Friday Reads: Shock and Awe on the American Campaign Trail

Good Morning!

Well, I  am supposed to be waiting to hear the Big Dawg speak at an event today. Instead, I’m sitting here with a flat tire waiting.  I’ve heard Bill Clinton speak quite a few times down here including with George H.W. Bush in a small tent on campus right after Katrina when I was one of two profs actually teaching on the UNO campus.  Exactly one building was open.  He’s really a great speaker and he has the ability to make you feel like the most important person he’s ever met when he’s one on one.  I wanted to see if he still had it frankly.

I’m still stunned by the so-called “debate” last night between the remaining Republican Presidential Candidates. Did you ever think you’d see ten minutes of one of these things dedicated to the penis size of the front runner?  Did you even think that a member of the U.S. Senate would be the one to bring it up on national TV?  I’d like to go on record saying that the Republican party needs to goes the way of the Dodo.  I’m not sure if there are any sane people left in the infrastructure, but whatever grown ups are left need to just turn off the lights and start over.  They need to send the racists and the religious kooks and the enablers that make them deny economic and scientific reality back to whatever self-created hell realm they’ve emanated from. Paul Krugman isn’t very generous about their shit show either.

So Republicans are going to nominate a candidate who talks complete nonsense on domestic policy; who believes that foreign policy can be conducted via bullying and belligerence; who cynically exploits racial and ethnic hatred for political gain.

But that was always going to happen, however the primary season turned out. The only news is that the candidate in question is probably going to be Donald Trump. Establishment Republicans denounce Mr. Trump as a fraud, which he is. But is he more fraudulent than the establishment trying to stop him? Not really.

Actually, when you look at the people making those denunciations, you have to wonder: Can they really be that lacking in self-awareness?

Donald Trump is a “con artist,” says Marco Rubio — who has promised to enact giant tax cuts, undertake a huge military buildup and balance the budget without any cuts in benefits to Americans over 55.

“There can be no evasion and no games,” thunders Paul Ryan, the speaker of the House — whose much-hyped budgets are completely reliant on “mystery meat,” that is, it claims trillions of dollars in revenue can be collected by closing unspecified tax loopholes and trillions more saved through unspecified spending cuts.

Mr. Ryan also declares that the “party of Lincoln” must “reject any group or cause that is built on bigotry.” Has he ever heard of Nixon’s “Southern strategy”; of Ronald Reagan’s invocations of welfare queens and “strapping young bucks” using food stamps; of Willie Horton?

Put it this way: There’s a reason whites in the Deep South vote something like 90 percent Republican, and it’s not their philosophical attachment to libertarian principles.

The Republican Party is capable of nothing these days but ruining the states they govern,  stopping any kind of governance on the Federal level,

and making laws to make lives miserable for any one that isn’t either white male or white male property and branded the right kind of  “christian”.  The one thing I will say about the ongoing shit show is that people that have been voting Republican under the mistaken idea that Republicans are anything but a party of rich dudes getting political favors and racists, misogynist, homobigoted religious freaks are finally finding out what’s been the underlying theme of insurrection since the Reagan Shit show. The Republican Party is not the Party of Lincoln or even Ronald Reagan.  It’s the party of George Wallace, at best.

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The Republicans have become so obsessed with one policy–subsidizing the extremely rich--they’ve also tanked any possible hope that we can get reasonable trade policies or any kind of reasonable form of government spending to include fixing the damn roads and bridges.  If you look around the world, you can see how trade has been creating healthy middle classes.  There’s a lot of money that flows into countries from trade and a hell of a lot of it goes to workers and smaller businesses because responsible government ensures this through good policy.  NOT in this country, however.  They’ve destroyed the decades of what economics has taught us they way they’ve turned racism, misogyny and bigotry into religious freedom.

The Econ-101 case for free trade is straightforward: Trade benefits those who produce exports and those who consume imports (including producers who use imported goods as inputs). It hurts the producers of goods which can be made better or more cheaply abroad. But the gains to the winners exceed the gains to the losers: that is, the winners could make the losers whole and still come out ahead themselves. Therefore, trade passes the Pareto test.

