Saturday, December 29, 2007
LAT reacts to Blair conversion
Medical malpractice
The LAT takes a swipe at insurers too, arguing that insurers are raising doctors' premiums at a time when their loss payouts have declined. The LAT attributes this to insurers' "business models and financial investments" instead of their "core businesses." The LAT seems not to understand that financial investments are an essential part of an insurance company's core business.
California's cap should be raised to compensate for inflation. But even if it had been raised, no lawyer would take the case of the 72-year old woman's death on a contingent fee basis. Many will not take any case on a contingent fee basis, because it requires a commitment of capital and resources without any assurance of a satisfactory return. It requires lawyers to gamble.
The exceptions to the no-contingent-fee rule may include public interest law firms, class action law suits and law suits against the Catholic church.
Friday, December 28, 2007
Knee jerk: Blame the U.S./Bush
There was always a risk of an assassination -- if not Bhutto then Musharaff. In that part of the world, life is cheap and dangers are many. The U.S. had to accept the assassination risk because it had no choice.
IRS delay
Thursday, December 27, 2007
Broder on Pelosi
Wednesday, December 26, 2007
LAT blows poverty stat
The source of the statement is Global Research.ca, an "alternative news" radical left-wing Canadian website, which claims that a 2004 analysis by the U. S. Census Bureau reached that conclusion. But nothing similar appears on the Census Bureau's website. Instead, the facts appearing on the Census Bureau website rebut the Global Research claim.
Be very careful about the "facts" cited in LAT editorials.
LAT tries Kerry rehab
But Kerry was a failed candidate, a pretender and a fact manipulator. He was from the wrong part of the country and was saddled with the wrong political philosophy. Kerry will have a chance when the LAT returns to it's roots, which means his chances are slim and none.
Tuesday, December 25, 2007
LAT ignores Christmas
Monday, December 24, 2007
Register likes Paul
LAT touts "hate" crime bill
If there are more crimes against blacks than non-blacks, should crimes against blacks be punished more severely? If here are more crimes in New Jersey, say, than Alabama, should crimes in New Jersey be punished, under federal law, more severely? Shouldn't federal law apply equally in all the States? If a gay is robbed and a straight murdered, should the robbery be more severely punished?
Who or what is a gay? A lesbian? Is there a blood test that proves gayness? A urinalysis? Is a gay one who has engaged in homosexual acts? One who has homosexual tendencies? One who feels homosexual? Is a bi-sexual a gay or lesbian? A transsexual? Can a criminal know by looking? If a crime is committed against a gay who was thought to be straight, is that a hate crime? Suppose the victim is straight but thought to be gay, is that a hate crime?
Sunday, December 23, 2007
Amity Shlaes: Deal or no deal
Every columnist needs an attractive sounding (read eye-catching) theory, else they can't get in print. That's Shlaes' theory. It's only a theory. A columnist's theory doesn't have to be valid, only attractive. That's what Shlaes' theory is: attractive, not valid.
It isn't valid first because it's silly to try to divide business people into just two categories. They can be smart or dumb, wealthy or poor, successful or not, well educated or poorly, self-made or silver-spooned. They may come from marketing, manufacturing or finance. Some have had no background in business and no business training yet have been unbelievably effective. Bill Gates would be an example.
The distinction between deal and price is a false one. Prices are arrived at by deals: Seller has something to sell, buyer wants to buy. They agree on a price or there is no deal. The price of the deal includes all the add-ons and supplementals, like guarantees, terms and promises, some implied, some explicit. Every buyer and seller is concerned about all aspects of the deal -- price and other aspects -- and underlying every deal is supply and demand. Every consumer understands supply and demand because every consumer experiences it every time he or she visits the grocery store or the gas station. If tomatoes are plentiful, the price is lower. If tomatoes are scarce, the price is higher. The same with gasoline.
This has been understood since Adam Smith, and surely before. Amity Shlaes hasn't invented something new.
What Shlaes was trying to say, presumably, is that she doesn't want government putting it's finger on the scale, influencing the deal in favor of one party to the deal or the other. In this she has a point. Government shouldn't interfere with market forces, but it often does. In fact, it most often does. Mostly, government does it because somebody insists on it. People aren't patient. They want what they want and they want it now. So they put pressure on the government to act, and it often does, often not wisely.
