Quotulatiousness

August 13, 2015

Grand Theft, banking style

Filed under: Law, Liberty, USA — Tags: , , , , , — Nicholas @ 05:00

At Salon, David Dayen tells the astounding tale of American banks going feral and mass-forging legal documents to foreclose mortgages on houses they had zero claim on:

If you know about foreclosure fraud, the mass fabrication of mortgage documents in state courts by banks attempting to foreclose on homeowners, you may have one nagging question: Why did banks have to resort to this illegal scheme? Was it just cheaper to mock up the documents than to provide the real ones? Did banks figure they simply had enough power over regulators, politicians and the courts to get away with it? (They were probably right about that one.)

A newly unsealed lawsuit, which banks settled in 2012 for $95 million, actually offers a different reason, providing a key answer to one of the persistent riddles of the financial crisis and its aftermath. The lawsuit states that banks resorted to fake documents because they could not legally establish true ownership of the loans when trying to foreclose.

This reality, which banks did not contest but instead settled out of court, means that tens of millions of mortgages in America still lack a legitimate chain of ownership, with implications far into the future. And if Congress, supported by the Obama administration, goes back to the same housing finance system, with the same corrupt private entities who broke the nation’s private property system back in business packaging mortgages, then shame on all of us.

The unlikely appeal of Donald Trump

Filed under: Media, Politics, USA — Tags: , , , , , — Nicholas @ 04:00

What is the explanation for the meteoric rise of Donald Trump’s fortunes in the Republican race? It’s certainly not his hardcore conservative beliefs, for he clearly doesn’t have too many of those. It’s not his “everyman” story, because he’s far from having experienced anything like an actual “everyman” life. What could possibly account for his current popularity? (I mean, aside from being pretty much antithetical to the “establishment GOP” … that’d be crazy talk.) In The American Interest, Walter Russell Mead takes a swing at defining what it is that Trump appears to be offering to the disaffected plurality (majority?) of would-be Republican voters:

Is The Donald a populist candidate? Our friend Glenn Reynolds argued in Sunday’s USA Today that the rise of Donald Trump is best understood as a populist event — “an indictment of the GOP establishment and, for that matter, of the American political establishment in general” and “a sign that large numbers of voters don’t feel represented by more mainstream politicians.”

Over at the Washington Post, Daniel Drezner, another friend, disputes Reynolds’ interpretation of Trump, arguing that though “there’s definitely something to this”, “on closer inspection this isn’t really a straightforward populist story, for two reasons.” The first is that “the policy preferences that Trump is pushing aren’t all that popular.” The second is that Trump, rather than emphasizing his solidarity with ordinary people, makes a point of flaunting his tremendous wealth and privilege at every possible opportunity in outrageous ways.

But Reynolds is right and Trump is very much a classic populist — in the following sense. Populism isn’t always about taking majority positions or cultivating economic solidarity with non-elites. In some populist movements, specific policy positions that don’t always or even often have majority support gain energy by hooking up with generalized dissatisfaction with elites and the status quo. Late 19th- and early 20th-century populism, from a policy standpoint, put a lot of stress on agrarian issues and crackpot economic ideas that, though there weren’t any opinion polls at the time, don’t seem to have had majority support. So while, as Drezner points out, hard-line immigration enforcement may not be particularly high on the agendas of a majority of voters, Trump can use the issue to signal his contempt for the establishment — and voters pay more attention to the tune than to the lyrics.

Last week, Megan McArdle tried to explain “The Donald” as being the “Ron Paul” of this election cycle:

For me, the high point [of the Republican debate] came when Donald Trump announced that he had made a donation to Hillary Clinton in order to … get her to come to his wedding. Where to begin with such a statement? I have known brides and bridegrooms who cherished a vulgar belief that weddings have a three-figure admission fee, in cash or kind. But outside of romantic comedies, I have never heard of an American wedding in which the payments ran the other way. Trump touts himself as a dealmaker, but if this is an example of his negotiating prowess, do you really want him in charge of your international treaties? “I’m afraid I won’t even consider withdrawing our troops from your border unless you also allow me to give you a billion dollars, a weekend for two at the Maui Hilton, and a personal guided tour of the White House!”

When I pointed this out on Twitter, a Trump fan of indeterminate sincerity tweeted back “Wake … up, sheeple!”

