On the idea that conservatives are a happy lot

My editor at the Statesman has been kind enough to shoot me the many unreviewable books about happiness which come in the mail for him. They have been churning and burning off the presses lately – once again, LI is ahead of the curve! (put your hands in the air like you just don't care!)

Of course, LI might be as against the curve as a hot and horny salmon facing a concrete dam, given our goals and assumptions. Everybody, it seems, thinks happiness is a good thing.

One of the books is by a conservative egg head named Arthur Brooks. We tossed the book when we noticed a footnote to a blog post by Jonah Goldberg. We don’t have infinite patience. However, Brooks does make a big deal out of a standard right wing chestnut. Since the seventies, Pew Research has found that Republicans, and conservatives generally, are more likely to say they are happy than Dems, liberals or independents. Pew Research helpfully broke this out by income, so that we aren’t being mislead here by the fact that your hedonic gradient goes up as your income takes you into the upper percentiles. Rather, Pew contends that the big factor is religiosity.

The usual liberal conclusion is that those who want a better regulated financial system and the legalization of gay marriages are more sensitive to the unhappiness of others, as in wishing for a more just and equitable system, for which we bleed. While those who are afraid that socialism is going to creep into the medical system and that we are going to cut and run in Iraq are simply self involved bubble children.

LI, however, sees the hedonic gap as a precursor, a little light, that maybe we aren’t alone in wanting to throw off the conjunction of the happiness norm and our Lebensordnung. In fact, it might be that the assumption that our social arrangements are all about making us happy could be in decline.

As is obvious, over the last two years I’ve been hammering away at happiness triumphant (which is a little like one little termite working on the toe of the Colossus of Rhodes – but eventually, all Colossi fall). I am firmly of the belief that our social arrangements should not be judged on whether they make us happy. Instead of a scale of well being, I would like to see a scale of passional being. Instead of continuing to meekly submit to an order of life that points us all to the synapse linking happiness and more, and urging us to have our little chemicals make that leap en masse and permanently – every day is Christmas in Serotoninville! – I’d like that monkey business overturned, before it wipes out all the monkeys.

My fellow liberals – ask not if you are happy, but if you are in love.

God's curse on em

Mission accomplished day. 50 American soldiers killed in April. Reports in the NYT say 450 some Iraqis have died in battles so far in Sadr City, which means about 800 to 1,000. So perhaps one life in Florida is nothing, but still – today LI thinks about Deborah Jeane Palfrey, a woman mercilessly hounded by a criminal Justice department, ridiculously charged under the RICO act, and so convicted in a kangaroo court by a local Torquamada who got his jollies bullying old prostitutes. Meanwhile, the Johns are forever free, of course, to visit prostitutes again. The old game of threatening them, beating them, killing them, America's number one sport, goes on and on.

Whether she hung herself or was murdered, what happened to her was a disgrace. LI is scraping the bottom of the barrel for the language of indignation. It is not that we want to describe or analyze – no, we want to hurl, to throw. Sticks and stones. The word, thrown out of the mouth at the right time by the right person, can cripple. But we who stand outside of bubbleville, the Closed Gate Communities of the kleptocracy, can hurl any words we want – they won’t get through.

The NYT has a media smirky headline for Ms Palfrey’s death that says everything about those bottom feeders: The Story Ends for the ‘D.C. Madam’. Yeah, it is a story. Not a person. Fuck persons who aren’t in the gated community. Fuck them up the ass. No, just an amusing giggle at the end of a rope.

Ah, may their tongues gangrene and rot off, those tellers of the story. May the stories rise up, someday, and rip them limb from limb.

And my poor fool is hang'd! No, no, no life!
Why should a dog, a horse, a rat, have life,
And thou no breath at all? Thou'lt come no more,
Never, never, never, never, never!
Pray you, undo this button: thank you, sir.
Do you see this? Look on her, look, her lips,
Look there, look there!

