Barack Obama’s speech on race

As readers of this blog know, I have not been an enthusiastic supporter of Barack Obama, voting for him in the Ohio primary as the default choice since the alternative of Hillary Clinton is much worse in comparison, and John McCain is truly awful.

But I was really impressed by the speech he gave last Tuesday on race, triggered by the ridiculous flap over some words spoken by the former pastor of his church. If you haven’t seen the speech, you can join the three million people who have viewed it on YouTube or read the full transcript.

The speech was quite extraordinary both for the things he did not say and do as well as for the things he said and did. It was a long speech, lasting about forty minutes, but it was not a stem-winder with resounding phrases. There were no jokes, no innuendo, no digs at political opponents. While there was applause from the audience on a few occasions, there were no built-in, cued-up, applause lines, like one sees in campaign speeches or the awful State of the Union addresses. In fact, Obama seemed to prefer no applause at all and seemed to want to just get on with it. There were no rhetorical flourishes, no crescendos, no dramatic modulations, not even very many memorable phrases.

In his understated and low-key speech, Obama used just one rhetorical device, the pause, and he used it extremely well in a way that reminded me of Harold Pinter’s memorable 2005 Nobel Prize acceptance speech which I have discussed earlier.

Obama quietly delivered a powerful message about the state of race relations in the US and how the way it is currently conducted poisons everything and everyone it touches and of the need to change that situation.

For once we had a major political figure talk like an adult about the serious issue of race. Even more impressive, he seemed to be assuming that the audience also consisted of adults. What made the event so extraordinary, and at the same time reflects so poorly on the state of our political discourse, was that such events are so rare.

He spoke about one issue that I have repeatedly emphasized, how race and other issues are almost always deliberately discussed in inflammatory ways, so that they become distractions from vital issues, and he issued a challenge to the media and to us to change that. He did not take a Pollyannaish view of race or try to disavow the people or history that are integral to dealing with it. Instead he correctly said that we need to know and understand that history if we are ever to overcome it.

The fact is that the comments that have been made and the issues that have surfaced over the last few weeks reflect the complexities of race in this country that we’ve never really worked through – a part of our union that we have yet to perfect. And if we walk away now, if we simply retreat into our respective corners, we will never be able to come together and solve challenges like health care, or education, or the need to find good jobs for every American.

Understanding this reality requires a reminder of how we arrived at this point. As William Faulkner once wrote, “The past isn’t dead and buried. In fact, it isn’t even past.” We do not need to recite here the history of racial injustice in this country. But we do need to remind ourselves that so many of the disparities that exist in the African-American community today can be directly traced to inequalities passed on from an earlier generation that suffered under the brutal legacy of slavery and Jim Crow.

But what was most important in the speech was the indictment of the media about how they cover race and politics and the challenge that he issued to them and us to talk like adults about race, a topic that is at once so ephemeral (after all, the concept of race has no biological standing) and yet so important.

This is where we are right now. It’s a racial stalemate we’ve been stuck in for years. Contrary to the claims of some of my critics, black and white, I have never been so naïve as to believe that we can get beyond our racial divisions in a single election cycle, or with a single candidacy – particularly a candidacy as imperfect as my own.
. . .
For we have a choice in this country. We can accept a politics that breeds division, and conflict, and cynicism. We can tackle race only as spectacle – as we did in the OJ trial – or in the wake of tragedy, as we did in the aftermath of Katrina – or as fodder for the nightly news. We can play Reverend Wright’s sermons on every channel, every day and talk about them from now until the election, and make the only question in this campaign whether or not the American people think that I somehow believe or sympathize with his most offensive words. We can pounce on some gaffe by a Hillary supporter as evidence that she’s playing the race card, or we can speculate on whether white men will all flock to John McCain in the general election regardless of his policies.

We can do that.

But if we do, I can tell you that in the next election, we’ll be talking about some other distraction. And then another one. And then another one. And nothing will change.

That is one option. Or, at this moment, in this election, we can come together and say, “Not this time.”

We have to look to comedian Jon Stewart who, between the jokes, gives one of the most adult media reactions to the speech.

The reactions to Obama’s speech are interesting. Those who would never have voted for him anyway have been nitpicking it to death but in the process come off looking petty. But he put in a tricky position those who pride themselves on being at least somewhat enlightened. If they continue to harp on Wright’s words, they will be acknowledging that they really don’t want the kind of discussion Obama is calling for but simply want to continue to use race as a divisive tool. Even Fox News’s Chris Wallace was so embarrassed by his colleagues on his own network over their relentless focus on precisely the kind discussion that Obama deplored that he publicly took them to task for it. It seemed like even he had had enough.