[Yes, this elides a number of issues, including path-dependency in increasing-returns and learning-by-doing markets on the pure-economics side and the salting of actual agreements with provisions that create or protect economic rents on the political-economy side. It also ignores the biggest gainers from trade: workers in low-wage countries, most notably the Chinese factory workers whose parents were barefoot peasants.]

So when the modern Republican Party (R.I.P), in the name of “small government” and opposition to “class warfare,” set its face against policies to redistribute the gains from economic growth, it destroyed the theoretical basis for thinking that a rising tide would lift all the boats, rather than lifting the yachts and swamping the trawlers. Free trade without redistribution (especially the corrupt version of “free trade” with corporate rent-seeking written into it) is basically class warfare waged downwards.

Trade by itself can’t account for all of the fractal growth in incomes, with the top half of earners (mostly college graduates) pulling away from the less-educated bottom half, the top decile pulling away from the rest of the top half, the top 1% pulling away from the rest of the top decile, and the top tenth of 1% pulling away from the rest of the top percentile. (I suspect that the billionaires have also been pulling away from the merely rich, but I’m not sure there’s data to support that.) The increasing importance of “winner-take-all” phenomena (linked to the information revolution and the increasing importance of very-low-marginal-cost goods as well as trade), the combination of dual incomes and assortative mating, and the destruction of labor unions have all done their share.

But the bottom line is that all of the gains, not merely from trade but from economic growth, have been concentrated in the hands of a relative few.  And worsening inequality harms the relative losers even if their absolute incomes do not fall.

Have we finally reached a critical mass where folks on both sides of the aisles will realize that all they do is lie and that if Bernie Bros or Hillary Haters repeat their lies, we’re as good as cooked.   Donald Trump has pretty much killed the narrative that the Republicans are a Big Tent party that are just interested in a different approach to governing. 

Reeling from a second straight loss to Barack Obama, a flailing Republican Party in 2013 found its culprit: Mitt Romney’s callous tone toward minorities. Instead of being doomed to irrelevance in a changing America, the party would rebrand as a kinder, more inclusive GOP. They called their findings an “autopsy,” and party leaders from Paul Ryan to Newt Gingrich welcomed it with fanfare.

But even then, Donald Trump was lurking.

Now, with Trump’s GOP takeover fully underway, interviews with four co-authors of the 2012 autopsy and 10 other Republican leaders reveal a party establishment terrified that Trump is not only repeating the party’s failures — he’s destroying the party in the process. And while the leaders continue to insist that their report laid out the Republican Party’s best chance of victory, they fear Trump’s dominance will tear the party apart before they ever get a chance to put it in play. “New @RNC report calls for embracing ‘comprehensive immigration reform,’” he wrote in a little-noticed tweet, nestled alongside digs at Mark Cuban and Anthony Weiner on the day of the report’s release. “Does the @RNC have a death wish?”

Pundits laughed it off as the buffoonish ramble of a fringe New York billionaire on that March 2013 day, but what Trump didn’t say — and what the party establishment couldn’t have imagined — is that, three years later, he would be the one on the verge of making that death wish come true. The billionaire has not only ignored the report’s conclusions, he has run a campaign that moved the party in the exact opposite direction.

This is the same candidate that has open support of David Duke and white supremacists and answers questions about that support with “meh”. You need look no farther than Trump Rallies to find them out in the open and acting like goons. White nationalists shoved and assaulted a young black woman with absolute impunity.

White supremacists and other Donald Trump supporters could face charges for altercations that broke out during a Kentucky campaign rally — but so could protesters.

Video showed a white nationalist leader shoving and screaming at a black woman who protested the Republican presidential candidate’s rally Tuesday at the Kentucky International Convention Center in Louisville.

Matthew Heimbach, head of the Traditionalist Youth Network, admits he was involved in an altercation with a black woman who he said was screaming obscenities and creating a disturbance, but he denied the woman’s claims that he used racial slurs.

One of the protesters, Henry Brousseau, filed a police report alleging that he was punched in the stomach by a woman in Heimbach’s group for shouting “Black Lives Matter,” reported the Courier-Journal.

