Why Capitalism Fails, by Stephen Mihm:
Modern finance, [Hyman Minsky] argued, was far from the stabilizing force that mainstream economics portrayed: rather, it was a system that created the illusion of stability while simultaneously creating the conditions for an inevitable and dramatic collapse...Far from trending toward some magical state of equilibrium, capitalism would inevitably do the opposite. It would lurch over a cliff...
As Minsky observed, “Success breeds a disregard of the possibility of failure.”
Not entirely surprising, is it? Remember LTCM?
"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, September 22, 2009
Monday, September 21, 2009
Carlos Miller, Police, and the 1st Amendment
Carlos Miller has an interesting blog. If you're into photos, police, and/or the First Amendment, check it out here.
Hat tip to Popehat. Here is "Ken" pontificating below:
I’m grateful to cops, as a group. They do a frequently awful job under frequently abysmal conditions. That job is necessary to our safety. They deserve thanks for that — as do many other groups in our society. But I fall off the “hero” bus when people suggest that I owe individual cops respect no matter how they behave, and that I owe cops an obligation to look the other way when they ignore the rule of law, and that we ought to cut cops a break when they act like bullies any more than we would cut a break to a thug in an alley.
Can I get an "Amen"?
Hat tip to Popehat. Here is "Ken" pontificating below:
I’m grateful to cops, as a group. They do a frequently awful job under frequently abysmal conditions. That job is necessary to our safety. They deserve thanks for that — as do many other groups in our society. But I fall off the “hero” bus when people suggest that I owe individual cops respect no matter how they behave, and that I owe cops an obligation to look the other way when they ignore the rule of law, and that we ought to cut cops a break when they act like bullies any more than we would cut a break to a thug in an alley.
Can I get an "Amen"?
Sunday, September 20, 2009
The Buffalo Bills Must Be Cursed
This post was inspired by the September 14, 2009's New England vs. Buffalo Bills NFL football game. New England scored two touchdowns in the last two minutes to win by one point.
I still can't believe how Buffalo grasped defeat from the jaws of victory in the last two minutes. I only caught the end of the game, and I am convinced--the Bills are cursed. Here are the facts:
1. O.J. Simpson was a Buffalo Bill. 'Nuff said.
2. In 1991, the Bills lose Super Bowl XXV by one point. It is the closest Super Bowl in history.
3. Monday Night Football, September 14, 2009. Bills lose by (surprise!) one point. Now, there are stomach-punch games, and there are stomach-evisceration games. This one was the latter.
4. Four consecutive Super Bowl losses from 1990 to 1993.
5. Four words: Scott Norwood, wide right. (Couldn't have happened to a nicer guy, it seems. Somehow, that makes it worse.)
6. Terrell Owens. (I happen to like T.O., but I'm sure every QB he's played with is rooting for the Bills to fail and happy T.O. has to tolerate harsh winters.)
I still can't believe how Buffalo grasped defeat from the jaws of victory in the last two minutes. I only caught the end of the game, and I am convinced--the Bills are cursed. Here are the facts:
1. O.J. Simpson was a Buffalo Bill. 'Nuff said.
2. In 1991, the Bills lose Super Bowl XXV by one point. It is the closest Super Bowl in history.
3. Monday Night Football, September 14, 2009. Bills lose by (surprise!) one point. Now, there are stomach-punch games, and there are stomach-evisceration games. This one was the latter.
4. Four consecutive Super Bowl losses from 1990 to 1993.
5. Four words: Scott Norwood, wide right. (Couldn't have happened to a nicer guy, it seems. Somehow, that makes it worse.)
6. Terrell Owens. (I happen to like T.O., but I'm sure every QB he's played with is rooting for the Bills to fail and happy T.O. has to tolerate harsh winters.)