We can only hope that this speech will change the way that race is discussed in America.

In the next post, I will say more about the context in which Obama’s speech came to be delivered.

POST SCRIPT: The God Delusion Debate

Case’s Campus Freethought Alliance (CFA), in partnership with the Case InterVarsity Christian Fellowship, will present a screening of The God Delusion Debate beginning at 7 p.m. on Tuesday, March 25 in Strosacker Auditorium. The program features biologist Richard Dawkins, who needs no introduction, debating points from his book The God Delusion with John Lennox, a mathematician, philosopher of science, and a Christian.

You can see just the opening to the debate here. In the interests of time, this 20-minute introduction explaining the debate set up and having the debaters give brief biographies of themselves will not be shown at the event.

At 8:30, immediately, following the screening, there will be refreshments and then a panel discussion.

For more information about the program and CFA, see here.

The propaganda machine-4: Major developments in its creation

(For previous posts in this series, see here.)

The third tier pundits are a byproduct of five significant developments in media ownership and control.

The first is the rise of 24/7 cable news networks that has created a voracious demand for people to fill all that airtime. There is just not enough real news to report, and creating good investigative reports on important topics costs money which eats into profits. There is a limit to how much time one can spend on celebrity gossip. Even coverage of Britney Spears can get stale. The supply of attractive young women who go missing, another source of endless cable news media fascination, is also limited. As a result, the cable news networks depend heavily on talk shows since having people give opinions costs little money. But the people who have studied issues in depth and have informed opinions based on deep knowledge tend to be academics but they have jobs that require them to teach and do research and thus are not readily available at a moment’s notice to come and talk about the day’s events, assuming they even wanted to. This leaves a niche for a large number of professional pundits whose job is to be at the media’s beck and call. The third tier pundits fill that niche.
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Two somber anniversaries

Yesterday, March 19, 2008 saw the fifth anniversary of the tragic invasion of Iraq by the US, a deliberate act of aggression against a country that had posed no threat whatsoever to it, an action that is going to have serious negative consequences for US power an influence in the world, both militarily and economically. Historians looking back might see that as a watershed event, a peak in the power hubris of a country. Apart from the appalling death and destruction that has been wreaked on the people of Iraq, with hundreds of thousands of Iraqis dead and injured and vast numbers of internal and external refugees, the invasion of Iraq has also brought to the surface the decline of US economic power.
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Ignoring the elephants

Presidential elections involve two distinct phases. In the first phase, the Villagers drive out of the race anyone who might even remotely threaten the power and privileges of the pro-business/pro-war single party oligarchy that runs the country. Once that is achieved, then the Villagers create major controversies over personal and social issues, so that the electorate gets really fired up and angry and think that important issues are at stake, and not notice that the game is already over. (See here and here for who the Villagers are and the role they play.)

We are now comfortably in that second phase of the process. There is little to choose from between Obama and Clinton in terms of policy differences and so we have this ridiculous amount of attention being paid to statements made by their supporters and other trivialities. When the Democratic nominee is finally determined, we will then see the same kind of intense attention on trivial issues between the two party nominees.

As I said in a 2006 post on election year politics:

As a result, the overture to familiar strains of election year sloganeering are being heard, following a similar pattern. In the months leading to November, one can expect to hear a lot about the following: gay marriage, abortion, immigrants, flag burning, English-only rhetoric, UN bashing, estate tax repeal, and assisted suicide.

All these issues (except for immigration and the estate tax) share the characteristic that they are largely symbolic and directly affect only a tiny minority of people. They have little relevance to the actual lives of most people, but they do aim straight at the emotional core of the base and provide many opportunities to push people’s buttons and make them angry. And expect to hear lots of talk about god and religion, perhaps involving those old faithfuls such as displaying the ten commandments in public places or the pledge of allegiance or prayer in schools and similar church-state separation issues.

However, I would not be surprised if a completely unexpected, but equally trivial, new issue emerges suddenly, since the ones I have listed are, like, so-o-o-o 2004, and the extremist base loves fresh raw meat.

That has happened. Look at the kinds of media coverage that the race now gets. The big issues that the country faces are the wars in Iraq and Afghanistan and the threat of a US attack on Iran; the hundreds of thousands of dead and injured in Iraq and the massive number of displaced people and refugees; the large and continuing budget and trade deficits; the rapid decline in the value of the dollar against other major currencies; the threat of an imminent recession; the crisis facing many homeowners due to the subprime debacle; the shakiness of the US banking system because of that same issue; and the spiraling cost of health care and the lack of coverage for over forty million people, a large fraction of whom are children.