Children and monetarists beware

For those of you who delight in the spilling of ichor – the blood of intellectuals – hie ye to Mark Thoma’s Economist’s View, which reprints Jamie Galbraith’s address on the 25th meeting of the Milton Friedman society. A sign of the times that they would invite Galbraith, son of Friedman’s blood enemy. Galbraith begins with a few courtesies, and then utterly destroys Friedman’s work, and then makes like Jack the Ripper with Bernanke’s reputation. It is a rare sight to see such thorough slaughter. There must have been a long pause after it was all over. Did anybody move? Did the master of ceremonies heave himself out of his seat and finally say, what a veeery interesting talk, Professor Galbraith. Oh dear, you have some kind of foaming ectoplasm all over the front of your tuxedo.

The society should pay attention to this useful film about not accepting rides from strangers.

PS – the music of America! that barbaric yawp is still spawning rib tickling vocables. For instance, this is a Wall Street term that comes from the very heart of the Bush culture. From Frank Norris at the NYT:
http://norris.blogs.nytimes.com/2008/04/28/how-much-capital-do-the-banks-need/
Carlyle has done its part to create those holes. Mr. Rubenstein delivered a hilarious recollection of the credit markets at the top of the market, in which Citigroup and J.P. Morgan competed to lend, offering low interest rates, no covenants (covenant-light in the jargon) and toggle-PIK, meaning the company could pay in kind, with more securities, if it did not have the cash.
As he told it, with a hypothetical billion dollar acquisition, Carlyle funds put up $350 million and borrowed $650 million.
When the music stopped in the credit market last year, the bank was unable to sell such loans in the securitization market — to investors Mr. Rubenstein called the “stuffees.”
The stuffees! Don’t you love living under the Great Fly? Forget comrades, forget citizens, forget motherfuckers. It is a nation of stuffees. And happy to be stuffed!

duellum

Deux guerriers ont couru l'un sur l'autre...

For those interested in such things, the long promised duel between LCC and Jackie Derrida is finally commencing in earnest. Yours truly is in attendence as J.D.'s second.

PS - We are still dueling over there, though we are a little off topic - not too much, I hope. Entertaining stuff for those who enjoy liberal-Marxist dialog - and let's face it, who doesn't?

In this duel, LCC overlooks my sometimes off topic meandering - as, for instance, that I have signally failed to really reference Derrida yet. And I overlook LCC's mimicry of Jacques Derrida as a sort of malevolent Punch, starring in a remake of the Exorcist underwritten by Encounter Magazine.

barthes, the perfect storm, and business bullshit

Groupies of Barthes principle of mythology, that “false nature”, have been having a field day lately with business news. You’ll remember the lyrics to the famous Nature/Culture divide – of course you do:

The point of departure for this reflection was most often a sentiment of impatience before the “natural’ in which the press, art, common sense ceaselessly array a reality which, even as it is the one in which we live, is nevertheless perfectly historic: in a word, I am pained to see, at every moment, how in the story of our actuality, Nature and History are confounded, and I wanted to tighten my grasp, in the decorative exposition of the “it-goes-without-saying”, [ce-qui-va-de-soi] of the ideological abuse which, in my sense, is found hidden in it.” – Mythologies.

With this in mind, LI has been thinking of the “perfect storm.”

In 1997, Sebastian Junger published his story that, as they say, soared to the top of the best selling lists. Finally, a story for the testosteroned among us – brave men and their ships! It proved especially popular among the yacht set.
But what interests me is not so much 1997, but 1998. Oh, if Barthes had only had google and Factiva! For with these simple tools, one can observe the leaping of the memes. In September of 1998, three things happened – the Russian’s defaulted on their loans, the Asian tiger cubs – Malaysia, Indonesia and South Korea – suddenly started bailing capital, and Long Term Capital Investment, our favorite hedge fund, started by John Meriwether and co-starring too hard right libertarian Nobel prize winning economists, went belly up. It was a model flop – a model for the current age of flops, with Greenspan timidly managing a bail out that presaged the massive bail outs being effected, at this very moment, by the Fed – who, to the vast indifference of the American public, is making the financial sector all happy by loaning out money at below par rates, so those banks can buy U.S. government debt at par rates and rake in the money, and we can pretend that we aren’t giving it to them. This is called capitalism, my friends. In any case, it was in the golden autumn of 1998 that this started happening:

From Business Week
21 September 1998

Why did rocket science backfire? Sure, the models do take into consideration the possibilities of some failures occurring in the market system that upset normal historical relationships. Indeed, that's why these bets usually involve a series of hedges. What occurred, however, was the financial world's equivalent of a ''perfect storm''--everything went wrong at once. Interest rates moved the wrong way, stocks and bond prices that were supposed to converge diverged, and liquidity dried up in some crucial markets. As Long-Term's Meriwether told his shareholders in a Sept. 3 letter: ''We expected that sooner or later...we as a firm would be tested. I did not anticipate, however, how severe the test would be.''