Saturday, September 19, 2009
Judicial Opinion Slams Birther Movement
Praise the Lord for this [Warning: PDF file] judicial opinion against Orly Taitz and the Obama "Birther" movement. Taitz argued that a military doctor shouldn't have to deploy to Iraq until President Obama produces a legitimate birth certificate, thereby proving he really is our Commander in Chief. Here are my favorite lines from the opinion:
Finally, in a remarkable shifting of the traditional legal burden of proof, Plaintiff unashamedly alleges that Defendant has the burden to prove his “natural born” status. Thus, Plaintiff’s counsel, who champions herself as a defender of liberty and freedom, seeks to use the power of the judiciary to compel a citizen, albeit the President of the United States, to “prove his innocence” to “charges” that are based upon conjecture and speculation.
Any middle school civics student would readily recognize the irony of abandoning fundamental principles upon which our Country was founded in order to purportedly “protect and preserve” those very principles...
[If Plaintiff is allowed to prevail,] Presumably, some other military doctor, who does not resort to frivolous litigation to question the President’s legitimacy as Commander in Chief, would be required to go to Iraq in Plaintiff’s place.
This judge was appointed by President George W. Bush.
Update: Ms. Taitz is in trouble again. This time, it isn't quite so pretty. See here for details.
Finally, in a remarkable shifting of the traditional legal burden of proof, Plaintiff unashamedly alleges that Defendant has the burden to prove his “natural born” status. Thus, Plaintiff’s counsel, who champions herself as a defender of liberty and freedom, seeks to use the power of the judiciary to compel a citizen, albeit the President of the United States, to “prove his innocence” to “charges” that are based upon conjecture and speculation.
Any middle school civics student would readily recognize the irony of abandoning fundamental principles upon which our Country was founded in order to purportedly “protect and preserve” those very principles...
[If Plaintiff is allowed to prevail,] Presumably, some other military doctor, who does not resort to frivolous litigation to question the President’s legitimacy as Commander in Chief, would be required to go to Iraq in Plaintiff’s place.
This judge was appointed by President George W. Bush.
Update: Ms. Taitz is in trouble again. This time, it isn't quite so pretty. See here for details.
Friday, September 18, 2009
Annie Le and Raymond Clark
Annie Le's homicide makes me very worried. If a vivacious, bright woman's life can be cast aside so easily and so brutally, whom among us can really feel safe? (It doesn't help that I have a small sister who spends some time in an East Coast lab doing research. Like Ms. Le, she was also born in the Bay Area.)
As much as I am saddened by Ms. Le's death, I disagree with the rush to judgment against the alleged perpetrator, Raymond Clark III. We already have a media story titled, "Picture emerges of Yale suspect as controlling." Other news reports refer to him as a "control freak."
On what facts does the media base this subjective slant? Apparently, Clark got upset if lab workers wouldn't wear shoe covers, presumably because he had to clean up after them. Other news reports mentioned issues with girls...when the 24 years-old Clark was in high school.
I don't know Clark. I don't know if he's guilty or not. I just know I am upset at the media's rush to judgment based on such flimsy facts/hearsay. In this country, the accused are innocent until proven guilty. It sickens me to think that we might be crucifying a young man's reputation because he ticked off a few employees in a lab.
Surprisingly, the media reports haven't bothered to explain some obvious irregularities. For example, why was Clark living in a Super 8 motel? All the news articles talk about Super 8. If he's a lab tech with a girlfriend (Jennifer Hromadka), why is he living in a Super 8 hotel? Is Yale using the Super 8 as temporary housing for lab techs? Seems like a simple issue to clarify, no?
Also, I hope New Haven officials quit calling the homicide "workplace violence." When I think of workplace violence, I think of laid-off employees shooting their bosses in a murderous rampage. Choking someone to death and then putting her in a small, hidden crawl space seems too pre-meditated to be deemed "workplace violence." It also doesn't seem anything like an ordinary workplace shooting, even if it is just as heinous. By the way, did the murderer not think anyone would eventually notice Le missing, especially with an upcoming wedding date? Did he presume that everyone would assume they were dealing with a runaway bride?
