First, Scott Adams explains the securitisation of sub-prime mortgage assets:

And Jesus and Mo on why religion beats science:

Valiantly Blogging on a Number of Matters of the Utmost Importance, for the Benefit of All!
Now I’ve heard the charts a thousand times
(Or at least I’ve seen the singers mime)
I’ll spin a song of satire, cos I know this
It goes like this: use bad breath as
A metaphor for boring, crass
And phony stinking music – halitosis
Halitosis, halitosis, halitosis, halitosis
It’s all alike and makes a stink
But before long we just can’t think
It’s filling up our ears and minds (and noses)
The theory is, if the whole world pongs
We’ll never know they aren’t fresh songs
We’ll hum along to the hum of halitosis
Halitosis, halitosis, halitosis, halitosis
Such formulaic tuneless hits
Are mass-produced by business shits
Who care nothing for art but how it grosses
They manufacture all our sounds
To fill the air and float around
A monkey could do this – who needs composers?
Halitosis, halitosis, halitosis, halitosis
But now and then it works out well
A sweet aroma breaks the smell
And lifts our voices up in Hallelujah
Hallelujah, Hallelujah, Hallelujah, Hallelujah
And if the masses buy a cover
When we’d prefer they bought another
Well sod it – Merry Christmas, Happy New Year
Happy New Year, Happy New Year, Happy New Year, Happy New Year
Happy New Year... [etc.]
Happy Neeeeeeeeeeeeewwwwww Year
The 20th century built up quite a list of casualties around ‘principles’ in [Karl] Barth’s sense. Various philosophies solemnly assured us that the human cost is really worth it, because history will vindicate the sufferings and sacrifices of the present. Keep your nerve, don’t be distracted by the human face of suffering, because it will be all right in the end; we know it will because the principles are clear.
Last weekend, I was ready to grouse and grumble once more about my fellow journalists' weakness for misusing ye olde Elizabethan verbs.
First there was Gail Collins in the New York Times: "I like thinking of next year's senate as a kind of mythic quest movie," she wrote, "in which a Democratic hero in need of a stimulus package or a Supreme Court confirmation is told: 'Go forth and seeketh the Women of Maine.' "
The next day, the Sunday Globe's main page one headline - on a story about the Bruins' resurgence - was "The icemen returneth."
My problem is not the archaism but the grammar: These constructions are as off-kilter as "They has a problem" or "We loves Christmas." That verb ending on seeketh and returneth is not a poetic flourish, but a mark of the third person singular: He, she, or it returneth. Thou return'st, if thou must, but for everyone else it's just return.
But when Jesus saw it, he was much displeased, and said unto them, Suffer the little children to come unto me, and forbid them not: for of such is the kingdom of God. (KJV)
When Jesus saw this, he was indignant. He said to them, ‘Let the little children come to me, and do not hinder them, for the kingdom of God belongs to such as these’. (NIV)
When vacancies happen in the representation of any State in the Senate, the executive authority of each State shall issue writs of election to fill such vacancies: Provided, That the legislature of any State may empower the executive thereof to make temporary appointments until the people fill the vacancies by election as the legislature may direct.
In the shower yesterday, I was struggling with some idiotic substance called “shower scrub”. (It was in a bottle that you couldn't hold, squeeze and collect from, while at the same time trying to wash yourself with the other hand. You lost most of it down the plughole.) And I remembered the late Alan Coren's column about things invented in the wrong order.
So here, Alan, is another for your list: that brilliant new invention for the shower: a washing agent in solid form; self-cleaning; economical; easily handled; no caps to lift or seal; no packaging but a discardable paper wrap; unable to be spilt down the plughole; and giving an all-day perfume to your bathroom! It's called “soap”.
Apart from being handier than the alternatives, soap also has more admirable metaphysical properties: its solidity is reassuringly definite, giving users a thorough sense of the objectivity of the world; and it looks like what it is, rather than like any number of possible substances.
Supreme Court Overturns Bush v. Gore
In an unexpected judicial turnaround, the Supreme Court this week reversed its 2000 ruling in the landmark case of Bush v. Gore, stripping George W. Bush of his earlier political victory, and declaring Albert Arnold Gore the 43rd president of the United States of America.
The court, which called its original decision to halt manual recounts in Florida "a ruling made in haste," voted unanimously on Wednesday in favor of the 2000 Democratic nominee.
Gore will serve as commander in chief from Dec. 10 to Jan. 20.
...
we need to act now to set our economy and our public finances on a sustainable path - because doing so will help make the recession shorter and shallower.
