That Was the Week That Was

I'm showing my age in the title I chose--see this wikipedia explainer.

For Democrats, and political observers, it's been 7 days of twists and turns.  I'm amused to see Hugh Hewitt's Mar 1 oped: and the Michael Tomasky's piece in the New York Review of Books.

Both remind me of this

Why I Voted for Warren

I voted for Elizabeth Warren yesterday.  I've been a supporter of Klobuchar for as long as she was in the race and would have voted for her had she not withdrawn.  So my choices yesterday were Bloomberg, Biden, and Warren.  Sanders is both too old and too radical for me to consider, though I will vote for him if he becomes the Democratic nominee.

My bottomline was that anyone my age is too old for the job. I think I'm still pretty good mentally.  My memory fails occasionally, more than it used to, but I can analyze and write pretty well.  Assume that Bloomberg and Biden are equally capable.  But I find it hard to imagine that either man would, if elected, be able to credibly plan to run for reelection. That's just an age too far.  So they'd be a lame duck  immediately.  The record of our presidents during their second terms when they're lame ducks is not great.

The VP,  whoever it is, would naturally want to run for president in 2024, which would likely mean she'd need to establish some distance from the president just to have their own identity. Meanwhile other Democratic politicians would be maneuvering to run as well.  All that means big difficulties in getting the party to come together and support the President's proposals.

Applying the logic above leaves me with Warren as my choice.  I'm not fond of some of her plans, but I like her brains and her passion, so she was an acceptable choice. When I voted, I realized it was a symbolic vote, since she had no chance to win delegates in VA.  But that's life. 

When You Know You're Losing It

When you tweet about the silent generation finding "it's voice."

On the other hand, the title of this post isn't "When You Know Your Losing It"

If all this is too cryptic, congratulations--you're a millennial.

Famous Last Words--I'll Give It All Away

Steve Jobs' widow says:

"“I inherited my wealth from my husband, who didn’t care about the accumulation of wealth,” she told the New York Times. “I’m not interested in legacy wealth buildings, and my children know that. If I live long enough, it ends with me.” [emphasis added]

IIRC Andrew Carnegie wanted to give away all his money.  He didn't accomplish that.  As the article at the link observes, there's still a Carnegie Foundation which gives away money each year.

Wjhy iis it hard for the rich to give away all their money (those who want to, like Carnegie and Jobs)?

• money has this way of earning more money, You have to run faster just to stay in one place, much less lower the stock of assets.
• those who manage the money as the donor grows old and after they die have a vested interest in keeping the flow of money going. 

Be Afraid--What Are the Odds

I think the odds for the Covid virus having major impact on American society are low.  I might be unduly affected by the experience of the Ebola panic, when a certain person was panicking (initials DJT).

On the other hand, I think the odds for a very screwed-up transition from the Trump administration to a Democratic president in 2021 are about 100-1 (assuming we do in fact defeat the man).  The Obama administration started the transition process back in the spring of 2016.  Of course they knew they were leaving, but Trump will have problems imagining that process so I don't expect him to approve any advance planning before Nov. 2020.  After election day, assuming again he's defeated which I'm not offering any prediction for, he will be in no mood to facilitate any planning, so the process will have to be carried out by career officials, otherwise known to Republican partisans as the swamp.

America Is Rich Country But Feels Like a Poor Country

I like the Kottke.org website. He recently spent some time in Vietnam and Singapore with some good pictures. (Saigon was home to lots of motorbikes when I was there 50+ years ago, but it's gotten more crowded since.) He has this observation:

" the main observation I came home with after this trip is this: America is a rich country that feels like a poor country. If you look at the investment in and the care put into infrastructure, common areas, and the experience of being in public in places like Singapore, Amsterdam, Paris, and Berlin and compare it to American cities, the difference is quite stark. Individual wealth in America is valued over collective wealth and it shows."

Bring on Self Driving Cars

Tesla says they average 1 fatality every 3 million miles.  The government says the US averages 1 fatality every 500,000 miles.  That tells me if we gave everyone a Tesla we could save 30,000 lives a year.

That's from this NYTimes article which should have been entitled: Teslas 6 times safer than driver-driven cars.

Disaster Coverage for Hemp

I'm still, I think the word is, bemused by the legalization of hemp.  The latest item is FSA issuing the rules for NAP coverage for 2020.  I don't know whether this is the first or second year for such coverage. 

I'm pleased to see the comparison of the provisions of the FSA NAP program and RMA's hemp insurance.  Almost all of the parameters are the same. Ever since the beginning of FCIC and AAA there have been complaints about the differences between the programs, most specifically the crop reporting dates.  Thousands of work hours and innumerable meetings have now been devoted to trying to resolve the differences, so it's good to see differences being resolved from the beginning.

Michael Milken--Angel or Devil?

Keith Williamson had a short post the other day: 

Reis Thebault, writing in the Washington Post, identifies Michael Milken as “the ‘junk bond king’ who was charged with insider trading…”
The Wall Street Journal editorial board says that Milken “was never charged with insider trading.”

I was curious so I checked wikipedia. 

In March 1989, a federal grand jury indicted Milken on 98 counts of racketeering and fraud. The indictment accused Milken of a litany of misconduct, including insider trading, stock parking (concealing the real owner of a stock), tax evasion and numerous instances of repayment of illicit profits.

He pled guilty to six counts,  which likely were the least serious ones, securities and tax violations (i.e., not insider trading). So it sounds like a plea deal: the feds got jail time and a scalp on the wall; Milken avoided a long and expensive trial which might have resulted in much more serious penalties and which can be described as "technical", and therefore worthy of a pardon. 

The Return of the "Shorts"

Reading about Wall Street shenanigans in the 19th and 20th century often included discussions of "bears" and "shorts". It's easy to think those tactics are just a part of history, long since outmoded by federal regulation and modern finance.

Not so, according to this. Though to give the modern age it's due, it doesn't appear that there were underhanded things going on--just the ups and downs of a company pushing the envelopte.