Detailed Abstractions

Coward #1 cleric Anwar al-Awlaki - thinks people should die, so long as they’re easy targets and he gets others to do it (via Aol news here):

(July 12) — Molly Norris, the American cartoonist who started “Everybody Draw Muhammad Day,” has been placed on the hit list of radical Muslim cleric Anwar al-Awlaki….

Coward(s) #2, NAACP is leveling charges of racism as a tool against those they simply disagree with (via CNN here):

The NAACP has passed a resolution that condemns what it feels is rampant racism in the Tea Party movement….

Coward(s) #3, France – scared of freedom (via BBC here):

France’s lower house of parliament has overwhelmingly approved a bill that would ban wearing the Islamic full veil in public….

As should’ve been expected and according to all recent news, having a Treasury Department position of paymaster isn’t working out so well for the free market.

Earlier this year, against all basic free market principles the Obama Administration through the Treasury Department started setting up compensation boards (CNN):

WASHINGTON (CNN) — An amendment in the $787 billion economic stimulus package passed by Congress Friday would severely restrict bonuses and other forms of compensation for top executives at companies receiving federal bailout money….

Due to all the negative publicity surrounding the government’s handing over billions of dollars in tax payer dollars to corporations which deserved to fell, Senator Dodd explains:

…”The decisions of certain Wall Street executives to enrich themselves at the expense of taxpayers have seriously undermined public confidence in efforts to stabilize the economy. American taxpayers deserve better,” Dodd said….

Now it might just be me, but I’m not sure Wall Street executives are allowed to vote on appropriations bills and then force the treasury to distribute the funds as they see fit.  It seems Mr. Dodd is blaming Wall Street for the government’s failure to handle the crisis correctly.

With all logic aside though, they went forward.  Not only did they seek to limit overall compensation of the highest paid, but asked for refunds from bonuses already given – one provision in the bill:

…The secretary of the Treasury must review past compensation paid to the top 25 employees of TARP recipients and seek reimbursements “if those payments were contrary to the public interest or inconsistent with the purposes of the [stimulus package] or the TARP,” according to Dodd’s statement….

& People everywhere rejoiced…. I mean complained.  In what was an obviously anti-capitalist move sure to do more damage than any political good it might bring about, people everywhere spoke up (examples here, here, & here), including NBER (abstract here – paper costs $5):

…Important facts about compensation are that: the compensation distribution is highly skewed; each year, a sizeable fraction of chief executives lose money; the use of equity grants has increased; the income accruing to CEOs from the sale of stock has increased; regardless of the measure we adopt, compensation responds strongly to innovations in shareholder wealth; measured as dollar changes in compensation, incentives have strengthened over time, measured as percentage changes in wealth, they have not changed in any appreciable way….

Even little ole me could see this as a negative and wrote about this here just a month or so ago (here):

…Even without bothering with the fact that the government is not in any position to understand what kind of compensation any single employee should have, this is still a radical and arbitrary move that if continued can work to destabilize the economy.

…this decision is an anathema to a free society breaking not only the contract rights of ordinary citizens, but also violating all individuals by pushing a blatant ex  post facto punishment….

& now we have exactly what was shown through economic analysis and basic logic to be true (@Bloomberg):

Nov. 23 (Bloomberg) — Bank of America Corp.’s board may extend its search for a permanent new chief executive officer into 2010 if directors can’t settle on a candidate in the next three days, according to people familiar with the matter….

…At least four external candidates, including Citigroup Inc. director Michael O’Neill, rebuffed approaches….

…That’s narrowing the field and giving the board “an incredibly tough job,” said Michael Holland, who oversees more than $4 billion as chairman of Holland & Co. in New York. “For people who have choices, it’s hard to figure out why someone would take this job.”…

Is it now time to stop calling obvious results  (Un)?intended Consequences…

For some time now, I’ve listed “journalist” as one of my favorite pejoratives and without fail I get proven correct at least once a day.  Today is no different.

In Pittsburgh over the weekend, a clearly irrational gunman killed three officers (here):

Three Pittsburgh police officers were killed and a fourth was injured in an unprecedented shooting Saturday morning in Stanton Heights, where authorities believe a man was “lying in wait” with high-powered weapons, ready to fire when the victims arrived at his home.

The man apparently was extremely freaked our about potentially losing civil rights such as gun ownership from the new presidential administration.   This terrorist was obviously deluded, as even if his belief was correct, his actions are highly unlikely to have any net positive effect of reducing the likelihood of his fears coming true.

Either way – with this bit of information, a CNN Anchor reported this week (video here), without proof, only conjecture, that Fox News, Sean Hanity, Glen Beck, and other “right-wing” sources are at fault for this very tragic shooting.

He bemoans Hanity  & Beck directly for talking about “doom & gloom” while not having any direct quotes for any Fox News show or the people he name directly talking about Obama taking everyone’s guns.

& If that wasn’t bad enough, he uses the obviously leftist mouth piece  Media Matters to help him argue his points.  They say Beck said… but again, it seems that if this had taken place it would be fairly easy to come up with the audio itself…

With news like this, is it any wonder that people simply don’t believe them?