Shlaes is wrong about the Bush plan (or more properly the Paulson plan.) In the Bush/Paulson plan, government has not put it's finger on the scale. The plan is voluntary. Investors and loan servicers don't have to participate unless they want to, and many have chosen to. What's in it for them? They avoid having to foreclose on some loans. Foreclosure is expensive. If a way can be found that enables a borrower to make payments on a loan instead of defaulting, and the loan eventually gets paid off and the lender gets a reasonable return, then both sides are better off. (Incidentally, business people measure return after eliminating sunk costs. Sunk costs are spilt milk. In making decisions about what to do next, business people measure return based on present value, today's value, not original cost. There is no point in crying over spilt milk, or sunk costs.) Business people make these kinds of deals all the time.
Shlaes seems to be concerned that the value (price) of some subprime loans or packages of loans may not be determinable now. The market (buyers and sellers) will decide that. Shlaes needs to be patient.
McManus trash
McManus tries to draw a distinction between the Republican presidential candidates and President Bush on foreign policy and national security, but the differences are slim and none. Huckabee tried to put some daylight between himself and Bush but got slapped down for it.
The big differences are between Republicans, who believe in a strong military and vigorous foreign policy, and Democrats, who believe in a weak military, an accommodating foreign policy and surrender in Iraq. McManus could have written about that. In any case, his column should have appeared on the opinion pages.
Saturday, December 22, 2007
California jobs
Dixon on Zimbabwe
California budgeting
Friday, December 21, 2007
Harry on the NewsHour
Snippy editorial from LAT
LAT reviews politics in 2007
Democrats have claimed all year that they had a mandate. A 51-49 margin in the Senate is gridlock, not a mandate. Worse, they behaved all year as if they had a mandate, sending up pointless resolutions and dead-on-arrival legislation. Their behavior was irrational. It is not possible to negotiate with an irrational person or party, which explains why President Bush and Congressional Republicans could not negotiate with them.
Democrats took unnecessary swipes at the president all year, at times ridiculing him and sometimes threatening him. This was pointless and irrational. It is stupid to insult someone and then offer to negotiate with him or her.
Democrats have behaved stupidly and irrationally all year. They should install new leaders for the new year, leaders who are rational and experienced and mature and intelligent. But leaders of that kind might not be able to get elected in an irrational party.
Thursday, December 20, 2007
LAT: What this country needs is more enviro-nuts
Levey laments AMT fix
It's been like that all year with Democrats -- thinking they could force things they didn't have the votes to force. Repeating the same mistake and expecting a different result each time suggests at least a mental disability if not insanity.
Wednesday, December 19, 2007
LAT touts CA health plan
Democrats control both houses of the legislature and the governor, nominally a Republican, sides with Democrats. Therefore, the proposition will surely make the ballot, presumably next November.
Democrats, like other socialists, believe in compelling people to do things, which means the plan will have lots of costly mandates. The people who will be forced to pay will not be the people who will benefit from the plan. Since there will be more of the latter than the former, the plan could well pass, with the result that more businesses will leave the state and many high earners will too. Will enough remain in California to pay the additional $14 billion? That is the question.
Tuesday, December 18, 2007
LAT discusses finance
O. C. Register sounds off on torture
The Register then moves on to discussing torture and interrogation techniques, arguing against torture and in favor of a public debate about techniques, which would be stupid. Interrogation techniques are useless unless the person being interrogated is in the dark about what interrogators might do to him or her. If it's all discussed publicly, terrorists will know the tactics in advance and that will makes them useless.
Goldberg on Clintons
Monday, December 17, 2007
Democrats overseas
It's like trying to entertain friends and impress strangers by revealing your family's skeletons. Respectable people don't do it but Al and Jimmy do.
LAT takes aim at Romney
Friday, December 14, 2007
Pelosi: deer in the headlights
Justice
Under a LAT judiciary, the rape of a mature lesbian would call for more severe punishment than the rape of a young girl. And the killer of a healthy baby would go free so long as that baby had not yet inhaled a breath of air at the time of its death.
Thursday, December 13, 2007
Irresistable force, immovable object
Some argue that Democrats are compelled to introduce legislation they know can't be enacted so as to please MoveOn.org and other parts of their base. From news reports, it appears that their base is no happier with them than anyone else. The Democrat leadership needs new blood and a new approach.