…
If people know that they will be hit with massive tax rises in a couple of years, they’re less inclined to spend more now. If businesses know that Government borrowing is rising to unsustainable levels they know that will de-stabilise our economy and so they’re going to be wary about playing a more active role in that economy.
…
For these reasons, fiscal responsibility is the right economic strategy for the short-term as well as the long-term. It is right for today, as well as tomorrow. Dealing with Labour’s recession and dealing with Labour’s record debt are not separate priorities – one urgent, the other to be put on the back burner. They are intimately connected priorities and they are both urgent priorities.
On meeting Cameron, Obama was, according to diplomatic sources, "distinctly unimpressed", contrary to some reports (excitedly spun by the Conservatives) which suggested that the two men had formed an instant "bond". Instead, I have been told, Obama exclaimed of Cameron after their meeting: "What a lightweight!"
MPs are subject to criminal law as much as the rest of us… Their parliamentary privilege only extends to speeches in the chamber, not their offices. If an MP were accused of theft and keeping stolen goods in his office at the House of Commons, should he be exempt from a police investigation?
If MPs believe that the good functioning of democracy depends on more information being made available than is currently required and allowed by law, then they should change the law, not break it.
For the police to enforce the law, as passed by Parliament, is not an intrusion of police power into democracy. Enforcing the law is the job of the police; and if Parliament doesn’t like the law then they are in a peculiarly strong position to do something about it.
The [GDP growth] champion [in 2009], according to the Economist Intelligence Unit's forecasts… will be Qatar, whose gas-fired economy is forecast to grow by 13.4%.
Qatar will be a champion in other ways too: its population will grow by more than 14%, to 1.8m, thanks to the world's highest rate of immigration.
In the current tough retail climate, retailers are slashing prices… When retailers slash prices, they are in effect slashing their margins. But there is a limit as to how low they can slash. …
VAT represents a cost to business. So the 2.5% cut means that they should be able to maintain small margins even while discounting, and hence forstall the need to cut costs through letting employees go.
inflation is highly likely to turn negative later next year…
This matters, because state pensions and social security benefits are usually changed in line with September’s inflation.
If the Chancellor were to do this next year, though, he’d have to cut benefits in nominal terms. In a rational world, this might or might not be feasible, But in our world, it is almost certainly politically unacceptable.
So he’ll have to announce a real rise in benefits. …
This rise would add to scepticism about whether Darling really has the stomach to cut spending. Which in turn might increase the pressure upon him to raise taxes.
In a pre-election Budget, Alistair Darling declares that now the economy is recovering, it’s possible (and desirable) to cut back on borrowing. So he announces a new income tax band for very high earners.
… The tax change could be set to come in the following year. So voters will still have their chance to accept or reject it as they like.
It seems to me that one of the reasons that a moral philosopher might postulate God is that it doesn't make much sense to talk about things being valuable and worthwhile if you aren't prepared to suggest to whom or what they are valuable or worthwhile.
This is where the God of orthodox Christianity comes in handy, because he is by definition the only being who can value everything entirely for its own sake.
Neither do I think, as some do, that this recession means we should revoke the independence of the Bank of England in setting interest rates. I have seen at first hand the damage that political interference can bring.
Gordon Brown knows that borrowing [to fund tax cuts] today means higher taxes tomorrow.
Everyone knows the prime minister is planning a Christmas tax giveaway, but tax cuts should be for life, not just for Christmas.
Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other.
Oscar Ameringer
Freedom of the press in Britain is freedom to print such of the proprietor’s prejudices as the advertisers don’t object to.
Hannen Swaffer
Last year, the shadow Chancellor George Osborne won plaudits by pledging to raise the threshold for inheritance tax to £1bn.
Embattled Shadow Chancellor George Osborne has had voice-coaching lessons from a £100-an-hour expert in London’s Harley Street in an attempt to improve his image, it was revealed last night.
Some observers claim that in the past year his voice has dropped in tone and his speaking style sounds less posh.
But this is not just a story about Haringey, or the child protection system. It is a story about Britain today. … Baby P was not killed by low-paid social workers, but at the hands of adults who were unimaginably depraved. These adults were part of Britain's dependency community.
… The story of Baby P provides a glimpse into the colossal failure of community, in which dependency on the State is a way of life.
…
The story of Baby P is one that will haunt Britain for years to come. But for some, its message is already all too clear: that this has become a country where the State's largesse can be a lifelong livelihood; where parents can have as many children with as many partners as they please without feeling obliged to care for any of them; and where the maximum penalty for a campaign of torture and sadism against a defenceless child is 14 years in prison.
