The Economist likes securitisation.

Securitisation, the banking scam that brought us great depression 2.0.  The Economist thinks we should bring it back.   Used to be, when banks or companies needed to borrow money, they issued bonds.  Pieces of paper that promised to pay back with interest, money in the future.  Investors pay cash to receive a paper promise.  If the promiser is creditable (for example Boeing, or US Treasury, or Apple)  investors line up happily to exchange cash for promises of more money in the future.  If the promiser is not credible (for example Greece)  no one will buy them. Banks, are something of a special case.  There are limits to the number of bonds a bank can issue.
   So, in the early 2000's the banks invented a new deal.  They issued "bonds" that were "backed" by something, home mortgages, or accounts receivable, or other intangible paper assets.  The banks said "the asset backing this bond makes it like a car loan or a home mortgage.  If the borrower doesn't pay on time we can repossess the car or the house."   Investors were gullible enough to buy these "backed" band bonds.   Things blew up in 2007 when investors found that the "assets" "backing" these bonds were sub prime home mortgages in default.  And they found that they didn't have the right to repossess the houses.  Losses from "mortgage backed securities" were bad enough to kill GM, Lehman Brothers, AIG, and some Euro banks whose names escape me now.  This kicked off Great Depression 2.0 from which we have still not recovered.
   The mortgage backed securities are way for banks to borrow money from gullible investors.  Actually, banks should not borrow money.  They are supposed to lend it.  Banks should acquire funds to lend by attracting depositors, and selling bank stock.  Depositors are insured so they will park their money anywhere with the  FDIC sign.  Investors who buy bank stock know their investment is only as safe as the bank itself.  So stockholders insist that the bank be careful with their money and not make loans that may not be paid back, no matter how lush the returns are.  In short, bank stock holders are conservative and will keep their bank from doing stupid things.  Like lending money to Greece.  The way we create a stable financial system is to make the big players into careful players.
   If the big players borrow money, they pretty much do what they please.  If they have to raise money by selling stock, they give up a certain amount of control  to the investors, which keeps 'em careful. 
  

David Gregory trashes Robert Gates on Meet the Press

Every one on the panel of newsies said it was dastardly of Gates to publish his memoirs, which said some VERY hard things about the Obama administration, while Obama was still in office.  Hmm. I never heard of this ethics rule before.
   This is America.  We have freedom of speech and of the press.  That means you can publish anything you like.  Anytime you like.  Gates had some harsh things to say about Obama, and he said them, in public.  Good for him.  What's wrong with that?   Other than it hurts Obama, but Obama needs to be trashed now and then.  The newsies never say anything bad about Obama.  We need some balance here.
  Apparently Meet the Press doesn't agree.  At least they didn't call Gates a racist for criticizing their favorite boy. 

The Geo Washington Bridge is an Interstate Bridge.

One end is in New Jersey, the other end is in New York.  The usual arrangement in such a case, is a bi state commission to run the bridge.  Equal numbers of commissioners from each state.  Equal numbers of patronage appointments to each state. Equal amounts of money spent in each state for supplies, maintenance, painting, etc. 
   In such a case, how does New Jersey, acting on its own, get to close down bridge lanes?  Does not New York have to go along?  And why would New York go along?  Cause massive inconvenience to New York commuters just to settle some political hash in New Jersey?
   There must be a way, but I have no idea what it was. 
   Inquiring minds want to know. 

Obama's Promise Zones

There was Obama, on TV, out in some really hard hit location, Appalachia or Brooklyn, can't remember for sure which.  He was talking about "promise zones", which would bring all sorts of government handouts to depressed areas. 
   I'm watching this, thinking to myself,  What those places need is real jobs.  Like say an automobile plant, or a Boeing plant.  I didn't hear a word from Obama about getting some industry to move into the area, which is what is truly needed. 

Cannon Mt Ski Weather

In a word bad.  It's 42F and raining. 

Nobody knows WHAT spilled into the water in West VA.

The newsies have been reporting a chemical spill in West VA that has contaminated the water supply.  Residents are being told not to drink the water, not to use it even for washing clothes.  Sounds pretty bad.
   However, nobody seems to know what was spilled.  At least no newsie has mentioned a name for the "chemical"  that is causing so much alarm.  Could it be that no newsie ever took high school chemistry?  Perhaps they cannot pronounce any chemical name more complicated than "water" ? 

Whither Chris Christy?

Chris Christy, governor of New Jersey, front running Republican candidate for 2016, has a nasty scandal simmering on his front burner.  Back in September, someone ordered three lanes on the George Washington bridge closed, creating horrendous traffic jams. Christy stands accused of doing it as political retaliation on the mayor of Fort Lee. 
  Yesterday Christy held a marathon news conference, at which he announced the firing of two people, pretty high up in his adminstration, said he was sorry, and took all reporters questions for nearly two hours.  Christy blamed the whole thing on underlings.  He is a convincing speaker.
  So what next?  If you believe Christy, it wasn't his fault, and he has taken action against the perps.  If you like Christy, and a lot of people do, you are inclined to believe him.  As long as no evidence surfaces to pin the blame on the governor,  this will probably blow over, in time.  Right now, the state legislature (all democrats), and the federal government (mostly democrats) are going to investigate, i.e. go on fishing expeditions looking for something to hang Christy with.  So long as they don't find anything incriminating, Christy ought to be OK.  I figure they can keep this ball in the air for another 6 months or so. 
   I can believe that in New Jersey, plenty of pols at all levels are into eye-for-an-eye.  I can believe that underlings could have pulled this off without Christy's knowledge.  After all, that's what happened to Nixon.  Gordon Liddy planned and executed Watergate without Nixon's knowledge. 
  We'll see.  I kinda like Christy, and I hope he survives.