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The Alchemy of Finance

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I had intended to author the polemic today, but the discussion of the government's economic policies is far too sprawling for this format. But, I'll say just a few words about the issue.

I don't know whether the tax cuts are contributing to the current economic recovery (it will probably turn out that the weaking of the dollar is at least as important), but i'm concerned that the deficits incurred by the cuts will have terrible consequences for the economy in the long run.

I think this business of trying to stimulate job creation by cutting the taxes of investors is nonsense when it could be done more directly by putting money in the hands of those with the least disposable income, which would immediately increase demand for goods and services. Even though consumer spending has remained fairly steady, in the long run our economic health will depend not on the value of the Dow, but on our capacity for consumption.

The deficit will likely lead to cuts in government spending, which is not, prima facie, a bad thing except that the federal government has taken on certain fiscal obligations toward individuals and the states. The country relies on federal money for education, law enforcement and social welfare programs. These obligations won't disappear as easily as the funding for them, which will leave state and local governments, reeling from deficits of their own, to try to tackle the burden of these obligations. Many states may have to raise taxes to handle these responsibilities or else abdicate them altogether. If it is the intention of the Bush administration to reduce the size of the government, it should be done through program cuts, not by shackling the government to debts. That's a little like running up your credit card bill in order to prevent the spending of your paycheck.

That's the short version-- a mini polemic.

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The Fast and the Furious

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I have, in recent years been excited about the NBA draft, especially considering how important the draft has been to the Bulls since the championship years for which we should not be unduly nostalgiac. But since I've never seen or heard of half the players who will be selected in the first round and I can't even pronounce many of their names, I know better than to think this event will hold my interest. After LeBron, Carmello, and Donnie Darko who knows and who cares? But I wonder if the Bulls strategy will change since Jay Williams Bobby Hurley-ed himself into a tree. He probably would have been spending the evening waiting for the call from his agent informing him that he's been traded, but instead he'll be lying in a hospital bed reading his copy of Zen and the Art of Motorcycle Accident Victim Repair.

On Monday the Supreme Court upheld Michigan University Law School's admissions practices while striking down the undergraduate procedure, which I think was probably the right decision. But the fact that this particular lawsuit was brought raises an interesting question. People tend to maintain the view that the selection process for an elite university is an objective one. Considering that students spend their efforts pursuing empirical standards like gpa's and test scores, it's easy to see how such a myth could be perpetuated. But if a school takes any other factor besides that kind of empirical academic data into consideration in its admissions policy, it brings a substantial quantity of subjectivity into the process. When a qualified student is rejected by a school, there could be 100 admittants to point to that were accepted instead for 100 different subjective reasons; and the difference between them is not the difference between a qualified student and an unqualified student, it's the difference between a qualified student and another qualified student. Michigan's admissions policy gave just as much weight to being a scholarship athlete as to being a minority. What looks more like a quota than reserving spaces for athletes? Is it unfair when a white student is rejected and a minority accepted instead, but it's entirely acceptable for a student to be rejected because coach needs a quarterback? Or because the marching band needs a tuba player, or the school wants some students from southern states? All these issues can be factors in admissions. It's not an objective process.

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That's When I Reach for My Revolver

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I have mostly managed to avoid the Hillary Clinton media juggernaut of the past couple of weeks, but a groggy me was unwittingly exposed to portions of a radio interview she had given. Maybe it was a result of the semi-consciousness, but I could have sworn that some of the things I heard her say actually made sense. One of the things she said is that the Bush administration is neither compassionate nor conservative. Of course, the fact that the Republican Party decided to say "We're compassionate, now" is an indication of an image problem, at least. But I would agree that the current White House is not conservative, at least in a traditional since; it's a fiscally irresponsible, interventionist administration. If you really want to see conservativism (my biggest problem with the W. is that he took a syllable out of the word conservativism and made it conservatism; and everybody acts as if it is perfectly normal to truncate syllables from a root word when you add a suffix. That should be an impeachable offense.) read one of Pat Buchanan's books. No, seriously. Push aside his xenophobia and consider his views, especially on the economy.

Also, the Bush administration wants to extend the assault weapons ban Which I have mixed feelings about, because some part of me wants to walk the streets toting a kalashnikov. But I guess if I want that kind of freedom I'll have to move to Iraq.

Coming soon:
An alpha charlie bravo polemic: Why the Bush tax plan won't work

Go Howard Dean!

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Myxamatosis

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I didn't realize it was Friday 13th yesterday, until only ten minutes were left in the day. And there was a full moon... all of this apparently means nothing to me.

I neglected to mention that after I had assembled my new futon from futonz.com (if you need a futon in the Chicago area, John will bring you one) I decided that I wanted it on the other side of the room. Which was no problem--I had to move stuff; and in the course of moving stuff I discovered that I had five million pennies lying around. Wait, if I had five million pennies, I'd be a thousandaire! Woohoo! I'm middle class! I'm middle class!

I had stuff to say about the Sammy Sosa incident, but who cares now. I think I'll go play with my prarie dogs. Just for the record Phil, of Phil's Pocket Pets,a Tamagotchi is a pocket pet. A prairie dog is not. A giant Gambian Rat is not. Well, maybe if you're wearing cargo pants. This whole incident reminds me of a scene in the movie Exotica where a Canadian customs agent is training a new guy to recognize people trying to smuggle animals into the country... It seems I have nothing more to say about that.
hmm, Well.

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Le Grand Tango

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It's always exciting to get new furniture isn't it. I ordered a futon (ah! the versatile comfort) via the internet (my how easy it is to buy stuff when there's a mouse in your hand). I assembled it myself so if it falls apart I'm suing me. Other significant purchases may be coming soon. I've been sneaking peeks at guitars (most people probably stick to one instrument they can't play, but not me) and i've been hearing how prarie dogs are good investments as pets.

And also I want to thank Tower for putting Gidon Kremer's Homage a Piazzolla in the Piazzolla section where I found it easily. I always imagine that it's a bit trippy for the guy at the classical music counter, who in appearances at least is an afficionado, to see me walking up, compact disc in hand and then discover that it isn't Mozart or Beethoven that i'm probably "trying out," but Piazzolla or Mahler or Satie or even Steve Reich, signifying that i'm so beyond the typical "i'm educated now so i should listen to classical music" experimentation. I'm hardcore. I like minimalism. But in reality, I just skipped over Bach and went straight to Mahler. Who needs Brahams when you can listen to Satie? And nothing makes you seem more esoteric than popping in a Steve Reich recording.