The 17-year-old Brousseau said he did not know the woman’s name but took a photo of her before he was ejected from the event by what he believes was a combination of Trump security guards, Louisville Metro Police officers and Secret Service agents.

Trump interrupted his roughly 40-minute speech at least a half-dozen times to call for the removal of protesters, reported WDRB-TV, and some of the demonstrators said the candidate’s supporters roughed them up before they were ejected.

“I didn’t expect hands to be placed on me,” said protester Shalonte Branham. “I expected security to say, ‘It’s time to go,’ but I did not expect people to try and harm me.”

Karma has been swift for these horrible people in the world of social media.  Those of us living in the world outside Trump’s wet dreams are ensuring that chickens come home to roost.

Imagine if you will that you are one of the dullards who frequents Donald Trump rallies. Imagine that Donald Trump’s rhetoric is actually exciting enough for you to become energized when he hits the stage. Now imagine that because you are of the low-information variety American voter, your favorite part of the show is the racism.

You would be just like young Joseph Pryor, who was just kicked off of the US Marines’ delayed enlistment program, meaning he will not EVER be a United States Marine, because of the antics he pulled in connection with the assault of a black woman at a recent Trump rally in Kentucky.

Louisville police added to the mess the Trump supporters got themselves into by announcing they’re looking at filing criminal charges against several people. There has been some speculation that Trump himself may be facing charges as a ringleader, but that is unconfirmed at this time. What we do know is that a woman was treated with the utmost of disrespect, was physically and verbally assaulted and quite possibly had her civil rights violated for no reason other than the color of her skin.
It’s a common scene at these things. Protesters stand as quietly as they can and are eventually discovered and removed with extreme prejudice. Trump security personnel, local police and tens of thousands of unruly thugs in red hats solves those issues while Trump stands on stage scanning for the next people to have booted out. It’s nothing but a reality TV hook.

Now this poor young man, whose racism may have just been a side-effect of being raised by idiots and who may have had hope with just a few more IQ points, will tell the story of how he sacrificed his military service for Donald Trump. His friends will toast him with Natural Ice until the day he dies of liver failure. He’ll be buried with full honors by his World Of Warcraft buddies in a casket draped with the Gadsden Flag In an unsanmctioned cemetery slated to be paved for the new Walmart Supercenter parking lot.

This guy isn’t the first person to go full stupid for Donald Trump and lose big and he certainly won’t be the last.  But, so many folks are also

falling for horrid Republican lies about Hillary Clinton.  Last night, Rubio out right lied about the focus of the FBI interest in Clinton’s emails which were first outlined here.   Politico fact checked it last night along with other blatant lies last night.  The entire lot of them lie like a warehouse filled with rugs.

Marco takes two shots at Hillary on Benghazi; misses

Rubio launched a late attack on Hillary Clinton that contained what were at best two distortions. First, he said she’s under FBI investigation. In fact, the FBI is investigating handling of classified information on her email server, which is not quite the same as investigating her—at least not yet. Second, Rubio said Clinton lied to the families of the victims of the attack in Benghazi. But there’s no way to know: PolitiFact has delved into this before and determined “there simply is not enough concrete information in the public domain for Rubio or anyone to claim as fact that Clinton did or did not lie to the Benghazi families.” Clinton and the families disagree about what was said, but even if she blamed the video mocking Islam for triggering the attacks, that might not have been an intentional lie given the intelligence at the time.

— Isaac Arnsdorf

This morning our local published an Op Ed a local freaking Republican pol repeating the same damned lie!  (H/T to Adrastonos.)  “There is no FBI or DOJ email investigation of Hillary Clinton.”  Immunity granted to Bryan Pagliano does not look bad for her or mean she’s done something criminal at all.   There are now lies!  damned lies!  and Republican lies!!!

What about Clinton – does Pagliano’s immunity somehow count against her? Hardly. Again, it is only what it is.  The whole country saw her on live television being questioned by a Republican-majority House Committee. They can decide about her from what they saw themselves.

WAPO puts it this way: “Clinton emails continue to be non-scandal, disappointing Republicans”.  So, they lie.

