And the hits keep on coming. From The Atlantic (July/August 2009):
Operation Iraqi Freedom now ranks second only to World War II as the most expensive conflict in U.S. history. Transforming Iraq has cost roughly $1 trillion, with the meter still running and the job unfinished. Transforming Afghanistan, by any measure an even more daunting task, is likely to cost as much or more. That’s money we don’t have.
I agree with Colin Powell--we broke Iraq, and we have to fix it--but that doesn't mean I like the idea and expense of American troops in Iraq. I can't tell you how many times I wish Americans had demanded clear evidence of an actual threat before invading Iraq. Did we really allow only 19 men/terrorists to pollute our view of the world's 1.3 billion Muslims? Otherwise, how else did we get to the point where so many Americans irrationally viewed Muslims and Arabs as threats and therefore deserving of war and undeserving of sovereignty?
On a more somber note, estimated 100,000 Iraqis have died from violence since the 2003 invasion. Since 2003, over 4,000 Americans have died in Iraq.
"And if an epitaph be my story, I'd have a short one ready for my own: I had a lover's quarrel with the world." -- Robert Frost
Tuesday, June 23, 2009
Monday, June 22, 2009
From Iran (June 2009)
Conversation between someone from Iran and myself on June 2009, during mass protests against Ahmadinejad's re-election:
Me: what do you think is going to happen?
Iranian resident: not sure, but maybe Khmene'ei will [be] replaced with some one else
we're so scared. we don't [feel] safe in street
Me: Have you heard of Neda?
Me: what do you think is going to happen?
Iranian resident: not sure, but maybe Khmene'ei will [be] replaced with some one else
we're so scared. we don't [feel] safe in street
Me: Have you heard of Neda?
Iranian resident: yes,
I saw the film about her
she is one of 20 persons that [were] killed
The George Bush of Iran
Ahmadinejad is the "George Bush of Iran": both tortured people, hate government transparency, answer to a shadowy figure (Cheney vs. Khamenei), jailed people without giving them a public trial, stole an election, think God is on their side, and ran the economy into the ground! What more do you need, except the smirk?
If this were a Tom Toles cartoon, the lower right hand portion of the drawing would read, "One person isn't responsible for unnecessarily killing 100,000 Iraqis and 4,200 Americans. Almost a perfect match."
If this were a Tom Toles cartoon, the lower right hand portion of the drawing would read, "One person isn't responsible for unnecessarily killing 100,000 Iraqis and 4,200 Americans. Almost a perfect match."
Neda jan
Neda Agha Soltan is Iran's undisputed hero. The most inspirational heroes are almost always the unintentional ones. For more on her story, see this excellent Time magazine (Robin Wright, June 21, 2009) link:http://www.time.com/time/world/article/0,8599,1906049,00.html
It is over for the current Iranian regime. The only reason more Iranians aren't revolting right this second is because not all towns have internet access, so not all Iranians can see the government-sponsored violence and killings. America had a similar moment with Kent State. This is Iran's Kent State. It took several years after Kent State before America withdrew from Vietnam, but the moment the government shot American students, it lost credibility. It might take a few more years, but the current Iranian government has lost legitimacy. May the current Iranian regime burn in hell for the violence it has inflicted on innocent, courageous protesters.
Update on June 24, 2009: CNN has a wonderful article on Neda:
http://www.cnn.com/2009/WORLD/meast/06/23/iran.neda.profile/index.html
CDOs and Credit Default Swaps Explained
From Santa Clara Magazine (Summer 2009), here is Prof. Alexander J. Field's take on the economic crisis. He explains CDOs and credit default swaps particularly well:
CDOs emerged when financial institutions took a pool of mortgages and issued securities derived from them. Originally, mortgage-backed securities simply sold a right to a share of interest and principal payments from the underlying pool. Securitization reduced variance of the bond’s return, but the expected payout couldn’t really be different from that of the underlying mortgages. [Presumably, because the bond's payments were linked to actual mortgage payments.] CDO engineers, however, figured out how to perform the financial alchemy of turning junk into gold: Starting with a pool of risky mortgages, they created different grades, or tranches, of derivative securities...
Even then, some major investors and banks had to have known that the CDOs being issued weren't entirely halal/kosher. They demanded insurance:
Enter credit default swaps. For a small “premium,” institutions could insure themselves against the risk that the bonds might default. Since swaps were not technically insurance, they were beyond the reach of state regulators. American International Group (AIG) and other issuers did not maintain adequate reserves to meet collateral calls when mortgage defaults rose. In a sense, they simply pocketed the premiums without providing the insurance.
Oh, the mendacity.
CDOs emerged when financial institutions took a pool of mortgages and issued securities derived from them. Originally, mortgage-backed securities simply sold a right to a share of interest and principal payments from the underlying pool. Securitization reduced variance of the bond’s return, but the expected payout couldn’t really be different from that of the underlying mortgages. [Presumably, because the bond's payments were linked to actual mortgage payments.] CDO engineers, however, figured out how to perform the financial alchemy of turning junk into gold: Starting with a pool of risky mortgages, they created different grades, or tranches, of derivative securities...
Even then, some major investors and banks had to have known that the CDOs being issued weren't entirely halal/kosher. They demanded insurance:
Enter credit default swaps. For a small “premium,” institutions could insure themselves against the risk that the bonds might default. Since swaps were not technically insurance, they were beyond the reach of state regulators. American International Group (AIG) and other issuers did not maintain adequate reserves to meet collateral calls when mortgage defaults rose. In a sense, they simply pocketed the premiums without providing the insurance.
Oh, the mendacity.
Sunday, June 21, 2009
Quote of the Day
From the sublime Woody Allen film, Crimes and Misdemeanors:
Comedy is tragedy plus time.
If you like Law & Order, two of its major characters are in this 1989 film. One plays a hitman, and the other a rabbi. Everyone should see this great film, but if you are a Law & Order fan, you really need to see this film.
Comedy is tragedy plus time.
If you like Law & Order, two of its major characters are in this 1989 film. One plays a hitman, and the other a rabbi. Everyone should see this great film, but if you are a Law & Order fan, you really need to see this film.
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