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jimb
Santa Monica, CA
30-year Santa Monica resident
Recent Activity
MM2, what jim nj wrote ... This may simply be a clever banking product that deals with the problem cited by ZeroHedge: "...so long as China runs a current account surplus, and global investors continue to purchase more Chinese assets, “someone somewhere in China is going to have plenty of dollars to lend.”"
Toggle Commented Jun 8, 2021 on Big News Out There, Probably at JustOneMinute
Thanks, Gus. Live in So Cal, though grew up not that far from Iggy's hillside ...
Toggle Commented May 16, 2021 on Saturday Morning at JustOneMinute
Regarding the election of 1876 -- Tilden v. Ruthaford B. Hayes - which was resolved in Congress: The comparison by Appalled between the 2020 election and 1876 fails on one important point: that election was not stolen, in that the ballots were not impaired – rather, the tie vote in the Electoral College was effectively negotiated by the GOP – whereas, in 2020, everything we’re seeing in AZ, WI, MI and elsewhere suggest this election was stolen by a counterfeit vote, before it reached Congress. Basically, after a toss up in the Electoral College, the vote was swung toward Hayes when southerners who were old Whigs and non-succession-supporters joined with northern GOP, including the old northern Whigs (today we call this group the never-trumpers, and then and now they have an uneasy alliance with Lincoln's party, which provided most of the GOP vote).The deal represented a complicated bargain between regional groups, and it was brokered by Hayes’ team, who spent more than a month on the road, taking trains to carry on the give-and-take talks. The deal still stalled at the last minute ... What broke the deal free, enabling the GOP victory (and the GOP would then produce all but one president up to the early 1900s) was a final deal. Word came back to the northern GOP negotiators that the deal needed one more inducement to get over the hurdle: the southern Whigs asked that Sen. Key of Tenn. be appointed Postmaster General, the office that at the time controlled most federal largess ... The Hayes circle agreed, and the deal was sealed ... The Dems naturally complained, but everyone recognized that the Dems would have made a similar deal if they could have. The election was not “stolen,” as Appalled charged. Statements like that lead me to dismiss everything that this poster is posting – and I’m sorry he’s getting so much attention … There were some very big differences between 1876 and this past year. The biggest problem for Trump – as big as the fake ballots -- was the problem that Trump had faced for all of his term: he didn’t have enough friends and allies in and around government … in contrast, Hayes could tap a broad coalition of people who were experienced in government and had bases of support -- Hayes could, for example, quickly find negotiators who were close to him and would take a train from Cleveland to Topeka to carry on the give-and-take negotiations that led to that complicated inter-regional deal. Trump lacked a crowd of supporters who were part of the Administrative Class (he picked the Exon CEO as sec. of state because he didn’t already have time-tested candidates, and he lost time with trial-and-error process for picking successors or finding candidates who could pass muster with the establishment while still representing Trump). Indeed, Trump’s ties with his supporters was so weak, in the end, that he couldn’t count on his vice president – it doesn’t appear that Trump and Pence were even planning together in the end, which of course is the lesson to learn from 1877.
Toggle Commented May 16, 2021 on Saturday Morning at JustOneMinute
"...not thinking of the revolution of 1848 -- which was a fizzle all over Europe." I think that's an answer that'll earn you a correct score on the SAT-American History test, but that's history for high school kids, plus it leans left. That started with the Paris Commune and ended with a long essay by Marx, sounding themes later developed by, among others, Lenin. And in its immediate wake, it fueled one of the first immigration booms (that's how we picked up all those families of socialist-leaning people who still tilt the political balance in states like Wisconsin and Minn.) This silly argument echoes the one we hear today: a good riot in someplace like Minn. is necessary to advance the cause of Freedom (in fact, using the case of Detroit as an example, the 1966 riots destroyed the city's economic foundations and would have been catastrophic for the Black residents, but for the mountain of government antipoverty aid) ...
"The situation (in LA) is out of control because the people currently in power want it that way." True, though it's not always clear who are "the people currently in power" ... A lot of fists stir those pots, but the biggest driver may be Mr. and Mrs. unintended consequences ...
