Pirated CD's, poisonous toys, tainted baby formula......now honey.
In the U.S., where bee colonies are dying off and demand for imported honey is soaring, traders of the thick amber liquid are resorting to elaborate schemes to dodge tariffs and health safeguards in order to dump cheap honey on the market, a five-month Seattle P-I investigation has found.
The business is plagued by foreign hucksters and shady importers who rip off conscientious U.S. packers with honey diluted with sugar water or corn syrup -- or worse, tainted with pesticides or antibiotics.
Guess where most of it originates?
Big shipments of contaminated honey from China are frequently laundered in other countries -- an illegal practice called "transshipping" -- in order to avoid U.S.import fees, protective tariffs or taxes imposed on foreign products that intentionally undercut domestic prices.
Some of it is pretty blatant.
Countries that have few if any commercial beekeepers, such as Singapore, are now exporting significant quantities of honey, records show. That includes the Grand Bahamas, which has been listed as the country of origin for honey shipped into Houston, authorities say. "I have a difficult time seeing the Grand Bahamas as a major honey producer," said David Westervelt, a Florida state apiculture inspector. "It's an island. You move bees on there and they'll die."
There are attempts to stop it.
An alphabet soup of federal agencies insist that they work tirelessly to prevent adulterated honey from reaching store shelves.
However.....
Most honey shipments aren't inspected when they arrive at a U.S. seaport, or when they cross the border by truck or train.
A customs supervisor on the U.S.-Canada border, who asked not to be identified, disputed the notion that stopping honey smugglers is a top concern. "Honey is not only not near the top of the list of priorities," he said, "it's just not on the damn list."
Hat Tip to The Daily Beast
Wednesday, December 31, 2008
Sex vs. Fireworks
Some headlines just can't be resisted.
Naples women threaten sex strike over fireworks
Hundreds of Neapolitan women have pledged to go without sex unless their men promise to refrain from setting off dangerous illegal fireworks.
The woman behind the protest has a serious motivation, and classic inspiration.
She has spent her life caring for her father, who was left partially paralysed and with epilepsy after a firework exploded next to him at New Year's Eve party before she was born.
The move was inspired by the ancient Greek play Lysistrata, in which the women of Athens refuse to have sex unless their men folk forge a truce with their rivals from Sparta.
According to a local politician with a gift for understatement, it seems to be having an effect.
Doctor and local councillor Vincenzo Sorrentino, who has long campaigned against the illegal fireworks, said a sex ban was "an issue that men are particularly sensitive to''.
''The idea of no sex is not exactly popular and polls among local men have suggested they plan to make much greater efforts this year to prevent illegal fireworks being let off," he said.
Depending on the domestic situation, I can imagine a few men choosing the fireworks.
Naples women threaten sex strike over fireworks
Hundreds of Neapolitan women have pledged to go without sex unless their men promise to refrain from setting off dangerous illegal fireworks.
The woman behind the protest has a serious motivation, and classic inspiration.
She has spent her life caring for her father, who was left partially paralysed and with epilepsy after a firework exploded next to him at New Year's Eve party before she was born.
The move was inspired by the ancient Greek play Lysistrata, in which the women of Athens refuse to have sex unless their men folk forge a truce with their rivals from Sparta.
According to a local politician with a gift for understatement, it seems to be having an effect.
Doctor and local councillor Vincenzo Sorrentino, who has long campaigned against the illegal fireworks, said a sex ban was "an issue that men are particularly sensitive to''.
''The idea of no sex is not exactly popular and polls among local men have suggested they plan to make much greater efforts this year to prevent illegal fireworks being let off," he said.
Depending on the domestic situation, I can imagine a few men choosing the fireworks.
Tuesday, December 30, 2008
They Should Have Had a Skate-off
James Lileks pointed me to this blast from the past with some unfortunate modern twists.
On-site security had quashed a brawl at a Coon Rapids skate party Sunday night when five backup officers and a dog arrived, sending 1,200 partygoers into panic mode.....The teenagers and young adults attending the party sponsored by Shine On Entertainment were sent home about 9:20 p.m. after several fights broke out at the rink at 3075 NW. Coon Rapids Blvd.