LAT editorial series
Wednesday, December 12, 2007
WSJ on GAAP
How today's U.S. rules came to be is a puzzle. A board was formed years ago to handled all this but it immediately got off on the wrong track, issuing such detailed rules that a Philadelphia lawyer could not interpret them with any decree of confidence.
This led to even more detailed rules, to interpret the former rules, and these new rules were even more detailed and they needed even more interpretation. This path led to madness, which required new rules, which had to be interpreted too. And then loopholes had to be closed, and that required more new rules, and so on, ad infinitum. Today, the original goals of rules based accounting have been all but lost, and accounting theory, applied using judgment, has been forgotten.
Market down, worms out
One of the worms is Tom Petruno. He always appears following a sizable market drop. Peter Gosselin is another, though he doesn't appear as often as Petruno. Maura Reynolds is the other.
LAT on "life"
But the LAT seems confused about some of these things. Take the abortion question, for example. The LAT says every woman has the right to kill her unborn child. But doesn't that violate the child's right to life?
The LAT says the state doesn't have the right to execute people for crimes. Why not? The LAT doesn't say.
Scientists ought to have the right to experiment with embryonic stem cells and, eventually, to use them to clone or genetically modify human beings, because that could lead to less disease and better human beings. Why should this be permitted? Because humans are free, apparently, or because the idea is modern, the LAT seems to say.
The LAT cannot be accused of philosophical consistency.
Tuesday, December 11, 2007
Budgeting
Democrats have overplayed their hand since they came into the majority in 2006. They have only a one vote margin in the Senate but they behave as if their margin is far larger. With a one vote margin, the majority needs to be realistic and work with the minority to get things done. Harry Reid has never tried that. Instead, he has alienated Congressional Republicans and President Bush with unnecessary harsh words.
Monday, December 10, 2007
The LAT's perfect union
The LAT sees this nation as needing a lot of perfecting. They propose to tell us how in a series of editorials.
Levey on the AMT
Levey describes Republicans as "fiercely" resisting Democrat efforts to raise taxes on some people to give a tax break to others. The "others" that the Democrats have targeted are people who probably vote Republican, but Levey doesn't acknowledge that.
Levey seems to think it's OK to raise taxes on one group of taxpayers in order to give a tax break to a different group. He justifies that by arguing that the targeted group are wealthy and, in his opinion, pay too little. If you were a member of that group, how would you feel about that?
Sunday, December 9, 2007
Steyn agrees with LAT
Steyn seems to think the plan isn't optional, that loan servicers and investors were forced to go along with the plan and therefore that the U.S. is going to hell in a hand basket. But loan servicers and investors agreed to the plan according to reports.
Steyn is concerned about government negating contracts, or at least amending them, by fiat. But that's not what happened.
Perhaps it's weird to people who have always been journalist, but business men and women change contracts and compromise promises all the time. Business people do what is in their interest. If a customer buys 100 widgets and can't pay for them all, business people try to work something out -- give the customer more time to pay, cut the price a little or whatever. If you force the customer into bankruptcy you may get nothing or nearly nothing. It's often to your advantage to help your customer survive.
It's the same with subprime mortgages. If the mortgage holder forces the borrower into bankruptcy, he or she loses a lot. If the holder enables the borrower to stay in the home and continue making payments then the holder loses less. Why would the holder not take the deal that minimizes his or her losses?
Another investigation
Saturday, December 8, 2007
Petruno says Bush plan won't work
LAT nitpicks Romney's speech
LAT on Romney's illegal gardeners
Congressional investigations
LAT digs dirt on Huckabee
Friday, December 7, 2007
Lexington vamps for McCain
Petruno surprises
LAT's further take on subprimes
LAT on subprime mortgage plan
LAT on Romney's speech
In truth, the speech was extremely well written and at times was elegant. Romney deserves credit for the quality of the speech but he will not get it from the LAT.
Separately, the LAT attempts to explain the Mormon faith and how it differs from Christianity. The explanation does not enlighten much.
Thursday, December 6, 2007
Petruno missing
Wednesday, December 5, 2007
LAT editorializes on NIE
NIE on Iran
Tuesday, December 4, 2007
Levey is back
Monday, December 3, 2007
LAT pro-Obama, anti-Giuliani
In a separate editorial, the LAT argues that Rudolph Giuliani stretches the truth. The LAT knows this because the NYT said so. But the NYT is just as biased as CNN and the LAT.