Friday, November 11, 2011

Quotes of the day

Ben, those silver bullets that you and Mike are looking for are fine and good, but our web server is five times slower. There is no silver bullet that’s going to fix that. No, we are going to have to use a lot of lead bullets.--Bill Turpin

JoePa said that with the benefit of hindsight, he wished he had done more, which begged the question: What words, what regrets, what sorrows and devastations are left to Victims 1-8, who must wonder how life might have been different if JoePa had acted in accordance with his lovingly bestowed nickname?--Jane Leavy

... I will say that I am sickened, absolutely sickened, that some of those people whose lives were fundamentally inspired and galvanized by Joe Paterno have not stepped forward to stand up for him this week, have stood back and allowed him to be painted as an inhuman monster who was only interested in his legacy, even at the cost of the most heinous crimes against children imaginable.
Shame on them. And why? I’ll tell you my opinion: Because they were afraid. And I understand that. A kind word for Joe Paterno in this storm is taken by many as a pro vote for a child molester. A quick, “Wait a minute, Joe Paterno is a good man. Let’s see what happened here” is translated as an attempt to minimize the horror of what Jerry Sandusky is charged with doing. It takes courage to stand behind someone you believe in when it’s this bad outside. It takes courage to stand up for a man in peril, even if he stood up for you. And that’s shameful. I have not wanted to speak because it’s not my place to speak. I’m Joe Paterno’s biographer. I’m here to write about the man. I’m not here to write a fairy tale, and I’m not here to write a hit job, and I hope to be nowhere near either extreme. I’m here to write a whole story. I’ve had people ask me: “Will you include all this in the book?” Well, OF COURSE I will — this is the tragic ending of a legendary career. I’m going to wait for evidence, and if it turns out that Joe Paterno knowingly covered this up, then I will write that with all the power and fury I have in me.--Joe Posnanski

As defenses get more complex, the answer isn't always to get more complex on offense; sometimes, it's the opposite. By making the game easier, Harbaugh has turned Smith into one of the league leaders in interceptions per pass attempt. Football is a game of intelligent compromises under constraints such as time, ability, and the raw physics of the game. And right now, at 7-1, Harbaugh's 49ers seem to have found the right mix.--Chris Brown

Can't we just call Andy Dalton "Shawshank"? It's right in front of us: Red and Andy.--Joe

Furious that I didn't think of that first.--Bill Simmons

America's monetary problem however is that they are in a liquidity trap. Six or seven years of 6 percent inflation, 2 percent interest rates and to stick the losses to the Chinese who (in their mercantilist fashion) own the debt would be a wonderful way out of America's malaise. And you would think you could induce 5 percent inflation by printing money. You would think the option is open. Indeed you would swear given how much money the Fed has printed that it would have happened. But it has not happened. Sure the Fed has printed money. And when it finished that it printed some more. Soon we will get to QE4 and yet another round of "quantitative easing" and we will still not manage to induce 5-7 percent inflation, 2 percent interest rates and to stick the losses to the Chinese.
If you had - without any understanding of monetary theory - been told that the Fed could increase money stock from say $800 billion to $3 trillion and not result in an inflationary torrent you would not have believed it. It would have sounded like nonsense. But you better believe it because it happened. And that requires an explanation.
The explanation is simple enough. The Federal Reserve has too much credibility. Each time it increases the money supply it buys some asset (say a government bond or even a foreign security) and issues cash. And people hold the cash because it is a reasonable store of value. And it is a reasonable store of value because they trust - at the end of this cycle - that the Federal Reserve will eventually take its vault full of assets, sell the assets for hard cash (which it will destroy) and will thus suck the excess liquidity out of the system.
If people really believed the cash was trash they would all try to get rid of it (ie buy something) but collectively they could not get rid of it (every time they buy something it would have a new owner) and the result would be inflation. Inflation would then reduce the real value of the money stock to a level where people were comfortable holding it.--John Hempton

The Greek debt crisis that has roiled world markets for weeks was resolved today when Greece agreed to marry TV reality star Kim Kardashian for 72 days. The marriage, believed to be the first ever between a sovereign nation and a television personality, is expected to net billions of dollars for Greece’s debt-strapped economy. The wedding between Ms. Kardashian and Greece will generate cash via a People magazine pictorial, an E! Entertainment reality series, and a bond offering backed by the International Monetary Fund.--Borowitz Report

Showing the resiliency that has frustrated foes throughout his storied career, Silvio Berlusconi today stepped down as Italian Prime Minister and assumed the helm of the National Restaurant Association. “This is a dream job for me,” Mr. Berlusconi told reporters as he settled into his new offices in Washington. “I love working with people and I intend to be very hands-on.”
Mr. Berlusconi won the coveted position after beating out several rivals, including former International Monetary Fund chief Dominique Strauss-Kahn. “I must admit I am envious of Silvio,” Mr. Strauss-Kahn said. “There isn’t a red-blooded man alive who wouldn’t want to run the National Restaurant Association.”--Borowitz Report

The companies want to retain their favorite loopholes. For the heck of it I include the wish list below this piece. It’s endless. It’s a joke. It proves that American industry’s interests are not at all aligned with the American citizens. This list will insure that the likes of GE never pay their share of US taxes.  I don’t have a problem when US industry lobbies congress for what they want. That’s the system we signed up for. But I do have a problem when the company that has the most to gain from the tax code is also advising the Administration on economic policy.   Obama has made a bunch of dumb mistakes. His getting into bed with Jeff Immelt is high on the list.--Bruce Krasting

In a competitive, low-margin, high-hustle retail business, Ed wanted to project Bloomingdales with a Wal-Mart budget. The showroom had to be beautiful, spotless—just perfect to look the part. Customer service was paramount. In order to be successful, every employee had to have this mentality. Although we didn’t call it that then, I’ve come to believe that Ed was creating a company culture. We often get wrapped up in Silicon Valley with the “new-new” way that we can forget many times we’re simply rediscovering well worn lessons that date back to the beginnings of commerce.--Scott Weiss

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