Welcome to the second, less frequently-posted decade of RevMod.

Contact me at revmod AT gmail.

Monday, May 31, 2010

Missed opportunity

You know, if we were ever going to take the opportunity to stand up for our NATO allies in Turkey, telling Netanyahu that he was being held here while we investigated his government's attack of a ship flying a Turkish flag in international waters would have been a good chance.

Alternet has a short-and-sweet article to unspin the nonsense Israel's press relations office has been trotting out all day.  And Salon asks "Just ponder what we'd be hearing if Iran had raided a humanitarian ship in international waters and killed 15 or so civilians aboard."  Hat tip to Pogge for the latter.

Friday, May 28, 2010

Friday Night Videos

Via POGGe, via Stageleft, your Friday night video. Enjoy the phat beats of the lying liar (or possibly forgetting forgetter. Will he be asked which one by reputable media?) Jason Kenney.

When they're done asking him about this disagreement between his words and the verifiable facts, will he get out of the way of MPs trying to find out exactly how complicit Canada is in torture? Please? Because I really think we should know.

Wednesday, May 26, 2010

When even the bank sounds bearish, what's on the horizon?

A CIBC economist has predicted that Canadian housing prices are due a correction, albeit slow and steady over the next couple of years. Given that the bank has a vested interest in the bullish side of the real estate business (Step one, issue mortgages. Step three, profit!), this can't bode well.

But don't worry, the Chief Executive of Century 21 Canada says everything's fine, and he'd have no reason to lie.

Wednesday, May 19, 2010

Over? OVER?!? It's not over until we say it is!

First of all, I have to say something you'll rarely hear on this blog: Stephen Harper's government is right. Taxing banks in order to create a bailout fund is a very bad idea. Primarily, it will destroy whatever small sense of moral hazard remained in the market. Not only will a bailout be expected, it'll be guaranteed, so go ahead and continue whatever ridiculous derivative inventing and market manipulation you like, knowing there's absolutely no downside. Responsible institutions get to pay for the mistakes of the irresponsible ones.

This is a better idea, producing big downsides for shareholders and bondholders of irresponsible banks, as well as upper management that is paid heavily in options. It also would make unwinding a failed bank instead of bailing it out more attractive, because the liability side of the final ledger would be missing all of the bondholders that would otherwise expect first claim to the bank's assets.

The market's shedding another percentage or two of its value today, approaching the low point of last Thursday's panicked selloff and immediate bounce. We might be watching the slow deflation of another market bubble, fueled by emergency interest rates and worldwide government debt spending at a rate that can't be sustained. We need to be ready for more choppy waters ahead. We need something smarter than the proposed bank tax.

Tuesday, May 18, 2010

Finally, a reason to follow Twitter

Best feed ever.

Tuesday, May 11, 2010

Now she tells us

Helena Guergis, yesterday:
I feel as though they've thrown the rule books out the window, that they're not respecting due process at all. I find it very undemocratic.
Gee, ya think?