Jesse's site always includes articles of interest on the left side, for the brave of heart.
When OS is feeling brave, he reads one. This one, about ATT's creative accounting methods to avoid having to tell shareholders the ugly truth of its pension obligations, makes for interesting reading.
When things get too ugly, let's just pretend all those pending losses actually occurred in the past. Stuff the future down the Memory Hole.
But, in the end, the reality remains:
The accounting change does not affect AT&T's cash flow or pension funding requirements. Its pension and post-retirement benefit obligations totalled $87 billion at the end of 2009, the latest figure reported. The plan assets are $28.7 billion less.
"The underlying economics of AT&T's underfunded post-retirement liabilities remains unchanged, and is a significant drag on value when appropriately accounted for," said Sanford Bernstein analyst Craig Moffett.
Well, yes, in matter of fact, these things do matter.
Pretty audacious, is it not? OS thinks that they are playing 'chicken' with the culture. After all, they're imbedded in all fifty states, have a huge employee base (much of it unionized), and T sits in pension funds from sea to shining sea.
So, when things melt down (not if, when), we'll see T execs in front of Congress and every state legislature, demanding cash and/or tax rebates and breaks forever, lest T collapse, taking all those employees, customers and pension funds down with it.
Or Da Fed will declare it a bank, and the cash pipe will be opened.
Wait for it. It's coming.
This is not a rant about accounting. It is a rant about a business culture that has decided that reality is for suckers.
Why anyone's pension plan carries one share of T, following this announcement, will be a mystery.
(Disclosure: No position in T. Not a chance of that ever changing, either.)
Saturday, January 15, 2011
Friday, January 14, 2011
From Al Fin: Amy Chua's Tiger Mother Parenting 2, With Photographs
OS predicted a few posts ago that Dr. Chua would hit a nerve.
He checked back in this morning, to see if his thinking was correct. It was.
This blog, Al Fin, drew a lot of fire, and referred to other places that drew fire as well.
Al Fin's take on it all is worth reading, definitely, as it is more measured and thoughtful than OS's scribblings.
The responses are definitely worth reading. One poster, who claims to know the children, is especially virulent. It is impossible to know, however, if this is true or the work of one more cyber-troll scammer.
OS stands by his original endorsement with qualifications. This approach, in the context of love and a sense of grace, really works! OS has seen it work, again and again. Ms. Chua is much much much more right than most wish to admit.
Absent love and grace, however, this approach can be a form of cruelty, and can damage children and families. See this post as an example.
OS has seen both situations, and only the former approach works. There is no Magic Pixie Dust, no One Size Fits All approach to parenting. But, on the whole, Dr. Chua is correct. Let's not allow the abuse of an approach discredit its proper use.
So, 2 and 3/4 cheers for Dr. Chua! Let the debate continue, ya'll!
He checked back in this morning, to see if his thinking was correct. It was.
This blog, Al Fin, drew a lot of fire, and referred to other places that drew fire as well.
Al Fin's take on it all is worth reading, definitely, as it is more measured and thoughtful than OS's scribblings.
The responses are definitely worth reading. One poster, who claims to know the children, is especially virulent. It is impossible to know, however, if this is true or the work of one more cyber-troll scammer.
OS stands by his original endorsement with qualifications. This approach, in the context of love and a sense of grace, really works! OS has seen it work, again and again. Ms. Chua is much much much more right than most wish to admit.
Absent love and grace, however, this approach can be a form of cruelty, and can damage children and families. See this post as an example.
OS has seen both situations, and only the former approach works. There is no Magic Pixie Dust, no One Size Fits All approach to parenting. But, on the whole, Dr. Chua is correct. Let's not allow the abuse of an approach discredit its proper use.
So, 2 and 3/4 cheers for Dr. Chua! Let the debate continue, ya'll!
Thursday, January 13, 2011
Your Tax Dollars At Work: The US Sues The Metropolitan Opera
Really, you can't make this stuff up.
The Metropolitan Opera will now be more wheelchair accessible. The opera company on Thursday settled a civil rights lawsuit in Manhattan federal court that had been brought against the Met for failure to comply with the Americans With Disabilities Act. The United States Attorney for the Southern District of New York announced that it had filed, and simultaneously settled, the lawsuit against the Met.
