From The Grumbler, but strangely, on page 9 in the dead tree version, rather than the front page:
Tony Blair dodged possible fire over his housing deals after hundreds of expenses claims were 'accidentally' shredded.
Documents itemising some of the then Prime Minister's receipts for 2001-02 were destroyed by Commons officials 'by mistake'.
Raising his voice above the shredders' roar, a source close to a former Prime Minister bawled that he was a pretty straight kind of a guy. Your correspondent made his excuses and left, pursued by an alcoholic pugilist making dark references to discoveries in woods.
Friday, May 15, 2009
Thursday, May 14, 2009
Still stuck on the 'B' Ark
At the university where I work, we have a few good science programs, and a well-respected engineering college.
In the past few years, we have seen significant increases in enrollment. I attribute that to:
a) the fact that there are fewer good jobs out there
and
b) while the typical 18-year-old is lazy and ignorant, they are not stupid. Consequently, they are flocking to the analytical fields (where the jobs are), including mathematics and science education.
However, our student services people are convinced that it is because of the advertisements, 'student appreciation days', and the like, not the teaching that we do.
Accordingly, they recently brought in management experts to help us in recruitment and retention efforts.
And where did these experts come from, to help out academia? The Disney corporation!
I must really work for a Mickey Mouse operation.
In the past few years, we have seen significant increases in enrollment. I attribute that to:
a) the fact that there are fewer good jobs out there
and
b) while the typical 18-year-old is lazy and ignorant, they are not stupid. Consequently, they are flocking to the analytical fields (where the jobs are), including mathematics and science education.
However, our student services people are convinced that it is because of the advertisements, 'student appreciation days', and the like, not the teaching that we do.
Accordingly, they recently brought in management experts to help us in recruitment and retention efforts.
And where did these experts come from, to help out academia? The Disney corporation!
I must really work for a Mickey Mouse operation.
Dow 4,000 yet again
The Mogambo Guru is off on one of his comedy riffs again, and reiterating his devotion to gold, but here's a statistic he quotes midway:
“the price-to-earnings ratio for the Dow Jones Industrial Index is now a hefty 43.1! It should be, historically, less than 20!”
Do the math, as they say. In fact, I'll do it for you now: take the Dow at close the night before Mogambo ranted (8,469.11) and multiply by 20/43.1. Result: 3,929.98.
I gues the question is, is the current low level of company earnings a temporary matter caused by recent dislocations, or is it set to continue as the economic climate darkens?
Plus, as we all know, the market can stay irrational longer than you can stay solvent. But I still think that, adjusted for what now seems inevitable high inflation, we're going to see Dow 4,000 sometime, as I graphed back in December:
“the price-to-earnings ratio for the Dow Jones Industrial Index is now a hefty 43.1! It should be, historically, less than 20!”
Do the math, as they say. In fact, I'll do it for you now: take the Dow at close the night before Mogambo ranted (8,469.11) and multiply by 20/43.1. Result: 3,929.98.
I gues the question is, is the current low level of company earnings a temporary matter caused by recent dislocations, or is it set to continue as the economic climate darkens?
Plus, as we all know, the market can stay irrational longer than you can stay solvent. But I still think that, adjusted for what now seems inevitable high inflation, we're going to see Dow 4,000 sometime, as I graphed back in December:
Wednesday, May 13, 2009
Why inflation is going to hit us
Scott Burns at MSN Money (htp: Michael Panzner) calculates that unfunded government programs for social security and Medicare ($46 trillion) represent a debt equivalent to around 90% of all consumers' net worth ($51.5 trillion). If Americans' net assets decline by a further 10%, then effectively the American citizen is bust.Can anyone provide equivalent information for the UK?
Tuesday, May 12, 2009
Monday, May 11, 2009
Sunday, May 10, 2009
A velvet revolution, or a concrete one?
In a recent post, "Paddington" compared us with our forefathers, to our detriment. Now, Jeffrey R. Nyquist does the same:
We think that we are more sophisticated than our grandfathers. But we are less sophisticated, by far. Our descent into darkness is best demonstrated by listing old artists beside new artists; by listing old statesmen beside new statesmen; by comparing the lives of our grandparents to our own. The sociologist notices that more children are born outside of marriage, that epidemic cheating has taken our schools by the throat, that we have incompetence in business and government, that we find banality and ignorance on all sides. What conclusion can he draw? The powers and advantages of modern life haven’t made us worthy. They merely serve to amplify and accelerate our unworthiness.
I am amazed by those who think the U.S. economy is going to recover, that global peace is attainable, that American liberties are going to survive American barbarism. Look at our culture today: men are no longer men, and women are no longer women; capitalists no longer uphold free market principles; constitutional government no longer adheres to the Constitution; enemies are treated as friends. Nobody reads the signs. Nobody sees what is coming. Look at the birthrate among Europeans. Look at the abandonment of European culture. Look at the Muslim birthrate. Europe will be Islamic in fifty years. Long before that, the Russians and Chinese will achieve nuclear dominance of the globe. What do you think the investment climate will be in 2059?
Again and again, we are reminded that the issues are much bigger than mere money. I think that we could be on the verge of a social and political revolution, especially if whoever next takes on our nations' problems fails as signally as the present administration. To be clear, I don't welcome revolution, and don't expect its aftermath to be better than the state of affairs that preceded it. There must be effective reform, soon.
We think that we are more sophisticated than our grandfathers. But we are less sophisticated, by far. Our descent into darkness is best demonstrated by listing old artists beside new artists; by listing old statesmen beside new statesmen; by comparing the lives of our grandparents to our own. The sociologist notices that more children are born outside of marriage, that epidemic cheating has taken our schools by the throat, that we have incompetence in business and government, that we find banality and ignorance on all sides. What conclusion can he draw? The powers and advantages of modern life haven’t made us worthy. They merely serve to amplify and accelerate our unworthiness.
I am amazed by those who think the U.S. economy is going to recover, that global peace is attainable, that American liberties are going to survive American barbarism. Look at our culture today: men are no longer men, and women are no longer women; capitalists no longer uphold free market principles; constitutional government no longer adheres to the Constitution; enemies are treated as friends. Nobody reads the signs. Nobody sees what is coming. Look at the birthrate among Europeans. Look at the abandonment of European culture. Look at the Muslim birthrate. Europe will be Islamic in fifty years. Long before that, the Russians and Chinese will achieve nuclear dominance of the globe. What do you think the investment climate will be in 2059?
Again and again, we are reminded that the issues are much bigger than mere money. I think that we could be on the verge of a social and political revolution, especially if whoever next takes on our nations' problems fails as signally as the present administration. To be clear, I don't welcome revolution, and don't expect its aftermath to be better than the state of affairs that preceded it. There must be effective reform, soon.
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