I hadn't thought about rollerskating rinks in a long time. This page says there are only two in South Dakota, in Sioux Falls and Rapid City of course. I guess it's good that the rink in the story seems to do good business, at least based on the fact that there were that many people there. The number of fights does seem to indicate a problem,though.
On-site security had quashed a brawl at a Coon Rapids skate party Sunday night when five backup officers and a dog arrived, sending 1,200 partygoers into panic mode.....The teenagers and young adults attending the party sponsored by Shine On Entertainment were sent home about 9:20 p.m. after several fights broke out at the rink at 3075 NW. Coon Rapids Blvd.
I hadn't thought about rollerskating rinks in a long time. This page says there are only two in South Dakota, in Sioux Falls and Rapid City of course. I guess it's good that the rink in the story seems to do good business, at least based on the fact that there were that many people there. The number of fights does seem to indicate a problem,though.
Saturday, December 27, 2008
Bad Influence
Ariel Leve is concerned about what getting involved with her does to people.
When people really get to know me, I’ve found they start to loathe me. Either that or they associate all the loneliness and isolation that has befallen their life with my influence.
One particular friend is cause for concern.
She used to be an intrepid, adventurous person. Now, if she has to walk four blocks out of her way to the supermarket for a diet soda they won’t stock at the deli on the corner, it’s an ordeal.
Another thing is that she’s become a lot more pessimistic. She worries about things too. The other day she had a headache in her apartment. “Do you think it’s noxious fumes?” She asked. She hurt her knee in yoga. “Do you think I’ll need surgery?” It’s not just about her either. “I’m worried my cat might have Attention Deficit Disorder.”
I once had this concern about my influence on my first wife, but watching her life for eight years since our divorce has convinced me that it was coincidence.
When people really get to know me, I’ve found they start to loathe me. Either that or they associate all the loneliness and isolation that has befallen their life with my influence.
One particular friend is cause for concern.
She used to be an intrepid, adventurous person. Now, if she has to walk four blocks out of her way to the supermarket for a diet soda they won’t stock at the deli on the corner, it’s an ordeal.
Another thing is that she’s become a lot more pessimistic. She worries about things too. The other day she had a headache in her apartment. “Do you think it’s noxious fumes?” She asked. She hurt her knee in yoga. “Do you think I’ll need surgery?” It’s not just about her either. “I’m worried my cat might have Attention Deficit Disorder.”
I once had this concern about my influence on my first wife, but watching her life for eight years since our divorce has convinced me that it was coincidence.
Better to Observe Than to Experience
James Lileks went to Arizona for Christmas.
I love AZ, but half of the flora evolved with the specific intention of killing anything that tried to get its water.
There's also the risk of losing one's edge while living there.
That warmth changes you. Makes you soft.
However....
It's seductive. There's a weak, cowardly part of you that enjoys standing outside at night without dying or having to whack your hand against the wall for five minutes to get feeling back in your fingers.
Not at Christmastime,though.
But last week I missed the snow. We'd left in the teeth of a blizzard, heard reports of howling winds and double-digit-below temps, and it sounded perfect. It sounded like Christmas.
I can safely say that the blizzard probably sounded better from Arizona than it felt here. Like hunger and other forms of deprivation, experiencing such conditions is much better as an option than as a requirement.
I love AZ, but half of the flora evolved with the specific intention of killing anything that tried to get its water.
There's also the risk of losing one's edge while living there.
That warmth changes you. Makes you soft.
However....
It's seductive. There's a weak, cowardly part of you that enjoys standing outside at night without dying or having to whack your hand against the wall for five minutes to get feeling back in your fingers.
Not at Christmastime,though.
But last week I missed the snow. We'd left in the teeth of a blizzard, heard reports of howling winds and double-digit-below temps, and it sounded perfect. It sounded like Christmas.
I can safely say that the blizzard probably sounded better from Arizona than it felt here. Like hunger and other forms of deprivation, experiencing such conditions is much better as an option than as a requirement.
A Tough Job to See All the Way Through
Jon Carroll had this as part of his Christmas Quiz.
