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Created
Tue, 28/03/2023 - 16:50
It’s 2023 and fans worldwide are all set to celebrate 60 years of Doctor Who all year long! Here in Australia there are plenty of ways to get together with fellow fans and mark the 60th anniversary year. Here are a list of upcoming events that you may want to attend! ? ACT   ? NSW   ? NT   ? QLD   ? SA   ? TAS   ? VIC   ? WA 1 April 2023 – Sirens of Audio present Janet Fielding Down Under , Sydney 15 April 2023 – Sirens of Audio present Janet Fielding Down Under hosted… Continue reading
Created
Tue, 28/03/2023 - 16:47
It’s here! Data Extract issue 255 was sent out to members at the end of March. Go behind the scenes on a cosplay photoshoot, visit the UK’s Worlds of Wonder exhibition, plus a timeline of Doctor Who in Australia in the 1990s, counting down the Thirteenth Doctor’s greatest hits, and much more!   This is the second release for 2023, following on from issue 254 in January, which found us looking into the Ian and Barbara relationship, concluding the Brigadier’s Time War adventures, detailing Australian fandom in the 1980s in a comprehensive timeline, visiting the Doctor’s neighbor at 78 Totters… Continue reading
Created
Tue, 28/03/2023 - 16:32
Pseudo-objectivity about pseudo-objectivity Jay Rosen coined popularised the phrase “the view from nowhere” (originally due to Thomas Nagel) to describe the default stance of political journalism in the US and elsewhere, often defended as “objectivity”. This is closely linked to the concept of the Overton window, which I wrote about recently in relation to the […]
Created
Tue, 28/03/2023 - 16:30
Pseudo-objectivity about pseudo-objectivity Jay Rosen coined popularised the phrase “the view from nowhere” (originally due to Thomas Nagel) to describe the default stance of political journalism in the US and elsewhere, often defended as “objectivity”. This is closely linked to the concept of the Overton window, which I wrote about recently in relation to the […]
Created
Tue, 28/03/2023 - 09:30
Apparently, the only thing people still value in this country is money. Ugh: Patriotism, religious faith, having children and other priorities that helped define the national character for generations are receding in importance to Americans, a new Wall Street Journal-NORC poll finds. The survey, conducted with NORC at the University of Chicago, a nonpartisan research organization, also finds the country sharply divided by political party over social trends such as the push for racial diversity in businesses and the use of gender-neutral pronouns. Some 38% of respondents said patriotism was very important to them, and 39% said religion was very important. That was down sharply from when the Journal first asked the question in 1998, when 70% deemed patriotism to be very important, and 62% said so of religion. The share of Americans who say that having children, involvement in their community and hard work are very important values has also fallen. Tolerance for others, deemed very important by 80% of Americans as recently as four years ago, has fallen to 58% since then.
Created
Tue, 28/03/2023 - 09:04
Happy National Whiskey Day! To celebrate I brought out my trusty 2-in-1 International Recipe Card Collection for Mixed Drinks and Hors D’oeuvre and found the Perfect Manhattan on card 65 from the Blends & Rye section. Mr. Sauce, Esq. is a fan of a Manhattan–it his most requested cocktail when he comes home from a longContinue reading 2-in-1 International Recipe Card Collection: Perfect Manhattan (1977)
Created
Tue, 28/03/2023 - 08:23

Morale hazard can turn into a darker ‘moral’ hazard

Our current banking crisis -- and our government’s responsibility for and response to it -- underscore risks facing citizens and taxpayers backing up our banking system.

Government programs like deposit insurance and the Fed’s role as lender of last resort have been sold as “stabilization” schemes. But we are learning again some unlearned lessons from the past. Those lessons relate to two of the most important words in finance -- moral hazard.

Insured parties may take more risk, once they are insured. This isn’t necessarily immoral, just rational behavior reacting to the fact that they have insurance.

But at some point, ‘morale’ hazard can become ‘moral’ hazard, particularly if depositors and other creditors of banks are protected by the government and the public purse. Protected parties and their friends in high places may become willfully blind to downside consequences imposed on others, and use the government as a vehicle for gain for well-connected insiders while losses are socialized.

Created
Tue, 28/03/2023 - 08:00
Those of you who have read this blog over the past two decades know how I feel about Newt Gingrich. I hold him just as responsible and Donald Trump and Roger Ailes for the dark turn the GOP took since the early 90s. (And yes, their over racism was always reprehensible.) His influence over this country’s politics cannot be overstated and it’s all bad. Al Hunt, who’s also been following this story for decades has written a piece about Newt and I hope people read it. It’s important to always remember that Donald Trump didn’t start this descent into fascism. Gingrich was an officer in the Reagan Revolution and he took it to its logical conclusion. He is now being feted as an elder statesman by the MAGA movement, which makes perfect sense: Newt Gingrich is having another rebirth: reported whisperer to House Speaker Kevin McCarthy (R-Calif.), quoted hundreds of times as the supposed wise man to all things Congress and Washington, an off-Broadway version of Jim Baker or Leon Panetta.