How did this man get onto the stage? And how can we get him off, given the apparent passion of his base, who flood online polls with support for The Donald? He and Bernie Sanders are giving me flashbacks to those heady days of 2007, when a rash mention of Ron Paul’s name in a column, much less criticizing his somewhat tenuous grasp on monetary economics, was good for hundreds of comments and emails, assuring you that Dr. Paul was going to be the next president of the United States because he was FINALLY offering Americans a REAL ALTERNATIVE. (Ron Paul supporters favored ALL CAPS so that you would UNDERSTAND that they were SERIOUS ABOUT CHANGE, or perhaps because the RON PAUL COMMEMORATIVE KEYBOARDS they had bought had some sort of TERRIBLE MALFUNCTION.)

Donald Trump is not going to be president. Bernie Sanders is also not going to be president. Their appeal to their supporters is precisely the reason they are not going to be president. Every few years, a large number of Americans need to learn the same lesson: The reason you don’t hear the solutions that you want coming from the boring, scripted, mainstream politicians who get elected is that the solutions that you want do not appeal to the majority of your fellow countrymen.

Update: Fixed the link to Walter Russell Mead’s article.

Update the second: Mark Steyn takes some heat for his perceived support of Trump:

I’ve had a ton of mail objecting to my “support” of Donald Trump which we’ll try to run some of it in the days ahead. But, for the record, I’m not “supporting” him. As I said to John, the Republican nominating process has failed in the last two cycles, and thus, five months before any actual votes are cast, watching someone disrupt a racket that can use all the disruption it can get is hugely enjoyable. I mean, he’s touched the third, fourth, fifth and every other live rail in American politics, insulting Hispanics, veterans, menstruating women – and the more juice that shoots through him the stronger he gets. He’s discarded every convention of American politics, which, given that it’s the conventions of American politics that have made us the brokest nation in history, is something to be cheered. He’s the richest guy in the race, but he’s not spending a dime – because while the single-digit candidates kiss up to the big donors and blow through a fortune on the usual tedious “I was born the son of a mailman” ads – Trump is sucking up all the airtime between commercial breaks for free. He’s making a mockery of the consultant class, and what’s not to enjoy about that? For as long as it lasts.

A potential breakthrough in Alzheimer’s and Parkinson’s research

Filed under: Health, Science — Tags: — Nicholas @ 03:00

At New Scientist, a report on some very hopeful research findings:

A virus found in sewage has spawned a unique drug that targets plaques implicated in a host of brain-crippling diseases, including Alzheimer’s disease, Parkinson’s disease and Creutzfeldt-Jakob disease (CJD).

Results from tests of the drug, announced this week, show that it breaks up plaques in mice affected with Alzheimer’s disease or Parkinson’s disease, and improves the memories and cognitive abilities of the animals.

Other promising results in rats and monkeys mean that the drug developers, NeuroPhage Pharmaceuticals, are poised to apply for permission to start testing it in people, with trials starting perhaps as early as next year.

The drug is the first that seems to target and destroy the multiple types of plaque implicated in human brain disease. Plaques are clumps of misfolded proteins that gradually accumulate into sticky, brain-clogging gunk that kills neurons and robs people of their memories and other mental faculties. Different kinds of misfolded proteins are implicated in different brain diseases, and some can be seen within the same condition.

Proteins gone rogue

The Hockey Stick of Human Prosperity (Everyday Economics 1/7)

Filed under: Economics, Health, History — Tags: , — Nicholas @ 02:00

Published on 24 Jun 2014

In this series, Professor Don Boudreaux explores the question economists have been asking since the era of Adam Smith — what creates wealth? On a timeline of human history, the recent rise in standards of living resembles a hockey stick — flatlining for all of human history and then skyrocketing in just the last few centuries. Without specialization and trade, our ancient ancestors only consumed what they could make themselves. How can specialization and trade help explain the astonishing growth of productivity and output in such a short amount of time — after millennia of famine, low life expectancy, and incurable disease?

QotD: Libertarianism

Filed under: Government, Liberty, Quotations — Tags: — Nicholas @ 01:00

Libertarianism is not the claim that individuals are always rational, or that markets are always efficient, or that the distribution of income under laissez-faire capitalism is always “fair.” Rather, it is the claim that, despite the imperfections of private arrangements, government interventions usually make things worse. Thus, non-intervention is the better policy.

Jeffrey Miron, “A case for the libertarian: Neither liberals nor conservatives recognize their inconsistencies”, Washington Times, 2014-07-17.

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