These are all signs that the US has gotten itself into a tailspin. Paul Craig Roberts spells out the magnitude of the problems that have been created. All these issues affect each and every one of us, either directly or indirectly, and have major long-term consequences. Whoever becomes president in November will inherit a financial and military mess that will require very tough and unpopular decisions.

And yet, how much coverage do we have of the candidates’ views on these topics and what their priorities and plans are for dealing with them? Take for example the unprecedented actions by the Federal Reserve to bail out the big investment banks that made lots of money but now are in serious trouble. What are the candidates’ views on this situation? What would they do as president? Do they approve of this kind of government intervention in the financial sector?

We are clearly not going to get any kind of adult talk on this issue from the current president. Last Friday, when the Bear Stearns news was rocking global financial markets, Bush talked to a group of economists at the Economic Club of New York who, along with people around the world, were presumably anxious to hear what the government’s response would be. According to a reporter present, what they heard would have given them the impression of a president who was either in fantasyland, oblivious to what is going on around him or completely out of his depth.

[Y]ou had to wonder what the international financial community makes of a country whose president could show up to talk economics in the middle of a liquidity crisis and kind of flop around the stage as if he was emcee at the Iowa Republican Pig Roast.

We’re really past expecting anything much, but in times of crisis you would like to at least believe your leader has the capacity to pretend he’s in control.
. . .
Our credit markets are foundering, and all we’ve got is a guy who looks like he’s ready to kick back and start the weekend.
. . .
[T]his economic crisis has been going on for months, and all the president could come up with sounded as if it had been composed for a Rotary Club and then delivered by a guy who had never read it before.

He then spoke about his Big Plan: sending checks of $600 to everyone! Oh yes, that should definitely turn things around. Oh, and he’s also totally against congressional earmarks now, though he was fine with them while the Republicans controlled Congress. That was pretty much it. One wonders if there are any adults in this administration.

Here is Jon Stewart on the economic mess and Bush’s speech:

Meanwhile, on Friday itself Wall Street investors started a steady drumbeat demanding that the Fed cut interest rates once again at its regular meeting on Tuesday, by another huge amount, perhaps even as high as one percentage point. The Fed duly obliged cutting rates by a quarter point on Sunday, itself a highly unusual action, and then followed with a further cut of ¾ point on Tuesday. The stock markets duly soared upwards again.

Cutting interest rates by large amounts might please Wall Street investors, at least in the short run, but it has consequences for the long term. Doing so while European rates stay high results in the dollar, already at record lows, sinking even further. This will raise the price of oil and other imports, increasing the rate of inflation and aggravating the trade deficit. All this makes foreign investors even more wary of dollar-based investments, which may make it harder to sell them US treasury bonds to finance the deficits.

The investments made by investment banks like Bear Stearns are highly leveraged, meaning that they buy securities with just a small amount as down payment and finance the rest, just like the way we buy houses with a small down payment and finance the rest with a mortgage. The difference is that when buying a house (in normal times) the down payment is usually 10 to 20% and the value of the collateral (the house) is worth more than the loan, so that if the borrower can’t repay the loan, the lender can still recover the money by selling that asset.

In the case of Bear Stearns, it is estimated that the size of its purchases outnumbered its actual assets by a ratio of 28-to 1, meaning that it bought securities for 28 times the value of the actual cash it put into the purchase. The balance was borrowed. Usually these banks sell these highly leveraged securities long before the loan is due to be repaid and thus are able to repay the debt. But in this case, nobody wants to buy their securities. When the bills came due, the banks could not sell and thus had no money, which is why the bank had a liquidity crisis. When the Fed came to the rescue by guaranteeing these securities, it was essentially saying that they would pay up if the value of the securities did not rise again and creditors came for their money.

Hanging over everyone is the uncertainty. How many other big banks are holding on to how much mortgage backed securities? How much did they leverage? How far is the Federal Reserve willing to go in using taxpayer money to prop up these banks?

On Monday the biggest commercial bank in Cleveland, National City Bank, lost 43% of its value in one day, fueled by suspicions that it was holding a large amount of now worthless mortgage-backed securities. Before 1999, commercial banks were restricted by the Glass-Steagall Act from taking the kinds of risks that investment banks take, because the government insured the deposits of those banks and did not want to underwrite excessive risk taking. That act was passed in 1933 in the wake of the Great Depression because banks had been making highly speculative investments and thus caused the crash. But in 1999 Congress and Bill Clinton removed that barrier and now the rot that has infected the investment banks has spread into the commercial banking sector also.