That is one of the first mentions of the perfect storm to explain a financial disaster. Notice the beauty of it. First, the bilocation – on the one hand, who is more “part” of the financial weather system than a hedge fund? And on the other hand, you have the almost peasant like hedge funders, hunkering down as the rain comes pouring upon them – surely no fault of their own! Although we shouldn’t pursue that thought to far – for if the hedge funders aren’t responsible for the “perfect storm”, why should we hold them responsible for the golden sunshine? Why do we say they make those profits? Why pay them those premiums if it is all weather?
But those who ask such questions are obviously losers and dipshits, and have no place sticking their nose into the Fed’s wonderful equity bubble machine.

The perfect storm of “perfect storms” grew all that autumn. Here’s a sample:

“CNN Interview with Jeff Davis, State Street Global Advisors:
25 September 1998
DAVIS: Well, I think there are -- certainly there potentially could be. I mean, it's been a big -- a big couple of years for hedge fund investing. And investors are looking for protection during crises like this. But we call the August fall the perfect storm where there is a combination of crises around the world that were, you know, one of those once-in-a-lifetime events that keep arriving every three years, to quote a friend of mine. And so we really are nervous about where the risks are right now. And it's difficult, again, for the transparency in the marketplace to let us know where those risks are.”

From the Financial Times, 12 December 1998
12 December 1998
“Allen Wheat, chairman and chief executive officer of Credit Suisse First Boston, made no forecasts when he spoke at a gathering of the investment bank's managing directors in Florida in November.

He said A Perfect Storm, the title of a recent best-seller about a catastrophe off the coast of New England, reminded him of this year's market.
The only difference, he said, was that nobody knew whether it could get no worse or whether they were simply enjoying a brief lull while resting in the centre of it.”

The Economist, 5 December 1998

“Academic financial economists, unsurprisingly, still stand up for the science. Rene Stulz, who edits the profession's top research publication, the Journal of Finance, says, in a new book he is writing, that LTCM's only impact will be as "a nice case study". Most academics hint that LTCM's downfall had nothing to do with the financial models of the two Nobel laureates (an argument that rather irks those Wall Street firms persuaded to invest in the hedge fund precisely because it was using their models).

Their consensus view is that, at worst, the two Nobel winners were guilty of hubris. At best, they were the victims of a "perfect storm" in the markets: several extremely unusual events took place at once, with consequences that could not reasonably have been foreseen, and are unlikely ever to be repeated. And if even the cleverest academics lose money, doesn't that prove their point? The deepest insight of financial economics is that markets are fairly "efficient", meaning that you can earn high returns only by taking big risks. There really is no free lunch.

Yet there is no denying that the recent market turmoil confounded existing financial-economic models.”


By the end of the year, “perfect storm” was in like flint. It was the perfect excuse. It sounded manly. It took responsibility out of the hands of the responsible, and turned it over to the weather – and as all we biliously banal Americans know, everybody talks about the weather, but nobody does anything about it. Ha ha! Nature, you see. And as storms interrupt your train of thought – you who think about these things, in the commercial time right before we find out what Celebrity Dancer will win the big prize tonigth! So, too, we don’t throw a thought at what the metaphor implies about paying people to experience weather. Oh, paying them a billion here or there. Because they are geniuses. Rocket scientists. Who just happen to contribute less to the productive life of this society than a puppy with diarrhea.

So, being connoisseurs of biz bull shit, we were delighted with the incredible interview in the NYT with Robert Rubin, Citi’s consiglieri, who has one message for you and me – Citi might have dropped 20 billion lately, but it isn’t his fault! No sir. Guess what happened? Come on, guess. Begins with P. Ends with m. Two words.