The last time two consecutive U.S. presidents each completed two full terms was in 1809 to 1825, when the fourth and fifth presidents, James Madison and James Monroe, accomplished this. (The only other duo who've done it were the third and fourth presidents, Thomas Jefferson and James Madison, 1801 to 1817. In other words, there were actually three consecutive two-full-term presidents, 1801 to 1825.)
Another bit of trivia......the last time the Republican party won a Presidential election without a Nixon or Bush on the ticket (as President or VP) was 1928. I wonder if Jeb Bush has this on business cards to hand out at party meetings?
The last time two consecutive U.S. presidents each completed two full terms was in 1809 to 1825, when the fourth and fifth presidents, James Madison and James Monroe, accomplished this. (The only other duo who've done it were the third and fourth presidents, Thomas Jefferson and James Madison, 1801 to 1817. In other words, there were actually three consecutive two-full-term presidents, 1801 to 1825.)
Another bit of trivia......the last time the Republican party won a Presidential election without a Nixon or Bush on the ticket (as President or VP) was 1928. I wonder if Jeb Bush has this on business cards to hand out at party meetings?
Wednesday, December 24, 2008
Lack of Evidence
Andrew Sullivan links to a post by Alan Jacobs that ends with a statement that I heartily endorse.
Looking around at the world — the natural world as well as the human world — I do see some reasons (none of them definitive, of course) for believing in a God, but I don't see much warrant for believing in a God who is nice.
Looking around at the world — the natural world as well as the human world — I do see some reasons (none of them definitive, of course) for believing in a God, but I don't see much warrant for believing in a God who is nice.
Tuesday, December 23, 2008
The Last Rewind
A pioneer technology is fading away.
On a crisp Friday morning in October, the final truckload of VHS tapes rolled out of a Palm Harbor, Fla., warehouse run by Ryan J. Kugler, the last major supplier of the tapes."It's dead, this is it, this is the last Christmas, without a doubt," said Kugler, 34, a Burbank businessman. "I was the last one buying VHS and the last one selling it, and I'm done. Anything left in warehouse we'll just give away or throw away."
I certainly agree with this....
If you rewind back to the 1980s, VHS represented a remarkable turning point for the American consumer......."It was a sea change," says Leonard Maltin, the film critic and author who has written stacks of books to meet the consumer need for video recommendations.
The article talks mainly about the pre-recorded video industry, but creating the means for anyone to record video and audio onto what was - compared to film and reel-to-reel videotape - a relatively robust and easy-to-handle medium was a real revolution.
Remarkably, my small high school had one of the first VHS machines - with a camera and microphone, no less. It weighed roughly 50 pounds and had that memorable electro-mechanical tape-handling apparatus that ejected with a loud ka-chunk. It was used to record various school activities. At home basketball games it was run by a classmate who set it up behind the scorers' table, where I worked as official scorer; we would occasionally try to call the games, to the chagrin of the coaches and players who watched it later.
My college roommates and I rented many a movie. For a while the local adult shop even offered delivery; you could call and order a VCR and movies from a list advertised in a free weekly paper. I still wonder how they got away with publishing that list (with such classics as "Spank Me Daddy" and "Inside Seka") without incurring the wrath of the local prudes.
On a crisp Friday morning in October, the final truckload of VHS tapes rolled out of a Palm Harbor, Fla., warehouse run by Ryan J. Kugler, the last major supplier of the tapes."It's dead, this is it, this is the last Christmas, without a doubt," said Kugler, 34, a Burbank businessman. "I was the last one buying VHS and the last one selling it, and I'm done. Anything left in warehouse we'll just give away or throw away."
I certainly agree with this....
If you rewind back to the 1980s, VHS represented a remarkable turning point for the American consumer......."It was a sea change," says Leonard Maltin, the film critic and author who has written stacks of books to meet the consumer need for video recommendations.
The article talks mainly about the pre-recorded video industry, but creating the means for anyone to record video and audio onto what was - compared to film and reel-to-reel videotape - a relatively robust and easy-to-handle medium was a real revolution.
Remarkably, my small high school had one of the first VHS machines - with a camera and microphone, no less. It weighed roughly 50 pounds and had that memorable electro-mechanical tape-handling apparatus that ejected with a loud ka-chunk. It was used to record various school activities. At home basketball games it was run by a classmate who set it up behind the scorers' table, where I worked as official scorer; we would occasionally try to call the games, to the chagrin of the coaches and players who watched it later.