Under the settlement, in the form of a consent decree, the Met has agreed to install additional wheelchair seating, raised letter or Braille signs and accessible drinking fountains, renovate its restrooms and concession stands and eliminate barriers to accessibility in its elevators.
An investigation was prompted by a complaint from a member of the public that the Met was not fully accessible, the United States Attorney’s office said.
How many tens of thousands of dollars spent on lawyer time on both sides over this?
Over a complaint from one member of the public?
How many millions will be spent to upgrade facilities, in order to make them available to perhaps 100 additional attendees per year after completion? How much money will end up being spent on that project? Who pays?
The Republic has been saved yet again by our Department of Justice.
The Metropolitan Opera will now be more wheelchair accessible. The opera company on Thursday settled a civil rights lawsuit in Manhattan federal court that had been brought against the Met for failure to comply with the Americans With Disabilities Act. The United States Attorney for the Southern District of New York announced that it had filed, and simultaneously settled, the lawsuit against the Met.
Under the settlement, in the form of a consent decree, the Met has agreed to install additional wheelchair seating, raised letter or Braille signs and accessible drinking fountains, renovate its restrooms and concession stands and eliminate barriers to accessibility in its elevators.
An investigation was prompted by a complaint from a member of the public that the Met was not fully accessible, the United States Attorney’s office said.
How many tens of thousands of dollars spent on lawyer time on both sides over this?
Over a complaint from one member of the public?
How many millions will be spent to upgrade facilities, in order to make them available to perhaps 100 additional attendees per year after completion? How much money will end up being spent on that project? Who pays?
The Republic has been saved yet again by our Department of Justice.
Obama's Tucson Remarks
The White House Transcript here.
So many words being pushed out over this event, to be sure.
OS has just a few:
1. For the first time, Obama actually had a well-written speech, that was not about him. He should have thought through his remark that tied his visit with Rep. Giffords later opening her eyes. It was not intended to impart the aura of Obama-as-Healer, but given his oratorical track record of years past, a simple report of her progress that did not mention his presence would have served better. It appears to be a departure from the prepared remarks, and he does not share Ronald Reagan's famous gift for the language or natural empathy for others.
2. The temptation to use the occasion to open up on his political adversaries must have been huge, and he resisted. Which is a good thing, because had he followed his normal instincts, the civic well would be utterly toxic from this morning forward.
3. OS's experience with PeopleOfTheLeft is that they view words as noises one makes in order to get one's way--that they have no intrinsic meaning or value. Only power matters. Tomorrow, we'll make another set of noises to get our way, and stuff yesterday's noises down the old Memory Hole. So, here's hoping the President understood the words written for him to speak, and that on some level, he understands that the speaking and publication of those words is a serious act. And that millions of people view language as something that conveys concrete meaning.
So sudden loss causes us to look backward -– but it also forces us to look forward; to reflect on the present and the future, on the manner in which we live our lives and nurture our relationships with those who are still with us.
We may ask ourselves if we’ve shown enough kindness and generosity and compassion to the people in our lives. Perhaps we question whether we're doing right by our children, or our community, whether our priorities are in order.
We recognize our own mortality, and we are reminded that in the fleeting time we have on this Earth, what matters is not wealth, or status, or power, or fame -– but rather, how well we have loved -- and what small part we have played in making the lives of other people better.
And that process -- that process of reflection, of making sure we align our values with our actions –- that, I believe, is what a tragedy like this requires.
Here's hoping.
Prayers and condolences to the victims. God preserve the republic.
So many words being pushed out over this event, to be sure.
OS has just a few:
1. For the first time, Obama actually had a well-written speech, that was not about him. He should have thought through his remark that tied his visit with Rep. Giffords later opening her eyes. It was not intended to impart the aura of Obama-as-Healer, but given his oratorical track record of years past, a simple report of her progress that did not mention his presence would have served better. It appears to be a departure from the prepared remarks, and he does not share Ronald Reagan's famous gift for the language or natural empathy for others.
2. The temptation to use the occasion to open up on his political adversaries must have been huge, and he resisted. Which is a good thing, because had he followed his normal instincts, the civic well would be utterly toxic from this morning forward.
