Click here to view a stark graphic showing the increase in unemployment throughout the nation from 2007 to the present. Watch the whole thing for the full impact.
Archive for the ‘Money’ Category
Bruce Schneier notes that the resale value of a stolen commodity like lead tile or copper wiring is considerably less than the cost to society to replace it, even when black market prices increase and further incentivize theft. Security measures to protect these assets are deemed “a tax on the honest” by Schneier, and they add a further toll on top of the costs to replace/rebuild. Nothing metal is exempt, to include manhole covers and — of all things — an entire steel bridge in Ukraine. As a society we’re going to have to decide which is cheapest: factoring in theft as a sunk cost of doing business, securing and protecting materials from theft, or moving away altogether from commodities that have street value. An uncertain economic climate is likely to bring more such stealing, not less.
“To put a trillion dollars in context, if you spend a million dollars every day since Jesus was born, you still wouldn’t have spent a trillion.”
See the article here.
Sullivan also has a smart opinion about the revelations that [gasp!] Michael Phelps parties:
And yet this absurd ritual takes place in which Phelps has to pretend he did something dreadful and we all have to tut-tut and frown and furrow our brows, and the sponsors cluck and the press preens – while the only conceivable news is that a 23 year-old had a good time at a party, breaking no professional rules since he was not competing when he was goofing off.
My guess is that this will blow over quickly. Phelps is just too rich of a cash cow. His corporate overlords will not allow his career to be slaughtered — certainly not in the name of a failed drug policy.