My college roommates and I rented many a movie. For a while the local adult shop even offered delivery; you could call and order a VCR and movies from a list advertised in a free weekly paper. I still wonder how they got away with publishing that list (with such classics as "Spank Me Daddy" and "Inside Seka") without incurring the wrath of the local prudes.
Does That Mean the "Clothing Optional" Signs Are Bogus Too?
A city is hit by unusual and rather sophisticated graffiti.
The signs, which were put up by pranksters in and around Nottingham, are designed to look official. They feature a toilet sign and include the words: "Public Urination Permitted After 7.30pm".
The prank also featured a laminated note, headed with the logo of Nottingham City Council, which said the scheme was aimed at reducing the mess faced by residents outside their homes.....
The notice reads: "In an attempt to reduce late night public nuisance, during the holiday period, Nottingham City Council has designated several public urination areas across the city.
"This urination area will be cleaned daily between the hours of 5am and 6am."
The signs, which were put up by pranksters in and around Nottingham, are designed to look official. They feature a toilet sign and include the words: "Public Urination Permitted After 7.30pm".
The prank also featured a laminated note, headed with the logo of Nottingham City Council, which said the scheme was aimed at reducing the mess faced by residents outside their homes.....
The notice reads: "In an attempt to reduce late night public nuisance, during the holiday period, Nottingham City Council has designated several public urination areas across the city.
"This urination area will be cleaned daily between the hours of 5am and 6am."
Suicidal Shame
The Madoff affair claims a life.
The apparent suicide of René-Thierry Magon de la Villehuchet, who set up his own company after rising to become one of the most powerful Frenchmen on Wall Street, was discovered early yesterday morning.
His hedge fund, Access International Advisors, enlisted intermediaries with links to the cream of Europe's high society to garner clients.
Access International had placed about $1.4bn with Madoff Investment Securities, putting intolerable pressure on M. de la Villehuchet, according to a friend who spoke last night to La Tribune newspaper in France.
The apparent suicide of René-Thierry Magon de la Villehuchet, who set up his own company after rising to become one of the most powerful Frenchmen on Wall Street, was discovered early yesterday morning.
His hedge fund, Access International Advisors, enlisted intermediaries with links to the cream of Europe's high society to garner clients.
Access International had placed about $1.4bn with Madoff Investment Securities, putting intolerable pressure on M. de la Villehuchet, according to a friend who spoke last night to La Tribune newspaper in France.
Auctioning the Altar
Via Megan McArdle - economic troubles are hitting everywhere.
During this holiday season of hard times, not even houses of God have been spared. Some lenders believe more churches than ever have fallen behind on loans or defaulted this year. Some churches, and at least one company that specialized in church lending, have filed for bankruptcy. Church giving is down as much as 15% in some places, pastors and lenders report.
The main trouble is the same as it is for many others - borrowing more than they can now afford.
Spending on construction of houses of worship rose to $6.2 billion in 2007 from $3.8 billion in 1997, according to the U.S. Census. Now, churches are seeing congregants lose jobs and savings.
During this holiday season of hard times, not even houses of God have been spared. Some lenders believe more churches than ever have fallen behind on loans or defaulted this year. Some churches, and at least one company that specialized in church lending, have filed for bankruptcy. Church giving is down as much as 15% in some places, pastors and lenders report.
The main trouble is the same as it is for many others - borrowing more than they can now afford.
Spending on construction of houses of worship rose to $6.2 billion in 2007 from $3.8 billion in 1997, according to the U.S. Census. Now, churches are seeing congregants lose jobs and savings.
Monday, December 22, 2008
On Their Terms or Not At All
Maria Farrell at Crooked Timber hits a bullseye while expressing disappointment at the Pope's latest blathering.
The religious fundamentalists simply don’t want other people to be happy. The only joy they can conceive of is that which they allow. There’s no rendering unto Caesar what is Caesar’s for them. The law of their angry God is inadequate by itself, and needs to be enforced by the laws of men and the power of the state. Their joy is won only in a zero sum game. Sharing it destroys it.