3. OS's experience with PeopleOfTheLeft is that they view words as noises one makes in order to get one's way--that they have no intrinsic meaning or value. Only power matters. Tomorrow, we'll make another set of noises to get our way, and stuff yesterday's noises down the old Memory Hole. So, here's hoping the President understood the words written for him to speak, and that on some level, he understands that the speaking and publication of those words is a serious act. And that millions of people view language as something that conveys concrete meaning.
So sudden loss causes us to look backward -– but it also forces us to look forward; to reflect on the present and the future, on the manner in which we live our lives and nurture our relationships with those who are still with us.
We may ask ourselves if we’ve shown enough kindness and generosity and compassion to the people in our lives. Perhaps we question whether we're doing right by our children, or our community, whether our priorities are in order.
We recognize our own mortality, and we are reminded that in the fleeting time we have on this Earth, what matters is not wealth, or status, or power, or fame -– but rather, how well we have loved -- and what small part we have played in making the lives of other people better.
And that process -- that process of reflection, of making sure we align our values with our actions –- that, I believe, is what a tragedy like this requires.
Here's hoping.
Prayers and condolences to the victims. God preserve the republic.
Herman Cain Announces His Run For 2012
The exploratory committee website is here.
Cain, if the reader is not familiar with the gent, is a highly successful business executive (Coca-Cola, Pillsbury, Godfather's Pizza, amongst other other accomplishments), with a masters degree in math from Purdue, cancer survivor, talk show host in Atlanta. He rose from humble circumstances in Atlanta, and is an inspirational gent.
Will he win the Presidency? Who knows? But his voice needs to be heard, and he'll make life utterly miserable for Obama and company, if for no other reason than their inability to play the race and victim cards.
OS looks forward to following his campaign.
Now, lessee if The Donald will join in. That would really make things interesting! He may well yet. He'd be able to look into the camera in November 2012 and tell Obama 'You're Fired!'.
Whoowee! Here we go!
Cain, if the reader is not familiar with the gent, is a highly successful business executive (Coca-Cola, Pillsbury, Godfather's Pizza, amongst other other accomplishments), with a masters degree in math from Purdue, cancer survivor, talk show host in Atlanta. He rose from humble circumstances in Atlanta, and is an inspirational gent.
Will he win the Presidency? Who knows? But his voice needs to be heard, and he'll make life utterly miserable for Obama and company, if for no other reason than their inability to play the race and victim cards.
OS looks forward to following his campaign.
Now, lessee if The Donald will join in. That would really make things interesting! He may well yet. He'd be able to look into the camera in November 2012 and tell Obama 'You're Fired!'.
Whoowee! Here we go!
Wednesday, January 12, 2011
Obama At Halftime: Bill Whittle
Too good not to share, but at the same time, OS is grateful that Obama did not manage to succeed. Still, he deserves the scorn heaped upon him for being such an utter egotist as to present himself as a secular saviour.
John Boehner, by contrast, took pains to emphasize his mortality as he took the Speaker's gavel. Let the MSM mock him all they wish for occasionally weeping in public. They have Obama hung around their necks for the remainder of their lives.
Parenting, Chinese Style: Amy Chua
The debate will (and should) be lively as this book hits the shelves.
Mr. and Mrs. OS viewed the morning interview with Prof. Chua, and found ourselves cheering. We're not Chinese, but this is essentially the approach we took with both Juvenile Units, one of each gender. There were some dark days along the way, but we have two happy, successful Juvenile Units to show for all our efforts.
The violin didn't take with either one, the piano took with one, and we allowed some community theatre involvement along the way. But video games were unknown within our walls, and both became expert cooks and knew how to care for their laundry long before they departed for adult life. They knew how to write, how to converse with peers and adults alike, which fork to use, and that success and leadership are things to embrace, not to denigrate.