US citizens of goodwill can no longer take the Republican Party seriously.  This morning, Fox News is trying to push Kasich as the reasonable one left

in the room.  This is the governor that is trying to take credit for both Obama’s and Clinton’s legacy while simultaneously damning them.  He is no moderate. Never has been or will be.

For all of Kasich’s supposed moderation, he is one of the most extreme antiabortion politician in America. Such views, however, seem to have little impact on Kasich’s moderate image.

Consider that, since Kasich took office in 2011, he has signed into law 16 antiabortion measures. These include a ban on abortions after 20 weeks; a mandatory ultrasound for women having abortions in clinics that receive state funding; and a provision in the state’s budget bill that prevents rape crisis counselors from providing women with information about abortion services. Onerous regulations on abortion providers have led half the abortion clinics in the state to shut down. All of this would seem to reflect Kasich’s “Christian moral imperative” too.

“John Kasich also peddles economic quackery and social conservatism.”

While there’s substantial evidence that Kasich is not consumed with a sociopathic loathing of immigrants and the poor, that’s a remarkably low bar to clear to merit the “moderate” appellation. To be sure, Kasichhas not quite followed the ultraconservative path charted by, say, Wisconsin Gov. Scott Walker — but it’s not for lack of trying. Just as Walker did, Kasich signed a law stripping public employees of collective bargaining rights shortly after taking office in 2011 — and like Walker, Kasich witnessed a plunge in his standing in the polls; one April 2011 survey pegged Kasich’s approval rating at a mere 30 percent. Unlike Wisconsin, Ohio lacked a law providing for a gubernatorial recall, so opponents of Kasich’s anti-union law staged a November 2011 referendum on it instead. The outcome was a humiliating rebuke to the new governor; by a margin of 61 percent to 39 percent, voters overturned the law — a chastening result that informed Kasich’s subsequent decision not to pursue legislation making Ohio a so-called right-to-work state.

It is imperative that more and more people see exactly what the Republican Party has become.  For that, I’m thankful for the Trump candidacy.

What’s on your reading and blogging list today?


Friday Reads: Rehashing the Debate of the Living Dead

Well, I’ve had one of those days and I’m much later than I thought I would be getting to this post. I went to pick up a ‘script and some groceries which I expected to take an hour and a half tops. It turned into an all afternoon ordeal that’s left me crabby and behind on everything. At least Z Nation is on tonight and I have a good supply of red wine.

AUSTIN, TX - NOVEMBER 4: U.S. Sen. Ted Cruz speaks during the victory party for Texas Attorney General and Republican gubernatorial candidate Greg Abbott after an apparent victory over Democratic Sen. Wendy Davis on November 4, 2014 in Austin, Texas. (Photo by Erich Schlegel/Getty Images)

I’m still reeling from the absolute cock and bull show that was the three hour Republican Primary Debate.  How can so many people tell so many lies and still have folks call some winners and losers.  What ever happened to telling the truth and calling people out on absolute fantasy?

Stephanopoulus called Fiorna out on the whopper she told about Planned Parenthood but not until the next day. 

Former Democratic activist turned journalist George Stephanopoulos on Thursday went after Carly Fiorina for attacking Planned Parenthood during Wednesday’s presidential debate. The Good Morning America co-host grilled, “Another powerful moment last night was when you talked about those Planned Parenthood tapes. But analysts who’ve watched all 12-plus hours say the scene you’ve described, that harrowing scene you described, actually isn’t in those tapes.”

He wondered, “did you misspeak?” Fiorina shot back at the man who secretly donated $75,000 to the Clintons: “I don’t know whether you’ve watched the tapes, George….Certainly none of the Democrats who are still defending Planned Parenthood have watched those tapes.”

I’m beginning to think they should just come out and ask them if they’re stupid or if they’ve just decided to just lie to every one if that’s what it takes to get attention.

None of the nonsense escaped the sharp eyes and tongue of Charles Pierce. He singled Fiorina out for the completley out-to-lunch comments of Fiorina who many pundits feel won the debate.

How do you win a debate by talking trash crisply?