It's wearing on her.
I keep on keeping on in the Catholic Church, mostly because it’s what I was brought up in and where I most feel the pain and joy of just being alive. I’ve even been lucky enough to find a home from home in a Catholic community that not just welcomes but celebrates every person in it. But days like today force me to ask myself if it’s even the right thing to continue to associate myself with an institution whose leadership behaves so shamefully.
One of the commenters summed it up.
I can’t help but comment that you just explicated a fine argument against basing any of one’s happiness on traditional organized religions. Find your community and joy elsewhere. The one power you possess to end the power of the Pope to oppress members of your community? Reduce the numbers who join a community of oppression and leave that anachronistic institution.
The religious fundamentalists simply don’t want other people to be happy. The only joy they can conceive of is that which they allow. There’s no rendering unto Caesar what is Caesar’s for them. The law of their angry God is inadequate by itself, and needs to be enforced by the laws of men and the power of the state. Their joy is won only in a zero sum game. Sharing it destroys it.
It's wearing on her.
I keep on keeping on in the Catholic Church, mostly because it’s what I was brought up in and where I most feel the pain and joy of just being alive. I’ve even been lucky enough to find a home from home in a Catholic community that not just welcomes but celebrates every person in it. But days like today force me to ask myself if it’s even the right thing to continue to associate myself with an institution whose leadership behaves so shamefully.
One of the commenters summed it up.
I can’t help but comment that you just explicated a fine argument against basing any of one’s happiness on traditional organized religions. Find your community and joy elsewhere. The one power you possess to end the power of the Pope to oppress members of your community? Reduce the numbers who join a community of oppression and leave that anachronistic institution.
Sunday, December 21, 2008
One and Down May Be More Appropriate
After lamenting the current state of cooking shows on the Food network, Heather Havrilesky finds a new favorite.
Thank god for Big Daddy! Starring Aaron McCargo Jr., who won the fourth season of "The Next Food Network Star," and was awarded this show for his efforts, "Big Daddy's House" finally washed that sour, upper-crusty taste out of my mouth once and for all.
His cocktail recipe caught my eye.
Finally, Big Daddy finished it all off by whipping up a drink called a "One and Done." Here's what's in it: Tequila, vodka, gin, Seagram's 7, Triple Sec, Coke and a squeeze of lemon. Hallelujah, Christmastime is finally here!
Thank god for Big Daddy! Starring Aaron McCargo Jr., who won the fourth season of "The Next Food Network Star," and was awarded this show for his efforts, "Big Daddy's House" finally washed that sour, upper-crusty taste out of my mouth once and for all.
His cocktail recipe caught my eye.
Finally, Big Daddy finished it all off by whipping up a drink called a "One and Done." Here's what's in it: Tequila, vodka, gin, Seagram's 7, Triple Sec, Coke and a squeeze of lemon. Hallelujah, Christmastime is finally here!
Thursday, December 18, 2008
How About French-Fry-Scented Candles?
Andrew Sullivan pointed me to this.
Burger King has released a limited-edition men's body spray that evokes the smell of freshly broiled Whoppers.
Personally, I can barely stand to walk past some fast-food places because of the smell, although none of them compares to the greasy-chicken odor from Wal-Mart. Living near fast food isn't easy,either.
I live next to a Wendy's fast food restaurant, and the smell of my home is very describable: It's the smell of Wendy's food cooking.
It didn't take long, however, before the idea of eating Wendy's became difficult to stomach. It wasn't the food — that hadn't changed at all. It was, instead, the smell of the food, and how its fried-ness could creep into my apartment at any hour of the day.
Burger King has released a limited-edition men's body spray that evokes the smell of freshly broiled Whoppers.
Personally, I can barely stand to walk past some fast-food places because of the smell, although none of them compares to the greasy-chicken odor from Wal-Mart. Living near fast food isn't easy,either.
I live next to a Wendy's fast food restaurant, and the smell of my home is very describable: It's the smell of Wendy's food cooking.
It didn't take long, however, before the idea of eating Wendy's became difficult to stomach. It wasn't the food — that hadn't changed at all. It was, instead, the smell of the food, and how its fried-ness could creep into my apartment at any hour of the day.