“By the time I finished at Treasury, I decided I never wanted operating responsibility again,” Mr. Rubin, 69, said during a two-hour interview in his office. Sitting in a red-cloth chair and propped against a thick book to support a bad back, he made it plain that responsibility for Citigroup’s staggering losses can’t be laid at his feet.
“People know I was concerned about the markets,” he says. “Clearly, there were things wrong. But I don’t know of anyone who foresaw a perfect storm, and that’s what we’ve had here.”
“I don’t feel responsible, in light of the facts as I knew them in my role,” he adds.
But did he make mistakes?
“I’ve thought a lot about that,” he responds. “I honestly don’t know. In hindsight, there are a lot of things we’d do differently. But in the context of the facts as I knew them and my role, I’m inclined to think probably not.”

As we peons know, nowadays, when you go through that ritual in humiliation called a job interview, one of the standard questions is, describe one of your mistakes. The idea is that, as a peon, you are surely just the kind of drooling idiot to smoke around the gas pumps, so lay it out on the table. Give them reasons to pay you less. Luckily, as we get higher and higher, mistakes magically vanish. Weather intervenes. Perfect storms.

Of course, a people who were not utterly servile might rise up in revolt at being served a continuous mixture of the ripest bullshit ever known to man as their pockets were picked.

I can’t wait to meet such a people. I wonder where they live?

Interview with Amanda Marcotte

My interview with Amanda Marcotte is here. As this interview was conducted for my paper, I couldn't really supply a lot of the hilarious bits from Marcotte's book. This had to be edited out, but it gives a concise feel for the book:

On the evidence of her new book, It’s a Jungle Out There, she is a Fight Club Feminist. As in the famous scene in Fight Club in which Brad Pitt announces the rules, Marcotte’s prefaces her book with her own rules:

“Why are people so mean to feminists? Because so much of feminism is the fine art of calling bullshit, and calling bullshit makes people uncomfortable. The first rule of understanding bullshit is that people really love their bullshit.”

The interview was done before the flame wars, and before Seal purged the book of the racist imagery in the cartoons that were used to divide the sections of the book. That's a long story, especially for those of you not following it. In brief, I like Marcotte, I like her work, I like her temper - but in the controversy about her, BFP, and the appropriation of the work of WoC bloggers, her temper has lead her to uncharacteristically underestimate her own bullshit as a white woman. That said, I am particularly pissed off at the shit stirrers who seem to think Marcotte bears the burden for the racism of the whole power structure in America, when she has always tried to reveal it when she sees it. For instance, she was out front in the 'victimization' controversy when Clinton's supporters took to making invidious comparisons between the mild 'victimization' of blacks and the truly awful victimization of women in America - as if one should really feel that Scarlet O'Hara was the victim of Tara - and she has always been vocal about it. Instead of the use of gentle persuasion - to say, look, you are missing the point here - it all became immediate denunciation of Marcotte. On my paranoid days, I think this is because Marcotte's been pretty clear about her preference for Obama, and this is payback by the Clinton people. But on consideration, that isn't right. The exaggerated response is about a silent and amplifying wrong - the lack, in the liberal/left press, of people of color - there are investment firms that hire more African Americans and Hispanics than you find writing for, say, the Nation -and it came out against Marcotte.

More news from the Kingdom of the Great Fly

One of the amusing things about dancing on the precipice in the era of the Great Fly is that every paranoid vision gains a foothold in reality. Take the food crisis. Let’s see, you combine phenomenal growth in former LDCs, climate changes the fact of which are resisted by the moronic inferno, and the richest country in the world making its primo manufacturing objective the export of packaged debt. And whaddya get? Oh, famine and war, war and famine.

Norman Borlaug has an opinion piece that is sure to be unread and unheeded until, say, next year, when bread is five dollars a loaf. Borlaug is the great Green Revolution agronomist. Let’s just say that the Green Revolution gave us ambiguous results – while the Soviets collectivized their farms, the capitalist world treated its agricultural sector to a form of shock therapy, agroteching their way to global corporate farming monstrosities, and the resulting flight from the peasant pea patch to the barrio and bidonville is going to rule our world for a long time. But that is the way the world food supply went. So, if you are going to ruthlessly exterminate varieties and promote monoculture through the length and breadth of the planet, you better be prepared for the consequences – blights that can quickly wipe out the vulnerable predominant strand. This is where the fun stops in the evolution debate, which isn’t just about whether we should create even dumber American yokels than we are wont to mill out of our schools – natural selection as a fact about the relationship between species and environment can come gunning for you, hypocrite lecteur.