There is a monumental question facing political journalists this morning. How do you cover a campaign in which 15 candidates are running on the basis of things that simply are not true, on the basis of things that simply do not exist? There are two choices: call bullshit for what it is, or just surrender to the unceasing barrage of truthless performance art.  Here’s Ezra Klein, pretty much running up the white flag.

This is the second debate Fiorina won. She dominated the JV stage in the Fox News debate, forcing CNN to change the rules to ensure she made the main stage in their event. She validated their decision tonight. She had the crispest answers, received the biggest cheers, and proved the only candidate on the stage capable of standing against Trump. She made everyone else on the stage — especially Trump — look unprepared. But she did it in part by playing fast and loose with the facts. Her barrage of specifics often obscured a curious detachment from reality.

If a cop sees someone on the sidewalk evincing a “curious detachment to reality,” he will run that person in for medical observation, but read on, and Klein correctly points out that Fiorina doesn’t really know what she’s talking about. On foreign policy, and on immigration, and on a host of other issues, she simply asserts that which is not true.

This has become something of a habit for Fiorina, who has a notable facility for delivering answers that thrill conservatives but fall apart under close examination. In a recent interview with Katie Couric, for instance, Fiorina delivered a four-minute riff on climate change that the National Review enthused “shows how to address the left on climate change.” The only problem, as David Roberts pointed out, was that every single thing she said in it was wrong. But if presidential campaigns were decided by fact checkers, Al Gore would have won in a landslide.

Were I young Ezra, I would not use the events surrounding the Gore candidacy as precedent for how political reporters should cover presidential campaigns, and Gore did win by half-a-million votes nationwide. If the elite political press is going to treat fiction as fact as long as the fiction is delivered in a compelling, dramatic manner, then the country truly is lost. If Carly Fiorina is adjudged to be the winner of a debate simply because of how “crisply” she delivered lies about Planned Parenthood, or how “forcefully” she responded to a cartoon like Donald Trump, or how “sharply” she presented her nonsense about reining in Vladimir Putin with “aggressive military maneuvers” on his borders, then there is a problem in the political process that is metastasizing by the hour. Ronald Reagan was the index patient for that problem. They truly are his children now.

76b17cf0c5cd0132d996005056a9545dPaul Krugman followed up on this general topic in his op-ed today.

I’ve been going over what was said at Wednesday’s Republican debate, and I’m terrified. You should be, too. After all, given the vagaries of elections, there’s a pretty good chance that one of these people will end up in the White House.

Why is that scary? I would argue that all of the G.O.P. candidates are calling for policies that would be deeply destructive at home, abroad, or both. But even if you like the broad thrust of modern Republican policies, it should worry you that the men and woman on that stage are clearly living in a world of fantasies and fictions. And some seem willing to advance their ambitions with outright lies.

Let’s start at the shallow end, with the fantasy economics of the establishment candidates.

You’re probably tired of hearing this, but modern G.O.P. economic discourse is completely dominated by an economic doctrine — the sovereign importance of low taxes on the rich — that has failed completely and utterly in practice over the past generation.

Think about it. Bill Clinton’s tax hike was followed by a huge economic boom, the George W. Bush tax cuts by a weak recovery that ended in financial collapse. The tax increase of 2013 and the coming of Obamacare in 2014 were associated with the best job growth since the 1990s. Jerry Brown’s tax-raising, environmentally conscious California is growing fast; Sam Brownback’s tax- and spending-slashing Kansas isn’t.

Yet the hold of this failed dogma on Republican politics is stronger than ever, with no skeptics allowed. On Wednesday Jeb Bush claimed, once again, that his voodoo economics would double America’s growth rate, while Marco Rubio insisted that a tax on carbon emissions would “destroy the economy.”

The only candidate talking sense about economics was, yes, Donald Trump, who declared that “we’ve had a graduated tax system for many years, so it’s not a socialistic thing.”

If the discussion of economics was alarming, the discussion of foreign policy was practically demented. Almost all the candidates seem to believe that American military strength can shock-and-awe other countries into doing what we want without any need for negotiations, and that we shouldn’t even talk with foreign leaders we don’t like.