(a) The first number will probably be larger than the second; I’ll bet a month’s supply of ambrosia.
(b) The second number will probably be larger than the first; I’ll bet a month’s supply of ambrosia.
(c) The first number will almost certainly be larger than the second; I’ll bet my immortal soul.
(d) The second number will almost certainly be larger than the first; I’ll bet my immortal soul.
(e) They’re both random! Either number is equally likely to be larger; I’m not betting on what’s basically a coin-toss.
This assumes that Bank Rate, following a path implied by market yields prevailing prior to the Committee’s November decision, falls from an average of 4% in the fourth quarter of this year to around 2.75% in the second half of next year, before picking back up to around 4% by 2011.
Knaves and vile Scotsmen plot to kill the King!
Kiefer, Earl of Sutherland, Head of the Household Counter-Catholic Unit, has but four and twenty hours in which to unmask the curs and thwart their monstrous treason. And yet his virginal daughter, the Lady Kimberley, is at risk of falling into the impious clutches of myriad nefarious brutes and varlets – her honour must be defended.
Will his lordship prevail? None can know – and yet one may dare to wager that this could indeed be the longest day of his life…
on the evidence of the past 40 years, the Democrats win elections only in years in which a British driver takes the Formula One world title, and British drivers only ever win Formula One titles in years in which the Democrats take the White House.
The Jimmy Carter-James Hunt ticket did the business in 1976. In 1992, Nigel Mansell and Bill Clinton saw each other to glory, and four years later, President Clinton and Damon Hill will have sent each other congratulatory boxes of chocolates in the post.
Born and brought up in the Shire, Zaltzman is the son of Morgan Freeman and Anthea Turner. Zaltzman has repeatedly claimed that Turner was not his first choice of mother and that originally Dame Maggie Smith had been drafted in for the role, unfortunately due to a clash of commitments she had to pull out 6 months before Zaltzman's birth. Zaltzman took up acting at a young age, with walk on parts in such classics as "The Wizard of Oz", "Gone with the Wind" and "Pokemon 2000", but it was his role in "Piddling with Paxman" as the uncredited "Slice of Toast" that really won him plaudits. Indeed Mark Kermode described it as "The purest piece of acting that we have seen in a generation. He (Zaltzman) was more bready than Lulu during her "Boom-Bang-a-Bang" years."
[Obama’s] idea is that people who are now successful should care for the ones left behind, because they were once the left-behind themselves.
Obama floated this idea for the first time in the exchange with the now-infamous Joe the Plumber. Why should he pay taxes just as he became successful? Joe asked. When Obama suggested the tax increase, at $900, was fairly small, Joe was having none of it: "I mean, I've worked hard. I'm a plumber. I work ten to twelve hours a day and I'm buying this company and I'm going to continue working that way. I'm getting taxed more and more while fulfilling the American dream."
… [Obama] made a deft move, telling Joe that he should consider his extra taxes like a transfer not to some stranger, but to his own, former, less successful self: "Over the last fifteen years, when you weren't making $250,000, you would have been given a tax cut from me, so you'd actually have more money, which means you would have saved more, which means you would have gotten to the point where you could build your small business quicker than under the current tax code.... Put yourself back ten years ago."
This is a brilliant strategy because it takes a middle ground between asking people to act from pure altruism toward others--as any redistributive scheme must ultimately do--and the purely selfish individualism that fueled the conservative movement. While former selves are not exactly us, they are linked to us through the chain of common memories that makes our life story. …
Framing the appeal as sympathy for your former self also invokes the idea of equality of opportunity, rather than equality of result, which conservatives have so effectively rendered illegitimate. Rather than take money from someone who finally made it and give it to people who will never make it, Obama's "former Joe strategy" suggests liberals are actually making opportunity for the striving would-be plumbing contractors to get to the rich (taxable) place faster.
… So what if the argument doesn't work with voters who were always rich (and who will be the majority of people taxed under Obama's scheme)? Trust fund babies, suck it up. There are, of course, people who will not entertain any progressive taxation, regardless of how it is framed. But framing is the business of political revival, and Obama just made a good, fresh move.
Once on the ground, humanitarian organisations are often there promoting western values, although they proclaim to be neutral. In realty, very few modern day humanitarian organisations are neutral. Instead, they are multimandate. This means in addition to providing humanitarian assistance (food, shelter, etc) they also work on programmes promoting the rights of women, literacy for children and sex education.