As the days go by, watch for more volatility, fueled by rumors.

POST SCRIPT: The God Delusion Index

Answer this series of questions and calculate the extent of your own God Delusion.

Yet another federal bailout for the rich

Last Tuesday, the Federal Reserve Board said that it would guarantee up to $300 billion worth of the highly devalued assets held by those banks that had been speculating in the subprime real estate market, thus enabling those banks to borrow money because of the federal guarantee. Nobody else would accept the subprime mortgage portfolios as collateral for loans. So in effect the taxpayers were being put on the hook if the loans could not be repaid. The stock market that day reacted with glee, skyrocketing upwards. (I explained what was going on here.)

That party ended on Friday. The big investment bank Bear Stearns said that it could not meet its obligations and requested a loan from another big investment bank JPMorgan Chase. The latter, unlike the general public, was aware of the nature of the assets held by Bear Stearns and said nothing doing, unless the Federal Reserve was willing to guarantee that loan too. The Fed, always eager to please the big financial interests on Wall Street, readily agreed and in a single day the whole transaction was approved. This is pretty amazing speed when you consider that $30 billion of taxpayer money was involved.

But the news of Bear Stearns’ troubles, which came just two days after a cheery message of confidence by its head just two days earlier that everything was just fine and dandy, sent jitters down the spine of investors who wondered how bad the situation really was and what dark secrets existed in the vaults of other big financial institutions.

They found out on Sunday when it was announced that JPMorgan Chase was actually buying Bear Stearns for the astoundingly low price of $2 per share, with the Fed once again guaranteeing the transaction. Just last year that stock had been trading at $172 per share. In just one year, the bank had lost almost 99% of its value, a collapse of Enron-sized proportions, but this time affecting one of the oldest and largest investment banks in the country. The total cost to JPMorgan Chase to buy this former financial powerhouse was only $236 million. Given that the Bear Stearns’ fancy headquarters building alone was estimated to be worth about a billion dollars, this fire sale price indicates that Bear Stearns was in even more terrible shape than previously thought.

To understand what is going on here, we need to know that banks invest the money deposited in them to make money for themselves and their depositors. They do this by buying and selling securities of various types. But they are expected to keep a certain percentage of that money in cash to meet the routine demands of depositors who need to withdraw money for whatever reason. As long as not too many people want too much money at once, the banks are said to have sufficient ‘liquidity’ and the system works well. Even if the banks run out of cash, they can get short-term loans from the Fed or other banks using their securities as collateral. The interest on these loans is what is called the ‘discount rate’ and it is much less than the interest that we pay on loans. These kinds of loans are routinely done and are meant to ease any short-term liquidity problems.

But if there are suspicions that a bank is in trouble, that can lead to a stampede of depositors all demanding their money at the same time and we have a ‘run’ on the bank. If the banks cannot convert enough of their securities to cash or raise large enough loans, it can go bankrupt. This can happen even if a bank is perfectly sound. All it requires is a rumor of trouble to cause a run.

It was to prevent such problems that the FDIC system was set up. This said that whatever happened to a bank, the government would guarantee to reimburse depositors up $100,000 each. This was meant to reassure depositors so that they need not panic and withdraw their money suddenly. This is what possibly saved Countrywide Bank last year when it was discovered to have had huge losses by investing in subprime portfolios. I, for example, have an account at Countrywide but did not panic and ask for my money back when I heard the news of its troubles, precisely because of the guarantee.

In return for this government guarantee, the commercial banks have to submit to supervision by the government to make sure that they are not making too many risky investments, though we see in the case of Countrywide that the system is not foolproof.

But investment banks like Bear Stearns are not like the commercial banks ordinary people deal with. There are two kinds of investors in banks like Bear Stearns, those who buy shares in the bank and those who give the bank their money to manage. These banks are outside the FDIC system and the federal government has not previously assumed any responsibility for them or their depositors. Those banks are not like the ones where most ordinary people have accounts. These are meant for very wealthy investors for whom $100,000 is just pocket money. It is presumed that these wealthy depositors and investors are financially savvy people who are capable of evaluating for themselves the risks involved and do not need the government to protect their interests.

These investment banks can and do take much greater risks with their investments in return for much higher rates of return than we get on our checking and savings account. This is capitalism in theory, where there is supposed to be a correlation between risk and reward.