Trump, meawhile, took the spotlight today by taking a pass on the idea that Obama is a Muslim that wasn’t born in this182country unlike how Senator John McCain approached birthers during Obama’s first run at the presidency.  Trump was an infamous birther so it’s not surprising he’d still be attracting them and playing off the meme.

Donald Trump came under fire Friday morning for his handling of a question at a town hall about when the U.S. can “get rid” of Muslims, for failing to take issue with that premise and an assertion that President Barack Obama is Muslim.

Trump, who has shaken off several high-profile controversies that would have ended other presidential campaigns, faced an immediate backlash from advocacy groups, and members of his own party distanced themselves from the GOP front-runner. The incident recalls Trump’s 2011 quest to challenge Obama on where he was born, which ended with Obama releasing his long-form birth certificate. It also follows a debate performance Wednesday that garnered mixed reviews for the billionaire businessman.

“We have a problem in this country. It’s called Muslims,” an unidentified man who spoke at a question-and-answer town hall event in Rochester, New Hampshire asked the mogul at a rally Thursday night. “You know our current president is one. You know he’s not even an American.”

A seemingly bewildered Trump interrupted the man, chuckling, “We need this question. This is the first question.”

“Anyway, we have training camps growing where they want to kill us,” the man, wearing a “Trump” T-shirt, continued. “That’s my question: When can we get rid of them?”

“We’re going to be looking at a lot of different things,” Trump replied. “You know, a lot of people are saying that and a lot of people are saying that bad things are happening. We’re going to be looking at that and many other things.”

The real estate mogul did not correct the questioner about his claims about Obama before moving on to another audience member.

i_walked_with_a_zombieMeanwhile, most reporters seem to just keep mum while crap like this goes on.  Anderson Cooper finally showed some shock and surprise during one particularly bad White Christian Supremacist Trump Supporter landed on his program.  Can we expect any more of this?  Probably not, because Coop apologized later.


Monday Reads: The Adulting Blues

adultingGood Morning!

Well, today’s the kind’ve day that makes me want to hide under the covers and have my mother do all my laundry and cooking. Well, actually my Dad used to do all the cooking but you know what I mean.  It’s been like that for at least a few days as my car’s battery gave out in a very inconvenient location on Thursday night and my bills are bigger than my latest paycheck.  A lot of my ennui and accompanying stress has to do with the uberhype of the 10 year anniversary of Hurricane Katrina which for a lot of us is an ongoing process of things becoming more undone than they were before.  

Then, there’s just the constant barrage of news–none of which is particularly good–which includes ISIS destroying an ancient wonder. You know what an armchair archaeology buff I am. It’s just so easy to deal with dead civilizations rather than live ones. Trump continues to belittle any one in his path, and every one in the Republican primary is unleashing misogyny and racism. I’m going to focus on the racism today because I think both BB and JJ have given the current misogyny binge complete justice.

My friend Peter has actually written exactly what I’m feeling on this dreadful week where they’re actually pulling out parades and doing “resilience tours” to hype the city and its survival.  Like I said, we may have survived Katrina, but I still have my doubts about our surviving the hipsters, the gentrification, and our elected overseers who have forced us to privatize things that weren’t working before but now are worse and to capitalize on things that turn us into a Disaster Minstrel Show. Again, this is not my writing but Peter’s but I could’ve written it word for word except I obviously don’t have his wife!

I am dreading the influx of disaster tourists who will surely be showing up in town this week. Some of them will be sincerely motivated and others will be of the “I volunteered once with Habitat for Humanity after Katrina so I know what it was like” variety. No, you don’t. You don’t know what it’s like to be barred from your home for 6 weeks and have to sneak in like Dr. A and I did. You don’t know what it’s like to have a bad case of survivor’s guilt because you didn’t fare as badly as other people in town. You don’t know what it’s like to have to re-tell your “Katrina story” over and over again. You don’t know what it’s like to be having dinner and have do-gooders burst in to save your pets because you didn’t, or couldn’t, wash the marks off your front door. Actually, neither do I but it happened to some friends of mine. It gives a whole new meaning to the phrase putting on the dog…

The aftermath of the storm was a very painful period in the lives of New Orleanians. We’ve lived it day-in and day-out for 10 years at varying levels of intensity. That’s why I’m not enthusiastic about rehashing those days regardless of whether it’s done by resilience tour types or the krewe of “we’ve gone to hell in a designer handbag.” I wish they’d all piss off and leave me alone. I’m not the only one who feels this way.

