The financial markets think it's a Satan Sandwich, too

Yesterday afternoon, I posted a video in Next Media Animation on the Debt Ceiling Hostage Crisis that portrayed Chinese displeasure with the debt ceiling deal, which I'm just going to call the Satan Sandwich from now on (I'm also adding a "Satan Sandwich" label/tag to all my posts about it), along with all kinds of wild financial news from the day before yesterday. Yesterday was even worse, as the rest of the financial markets weighed the deal and wrote "Mene, Mene, Tekel, Upharsin" on the walls of the exchanges.

All stories from Reuters.

Investors flee economic gloom, policy paralysis
By Edward Krudy
NEW YORK | Thu Aug 4, 2011 7:52pm EDT

Investors around the world dumped stocks and commodities on Thursday and rushed to the security of cash and government bonds, hammering equity indexes to their lowest levels of the year on fears of a spreading debt crisis and slowing growth.

Worries the euro-zone debt crisis was spiraling out of control sent blue chip European stocks to levels not seen since markets recovered from the financial crisis in mid-2009. Italian equities pushed further into bear market territory -- down nearly 30 percent since February.

Major U.S. indexes fell more than 4 percent, with the technology-heavy Nasdaq down 5 percent, erasing gains for the year as the broad-based S&P 500 entered a correction of more than 10 percent from a peak in May.

Intense selling this week reflects frustration with politicians to address pressing concerns over high public debt levels in Europe and the United States as large industrial economies show signs of running aground.

See that bolded paragraph? That's the market's opinion of the Satan Sandwich.

"The big catalyst was fear," said Matt Rubin, director of investment strategy at Neuberger Berman in New York, which manages $199 billion in assets.

We'll see fear later on, this time expressed as numbers.

Next Media Animation on the Debt Ceiling Hostage Crisis

Presenting the videos in reverse chronologial order, so the news is on top and the history is below the fold.

A Chinese ratings firm yesterday made financial history and downgraded the US' credit rating from A+ to A. Meanwhile, hot money flowing into hedge funds and gold saw gold prices yesterday shoot to a historic high of US$1,670 per ounce.

It looks like the Chinese think the deal was a Satan Sandwich, too, and that we should have chosen the prize behind Door #3 instead.

Now for the deal itself.

Hot for Words on the plight of libraries and bookstores

My dear students, today's video is about books and libraries.

This video came out on Monday and the timing would have been perfect to add to the Millage vote on Troy's Library today post. Better late than never.

Marina also mentions the end of Borders Books, which gave me a bonus reason to feature it today.

We chose the Satan Sandwich

Remember my question from yesterday?

“Ladies and gentlemen, it’s time for today’s Big Deal. Today’s Big Winner can keep the sugar-coated Satan sandwich he just won, or he can trade it in for what’s behind our three doors. Behind one of them is a clean raising of the debt ceiling and the expiration of the Bush tax cuts. Behind another is a balanced budget amendment. Behind the third is a sovereign default. So, Big Winner, will you keep your prize, or trade it in for what’s behind Door #1, Door #2, or Door #3? Which do you choose?”

We decided to keep the Satan Sandwich.





Original here.

ABC News:

Rep. Emanuel Cleaver, D-Mo., was quick to condemn the debt ceiling compromise, calling it a “Satan sandwich” because "there is nothing inside this sandwich that the major religions of the world would say deals with protection of the poor, the widows, the children. It’s not in here.” The term was picked up in headlines across the country and even prompted ABC’s "TopLine" anchors Amy Walter and Rick Klein to dive into "Satan sandwiches" of their own on air.
...
House Minority Leader Nancy Pelosi agreed with Rep. Cleaver’s “Satan sandwich” metaphor, adding the “Satan sandwich” of a debt ceiling compromise probably comes "with some Satan fries on the side.” But, she said, the devilish agreement was a necessary evil. “Nonetheless, it is something that we have to do,” Pelosi told ABC’s Diane Sawyer Monday before the House voted to pass the bill and raise the debt ceiling.

Maybe next time we'll pick what's behind Door #3. In the meantime, bon appetit, and remember to eat your peas!

More millage election news

I already posted the top story from this report in Millage passes; Troy Public Library will stay open! Now the other results of last night's millage elections from the Detroit Free Press.