In any case, here's why I think the case isn't completely cut-and-dry, despite the DNA evidence. Apparently, Clark worked as a lab tech since 2004. He must have known about the card system and the video cameras, which record everyone going in and out of the building. Therefore, he would have known that nothing would show Le walking out of the building, meaning the "runaway bride" theory wouldn't work. The cameras and card check system seem like something only an idiot would overlook, and I presume you don't get to work at Yale if you're stupid.
In the end, I'm perturbed, because the crime scene seems unnecessarily violent and sloppy, but at the same time, the murderer hid the body so well, the police were stumped for several days. Perhaps Clark snapped and went after Le for some perceived slight, or he was madly jealous of her. But if he snapped suddenly, would he really think about the hidden crawl space so quickly after the murder? I don't think people walk around with back-up plans about where to hide a body "just in case." The subsequent action of hiding Le in a hidden crawl space seems to require a ready knowledge of the blueprints for the building or at least some very quick thinking post-murder.
Also, I'm sorry to suggest these things, but there must have been a large suitcase or some large bags in the building. Le's murderer could have put Le in a large bag, even if it was just a garbage bag, and then removed her from the building. (What idiot leaves a decomposing body in a place where the smell would eventually tip everyone off?) If the murderer intended to take the body out sometime, why not just do it right then and there or soon thereafter? He had from Wednesday until Friday to go back to the lab and dispose of the body. If you're thinking it would hard to transport 90 pounds out of the building inconspicuously, fine--but would you leave the body where the police would eventually find it?
I don't know if Clark is guilty or not guilty. When I wrote this, it was late, I was tired, I was upset at the media's reporting, and I felt like playing devil's advocate. I hope they find the bastard who did this and put him in jail for life. [Update: Clark pled guilty and is serving 44 years.] If Clark did it, then I am happy he is in custody. I pray God will look after Ms. Le's family.
One side note: the New Haven police aren't known for being geniuses. The 1998 homicide case of Suzanne Jovin is still unsolved, and the New Haven police accused and pursued the wrong man in that case. Jovin's case is particularly interesting because she wrote her senior thesis on Osama bin Laden's threat to the United States.
[This post has been updated since its original publication.]
As much as I am saddened by Ms. Le's death, I disagree with the rush to judgment against the alleged perpetrator, Raymond Clark III. We already have a media story titled, "Picture emerges of Yale suspect as controlling." Other news reports refer to him as a "control freak."
On what facts does the media base this subjective slant? Apparently, Clark got upset if lab workers wouldn't wear shoe covers, presumably because he had to clean up after them. Other news reports mentioned issues with girls...when the 24 years-old Clark was in high school.
I don't know Clark. I don't know if he's guilty or not. I just know I am upset at the media's rush to judgment based on such flimsy facts/hearsay. In this country, the accused are innocent until proven guilty. It sickens me to think that we might be crucifying a young man's reputation because he ticked off a few employees in a lab.
Surprisingly, the media reports haven't bothered to explain some obvious irregularities. For example, why was Clark living in a Super 8 motel? All the news articles talk about Super 8. If he's a lab tech with a girlfriend (Jennifer Hromadka), why is he living in a Super 8 hotel? Is Yale using the Super 8 as temporary housing for lab techs? Seems like a simple issue to clarify, no?
Also, I hope New Haven officials quit calling the homicide "workplace violence." When I think of workplace violence, I think of laid-off employees shooting their bosses in a murderous rampage. Choking someone to death and then putting her in a small, hidden crawl space seems too pre-meditated to be deemed "workplace violence." It also doesn't seem anything like an ordinary workplace shooting, even if it is just as heinous. By the way, did the murderer not think anyone would eventually notice Le missing, especially with an upcoming wedding date? Did he presume that everyone would assume they were dealing with a runaway bride?
In any case, here's why I think the case isn't completely cut-and-dry, despite the DNA evidence. Apparently, Clark worked as a lab tech since 2004. He must have known about the card system and the video cameras, which record everyone going in and out of the building. Therefore, he would have known that nothing would show Le walking out of the building, meaning the "runaway bride" theory wouldn't work. The cameras and card check system seem like something only an idiot would overlook, and I presume you don't get to work at Yale if you're stupid.