But the trouble was that Bear Stearns was one of the worst culprits causing the subprime mortgage debacle, underwriting many of the transactions and causing the inflation in values of those securities that had little relationship to the actual value of the properties. So when the party ended, they got stuck holding a lot of securities which they had paid high prices for and which were now worthless. When investors started suspecting that things were not going well and started trying to take out their money, Bear Stearns did not have the money and could not sell its securities to raise anywhere near enough money, and nobody would lend them money using those worthless securities as collateral.

Except the government. In an unprecedented move, the Federal Reserve decided that they would intervene to try and prop up, at least partially, Bear Stearns so that it did not go bankrupt by offering guarantees for loans given to it, essentially putting an artificial value on its securities. In essence, the government is using taxpayers’ money to try and protect the wealthy financial interests associated with these investment banks. It is true that the people who held shares in Bear Stearns have lost money due to declining share prices but there is little the government can do about that. But by guaranteeing the value of the mortgage collateral, it bought those investors some time

So rather than seeing capitalism in practice what we have is capitalism in theory but a perverse socialism in practice, where the risk is borne by all taxpayers but the benefits in the form of profits accrue to just a few. All those people in government and business who preach financial discipline to the poor and say that people should be held accountable for their decisions, tend to conveniently change their tune when it is themselves or their friends who are affected.

I have shown this clip by British comedians John Bird and John Fortune before but I am showing it again because they describe precisely how we got into this mess and mention by name Bear Stearns and discuss the two funds owned by them that lie at the heart of their problems.

It is unnerving that two comedians in another country in October 2007 could finger the problem that is just now rocking the financial markets in the US.

Once again, I am not an economist so people who are more knowledgeable can chime in with corrections.

The propaganda machine-3: The third tier pundits’ role and purpose

(For previous posts in this series, see here.)

In my previous post in this series, I described the kinds of arguments put out by some of the better-known third tier pundits. You can probably discern a characteristic common to all of them. They start by identifying an enemy (people or ideas) and then throw everything at it, using any spurious argument they can think up, hoping that something will stick. Their purpose seems to be to fill the airways and print media with noise and confusion. The idea is not to make a cogent case but to create a fog through which the public is encouraged to see the designated enemy as vaguely disreputable even if no one can say exactly why. One enemy they have agreed upon is ‘liberal’, a word with an honorable ancestry but now so muddied that they can use it in almost any way they like. So they assert that liberals are weak, fascistic, atheistic, immoral, anti-American, terrorist-loving appeasers. It does not even matter if their assertions contradict one another. The third tier pundits are glib and have a superficial cleverness that seems to be convincing to some people but they lack good rhetorical forensic skills, instead using the equivalents of sledgehammers.
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Dog whistle politics

In an article written in 2000, William Greider said something that really stuck in my mind: “An enduring truth, a wise friend once explained to me, is that important social change nearly always begins in hypocrisy.”

This is very true. When we look back at the improvement in our attitudes to race and gender, at some point indulging in crude stereotypes, offensive humor, and derogatory remarks against this or that hitherto discriminated group becomes seen as unacceptable behavior and the people making them are viewed as ignorant and become ostracized, outside the bounds of decent society. As a result, we then go through a long period when people who harbor such offensive views feel forced to hide them or even say things that are opposite to what they truly feel. As Greider says “[T]he powerful are persuaded to say the appropriate words, that is, to sign a commitment to higher values and decent behavior.”
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More on bubble economics

Dean Baker (co-director of the Center for Economic and Policy Research in Washington, DC) argues that the US is heading towards a recession, if not already in one, and he says that the main cause is the collapse of the housing bubble and not the spending on the Iraq war, though that is not helping either.

The villains in this story are the economists who somehow couldn’t see an $8 trillion housing bubble, the banks that fueled the bubble with bad and often predatory loans, the regulatory institutions that did nothing to prevent the growth of the bubble and the spread of predatory loans, and most of all, Alan Greenspan and the Fed who blessed the whole thing.

We have to hold these folks responsible for their bubble economics. The best place to start would be to remove them from positions where they are still making economic policy.

On Tuesday, we saw the Federal Reserve decide to pump $200 billion into the financial system to try and alleviate the crisis and it sent stock prices soaring that day.

I didn’t understand exactly what they did or how it was supposed to work because the news was reported in a very obscure way. Fortunately for people like me, in another article Baker explains clearly what is going on here and argues that the media is not characterizing this action for what it really is: a federal bailout of the banks that were partly responsible for this mess.