With its limited ambition, the Dem's congressional agenda fails to command a sense of urgency or focus among its supporters. Thus, the Dems open their first time by expending precious time on impeachment, knowing it cannot be completed before the President leaves office on his own...
Toggle Commented Jan 10, 2021 on Lots Going On at JustOneMinute
The Detroit Lions should pick up Kaepernick. It's not like they're going to win, anyway.
Toggle Commented Jun 11, 2020 on Here We Go Again at JustOneMinute
Dep. D … Thanks … what I know is what I see from sources like Fox, where reporters don't do numbers.
Toggle Commented Jun 10, 2020 on Here We Go Again at JustOneMinute
There's a dishonest Fox headline that homicides in LA are up 250% in a week. From the Fox reporting, this percentage increase seems to have translated into one homicide during the period. But everyone knows "media is idiots." But the story has interesting facts on who got shot: The homicide victim, Fox said, was "a man in his 40s, died at the scene. No information was available on the man's identity, or on a suspect. The other three shootings: — At about 2:10 p.m. Monday, a person was wounded near Daley Street and Manitou Avenue in the LAPD's Hollenbeck Division by a man who fled in a vehicle. The victim was hospitalized in stable condition. — At about 3:45 p.m. Monday, a person was wounded in a gang-related shooting near Spaulding Avenue and Cologne Street in the LAPD's Wilshire Division by shots fired from a vehicle. The wounded person was hospitalized in stable condition. — At about 9:20 p.m. Monday, "multiple" victims were wounded in a gang-related shooting near Telfair Avenue and Sheldon Street in the LAPD's Foothill Division by someone in a truck that sped off. All were hospitalized in stable condition." If those victims are representative of the people in LA, I'm wondering if everyone in LA is in a gang ... Looks like the police have been only moderately effective against gangland, both before and now …
Toggle Commented Jun 10, 2020 on Here We Go Again at JustOneMinute
Southern California's cities, especially affluent cities along the urban coast, have been having trouble attracting qualified police recruits. That's one reason the Santa Monica police chief makes so much money -- and the reason some other cities have short-staffed police departments. Many of these cities are facing budget shortfalls, and that'll limit the money that cities have used to compete for the limited personnel. The riots and noise from lefties won't make the cities' problem any easier to solve.
Toggle Commented Jun 7, 2020 on In From The Wild at JustOneMinute
Police Chief Jacqueline Seabrooks is the highest-paid employee of the City of Santa Monica, with a compensation package totaling nearly $480,000, reported CBS local. She oversees a department of 300-400 people, with a budget around $100mil. CBS notes LAPD Chief Charlie Beck has a base salary of $344,000 and a force of more than 9,000 sworn officers. But, as CBS notes, more than 100 city workers make close to $300,000 in total compensation. Oh, by the way, before the riots, the city was grappling with a budget shortfall, service cutbacks and a huge unpaid pension liability. https://losangeles.cbslocal.com/2016/11/14/only-on-2-city-wages-in-santa-monica-dwarf-those-in-towns-of-similar-size/
Toggle Commented Jun 7, 2020 on In From The Wild at JustOneMinute
The petition to "recall" Santa Monica's police chief is nearing the organizers' goal of 50,000 signatures. The city of Santa Monica reported that 225 businesses were vandalized, and 76 had been looted. https://www.newsweek.com/petition-fire-santa-monica-police-chief-gets-50000-signatures-after-cops-fail-stop-looters-1509199
Toggle Commented Jun 7, 2020 on In From The Wild at JustOneMinute
So when did California go off the rails? It was a conservative state that launched Nixon and Reagan. It looks like the trainwreck stated in the early 1960s. Around 1964 the US Supreme Court handed down what was known as the one-man one-vote rule. One of its consequences was to force the redistricting of state legislatures like California's. California was formed with a bi-cameral legislature, with the General Assembly being apportioned by population, and the Senate by land. My state Senator at the time was representing about three counties, all touching close to Tahoe -- and after the redistricting, that districted stretched from the Oregon border to include a few counties more than 100 miles from Tahoe. My 8th grade memory boiled it down to my teacher saying this meant LA gets all the roads. She was one of my best teachers ever, and I think she was right. The problem started there ...