Anything For a Buck
Ah,three days off. A chance to clean up the various messes left untended (laundry, bills, housecleaning) while taking care not to neglect blogging.
I turned on the TV expecting to see KSFY's 11:30 news and instead got a "paid program", as they are called in the business, otherwise known as a 30-minute commercial. Unlike programs which produce revenue via ratings/based ads, the company that produces these shows pays the station a flat fee up front to air them. I recall occasionally preempting weekend NBC news at KEVN for such shows, but never the local news. My guess is the KSFY news department isn't feeling too good about this. It seems to be a clear message from management that the news isn't important enough to avoid being kicked aside for an ad for,in this case, an educational computer program.
I assume the company wrote a fairly large check to get this done, but it still seems to be short-sighted. Local news establishes the personality of a station; in this age of cable and satellite, it differentiates it from other channels that offer the same programming (ABC, in KSFY's case). It's also pretty much the only meaningful public service provided by the station. If the viewers can't count on it, they'll take their custom elsewhere. Then it becomes a matter of time before the news department goes away, and the station is just another programming outlet like any crappy cable channel.
I turned on the TV expecting to see KSFY's 11:30 news and instead got a "paid program", as they are called in the business, otherwise known as a 30-minute commercial. Unlike programs which produce revenue via ratings/based ads, the company that produces these shows pays the station a flat fee up front to air them. I recall occasionally preempting weekend NBC news at KEVN for such shows, but never the local news. My guess is the KSFY news department isn't feeling too good about this. It seems to be a clear message from management that the news isn't important enough to avoid being kicked aside for an ad for,in this case, an educational computer program.
I assume the company wrote a fairly large check to get this done, but it still seems to be short-sighted. Local news establishes the personality of a station; in this age of cable and satellite, it differentiates it from other channels that offer the same programming (ABC, in KSFY's case). It's also pretty much the only meaningful public service provided by the station. If the viewers can't count on it, they'll take their custom elsewhere. Then it becomes a matter of time before the news department goes away, and the station is just another programming outlet like any crappy cable channel.
Wednesday, December 17, 2008
Buy That Personal Touch
Via Marginal Revolution...... Are you no good at gift wrapping but don't want to let on that someone else did it? In the UK you can go here.
Firebox.com is paying 20 of its male forklift truck drivers and warehouse assistants to wrap presents as quickly as possible, using ugly brown duct tape and very little care. And the $9 service, cheekily called CrapWrap, has attracted more than 500 customers since it launched last week. Whether it's a book, DVD or something trickier such as a kitchen utensil, the team guarantees to make a mess of it.
I can imagine expanding this to personal shopping. Rather than hiring the typical personal shopper who would find a perfect gift that the recipient would know you didn't pick out, you could hire someone with similar questionable taste who would buy something you would buy.
Firebox.com is paying 20 of its male forklift truck drivers and warehouse assistants to wrap presents as quickly as possible, using ugly brown duct tape and very little care. And the $9 service, cheekily called CrapWrap, has attracted more than 500 customers since it launched last week. Whether it's a book, DVD or something trickier such as a kitchen utensil, the team guarantees to make a mess of it.
I can imagine expanding this to personal shopping. Rather than hiring the typical personal shopper who would find a perfect gift that the recipient would know you didn't pick out, you could hire someone with similar questionable taste who would buy something you would buy.
Another Case for Limiting Reproductive Rights
I've commented on people's names for their kids before, but this is just breathtaking.
The father of 3-year-old Adolf Hitler Campbell, denied a birthday cake with the child's full name on it by one New Jersey supermarket, is asking for a little tolerance.
The Campbells' other two children also have unusual names: JoyceLynn Aryan Nation Campbell turns 2 in a few months and Honszlynn Hinler Jeannie Campbell will be 1 in April.
Socially tone deaf cluelessness doesn't begin to describe this.
Heath Campbell said he named his son after Adolf Hitler because he liked the name and because "no one else in the world would have that name." He sounded surprised by all the controversy the dispute had generated.
Those kids have an uphill road ahead, not just because of the names, but because they're being raised by someone who would give them those names.