First, a little history:

“WITH food prices soaring throughout Asia, Africa and Latin America, and shortages threatening hunger and political chaos, the time could not be worse for an epidemic of stem rust in the world’s wheat crops. Yet millions of wheat farmers, small and large, face this spreading and deadly crop infection.

The looming catastrophe can be avoided if the world’s wheat scientists pull together to develop a new generation of stem-rust-resistant varieties of wheat. But scientists must quickly turn their attention to replacing almost all of the commercial wheat grown in the world today. This will require a commitment from many nations, especially the United States, which has lately neglected its role as a leader in agricultural science.

Stem rust, the most feared of all wheat diseases, can turn a healthy crop of wheat into a tangled mass of stems that produce little or no grain. The fungus spores travel in the wind, causing the infection to spread quickly. It has caused major famines since the beginning of history. In North America, huge grain losses occurred in 1903 and 1905 and from 1950 to ’54.”

Then a little natural history:

“Today, wheat provides about 20 percent of the food calories for the world’s people. The world wheat harvest now stands at about 600 million metric tons.
In the last decade, global wheat production has not kept pace with rising population, or the increasing per capita demand for wheat products in newly industrializing countries. At the same time, international support for wheat research has declined significantly. And as a consequence, in 2007-08, world wheat stocks (as a percentage of demand) dropped to their lowest level since 1947-48. And prices have steadily climbed to the highest level in 25 years.

The new strains of stem rust, called Ug99 because they were discovered in Uganda in 1999, are much more dangerous than those that, 50 years ago, destroyed as much as 20 percent of the American wheat crop. Today’s lush, high-yielding wheat fields on vast irrigated tracts are ideal environments for the fungus to multiply, so the potential for crop loss is greater than ever.”

And then, of course, the natural history of our Great Fly, that glorious combination of cretinism and short term advantage that we’ve all grown to know and love:

“The Bush administration was initially quick to grasp Ug99’s threat to American wheat production. In 2005, Mike Johanns, then secretary of agriculture, instructed the federal agriculture research service to take the lead in developing an international strategy to deal with stem rust. In 2006, the Agency for International Development mobilized emergency financing to help African and Asian countries accelerate needed wheat research.

But more recently, the administration has begun reversing direction. The State Department is recommending ending American support for the international agricultural research centers that helped start the Green Revolution, including all money for wheat research. And significant financial cuts have been proposed for important research centers, including the Department of Agriculture’s essential rust research laboratory in St. Paul.

This shocking short-sightedness goes against the interests not only of American wheat farmers and consumers but of all humanity. It is tantamount to the United States abandoning its pledge to help halve world hunger by 2015.”

Imagine that – the U.S. breaking a promise!

Meanwhile, back in the the District of Columbian Ass-licking, the Washington Post article about the food riots is, of course, larded with the usual praise of the Great Fly – I am rather surprised that the Post hasn’t yet started calling him The Father of the People:

But administration officials and legislative aides acknowledge that they have only recently begun to focus on the severity of the problem, and humanitarian groups fear that assistance from the United States, which already supplies about half of the world's total food aid, may come too late to provide much benefit in the near term.

The mounting crisis, which has unseated Haitian Prime Minister Jacques Édouard Alexis and prompted riots throughout the developing world, provides a particular challenge for President Bush during his final months in office. Although Bush has received many positive reviews for his initiatives to combat HIV-AIDS and malaria, he is hobbled by dismal approval ratings and bitter relations with a Democratic Congress during a presidential election year.”

Oh, the positive reviews on issues having nothing whatsoever to do with food! Surely they could have larded it with better ass licking than that, however. I would have suggested something like: “Although Bush has received many positive reviews on the massive size of his dick, a priapus that promises plentiful rainfall and prosperity for all Christian Americans…”

We live in Great Times, times of the fulfilment of prophecy, when the ludicrous and the murderous have merged into one soul destroying blob. So excellent!

We grope for the wall like the blind, and we grope as if we
had no eyes: we stumble at noon day as in the night; we are in
desolate places as dead men. Isaiah 59:10