Chua has much to say, most of which OS can endorse. This paragraph makes him stand up and cheer:
What Chinese parents understand is that nothing is fun until you're good at it. To get good at anything you have to work, and children on their own never want to work, which is why it is crucial to override their preferences. This often requires fortitude on the part of the parents because the child will resist; things are always hardest at the beginning, which is where Western parents tend to give up. But if done properly, the Chinese strategy produces a virtuous circle. Tenacious practice, practice, practice is crucial for excellence; rote repetition is underrated in America. Once a child starts to excel at something—whether it's math, piano, pitching or ballet—he or she gets praise, admiration and satisfaction. This builds confidence and makes the once not-fun activity fun. This in turn makes it easier for the parent to get the child to work even more.
'If done properly, the Chinese strategy produces a virtuous circle.'
OS spent part of this morning doing a 'post-mortem' with colleagues on the subject of a talented bright student whose family (and now the student himself) has decided to snatch failure from the jaws of success. OS has seen it so often, he has simply become numb: You did your best, we all tried our best. Move on, nothing to spend any further energy on. Next...
On the other hand, OS has on several occasions seen raw cruelty disguised as 'The Chinese Strategy'. He recently heard at second-hand, but on good authority, of a child of Chinese parents, raised in the West, who is disdained by her mother because mother is old-old-school 'Your job is to get some education, get married to a successful Chinese boy, and make babies for The Family'. This kid is excelling at life, as she was pushed to do, only to be beaten up for it later. This is not a virtuous circle, this is tragedy in the making. Absent love, there is no virtuous circle. But absent intent, hard work and discipline, no amount of emotional expression of love will produce success. Both are required.
So, OS hopes you read this, and will give it careful thought. He doesn't give it a blanket endorsement, but there is much here of value.
The OS motto about 'Culture shaping Economy' is seen here in stark relief.
Mr. and Mrs. OS viewed the morning interview with Prof. Chua, and found ourselves cheering. We're not Chinese, but this is essentially the approach we took with both Juvenile Units, one of each gender. There were some dark days along the way, but we have two happy, successful Juvenile Units to show for all our efforts.
The violin didn't take with either one, the piano took with one, and we allowed some community theatre involvement along the way. But video games were unknown within our walls, and both became expert cooks and knew how to care for their laundry long before they departed for adult life. They knew how to write, how to converse with peers and adults alike, which fork to use, and that success and leadership are things to embrace, not to denigrate.
Chua has much to say, most of which OS can endorse. This paragraph makes him stand up and cheer:
What Chinese parents understand is that nothing is fun until you're good at it. To get good at anything you have to work, and children on their own never want to work, which is why it is crucial to override their preferences. This often requires fortitude on the part of the parents because the child will resist; things are always hardest at the beginning, which is where Western parents tend to give up. But if done properly, the Chinese strategy produces a virtuous circle. Tenacious practice, practice, practice is crucial for excellence; rote repetition is underrated in America. Once a child starts to excel at something—whether it's math, piano, pitching or ballet—he or she gets praise, admiration and satisfaction. This builds confidence and makes the once not-fun activity fun. This in turn makes it easier for the parent to get the child to work even more.
'If done properly, the Chinese strategy produces a virtuous circle.'
OS spent part of this morning doing a 'post-mortem' with colleagues on the subject of a talented bright student whose family (and now the student himself) has decided to snatch failure from the jaws of success. OS has seen it so often, he has simply become numb: You did your best, we all tried our best. Move on, nothing to spend any further energy on. Next...
On the other hand, OS has on several occasions seen raw cruelty disguised as 'The Chinese Strategy'. He recently heard at second-hand, but on good authority, of a child of Chinese parents, raised in the West, who is disdained by her mother because mother is old-old-school 'Your job is to get some education, get married to a successful Chinese boy, and make babies for The Family'. This kid is excelling at life, as she was pushed to do, only to be beaten up for it later. This is not a virtuous circle, this is tragedy in the making. Absent love, there is no virtuous circle. But absent intent, hard work and discipline, no amount of emotional expression of love will produce success. Both are required.
So, OS hopes you read this, and will give it careful thought. He doesn't give it a blanket endorsement, but there is much here of value.
The OS motto about 'Culture shaping Economy' is seen here in stark relief.
Tuesday, January 11, 2011
The NEA Begins To Feel The Heat
Reality is beginning to set in on all parties.