In the end, I'm perturbed, because the crime scene seems unnecessarily violent and sloppy, but at the same time, the murderer hid the body so well, the police were stumped for several days. Perhaps Clark snapped and went after Le for some perceived slight, or he was madly jealous of her. But if he snapped suddenly, would he really think about the hidden crawl space so quickly after the murder? I don't think people walk around with back-up plans about where to hide a body "just in case." The subsequent action of hiding Le in a hidden crawl space seems to require a ready knowledge of the blueprints for the building or at least some very quick thinking post-murder.
Also, I'm sorry to suggest these things, but there must have been a large suitcase or some large bags in the building. Le's murderer could have put Le in a large bag, even if it was just a garbage bag, and then removed her from the building. (What idiot leaves a decomposing body in a place where the smell would eventually tip everyone off?) If the murderer intended to take the body out sometime, why not just do it right then and there or soon thereafter? He had from Wednesday until Friday to go back to the lab and dispose of the body. If you're thinking it would hard to transport 90 pounds out of the building inconspicuously, fine--but would you leave the body where the police would eventually find it?
I don't know if Clark is guilty or not guilty. When I wrote this, it was late, I was tired, I was upset at the media's reporting, and I felt like playing devil's advocate. I hope they find the bastard who did this and put him in jail for life. [Update: Clark pled guilty and is serving 44 years.] If Clark did it, then I am happy he is in custody. I pray God will look after Ms. Le's family.
One side note: the New Haven police aren't known for being geniuses. The 1998 homicide case of Suzanne Jovin is still unsolved, and the New Haven police accused and pursued the wrong man in that case. Jovin's case is particularly interesting because she wrote her senior thesis on Osama bin Laden's threat to the United States.
[This post has been updated since its original publication.]
If You're Thinking about Going into Law...
This ABA article should be required reading for all you aspiring law students.
Broken down by age group, the median salary of law grads who never passed the bar was $32,000 before they reached the age of 30 (compared to $48,000 for lawyers and $35,600 for college grads), $48,000 from the ages of 30 to 39 (compared to $64,000 for lawyers and $42,000 for college grads), $54,000 between the ages of 40 and 49 (compared to $83,600 for lawyers and $46,250 for college grads), and $62,849 between the ages of 50 and 59 (compared to $86,400 for lawyers and $48,416 for college grads).
Did you see the median salary for most law grads under 30 years old? Yes, your eyes are clear--it's $48,000/yr. The lesson: don't go into law just because you think the money is wonderful.
For your information, 2009 annual tuition at my alma mater’s full time law program is $38,040, or $114,120 total. At a local night law school, total tuition for a law degree is $51,156. The aforementioned tuition numbers do not include books, study aids, or bar prep courses, which can add an additional $10,000 to $15,000 to the cost of the J.D.
Why is there such a wide disparity in tuition costs between my law school and the night school? My school's alumni network is much different. I know some graduates from the night law school, and all of them are solo practitioners. Nothing wrong with being a solo (I'm one), but I don't know of any big or even small firms where this night school's grads have hiring authority. In contrast, both of my jobs out of law school were given to me by former alumni.
I am happy I managed to pay off my student loans. I had a generous housing situation, but I still had to minimize unavoidable expenses, like food, gas, suits, a reliable car, insurance, etc. I remember eating mostly peanut butter and jelly sandwiches for three years post-graduation. A few times, I forgot to pack my lunch, and I just didn't eat that day. Also, although I love coffee, I avoided Starbucks like the plague. An attorney/mentor (a fellow alumnus, by the way), would buy me lunch once a month, and I looked forward to those lunches more than he will ever know. Now, we take turns paying for lunch, which is nice.