Toggle Commented Jun 6, 2020 on Mad Dog Barking at JustOneMinute
On the topic of the two Californias … One of the problems with the movement for statehood is that a new state changes the political balance in our federal system. That was a key issue in major new-state compromises in the first half of the 1800s, which preserved the balance in the Senate between slave and free states. History shows two ways to create a new free state: either fight a Civil War or create a new slave state … That's one reason I say that energy is better spent trying to fix California.
Toggle Commented Jun 6, 2020 on Mad Dog Barking at JustOneMinute
Iggy, Antifa's time in Placerville must have been awkward. How could they not know that, after they get over the hill from Oakland, their next friendly stop is Boulder, CO?
Toggle Commented Jun 6, 2020 on Mad Dog Barking at JustOneMinute
It's interesting to listen to my fellow citizens in Santa Monica, where looters destroyed lots of businesses and stole lots of stuff. If Santa Monica is a bellwether, look out below: There's now a petition to recall our Chief of Police for her handling of the looting. They said they needed 10,000 signatures, and after four days, had 30,000 signatures. Today, the total is up to 45,000 signatures -- in a city of 90,000 that leans way left. And then there's social media. There's a storm over a post about our local mall, which was damaged badly. So, I figured it's Friday, a good day to leave a wrench in the machine … Here's my first post, answering the question of why we aren't talking about the looting: "Because most of us are historic illiterates, and don't know that Detroit was one of America's largest and richest cities. Then, in the late 1960s, the police let rioters "blow off steam." The city was destroyed and has never come back, leaving its Black residents poor, without infrastructure like quality schools or food stores, with no jobs. Toledo faced the same protest at the same time, and it cracked down early and saved the city from Detroit's fate. "Police brutality is real, and really bad police departments like in Minneapolis are real, and the progressive impulse has not prevented the decline in SM's black population. But the damage to the Black community from these riots is huge, and with 60% of CA independent restaurants being owned by minorities, a devastated city is the best way to ensure that only the rich get richer." Lots of people were at the protest, and they're naturally defending their peacefulness. My response: "So, basically, what you're saying is the protesters were "human shields" whom the cops needed to prioritize over looting …" And: "The way it looked to me, the majority of people at the protest were distracting the cops and giving cover to looters - not intentionally, but that's what happened..." Turns out, the lefties don't understand, at all, my use of the phrase, "human shield." Well, after all, they seem to be historic illiterates ...
Toggle Commented Jun 6, 2020 on Mad Dog Barking at JustOneMinute
"...if the bar is as low as "having real police and security benefits", well Shazam!" If the administration were to use FISA to crack the encrypted and elusive Antifa, then it would be paying real security and police benefits … same goes for AQ and its ilk in the US … If cops abuse it, they've put everything in writing, making it impossible for everyone to pull bureaucratic evasions like we heard from RR. That's not to say it can't and won't get improved ...
Toggle Commented Jun 5, 2020 on Mad Dog Barking at JustOneMinute
The FISA process didn't appear to stop the crime in progress -- but what humanly system can be successful in forcing bad cops to police themselves? But that's a poor reason to abolish FISA: this is a tool with real police and security benefits. As imperfect as FISA seems, let's give it credit for making all the bad guys put their crimes in writing. Pity the poor lawyer who faked the answers, got caught and now is being asked to testify against his bosses... All because FISA made them put it in writing. It's no surprise that the path to prosecuting the bad guys leads, first, to the FISA documents ...
Toggle Commented Jun 5, 2020 on Mad Dog Barking at JustOneMinute
Regarding the post at 6:30: Though the report asserts subjective speculations, it does cites specific tweets that may be examples of how "Twitter allowed looters to coordinate..." It's almost like Twitter is helping cross "state lines to incite violence," which the post at 6:43 noted is a federal crime. But so far Twitter is in the clear, as it isn't liable for opinions or ideas expressed on its platform. Is this where the Section 230 stuff comes in?