The headline is: Educators Find Themselves Vilified by the States They Serve
The opening paragraphs are:
Teachers and education support professionals recently started a new semester that brought with it new students and ideas, lesson plans, schedules and all the other pieces that go into making a school year. Added to their plates, however, will be a serious and growing concern: the vilification in state after state of teachers and other school employees, as critics seek to silence their voices in the debate on how to improve America’s public schools.
Everyone it seems, whether or not they have teaching experience or an education background, knows how teachers should do their jobs, be evaluated and paid. Some proposals are based on valid research, but increasingly governors and state elected officials are pushing legislation and policies that paint teachers as obstacles that should be removed from decisions involving what goes on in the classroom.
Cast by some politicians as the enemy standing in the way of improving schools, teachers have become the target of choice. These politicians are using the current budget crises as an opportunity to turn public opinion against teachers and other school employees — all in the name of education reform.
The sense of triumph from Fall 2008 has turned into a real sense of fear, following fall 2010. The headline news was the recapture of the US House, fueled by the Tea Party. More significantly, there was a sea change in the state legislatures of the US, toward the conservative end of the Republican Party. These are the people who make the real decisions on where a state will and won't spend money, and very few of that new majority in any state will have the interests of the teachers' union held dear to heart. Many of them ran on the promise to reign the public sector unions in.
As appalled as he is about the situation in our schools, OS doesn't think that it's good to beat teachers up. It's a tough job, and those who do it well are part of the glue that holds a county or city together. However, the US as a culture has done an abysmal job of educating its young for forty years, and we are really feeling the effects of that failure. The militancy of the teachers' unions during that same period has not proven wise. The message has been perceived to be: 'Give us more, and we'll deliver more.' The taxpayer delivered massively more money, a huge bureaucracy was built, and the schools deteriorated.
Very easy to direct one's ire at a convenient target, in this case, the teachers' unions. Very easy to simply vilify, use that broad tar brush. The unions, without a doubt, are part of the problem, and their protests of innocence are aggravating. But they are only a part of the problem.
In the meantime, for those with kids in school: You likely have some good teachers in the building, spitting in the wind of a hostile culture. Offer to help, and offer words of good cheer as you can. Make as sure as you can that your family and your kids are not part of the problems they face every day.
Your state is out of money, and jobs and pensions are going to be reduced. The jobs may come back, but those pension and bennies packages won't. That's just math. Vilifying your local teacher won't solve the math problem.
As members of the union, they'll have to soon sort out what to do about a leadership that has led them over the cliff. Vitriol directed at your local teacher will only harden and strengthen the hand of the hard-core statists now at the helm.
The headline is: Educators Find Themselves Vilified by the States They Serve
The opening paragraphs are:
Teachers and education support professionals recently started a new semester that brought with it new students and ideas, lesson plans, schedules and all the other pieces that go into making a school year. Added to their plates, however, will be a serious and growing concern: the vilification in state after state of teachers and other school employees, as critics seek to silence their voices in the debate on how to improve America’s public schools.
Everyone it seems, whether or not they have teaching experience or an education background, knows how teachers should do their jobs, be evaluated and paid. Some proposals are based on valid research, but increasingly governors and state elected officials are pushing legislation and policies that paint teachers as obstacles that should be removed from decisions involving what goes on in the classroom.
Cast by some politicians as the enemy standing in the way of improving schools, teachers have become the target of choice. These politicians are using the current budget crises as an opportunity to turn public opinion against teachers and other school employees — all in the name of education reform.
The sense of triumph from Fall 2008 has turned into a real sense of fear, following fall 2010. The headline news was the recapture of the US House, fueled by the Tea Party. More significantly, there was a sea change in the state legislatures of the US, toward the conservative end of the Republican Party. These are the people who make the real decisions on where a state will and won't spend money, and very few of that new majority in any state will have the interests of the teachers' union held dear to heart. Many of them ran on the promise to reign the public sector unions in.
As appalled as he is about the situation in our schools, OS doesn't think that it's good to beat teachers up. It's a tough job, and those who do it well are part of the glue that holds a county or city together. However, the US as a culture has done an abysmal job of educating its young for forty years, and we are really feeling the effects of that failure. The militancy of the teachers' unions during that same period has not proven wise. The message has been perceived to be: 'Give us more, and we'll deliver more.' The taxpayer delivered massively more money, a huge bureaucracy was built, and the schools deteriorated.