• Allen Park voters overwhelmingly rejected a Headlee override proposal to raise their taxes from 10.59 mills to 12.5 mills. Had it been approved, the measure would have raised about $1.8 million for the general fund. Last month, the City Council narrowly approved a $21-million budget that presumed the Headlee override would be successful. City Administrator Dave Tamsen said officials would have to look at other ways to replace the money if the measure failed.

• Center Line voters opted to tax themselves for police and fire, but not for school improvements. A 10-year, 7.5 mill tax increase won handily, whereas the plan to borrow $44.9 million for up to 30 years for a new elementary school, new athletic facilities and technology upgrades narrowly failed.

• Inkster...A proposal to borrow $20 million for 25 years to improve the city's sewer system narrowly failed.

• Livonia's charter amendment for a five-year, 1.7-mill tax for police and fire passed. The estimated revenue would be about $7 million in the first year. Another charter amendment to levy a 0.25-mill for senior services and the Greenmead Historical Village passed. The mill would raise about $1 million in the first year.

• Garden City voters passed, by six votes, a sinking fund millage that will pay for major repairs and renovations.

• In Madison Heights, Lamphere Public Schools passed a millage renewal and extended sinking fund millage.

I have only one thing to say about the Allen Park vote and the budget that was contingent on the millage passing--oops. The vote in Center Line is interesting--yes for protection, no for education. Since K-12 public education is being underfunded, I don't think that's a good thing. I think Inkster will be sorry they didn't fix the sewers. That's a disaster waiting to happen.

There were also primaries for municipal offices. Since those don't show the interplay between austerity and sustainability as directly as millage vote do, I'll just refer you to the Free Press article.

Millage passes; Troy Public Library will stay open!

Oakland County Clerk.

PUBLIC LIBRARY OPERATING MILLAGE PROPOSAL - CITY OF TROY (Vote For 1)
...
18 of 18 Precincts Reporting
Percent Votes
YES 58.19% 12,246
NO 41.81% 8,799
[TOTAL] 21,045

Not only did the proposal pass overwhelmingly overall, it won in 25 of Troy's 30 precincts including two (Troy 19 and Troy 28) where it earned 801 yes votes to 254 no votes. STOMP!

Even more amazing, the library millage election had the highest turnout of all the elections in Oakland County last night, ranging from 20%-50% and probably averaging about 40%. I said this was a big deal!

In contrast, the races for Mayor and City Council in Rochester Hills had turnouts ranging from less than 10% to 40%, with most precincts reporting less than 20% turnout, none of Southfield's precincts had more than 20% turnout for four City Council races, which were hotly contested, and no precinct in the County Commissioner District 2 race turned out more than 10% of registered voters.

Finally, I echo the sentiments of Keep Troy Strong.

The library has been saved. Thank you Troy!

Save the libraries, save civilization!

Millage vote on Troy's Library today

Remember this in which I commented on an article in Troy Patch?

[T]his is a big deal. How big a deal? Big enough that the local major party chapters have become involved.

Troy Citizens United is joined by the Troy-Clawson Republican Forum in opposing the library millage.
Kathy Martin, chair of the Troy Democratic Club and a founder of TRUST, said last week that she believes the groups leading the opposition to the library millage care less about taxes than they do a political agenda. "They want to take over Troy and have it be a base for the extreme right wing for the state of Michigan," Martin said. "There are people who are trying to manipulate for political control in the city ... they are trying to confuse voters."

The Troy Democratic Club is one of the two largest in the county along with the Pontiac Democratic Club, so it getting involved is definitely a big deal.

Yesterday's Oakland Press showed the partisan involvement has only grown.

Troy residents call to keep politics out of Aug. 2 library vote
By BONNIE CAPRARA
Special to The Oakland Press

The City of Troy's last-ditch effort to keep its library doors open by asking residents to approve a 0.7 millage on the August ballot has divided the city. And some are saying that taking the issue to partisan politics has gone too far.

Troy resident and registered Republican Timothy McGee expressed concern to 17 city Republican delegates and County Commissioner Robert Gosselin who signed a mailing sent on July 18 by the grassroots group, Troy Citizens United, which urges residents to vote “no” Tuesday, Aug. 2, on the millage and accuses Mayor Louise Schilling, Mayor Pro Tem Mary Kerwin and council members Maureen McGinnis and Dane Slater for partisan actions.

The TCU letter reads: “Council keeps asking for tax increases because Mayor Schilling and Councilmembers Kerwin, McGinnis and Slater were all endorsed by the local Democrat Party and unions. Mayor Schilling and Councilwoman Kerwin even had Elect Obama signs on their lawns. The Obama win has re-energized the Democrats in our city and they are working hard in Troy.”

