THE 1946 MOVIE IT’S A WONDERFUL LIFE has become a holiday favorite for many Americans. The heart-rending story of George Bailey (played by Jimmy Stewart), who in his hour of despair is vouchsafed a glimpse of what the world would be like if he’d never been born, holds great meaning for many Americans. So does the drama played out between George and his father, Peter, and their professional nemesis, rich old banker Henry Potter (Lionel Barrymore), which provides a vivid look at the dramatic changes that had taken place in American finance in the years leading up to the time the movie was made.
The recent problems in the mortgage market bring the story and its characters to life once again. The Baileys and Old Man Potter disagreed about a number of things, but principally about the credit-worthiness of what Potter calls “the riff-raff,” the average citizens in their home town of Bedford Falls. The Baileys believe they are credit-worthy, and Potter generally does not.
Potter remembers the recent past, when lenders made the rules, insisting on repayment in gold coin or its equivalent, on big down payments and short terms. Most important for middle-class folks, Potter sees residential real estate as illiquid, mediocre collateral. George and Peter Bailey and their Building & Loan envision a future of suburban development, of small down payments and decades to pay. When George looks at the world had he never been born — and sees a vacant field instead of the Bailey Park housing development financed by the Bailey Building & Loan — he is looking at what would have been Pottersville.
Category: Current Events
Leslie Feist Concert Rocks Madison (Video Slide Show)
Leslie Feist rocked Madison Friday evening, 16 November 2007. Despite her severe ankle sprain (evidently while running in Omaha, NE the prior day), Feist and her band entertained the sold out Orpheum Theatre with ouststanding vocals, delightful instruments and an elegant video art show. Check out the playlist here.
More, please.
Watch an MPEG-4 Video Slideshow:
- 1280 x 768 106MB Version [Watch or CTRL_Click to Download]
- 20.5MB MPEG-4 Version for iPod and similar devices. CTRL-Click to download.
Links: Ask Clusty Search | Google News | Live | Yahoo.
Rob Thomas attended the concert and wrote this.
Pomp, Circumstance & Hockey: Wisconsin Badgers vs. North Dakota Fighting Sioux
Details of the Badgers 4-0 win available here. North Dakota had an amazing 43 shots on goal, including 25 in the third period. A tremendous, fast paced game. One of the best I’ve seen.
Former Technician ‘Turning In’ AT&T Over NSA Program
His first inkling that something was amiss came in summer 2002 when he opened the door to admit a visitor from the National Security Agency to an office of AT&T in San Francisco.
“What the heck is the NSA doing here?” Mark Klein, a former AT&T technician, said he asked himself.
A year or so later, he stumbled upon documents that, he said, nearly caused him to fall out of his chair. The documents, he said, show that the NSA gained access to massive amounts of e-mail and search and other Internet records of more than a dozen global and regional telecommunications providers. AT&T allowed the agency to hook into its network at a facility in San Francisco and, according to Klein, many of the other telecom companies probably knew nothing about it.
Klein is in Washington this week to share his story in the hope that it will persuade lawmakers not to grant legal immunity to telecommunications firms that helped the government in its anti-terrorism efforts.
Perhaps our elected officials might consider this matter vis a vis AT&T’s flawed video “competition” bill. unlikely
Morning Workout Zeitgeist, or “Let’s turn the Capitol into a Casino/Waterpark”
Props to the early morning workout group for this inspiration.
On Political Corruption
Larry Lessig turns his attention to political corruption. Video. Well worth watching.
Prosecutor Over-Reaching
Dee Hall covers an issue vital to our democracy – over zealous prosecutors:
A Wisconsin State Journal investigation, however, found instances in which court records and transcripts back up his critics’ claims that he has crossed ethical lines. Stretching back to the early 1990s, Humphrey has been the subject of criticism accusing him of ethical lapses, poor judgment and unreasonably aggressive tactics. Critics have included defendants, defense attorneys, judges and three of the four district attorneys who’ve supervised him.
The State Journal examined more than 2,000 pages of documents, including records from Humphrey’s office files obtained under the open-records law. The newspaper also interviewed more than two dozen attorneys, judges, defendants, legal experts and law-enforcement officials.
The newspaper’s investigation found that the veteran prosecutor:
— Wrongfully kept a young man in the Dane County Jail for a month, even after he was repeatedly notified of the error.
— Made false or misleading statements in affidavits, in correspondence and in court hearings to advance his case or to cover up mistakes.
— Charged two witnesses and had a third arrested for failing to show up for trials that had been cancelled — a tactic his boss had warned him was “an abuse of your authority.”
— Aggressively pursued seven felony charges against a bankrupt father who was $2,846 behind in child support — a prosecution the judge said should “make one wonder about the integrity of (the) justice system.”
— Twice pursued vehicular-homicide charges using speed estimates his own experts told him were inflated.
One of those cases was Humphrey’s failed prosecution of Adam Raisbeck, a 17-year-old from Marshall. Humphrey’s actions in the case prompted a blunt reprimand from his boss, and the misconduct findings that are headed to the Supreme Court.
US District Judge Lewis Kaplan recently expressed concern over “prosecutor’s expansive power”.
Opus on Air Travel
Classic Opus Cartoon.
Wisconsin Congressional Earmarks: Spending our Children’s Money via a Bloated Defense Bill
Taxpayers for Common Sense posted a very useful and in some ways surprising look at $3,000,000,000 in Congressional Earmarks attached to a $459,600,000,000 defense appropriation bill (not the entire defense budget). This amount is $40,000,000,000 more than last year’s authorization (nice). Wisconsin congressional earmarks are lead by long time incumbent David Obey with $42,000,000, who also conveniently serves as Chair of the House Appropriations Committee. Obey’s earmark methods have been criticized recently: John Solomon & Jeffrey Birnbaum writing in the Washington Post:
Democrats had complained bitterly in recent years that Republicans routinely slipped multimillion-dollar pet projects into spending bills at the end of the legislative process, preventing any chance for serious public scrutiny. Now Democrats are poised to do the same.
“I don’t give a damn if people criticize me or not,” Obey said.
Obey’s spokeswoman, Kirstin Brost, said his intention is not to keep the projects secret. Rather, she said, so many requests for spending were made to the appropriations panel — more than 30,000 this year — that its staff has been unable to study them and decide their validity.
Here’s a list of all earmarks (.xls file) attached to this defense bill. Wisconsin delegation earmarks:
- David Obey 42,000,000 (Unique ID Column 837, 854, 874, 921, 947, 1053, 1093, 1165)
- Tammy Baldwin $7,500,000 (Unique Id Column 56, 740, 1334)
- Steve Kagen $5,000,000 (Unique ID 496, 561, 562)
- Ron Kind $4,000,000 (Unique Id 1033 and 1083)
- Tom Petri $4,000,000 (Unique Id 782)
- Gwen Moore $2,000,000 (Unique Id 575, 898, 978 and 1151)
- Paul Ryan $0.00
- Jim Sensenbrenner $0.00 (shocking)
HouseDefenseEarmarks.xls. Congress’s approval ratings (3%) are far below the President’s (24%), which isn’t saying much (Zogby Poll)
Much more on local earmarks, here [RSS Feed on earmarks]
