Shit's gettin' way too complicated for me 1. Barack Obama puts some salty language (in quotations attributed to others) in his memoir Dreams of My Father.
2. Obama reads the audiobook himself.
3. Obama gets elected President.
4. Blogger posts remix-ready clips of POTUS profanity online.
I can't wait to see what teh intertubes make of this. posted by Artifice_Eternity at 7:21 PM PST - 80 comments
The savings and loan’s decision not to settle the lawsuit made no economic sense for a solvent institution, but it made perfect sense if their principle objective was to maintain the false appearance of solvency for as long as possible. The savings and loan was undoubtedly inflating all of their assets, including my homely little lawsuit, to postpone the inevitable.
What reminded me of that incident from my late, unlamented law practice was the persistent failure of financial institutions to modify mortgages voluntarily. It makes perfect economic sense for a safe and sound institution to avoid the ruinous costs of foreclosure by agreeing to reduce the principal and monthly payment for homeowners who can pay a mortgage, but not the one they’ve got. But according to the National Association of Consumer Bankruptcy Attorneys, fewer than ten percent of mortgage modifications in November reduced the principal. About half added late payments and penalties to the principal, and either increased monthly payments or added payments at the back end of the mortgage. If a borrower was in default already, what’s the chance the borrower can make a higher monthly payment?
A false etymology is "an assumed or postulated etymology that current consensus among scholars of historical linguistics holds to be incorrect." The internet has provided a platform for the rapid spread of some false etymologies - Snopes has posts debunking Picnic / Handicap / Buck / Crowbar. On the other hand, a folk etymology can mean "the process by which a word or phrase, usually one of seemingly opaque formation, is arbitrarily reshaped so as to yield a form which is considered to be more transparent." Other interesting anomalies of etymology: backronyms and eggcorns. posted by billysumday at 7:56 AM PST - 27 comments
"A striking feature of the New Wall Street System business model was its relentless drive to expand balance sheets, maximizing the asset and liabilities sides. The investment banks used their leverage ratio as the target to be achieved at all times rather than as an outer limit of risk to be reduced where possible by holding surplus capital ... One explanation is that they were doing this in line with the wishes of their shareholders (once they had turned themselves into limited liability companies) ... But there is also another possible explanation for borrowing to the leverage limit: the struggle for market share and for maximum pricing power in trading activities," Against mainstream accounts, Peter Gowan argues that the origins of the global financial crisis lie in the dynamics of the New Wall Street System that has emerged since the 1980s. Contours of the Atlantic model, and implications—geopolitical, ideological, economic—of its blow-out. posted by geoff. at 5:28 AM PST - 21 comments