“This is going to hurt the Republican Party,” McGee said. “If this fails, the Republicans will be held responsible for the library closing.”

DeBacker said that party politics are being played on the “yes” vote side, as well, which is being led by Save Troy.
...
“We didn’t start the political part; the other side did,” DeBacker said. “Frank Houston was seen prepping the ‘yes’ panelists before The Oakland Press/CMNtv town hall meeting last Wednesday. He doesn’t live in Troy. He’s a consultant to the Democratic Party and the chairman of the Oakland County Democratic Party.”

“A bunch of Republicans and Democrats (Troy Residents Unified for a Strong Troy) approached me about seven months ago and asked me to facilitate a meeting of how to save their library,” Houston said. “It has nothing to do with me being a party chair. I’ve worked as an independent consultant on state ballot initiatives. This is an issue that goes beyond party politics. When you have coalitions such as the League of Women Voters, the chamber of commerce and well-known Republicans and Democrats supporting the library, it shows how marginal how small this group of Tea Party activists opposing the millage is.”

Ellen Hodorek, spokeswoman for Save Troy and its research arm, TRUST, said: “TCU is turning this into a partisan thing. I’m a Republican and so are several members of TRUST. Fighting for the library is a non- partisan issue, which is why we started this. We formed TRUST to take the politics out of this issue.

”Despite their best efforts, it did become a partisan issue. Just the same, I'm taking the side of Keep Troy Strong on this one.

Please vote today and bring all your friends!

SAVE THE
LIBRARY!

SAVE
TROY!

TRUST will be posting live updates on its Facebook page tonight.

Let's make a debt deal

Original here

“Ladies and gentlemen, it’s time for today’s Big Deal. Today’s Big Winner can keep the sugar-coated Satan sandwich he just won, or he can trade it in for what’s behind our three doors. Behind one of them is a clean raising of the debt ceiling and the expiration of the Bush tax cuts. Behind another is a balanced budget amendment. Behind the third is a sovereign default. So, Big Winner, will you keep your prize, or trade it in for what’s behind Door #1, Door #2, or Door #3? Which do you choose?”

Food Fight! Thoughts on liberalism and conservatism inspired by the Preface to Food, Inc.

Yesterday.

This post is about the book Food Inc. and was the first of a projected series. I plan on reposting it on Crazy Eddie's Motie News as a "Blast from the Past" (I already reposted it to my LiveJournal) and then resuming blogging about the book. Nearly all the book would fit right in with the themes explored here on Crazy Eddie's Motie News. Yes, my plate is filling up quickly. At least I teach from Food Inc., so blogging about it would explicitly be professional development.

That repost will happen later this week. Look for it.

I decided to start right away.

Originally posted to Daily Kos.

As some of you may know, I'm a college professor who usually teaches science courses such as biology, environmental science, and geology. This upcoming semester, I will be stretching myself by teaching a course called "The Global Politics of Food." I won't be alone in this; there is a political science professor teaching this course with me. Still, it will be the first non-science course I've taught since I was a substitute teacher ten years ago, so it's going to be an experience.

For the textbooks, the other professor and I picked out Karl Weber's "Food, Inc.," the companion guide to the movie, and Raj Patel's "Stuffed and Starved." Today, I began re-reading "Food, Inc.," As I did, my thoughts wandered to the nature of progressivism, liberalism, and conservatism, and how these ideas relate to the current food fight between ex-Governor Sarah Palin and First Lady Michelle Obama.

Follow me over the fold for those thoughts.

Nablopomo for August: Fiction

Seems like only yesterday.

By the way, next month's theme for Nablopomo is Fiction. I'm participating. Here's the badge.



More on this theme beginning tomorrow, which will be in a few minutes. See you then!

Time to share the following from my email.

August's theme for daily blogging: FICTION. Certainly, blogging is about truth-telling; recording our lives. But how often does fiction seep into our reconstruction of our day? Is it important to always be honest, or can we skew the facts to present a better story?Beyond that, how can you not enjoy delving into a work of fiction? Finding a new world, new characters, new inventions that didn't exist until the writer placed them on the page. This month, we have to spend some time sharing our favourite books, authors, and characters.

I've been waiting for a theme like this to come along for months, as I have a whole bunch of book-related posts that I've been promising to do, going all the way back to April, when I wrote three entries in which I said I'd revisit the topic.