In a time of economic disasters, one industry’s growing like topsy: bankruptcy!
The number of filings has increased 35% so far this year.
What with unemployment increasing by more than 40%, this looks like a financial services mechanism with a long-term future.
Gorilla cashes out: “No more lucky Chapter 7s, it’s all Chapter 13s now!”
Our President will go to Copenhagen, bringing with him a promise to reduce carbon emissions “in the range of 17%” below 2005 levels by 2020.
How this is to be accomplished when there is not filibuster proof support in the US Senate for climate change legislation is something our President doesn’t mention.
To be seen to be promising something that can’t possibly be achieved on your watch is what makes climate change negotiations so surpassingly ridiculous.
What’s the difference between Obama’s approach and the infamous “aspirational goals” his predecessor suggested?
One supposes it is in the degree of disingenuousness: Bush was never serious about climate change, but Obama said he was and so far his people think wishing will make it so.
Gorilla thinks: “A prune Danish may be good for regularity in a romance, but it’s a real turnoff when you’re carbon dating in West Virginia!”
Today is the International Day On The Elimination Of Violence Against Women.
Here’s the take in one of Pakistan’s newspapers.
Not much on this in the Post (standard AP story on the UN) or the Times.
Here in America, violence against women includes the easy availability of guns, but also extends to efforts to restrict the right to abortion and contraception.
Somehow these harmful things don’t appear to count when they’re encouraged by the Know Nothing Party, the Catholic bishops, and a few dozen Democratic clowns led by Bart Stupak.
Gorilla says: “Until we say clearly that misogyny is unacceptable in a civilized society, whether that misogyny is promoted by politicians or religious leaders, women will not escape violence in America!”
Love seems to be better the second time around, at least if you work at the Fed.
The Board of Governors is worried a bit about all the “excessive risk taking” now returning to the US financial system, thanks to the dollar carry trade.
Low interest rates are necessary, of course, but not sufficient to address the banks’ lack of lending and increase in hoarding, nor will it make the slightest dent in unemployment.
For that you need a stimulus package, not monetary policy.
So is another bubble likely? The odds say the Fed are “relatively low”.
Gorilla asks: “As low as they were when the Fed was missing the housing bubble or as low as the Fed doing anything about curbing Wall Street’s power?
Gorilla’s Blog