Before I forget, I will leave you with one story about my friend/mentor. When I first met him, I had no idea he was a big shot lawyer. I got to know him because he and I both love movies, he is down-to-earth, and he seemed like a really cool guy. One time, he casually mentioned that he had taken a weekend vacation with his family, and somehow, the cost came up. It was 8,000 dollars. My eyes got wide, my head jerked back, and I remember saying, "8 thousand dollars? For one weekend? How is that possible?" The only thing going through my mind was, "That's two full years of undergrad tuition at UC Davis!" I hope my friend/mentor doesn't remember that day. He hasn't said anything about it, but since then, he's never mentioned the price of any of his vacations.
Broken down by age group, the median salary of law grads who never passed the bar was $32,000 before they reached the age of 30 (compared to $48,000 for lawyers and $35,600 for college grads), $48,000 from the ages of 30 to 39 (compared to $64,000 for lawyers and $42,000 for college grads), $54,000 between the ages of 40 and 49 (compared to $83,600 for lawyers and $46,250 for college grads), and $62,849 between the ages of 50 and 59 (compared to $86,400 for lawyers and $48,416 for college grads).
Did you see the median salary for most law grads under 30 years old? Yes, your eyes are clear--it's $48,000/yr. The lesson: don't go into law just because you think the money is wonderful.
For your information, 2009 annual tuition at my alma mater’s full time law program is $38,040, or $114,120 total. At a local night law school, total tuition for a law degree is $51,156. The aforementioned tuition numbers do not include books, study aids, or bar prep courses, which can add an additional $10,000 to $15,000 to the cost of the J.D.
Why is there such a wide disparity in tuition costs between my law school and the night school? My school's alumni network is much different. I know some graduates from the night law school, and all of them are solo practitioners. Nothing wrong with being a solo (I'm one), but I don't know of any big or even small firms where this night school's grads have hiring authority. In contrast, both of my jobs out of law school were given to me by former alumni.
I am happy I managed to pay off my student loans. I had a generous housing situation, but I still had to minimize unavoidable expenses, like food, gas, suits, a reliable car, insurance, etc. I remember eating mostly peanut butter and jelly sandwiches for three years post-graduation. A few times, I forgot to pack my lunch, and I just didn't eat that day. Also, although I love coffee, I avoided Starbucks like the plague. An attorney/mentor (a fellow alumnus, by the way), would buy me lunch once a month, and I looked forward to those lunches more than he will ever know. Now, we take turns paying for lunch, which is nice.
Before I forget, I will leave you with one story about my friend/mentor. When I first met him, I had no idea he was a big shot lawyer. I got to know him because he and I both love movies, he is down-to-earth, and he seemed like a really cool guy. One time, he casually mentioned that he had taken a weekend vacation with his family, and somehow, the cost came up. It was 8,000 dollars. My eyes got wide, my head jerked back, and I remember saying, "8 thousand dollars? For one weekend? How is that possible?" The only thing going through my mind was, "That's two full years of undergrad tuition at UC Davis!" I hope my friend/mentor doesn't remember that day. He hasn't said anything about it, but since then, he's never mentioned the price of any of his vacations.
Thursday, September 17, 2009
The Law: Honesty
It's been a long day. I am still in my office. Here is my quote of the night:
No law will make an honest man dishonest, nor will any law cause dishonest men to become honest. Laws may scare dishonest men from doing dishonest acts, but at what cost? All laws increase the chances of an honest man getting caught in the government's or a lawyer's web. All laws also provide paper ammunition to an honest man's enemies. If some laws have no relation to improving honesty and morality in society, then the case for eliminating laws rather than passing new ones becomes clear.
Yes, it needs refining. I'll work on it.
No law will make an honest man dishonest, nor will any law cause dishonest men to become honest. Laws may scare dishonest men from doing dishonest acts, but at what cost? All laws increase the chances of an honest man getting caught in the government's or a lawyer's web. All laws also provide paper ammunition to an honest man's enemies. If some laws have no relation to improving honesty and morality in society, then the case for eliminating laws rather than passing new ones becomes clear.
Yes, it needs refining. I'll work on it.
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