Between the coal mine explosion in West VA and the oil rig fire and explosion in the Gulf, the TV newsies had had non stop disaster coverage. Unfortunately the press coverage has skipped over the little matter of what went wrong, and pressed on to the usual "isn't this terrible" voice over on video of the disaster scenes.
So far the newsies have not discovered any real evidence of wrong doing at the coal mine. No public disclosure of failure to make required inspections, install the required safety gear, or ignoring alarms. Not that any of this might not have happened, it just that the TV news hasn't reported it.
The oil rig disaster happened under charter to BP, an accident prone operation. BP is so Beyond Petroleum that they let the Alaska pipeline rust out and spring a leak, allowed a major explosion and fire at a Texas refinery, and now it looks like they bear some responsibility for a blowout as bad as Santa Barbara. Santa Barabara happened back in the 1960's and was so bad that California has banned off shore drilling ever since.
For those that remember Santa Barbara, may remember a lot of talk about "blowout preventers", and lack of same on the Santa Barbara well. According to TV news, the gulf well has a 450 ton blowout preventer installed on the sea floor. It isn't working, the oil is pouring out of the damaged well. There has been no coverage of why, of how blowout preventers work, of the possibility of shutting off the oil flow by remote control from the surface or by submarine. This reflects the basic ignorance of newsies. They don't know nothing.
Thursday, April 29, 2010
Tuesday, April 27, 2010
So what did Arizona pass?
Some TV people claim the new Arizona law allows the cops to question anyone about their citizen ship. Other TV people claim the law only allows the cops to ask about citizen ship AFTER they make an arrest for other reasons. They can't both be right, some of them are are misleading the public. I wonder which one it is.
Confused Vegetation
Right after Leaf Day, we get a winter storm warning this morning. Snow started in earnest a couple of hours ago. We have two inches down and it's still coming down heavily. Dunno what the trees think of this.
Follow up. We have thirteen inches down as of 7:15 this morning and it's still snowing. This is as heavy a snowfall as we have had all winter. Winter storm warning is in effect until 4 PM
Follow up. We have thirteen inches down as of 7:15 this morning and it's still snowing. This is as heavy a snowfall as we have had all winter. Winter storm warning is in effect until 4 PM
Big Pharma Roast
CSpan had some government bureaucrats patting them selves on the back for fining drug maker Astro-Zenica billions of dollars. Astro-Zenica's crime? Marketing drugs for "off label" uses. Terrible crime that. Normally I'm as ready as the next guy to roast a drug company. They charge ridiculous prices, waste enormous sums on marketing, and haven't developed much in the way of new pills lately.
But marketing drugs "off label" is pretty harmless. A new drug (call it Wondermycin) is taken to the FDA and after much time, mountains of paperwork, and probably some under the table payoffs, the drug is approved for sale. The approval reads something like this. "Drug Wondermycin is approved for treatment of this, that and the other disease". Those are the "on-label" uses.
Later on it is discovered that Wondermycin is also good against a couple of other diseases. (Off-label uses) Word gets out to the medical community and doctors begin the prescribe Wondermycin for those other diseases. "Word gets out" means the Wondermycin salesmen tell the doctors about the "off label" uses.
This infuriates the FDA. FDA feels that the drug makers should submit more mountains of paperwork, run more expensive clinical trials, and grovel before the desks of FDA bureaucrats in order to obtain a new approval listing the additional uses. Naturally, the drug companies, after the terrible beating they took getting Wondermycin approved in the first place, are unenthusiastic about going back to get beaten up a second time.
In actual fact, off label uses are carefully controlled. The doctors, for ever looking over their shoulders for a malpractice lawyer hiding in the hallway trash can, are not about to write a prescription for off label use unless said off label use is super safe. No doctor with two brain cells firing is going to risk a malpractice suit by causing harm to a patient. The doctors all know that should a patient suffer so much as a hangnail after taking a drug for an off label use, they will get sued down to their socks.
So, FDA and the bureaucrats are fining Astro-Zenica for promoting off label use, even though off label use isn't going to hurt anyone. This is bending the cost curve UP, and doing it just to make the FDA bureaucrats feel all warm and fuzzy.