The father of 3-year-old Adolf Hitler Campbell, denied a birthday cake with the child's full name on it by one New Jersey supermarket, is asking for a little tolerance.
The Campbells' other two children also have unusual names: JoyceLynn Aryan Nation Campbell turns 2 in a few months and Honszlynn Hinler Jeannie Campbell will be 1 in April.
Socially tone deaf cluelessness doesn't begin to describe this.
Heath Campbell said he named his son after Adolf Hitler because he liked the name and because "no one else in the world would have that name." He sounded surprised by all the controversy the dispute had generated.
Those kids have an uphill road ahead, not just because of the names, but because they're being raised by someone who would give them those names.
Almost Nothing
Unlike the markets,who seemed to like it, John Quiggin sees the latest interest rate cut to nearly zero as a harbinger of bad things.
It’s also, following the $50 billion Madoff fraud and the increasingly widespread suspicion that the entire bailout scheme has been operated to promote the interests of Goldman Sachs at the expense of its competitors and the general public, an upper bound for the credibility of the global financial system. And it’s a pretty good estimate of the probability that we’re going to avoid a recession worse than any since the Great Depression.
It’s also, following the $50 billion Madoff fraud and the increasingly widespread suspicion that the entire bailout scheme has been operated to promote the interests of Goldman Sachs at the expense of its competitors and the general public, an upper bound for the credibility of the global financial system. And it’s a pretty good estimate of the probability that we’re going to avoid a recession worse than any since the Great Depression.
More Naked Swimmers
Douglas A. McIntyre anticipates others following Barnard Madoff's path.
They are the biproduct of rapidly rising wealth, narcissism, vanity, and the naïve assumption that the very smart and very rich never make bad judgments.
Several analysts have written that one-third of the 10,000 or so hedge funds will fail or be merged out of existence. That means many wealthy hedge fund managers and their clients will be losing large sums. Both the people who run the investment pools and those who invested face the deep shame of poor decisions. They will put off having to face the consequences as long as possible. That means that some will hide the results of bad investments and hope to double down and get back the money they have lost. At some point, the kitty will be empty and it will be confession time.
Hat Tip to John Quiggin at Crooked Timber
They are the biproduct of rapidly rising wealth, narcissism, vanity, and the naïve assumption that the very smart and very rich never make bad judgments.
Several analysts have written that one-third of the 10,000 or so hedge funds will fail or be merged out of existence. That means many wealthy hedge fund managers and their clients will be losing large sums. Both the people who run the investment pools and those who invested face the deep shame of poor decisions. They will put off having to face the consequences as long as possible. That means that some will hide the results of bad investments and hope to double down and get back the money they have lost. At some point, the kitty will be empty and it will be confession time.
Hat Tip to John Quiggin at Crooked Timber
Big Lies Last Longer
Megan McArdle has a good thought on the ability of Madoff to operate for so long.
It's actually easier for someone committing outright fraud to slide under the SEC wire, because when you're making up financial statements out of whole cloth, it's not hard to make them conform to SEC regulations. Similarly, Stephen Glass and Jayson Blair and Jack Kelley were able to get away with their frauds precisely because they fabricated things out of whole cloth. If you misquote an actual person, or misreport something that really happened, there's a strong risk that you'll be caught. But manufactured sources never complain that you spelled their name wrong or twisted their words.
Hitler commented on this idea.
Make the lie big, make it simple, keep saying it, and eventually they will believe it.
The great masses of the people will more easily fall victims to a big lie than to a small one.
It's actually easier for someone committing outright fraud to slide under the SEC wire, because when you're making up financial statements out of whole cloth, it's not hard to make them conform to SEC regulations. Similarly, Stephen Glass and Jayson Blair and Jack Kelley were able to get away with their frauds precisely because they fabricated things out of whole cloth. If you misquote an actual person, or misreport something that really happened, there's a strong risk that you'll be caught. But manufactured sources never complain that you spelled their name wrong or twisted their words.
Hitler commented on this idea.
Make the lie big, make it simple, keep saying it, and eventually they will believe it.
The great masses of the people will more easily fall victims to a big lie than to a small one.
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