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Robert Samuelson says default is what happened to Greece.
There’s an Orwellian quality to Europe’s latest financial rescue. Words lose their ordinary meaning. Greece, for example, has clearly defaulted, but no one says so. In July, private lenders agreed “voluntarily” to accept an estimated 21 percent reduction in their loans to Greece. Now that’s been pushed to 50 percent, and private lenders’ consent is still described as “voluntary.” Well, it’s about as “voluntary as when one hands over one’s wallet in response to the choice of, ‘Your money or your life,’?” notes Douglas Elliott of the Brookings Institution.
What constitutes a default? Here is Standard & Poor’s definition: “We generally define a sovereign default as the failure to meet [the] interest or principal payments .?.?. contained in the original terms of the rated obligation.” Not much doubt there: A 50 percent “haircut” wasn’t part of the original bonds. But for political and legal reasons, it’s inconvenient to declare a default. Instead, the Europeans call the write-down “private-sector involvement,” or PSI. How reassuring.
Europe’s problem is to prevent Greece’s fate from befalling any of the other 16 countries using the euro — most obviously, Ireland, Portugal, Spain and Italy, but also Belgium and France. If investors believe that default (or PSI) is unavoidable, they will desert the debts of these countries. A financial implosion could become unavoidable. …
Mark Steyn calls our attention to the need for the government to provide diapers.
Last Thursday was officially “Diaper Need Awareness Day” in the state of Connecticut. Were you aware of it? There are so many awareness-raising days, it’s hard to keep track. Maybe we could have an Awareness-Raising Day Awareness Day. At any rate, the first annual Diaper Need Awareness Day was proclaimed by Dan Malloy, governor of the Nutmeg State, and they had a big old awareness-raising get-together in New Haven. It’s not clear yet whether they’ve got an official ribbon. We’re running a bit low on ribbon colors these days: It’s not just pink ribbons for breast cancer, but also teal for agoraphobia, periwinkle for acid reflux, pink and blue ribbons for amniotic fluid embolisms, and pinstripe ribbons for amyotrophic lateral sclerosis. We could use a Ribbon-Hue Awareness Day to raise awareness about how we’re falling behind in the race for more ribbon colors.
If you’re wondering what sentient being isn’t aware of diapers, you’re missing the point: Connecticut Rep. Rosa DeLauro is raising awareness of the need for diapers in order to, as Politico reported, “push the Federal Government to provide free diapers to poor families.” Congresswoman DeLauro has introduced the “DIAPER” Act – that’s to say, the Diaper Investment and Aid to Promote Economic Recovery Act Act. So don’t worry, it’s not welfare, it’s “stimulus.” As Fox News put it, “A U.S. congresswoman in Connecticut wants to boost the economy by offering free diapers to low-income families.” And, given that sinking bazillions of dollars into green-jobs schemes to build eco-cars in Finland and a federal program to buy guns for Mexican drug cartels and all the other fascinating innovations of the Obama administration haven’t worked, who’s to say borrowing money from the Chinese Politburo and sticking it in your kid’s diaper isn’t the kind of outside-the-box thinking that won’t do the trick?
Bart Hinkle compares Obama to Hoover.
Last week the White House picked a Virginia fire station as the venue for the president’s principal campaign stop—er, legislative sales pitch. The choice was apt. At roughly the same time the president was lamenting how “cities and states like Michigan and New Jersey . . . have had to lay off big chunks of their forces,” Sen. Majority Leader Harry Reid declared, “It’s very clear that private-sector jobs have been doing just fine; it’s the public-sector jobs where we’ve lost huge numbers.”
Oh. Guess you can go home now, Wall Street occupiers! All those unemployment reports? False alarms.
To be fair to Reid—which may be more than he deserves—he was defending the part of the American Jobs Act that would appropriate $35 billion for state and local government hiring. That might help offset the savage cuts of the past year, except for one thing: The cuts have not been that savage. From September of last year to this past month, state and local payrolls have shrunk by 260,000 positions out of more than 20 million. That comes to roughly 1 percent of the work force.
The situation looks much worse for the private sector. It has added jobs at an anemic rate in the past few months, but it still has far to go before it claws its way back to the employment peak of November 2007. At that time total non-government employment stood at 124 million. It’s now 109 million. …
The constant campaigning gets comment from Karl Rove.
According to Mark Knoller, CBS Radio News White House Correspondent, President Obama has attended 60 campaign fund-raisers this year. That’s one every four days since he kicked off his re-election on April 4. By comparison at this point in 2003, President George W. Bush had appeared at only 28 fund-raisers.
Mr. Obama has done more than lap Mr. Bush in raising campaign cash. He’s also already eagerly barnstorming critical battleground states via Air Force One or Bus One. His goal is another term, though his ostensible reason for the trips is to push for passage of Stimulus II.
His renewed enthusiasm shows that nothing rejuvenates this president more than leaving Oval Office duties behind to reprise his role as stump speaker. We’re even seeing snappy new slogans: the latest is “We can’t wait,” a clever way to hide Mr. Obama’s discomfort with the business of convincing Congress to pass his bills.
This slogan unintentionally showcases an essential truth about the Obama presidency: comfortable on the political hustings, he’s uncomfortable doing the job. Energetic at campaigning, he’s lethargic at governing. From the start of his administration, he has left the policy details and heavy lifting to others. …
According to Charlie Gasparino, the Occupy Wall Street thugs have friends in the executive suite.
… the elite media has constantly vilified the peaceful Tea Party as right-wing rabble for prodding politicians to do nothing more than reduce the bloat of government.
Meanwhile, politicians, the press — and now CEOs — have generally celebrated Occupy Wall Street as the second coming of the civil-rights movement — no matter how many times its followers have clashed with police in the name of Mao and Che Guevara.
And the worst part about these unfair depictions of the Tea Party and Occupy Wall Street?
There’s no end in sight.
I can’t remember a single instance in which the chief executive of a major bank or conglomerate has said something nice about the Tea Party’s goals of limited government, lower taxes and free markets — the very things upon which this country was founded.
But such business leaders as GE chief executive Jeffrey Immelt and Blackrock chief Larry Fink have been falling all over themselves trying to say nice things about the OWS protesters, their grievances and rants against capitalism — even while the unwashed mob is nearly rioting not far from their corporate headquarters. …
Journal article has new revelations about dogs and humans.
Chauvet Cave in southern France houses the oldest representational paintings ever discovered. Created some 32,000 years ago, the 400-plus images of large grazing animals and the predators who hunted them form a multi-chambered Paleolithic bestiary. Many scholars believe that these paintings mark the emergence of a recognizably modern human consciousness. We feel that we know their creators, even though they are from a time and place as alien as another planet.
What most intrigues many people about the cave, however, is not the artwork but a set of markings at once more human and more mysterious: the bare footprints of an 8- to 10-year-old torch-bearing boy left in the mud of a back chamber some 26,000 years ago—and, alongside one of them, the paw print of his traveling companion, variously identified as a wolf or a large dog.
Attributing that paw print to a dog or even to a socialized wolf has been controversial since it was first proposed a decade ago. It would push back by some 12,000 years the oldest dog on record. More than that: Along with a cascade of other new scientific findings, it could totally rewrite the story of man and dog and what they mean to each other. …
Cool map of the scary things in the United States from Pleated Jeans.