Yes. I feel that way. Piss off and leave me alone.  Unfortunately, my neighborhood has turned into the mini-Quarter and I can’t even walk the dog around the block or have a beer without either bumping into seven bridesmaids giggling, six film crews taping, and five fucking Air BnB parasites.

This headline from WAPO actually made me scream:  A ‘resilience lab’.  They’ve obviously bought into the Mayor’s hype. This is the paragraph that’s described my reality.  Every day I walk out of my house and feel like screaming “WTF  are you doing here? Why don’t you go back to the hell realm you came from instead of bringing it here to me?”  No east coast newspaper article on New Orleans is complete these days without telling people that the place to be is my freaking neighborhood, the Bywater. I have fewer and fewer neighbors all the time. My neighborhood has been completely overrun with people hoping to redefine and cash in on cool.

He smiled at first. It looked so charming, all those people driving slowly down Burgundy Street through the Faubourg Marigny and Bywater neighborhoods, pointing cameras.

Then it dawned on Keith Weldon Medley: These folks weren’t tourists or architecture buffs. They were shoppers. And on their shopping list was almost everything that could be had in these neighborhoods, a collection of Creole cottages, shotgun doubles, warehouses and small manufacturers at a humpback bend of the Mississippi River.

In the evolution of post-Katrina New Orleans, few phenomena have been more striking than the dramatic demographic shift of places such as Bywater from majority black to majority white. One census block group in Bywater dropped from 51 percent African American before Katrina to just 17 percent afterward; the largest went from 63 percent to 32, according to a Washington Post analysis of U.S. census data.

“You saw all these white people. Obviously they were displacing black people who were here before,” said Medley, a historian who lives in the house where he grew up in the Marigny.

My daily mantra is “I see fucking stupid White People.”

So, I really don’t intend for this to be my Katrina post. I’ve been there and done that.   Let me post a few more things that are pissing me off today.

There’s an obvious asset bubble bubbling away here so the market’s correcting and the Fed is going to start bringing up interest rates. This blog has an interesting take on what’s going on which is particularly relevant to my field of research as a currency bloc and international economist.

Global stock markets are in a 2008ish kind of crash today and I really don’t much time to write this, but I just want to share my take on it.

To me this is fundamentally about the in-optimal currency union between the US and China. From 1995 until 2005 the Chinese renminbi was more or less completely pegged to the US dollar and then from 2005 until recently the People’s Bank of China implemented a gradual managed appreciation of RMB against the dollar.

This was going well as long as supply side factors – the opening of the Chinese economy and the catching up process – helped Chinese growth.

Hence, China went through one long continues positive supply shock that lasted from the mid-1990s and until 2006 when Chinese trend growth started to slow. With a pegged exchange rate a positive supply causes areal appreciation of the currency. However, as RMB has been (quasi)pegged to the dollar this appreciation had to happen through domestic monetary easing and higher inflation and higher nominal GDP growth. This process was accelerated when China joined WTO in 2001.

As a consequence of the dollar peg and the long, gradual positive supply shock Chinese nominal GDP growth accelerated dramatically from 2000 until 2008.

However, underlying something was happening – Chinese trend growth was slowing due to negative supply side headwinds primarily less catch-up potential and the beginning impact of negative labour force growth and the financial markets have long ago realized that Chinese potential growth is going to slow rather dramatically in the coming decades.

As a consequence the potential for real appreciation of the renminbi is much smaller. In fact there might be good arguments for real depreciation as Chinese growth is fast falling below trend growth, while trend itself is slowing.

The market has rebounded but the financial markets are obviously still shaky. China is the world’s largest economy now so anything house after katrinathat happens there is bound to ripple around the world.