But marketing drugs "off label" is pretty harmless. A new drug (call it Wondermycin) is taken to the FDA and after much time, mountains of paperwork, and probably some under the table payoffs, the drug is approved for sale. The approval reads something like this. "Drug Wondermycin is approved for treatment of this, that and the other disease". Those are the "on-label" uses.
Later on it is discovered that Wondermycin is also good against a couple of other diseases. (Off-label uses) Word gets out to the medical community and doctors begin the prescribe Wondermycin for those other diseases. "Word gets out" means the Wondermycin salesmen tell the doctors about the "off label" uses.
This infuriates the FDA. FDA feels that the drug makers should submit more mountains of paperwork, run more expensive clinical trials, and grovel before the desks of FDA bureaucrats in order to obtain a new approval listing the additional uses. Naturally, the drug companies, after the terrible beating they took getting Wondermycin approved in the first place, are unenthusiastic about going back to get beaten up a second time.
In actual fact, off label uses are carefully controlled. The doctors, for ever looking over their shoulders for a malpractice lawyer hiding in the hallway trash can, are not about to write a prescription for off label use unless said off label use is super safe. No doctor with two brain cells firing is going to risk a malpractice suit by causing harm to a patient. The doctors all know that should a patient suffer so much as a hangnail after taking a drug for an off label use, they will get sued down to their socks.
So, FDA and the bureaucrats are fining Astro-Zenica for promoting off label use, even though off label use isn't going to hurt anyone. This is bending the cost curve UP, and doing it just to make the FDA bureaucrats feel all warm and fuzzy.
Monday, April 26, 2010
Republicans oppose $50 billion bailout fund
The financial reform bill has a provision for a $50 billion fund to "clean up" failed banks. Republicans are opposing this and the democrats are in favor? Far as I am concerned, it's a $50 billion bailout fund. It means that deals with failed banks are covered, at least the first $50 billion. That's bad. Wheelers and dealers should have to worry that they won't get paid if they deal with banks that go bankrupt. They might not do quite so many risky deals if the risks were higher.
This bill also might limit credit default swaps and require banks to "spin off" their credit default swap units. That's a good idea. Credit default swaps are high stakes gambling that put Lehman, AIG, Bear Stearns, Merrill Lynch and some other fools out of business in 2008. FDIC insured banks shouldn't be gambling in this casino with taxpayer insured money.
If the democrats could give up their bailout fund, Republicans might vote for the bill. Why do the democrats want to bail out Wall St again?
This bill also might limit credit default swaps and require banks to "spin off" their credit default swap units. That's a good idea. Credit default swaps are high stakes gambling that put Lehman, AIG, Bear Stearns, Merrill Lynch and some other fools out of business in 2008. FDIC insured banks shouldn't be gambling in this casino with taxpayer insured money.
If the democrats could give up their bailout fund, Republicans might vote for the bill. Why do the democrats want to bail out Wall St again?
Leaf Day comes to Franconia Notch
It's here. I have green leaf buds showing on all the trees. About time too.
Friday, April 23, 2010
Arguments we don't need to have
Cover story on Commentary "What kind of socialist is Barack Obama". I don't know, and the answer really depends upon what your definition of socialist is. Change your definition of socialism and you change the answer to the question. I don't care if you call Barack Obama is a Fabian socialist, a rightist Burkharin deviationist, a pure Marxist, or a democratic socialist. They are just labels.
Let's talk substantive issues, such as Can the US economy survive the costs of Obamacare, or Did the Porkulus do anything good for the economy, or Should the Obama Administration allow Iran to build nukes and if not what should be done about it. But arguing over the label to apply to Obama's policies is a waste of time in my humble opinion (IMHO).
Let's talk substantive issues, such as Can the US economy survive the costs of Obamacare, or Did the Porkulus do anything good for the economy, or Should the Obama Administration allow Iran to build nukes and if not what should be done about it. But arguing over the label to apply to Obama's policies is a waste of time in my humble opinion (IMHO).
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