Toggle Commented May 31, 2020 on Minnesota Burning at JustOneMinute
"Rathmann had Gates on his board at ICOS" (or vice versa? I dunno). Gates bought into Seattle-based ICOS, a cardio-vascular drug developer, saying he would buy when shares fell below his target. The main drug disappointed at first, but came back as Cialis. After trying to wrestle a new miracle from the lab, ICOS sold itself and the drug. Gates has a long history with med-tech, and in this case he was pretty savvy ...
Toggle Commented Apr 10, 2020 on We Can Blame China! at JustOneMinute
This is from an IT department email today: "Due to recent security issues, we would like to remind everyone that Microsoft Teams is the recommended video/voice conferencing system for all meetings. "While we understand Zoom is widely used, the security of our environment is of utmost importance, so it is imperative that the following options are selected for all Zoom meetings ... "Please ensure all instances of Zoom are updated to the latest software version, including laptops, Macs, phones, and any other devices. If you need assistance with updating the application software ... "For now, [the company] does not intend to purchase any additional Zoom Pro licenses, and, currently, all the Zoom Pro licenses have been assigned. To be put on the waitlist, please submit a Help Desk ticket attaching your manager’s approval."
Toggle Commented Apr 9, 2020 on We Can Blame China! at JustOneMinute
IHS Markit said the world could run out of places to put its oil, based on a forecasted 2Q surplus of 12.4 million barrels a day. Demand fell due to the flu, and supply rose because of the oil price war. “Production is going to have to be reduced or even shut in,” said Jim Burkhard, head of oil markets at IHS. “It is now a matter of where and by how much.”
As the economy falls like Hillary into the gutter, should we buy stocks now? Consider the note titled “The Great Leverage Unwind” from a PE/fund-management firm: “We entered into the current crisis with a whole financial system that had been incentivized by policymakers to take on excessive levels of debt and leverage. The turmoil we are seeing right now is the result of the unwinding of that leverage … since we haven’t seen capitulation yet, it would be premature to step in and buy aggressively at current levels, whether it be stocks or credit assets…” One preacher of the gospel that debt is salutary was Harvard’s Michael Jensen (see Newsweek, April 2017: “Harvard Business School and the Propagation of Immoral Profit Strategies”). Nice theory. Back here in the real world, I drove last week through the Permian Basin and saw lots of trucks and pumps working, though today’s “lifting cost” – the cost of pumping the oil – often can be lower than the actual price of the oil. Certainly the reservoir engineers have a reason to keep pumping, but there’s also the debt: there’s a lot of it in the oil patch, often imposed on the companies by activist investors who followed Jensen’s gospel; it worked at $50 oil, but is a problem at $20 – pumpers are selling oil to raise cash for debt service now. Why don’t they just get their banks to restructure? Well, that’s the real problem … As this crisis gathered momentum, regional banks were attending long-scheduled analyst conferences and faced intense questioning about their exposure to trouble spots. Four areas stood out: travel and hotels, restaurants, oil and gas and aviation. One bank has 10% of its loan portfolio in restaurants – and they aren’t counting their real estate loans to landlords who depend on rent checks from tenants that include restaurants. What about the banks that lent to Hilton (10% occupancy in a lot of properties) or Marriot (2% occupancy in Macau)? The banks simply lack the capital and liquidity for this storm. Banks are going to get bailed out because there’s not really any other choice, all the posturing notwithstanding.
"TBH, my intuition is that Theo starts with a conclusion and argues back." That shouldn't be a problem if the conclusions are right, right? But, seriously, isn't this how real business lawyers work: you tell them what you want to do, and they figure out how to defend it.
Toggle Commented Feb 15, 2020 on Clouds On The Blue Horizon at JustOneMinute
"I should rethink my handle." All that work on rethinking; I didn't mean to make my fault into your problem …