I’m not really the kind of dad that does stuff, or says things, or looks at you – but the love is there.
these [humanitarian] organisations line up for government cash that further legitimises the conflicts especially in places like Iraq, even if they disagree with the focus or rationale for the intervention. Instead of challenging government about the legitimacy of their actions, they are complicit in the crime.
Far from relaxing and enjoying life, most atheists I have encountered are gloomy blighters with a depressing and nihilistic message that there is no purpose to life so where's the point of anything?
Coastal communities are threatened by rising seal levels
I don’t care about new policies
Climate change, celebrities
Don’t mean a thing
All I care about is Dave
That’s what I’m here for
I don’t care for building railway tracks
CO2, income tax
Don’t mean a thing
All I care about is Dave
(All he cares about is Dave)
What to do: Vote blue, get blue
Please just say “I’ll vote for you”
Make me heir to Tony Blair
But please don’t mention I’m a millionaire
I don’t care about us taxing less
Primary schools, the NHS
No, no, not me
All I care about is Dave
(All he cares about is Dave)
Show me good opinion polls
Show me that I’m on a roll
And when the papers big up DC
Forget elections, that’s enough for me
I would never cycle very far
With my workshoes coming in my car
No, no, not me
All I care about is
Getting myself in to Number Ten
Though I’ve no idea what I would do then
All I care about is Dave!
If someone stood up in the House
And squashed that Cameron like a mouse
And roared and thumped the despatch box
You’d vote for him
If someone on the evening news
Said “Let me now explain my views
I’ll save the world economy”
You’d vote for him
And even without charming like a Blair
Every leader gets fans here and there
Unless, of course, that poor leader should be
Unlikeable, unelectable me
Low-Acclaim, Mister Low-Acclaim
Shoulda been my name, Mister Low-Acclaim
'Cause you can hear my speeches
See my policies
And never know I'm right
I tell ya, Low-Acclaim, Mister Low-Acclaim
Shoulda been my name, Mister Low-Acclaim
'Cause you can hear my speeches
See my policies
And never know I'm right
Suppose you was a swing voter
Paying lots to run your motor
And the PM had a long-term plan
You’d vote for him
Suppose you was the media
And found politics seedier
Then came a man of principle
You’d vote for him
A Prime Minister’s made of more than spin
With all that substance, surely he can win
Unless that PM trying to please you
Is dour and gloomy, unengaging
You-know-who
Low-Acclaim, Mister Low-Acclaim
Shoulda been my name, Mister Low-Acclaim
'Cause you can hear my speeches
See my policies
And never know I'm right
I tell ya, Low-Acclaim, Mister Low-Acclaim
Shoulda been my name, Mister Low-Acclaim
'Cause you can hear my speeches
See my policies
And never know I'm right
Never even knoooooooooowww I’m right
(Hope I didn’t spend too much of your money)
Douglas Elmendorf and Jason Furman show that by far the quickest and most effective means is to put cash into the hands of the unemployed by raising unemployment benefit, increasing temporary cash payments to them for specific items such as food and clothing, and making benefit unconditional for longer. It is not just they need the cash; they spend it fastest.
The next most effective measure is to increase spending on the national infrastructure - housing, roads, ports, hospitals, schools. The trouble is that there tends to be such a long time between the decision to spend and execution, so that too frequently spending kicks in not during the recession but the upturn. Tax cuts are the least effective. None act quickly, although reducing the tax on employment - payroll and employer national insurance contributions - does moderately well.
We study crime rates in areas more and less affected by the policy before and after JSA introduction. In the areas more affected by JSA introduction, crime rose by more. These were also the areas with higher outflows from unemployment and particularly to people dropping off the register but not into work or onto other benefits. Studying the relation between crime and sanctions after introduction also confirms that areas where more people were sanctioned were those where crime rose by more. As such these results seem to reflect that benefit cuts and sanctions in JSA shifted people off the benefit system and raised crime.
Scientists say the testosterone-charged black is fitter, faster and more fiercely competitive than both reds or greys. … It has already taken over in parts of England and appears to be spreading. … "They could overrun most of the Eastern counties within ten years."
Do we want to be represented by people who are more prepared to show their working? More prepared to place themselves open to consultation, put stuff on the record, explain themselves, and be prepared to defend their decisions?
The government isn’t losing money on this deal, the government will make pots and pots of money on it at the expense of the shareholders – that is thoroughly wrong.
But policy is, finally, being driven by a clear view of what needs to be done. Which raises the question, why did that clear view have to come from London rather than Washington?
…
Luckily for the world economy, however, Gordon Brown and his officials are making sense. And they may have shown us the way through this crisis.