He had a philosophy on acting that has some significance to every day life. He felt that acting demanded a transition from tension to relaxation, a transition he could see. He said, "The ordinary actor sometimes achieves relaxation by himself as a result of working on the stage, but that takes about twenty years -- literally. If you watch the development of an actor, you see that as he starts off he is young and energetic -- and tense. After about ten years he begins to overcome some of the tension, but nothing really takes its place. After about twenty years a wonderful thing begins to happen. It has almost nothing to do with whether he is good or bad." It's reminiscent of developing an expertise; one has to work on a thing 3 hours a day for ten years before becoming facile. Sort of like life.

There are about 11,000 hedge funds which invest about 2 trillion dollars. 99% of the hedge fund money is in 16% of those funds (about 1600) and 60% (over 1 trillion dollars) is in 350 funds.

In his first season with the Angels, Albert Pujols didn't finish among the top 10 in MVP voting for the first time in his career. R.A. Dickey won the Cy Young Award. It is a wonderful story, truly a victory of the human heart. However, the knuckle-ball is very different from real pitching.
Knuckle-ball:pitching::Mormonism:Christianity.

Watched Charlie Rose and some journalists talk about the Petraeus affair. It was more and more obvious that there was some remarkable ascension of some pretty lower-than-average people here. One of the commentators, a pretty girl who was a network correspondent, remarked on it and, in one paragraph, made two astonishing grammatical errors.

AAAAANNNNNDDDDD a graph:
Chart of the Day

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