Very easy to direct one's ire at a convenient target, in this case, the teachers' unions. Very easy to simply vilify, use that broad tar brush. The unions, without a doubt, are part of the problem, and their protests of innocence are aggravating. But they are only a part of the problem.
In the meantime, for those with kids in school: You likely have some good teachers in the building, spitting in the wind of a hostile culture. Offer to help, and offer words of good cheer as you can. Make as sure as you can that your family and your kids are not part of the problems they face every day.
Your state is out of money, and jobs and pensions are going to be reduced. The jobs may come back, but those pension and bennies packages won't. That's just math. Vilifying your local teacher won't solve the math problem.
As members of the union, they'll have to soon sort out what to do about a leadership that has led them over the cliff. Vitriol directed at your local teacher will only harden and strengthen the hand of the hard-core statists now at the helm.
Monday, January 10, 2011
Denninger Weighs In On The Leftist Rants
He even has facts at hand, something Leftists disdain.
The Arizona shooting was a tragedy, but increasingly it is evident that it was the act of a deranged individual, not a political act.
The Arizona shooting was a tragedy, but increasingly it is evident that it was the act of a deranged individual, not a political act.
Sunday, January 9, 2011
Best Reading For The Weekend: Sackerson On Jefferson
Sackerson is a man of relatively few words, each one worth reading.
No comment needed from OS, except he urges you to read and follow Sackerson.
No comment needed from OS, except he urges you to read and follow Sackerson.
Introduction: Jared Loughner, The Arizona Gunman...
...is a deranged individual...
This bizarre YouTube posting should give some insight.
This bizarre YouTube posting should give some insight.
Bill Clinton Tells Us: Words Matter
Brad DeLong, of the Economics faculty at UC Berkely, shares this post with us.
This, of course, is posted in the aftermath of the tragedy in Arizona. Expect a wave of commentary to the effect that all who publicly disagree with the Vision of Obama share culpability with the deranged man who opened fire.
Strange that DeLong would cite Clinton on the subject, but then again, that Memory Hole seems to be working well for Bill, since Clinton actually appears sane compared to Obama.
So, OS ruminates in response here, since it is unlikely Prof. DeLong will tolerate such impudence from his readership:
Well, yes, words do have meaning.
It is interesting to hear these words emerge from the lips of the man who vociferously declared: I did not have sexual relations with that woman, Miss Lewinsky; and is most remembered for his most famous turn of phrase 'That would depend on what your meaning of the word 'is' is.'
It is good at last to see that Mr. Clinton finally agrees with the rest of us that words have meaning, and that they matter. His current successor has used the words 'enemies' and 'hostage takers' to describe those who disagree with him, and these words uttered quite recently.
So, indeed it is a good thing to witness Mr. Clinton utter sounds that sound like the words we understand to mean '...the words we use really do matter...'
Let's hope at last he understands them, and means them.
Perhaps, on his next visit back in his old 'hood, he could even remind the current occupant...
This, of course, is posted in the aftermath of the tragedy in Arizona. Expect a wave of commentary to the effect that all who publicly disagree with the Vision of Obama share culpability with the deranged man who opened fire.
Strange that DeLong would cite Clinton on the subject, but then again, that Memory Hole seems to be working well for Bill, since Clinton actually appears sane compared to Obama.
So, OS ruminates in response here, since it is unlikely Prof. DeLong will tolerate such impudence from his readership:
Well, yes, words do have meaning.
It is interesting to hear these words emerge from the lips of the man who vociferously declared: I did not have sexual relations with that woman, Miss Lewinsky; and is most remembered for his most famous turn of phrase 'That would depend on what your meaning of the word 'is' is.'
It is good at last to see that Mr. Clinton finally agrees with the rest of us that words have meaning, and that they matter. His current successor has used the words 'enemies' and 'hostage takers' to describe those who disagree with him, and these words uttered quite recently.
So, indeed it is a good thing to witness Mr. Clinton utter sounds that sound like the words we understand to mean '...the words we use really do matter...'
Let's hope at last he understands them, and means them.
Perhaps, on his next visit back in his old 'hood, he could even remind the current occupant...
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