The global whiplash underscored investors’ shaken confidence in China’s slowing economy and central bank. The world’s second-largest economy is now reeling over what China’s state media is calling “Black Monday,” during which its markets just recorded their biggest one-day nosedive in eight years.

But the mid-morning bounce off deep trading lows led some analysts to question whether financial markets had already finished their fall. Tech giant Apple, which begun the morning down 13 percent and dipping below $100, was trading 2 percent higher by the afternoon, at about $107.

The dismal opening marked a worrying continuation of last week’s free fall. The Dow’s blue-chip index plunged more than 500 points on Friday, capping its worst week since 2011 and entering what Wall Street calls a correction, having tumbled 10 percent from its May peak.

The sell-off bruised every industry, wiping out gains in rapid order after a year of mostly steady trading. Some of America’s biggest companies shed tens of billions of dollars in market value in only a few days, and the markets’ early gains have yet to restore those losses.

S&P 500 companies lost more than $1 trillion in market value last week, and the Dow and other indices are on track to record their dreariest month since February 2009.

On Friday, China reported its worst manufacturing results since the global financial crisis, following shortly after Beijing earlier this month surprised investors by announcing it would devalue the nation’s currency.

China’s benchmark Shanghai Composite index has fallen by nearly 40 percent since June, after soaring more than 140 percent last year. Markets in Europe also plummeted, and Asian shares on Monday hit a three-year low.

Economist gadfly and miserable human being Larry Summers is pearl clutching about the rate hikes.  He seems to be on a search to be relevant again but on a very wrong path. This article alone ought to make you very glad that he’s not the Fed Chairman since he seems completely oblivious to the asset bubbles that I see in assets around the country including houses once again.

Like most major central banks the Fed has put its price stability objective into practice by adopting a 2 per cent inflation target. The biggest risk is that inflation will be lower than this — a risk that would be exacerbated by tightening policy. More than half the components of the consumer price index have declined in the past six months — the first time this has happened in more than a decade. CPI inflation, which excludes volatile energy and food prices and difficult-to-measure housing, is less than 1 per cent. Market-based measures of expectations suggest that, over the next 10 years, inflation will be well under 2 per cent. If the currencies of China and other emerging markets depreciate further, US inflation will be even more subdued.

Tightening policy will adversely affect employment levels because higher interest rates make holding on to cash more attractive than investing it. Higher interest rates will also increase the value of the dollar, making US producers less competitive and pressuring the economies of our trading partners.

Please check out housing and stock prices Lala and then try again.

Republicans continue to show they have no idea about the reality of black people in this country. Trump attacked Martin O’Malley for sensitivity to the Black Lives Matter Campaign.

Appearing on Fox News over the weekend, Donald Trump admitted to being completely ignorant about the Black Lives Matter movement. “I know nothing about it,” the billionaire real estate developer said.

Of course, his lack of knowledge didn’t prevent him from harshly criticizing the effort. Trump said that he’s “seeing lot of bad stuff about it right now.” He said Martin O’Malley, a contender for the Democratic nomination, was a “disgusting little weak pathetic baby” for apologizing to Black Lives Matter activists earlier this year.

katrina_five_18Huckabee played the MLK card and completely confused King’s Son.

Martin Luther King III, the son of the late civil rights leader, said he was “perplexed” by GOP presidential hopeful Mike Huckabee’s comments last week suggesting that his father would be “appalled” by the Black Lives Matter movement.

“I think dad would be very proud of young people standing up to promote truth, justice and equality,” King said during an interview on SiriusXM radio. “I was perplexed by the comments, but people attempt to use dad for everything.”

King’s comments come in response to a CNN interview last week in which the former Arkansas governor spoke out against the Black Lives Matter movement, saying racism is “more of a sin problem than a skin problem.”

If you look at the picture of flooded New Orleans and the view over the flooded lower ninth ward towards city, you’ll see a cluster of white tallish buildings sitting right on the river in the middle of that photo.  Just a hair to the right is where my house still stands and where I’m there right now with a pillow pulled over my head trying to block out the world of adults.  I don’t want to be one of them at the moment.

What’s on your reading and blogging list today?