Can’t the media find any economists who don’t think that handing hundreds of billions of taxpayer dollars to the big banks and the incredibly rich people who own and manage them is a good idea? Apparently not, given the coverage so far to the Fed’s proposal to lend $200 billion to the banks using mortgage backed securities as collateral.

The workings of the Fed and the financial markets can appear complicated, so let’s simplify matters a bit to make it more clear what is going on here. Suppose that it was suddenly discovered that much of the wealth held by the country’s leading financial institutions was in fact counterfeit. Instead of having hundreds of billions of dollars of real currency in their vaults, institutions like Citigroup, Merrill Lynch, and Bears Stearns actually had hundreds of billions of dollars of counterfeit currency. Suppose further that the public did not know exactly who held what in terms of counterfeit currency, only that all of them had a lot of it. (The point here is that these banks hold mortgage backed securities, many of which are only worth a fraction of their face value, and therefore can be viewed as the equivalent of counterfeit currency.)

In such circumstances, investors would be very reluctant to accept the credit of any of the major financial institutions. They couldn’t know whether most of their assets were in fact counterfeit, and they were dealing with a bankrupt institution, or whether the counterfeit currency was only a limited share of the wealth, which would not jeopardize the institution’s ability to meet its obligations.

This is in fact the credit squeeze that we’ve have recently witnessed. The spread between the interest rates on a wide variety of assets and the interest rate on safe assets (U.S. government debt) has soared. As a result, the Fed’s effort to stimulate the economy, by lowering the federal funds rate, has been largely unsuccessful because other interest rates have remained high.

In response to this situation the Fed today announced that it would lend $200 billion to banks and other financial firms, accepting mortgage backed securities as collateral. This is effectively the same as saying that the Fed is going to lend money to banks and accept the counterfeit currency as collateral, treating it just as though it were real money.

The intended effect of this policy is to convince other investors that the counterfeit currency is in fact real currency, or at the very least that there is a really huge sucker out there (the Fed) which is prepared to treat the counterfeit currency as real currency.

So how does this story play out? Well, insofar as the Fed is successful, the counterfeit currency retains its value for a while longer. This allows Citigroup, Merrill Lynch, Bears Stearns and the rest of the big boys more time to dump their counterfeit currency on suckers who haven’t figured out how the game is played.

It is possible that they won’t be able to find enough suckers, in which case these banks will end up defaulting on their loans and the Fed (i.e. the government) has lost tens or hundreds of billions dollars paying good money for counterfeit currency. Alternatively, perhaps the big boys are successful and can offload enough of their counterfeit money to restore themselves to solvency before the music stops. Then the Fed is repaid, but the counterfeit money now sits in the hands of other, less informed, or less inside, investors.

You should really read the whole of this excellent article.

Baker shows how once again, we have the Federal Reserve colluding with the government to use taxpayer money to protect and enrich the wealthiest people in the country.

POST SCRIPT: The work of Satan

Almost everyone has had encounters with those annoying little plastic containers of milk that always seem to squirt onto your clothes when you try to open them. Stephen Fry and Hugh Laurie deal with this menace appropriately.

The propaganda machine-2: Examples of third tier pundit work

(For previous posts in this series, see here.)

One does not have to go very deep to understand why third tier pundits are not worth spending much time on. In making my criticisms of them, I have to confess that I do not take the time to read these people’s books, so readers will have to take that into account in weighing my comments on them. Fortunately there are people among the first-tier pundits and other commentators who freely and voluntarily take on this truly thankless task and document the bankruptcy of these people and their ideas. You couldn’t pay me enough to waste my time reading their books when there are so many worthwhile books to read. I have read enough articles written by them and about them and watched some interviews, sufficient I think to judge their caliber. It is of course theoretically possible that if I spend the hours necessary to wade through all the prolific output of these third tier pundits, I may find that they have produced works of extreme profundity and elegance that their critics have overlooked. But given the evidence from their other works, I would put the chances of that about as close to zero as you can imagine.
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Technology guerilla warfare

One of the interesting things about technology is the way that it creates a kind of arms race between those who quickly adopt new technologies and those who feel that it impinges on their own freedom and want to thwart them. We know, for example, that the radar guns used by traffic police have spawned detectors that can tell drivers who like to speed when such devices are in use, leading to more sophisticated devices being developed for police, and so on. In this case, the radar detectors were being used by people who were trying to break the law for their own benefit and increasing the risk to other users of the road.
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