Apr 22
David Wright commented on Council Stands Up to Vulcan in South Lake Union.
It is not "redlining" if you want to live in location X but others outbid you for that privilege.
Apr 22
David Wright commented on The Amazing Bullitt Center: Part Three.
So if all our buildings go green, they will all have awnings that extend over the streets? Nice for avoiding rain, I suppose, but also for blocking out the sun and the sky.
Apr 12
David Wright commented on Have E-Books Hit a Ceiling?.
Call me back when e-books do a good job at rendering complicated equations, charts, and diagrams. That's most of what I read.
Apr 10
David Wright commented on Oh, the Austerity! (Cyprus Edition).
Brooklyn Reader: Those are good questions.
It is possible for Cyprus to do most of what Iceland did vis-à-vis its banks even without its own currency. It would just let the banks fail and have the government step in to pay out the small accounts covered by deposit insurance. (This is, in fact, what happened in the end.) The one aspect it couldn't reproduce would be to honor deposit insurance only for its own citizens, because European banking regulations (not sure if EU or Euro level) require citizens and non-citizens to be treated equally. But that's a rather small tweak since, unlike Iceland, most of the small accounts were for citizens anyway.
What Cyprus can't do as a part of the Euro is what Iceland did next, and which doesn't directly have to do with the banks at all, and that is to massively devalue its currency in order to make its exports more competitive by slashing the real wages of its citizens in one fell swoop.
It is possible for Cyprus to do most of what Iceland did vis-à-vis its banks even without its own currency. It would just let the banks fail and have the government step in to pay out the small accounts covered by deposit insurance. (This is, in fact, what happened in the end.) The one aspect it couldn't reproduce would be to honor deposit insurance only for its own citizens, because European banking regulations (not sure if EU or Euro level) require citizens and non-citizens to be treated equally. But that's a rather small tweak since, unlike Iceland, most of the small accounts were for citizens anyway.
What Cyprus can't do as a part of the Euro is what Iceland did next, and which doesn't directly have to do with the banks at all, and that is to massively devalue its currency in order to make its exports more competitive by slashing the real wages of its citizens in one fell swoop.
Apr 9
David Wright commented on Oh, the Austerity! (Cyprus Edition).
Wow, this post must be pretty embarrassing for you.
First off, this plan and its rejection was about three weeks ago. Since then, there has been a new plan, a new vote, and a resolution of the whole question.
Second, the tax on small depositors (which was eliminated in the new plan) was not the troika's idea. It was the idea of Cyprus' government in a futile attempt to save its status as an offshore banking haven for Russian billionaires.
Third, the troika isn't imposing austerity on a Cyprus that would otherwise get to avoid it. The Troika is giving Cyprus a bunch of money. The only thing that is "austerity" about it is that they aren't giving them all the money they would need to cover all their spending and debt. If I give a beggar some money for lunch, am I imposing austerity on him because I didn't cover his food bill for the entire month?
First off, this plan and its rejection was about three weeks ago. Since then, there has been a new plan, a new vote, and a resolution of the whole question.
Second, the tax on small depositors (which was eliminated in the new plan) was not the troika's idea. It was the idea of Cyprus' government in a futile attempt to save its status as an offshore banking haven for Russian billionaires.
Third, the troika isn't imposing austerity on a Cyprus that would otherwise get to avoid it. The Troika is giving Cyprus a bunch of money. The only thing that is "austerity" about it is that they aren't giving them all the money they would need to cover all their spending and debt. If I give a beggar some money for lunch, am I imposing austerity on him because I didn't cover his food bill for the entire month?
Apr 1
David Wright commented on Georgia Republican Thinks Straight People Will Get Gay-Married For Juicy Government Benefits.
The solution to this problem is simple: no government marriage benefits. No different tax rates for married people, no social security benefits you didn't earn yourself, no fast tracked residency because you happened to fall in love with the right person. Would be great if we could eliminate insurance coverage for spouses of government workers, but we probably need that to compete with private sector employers.
Mar 29
David Wright commented on Sent to the Sidelines.
@22: Auction off "premium" fields and times to the highest bidder?
This, exactly. They would go to the organizations that provide the service X demographic size, enabling them to cover the cost.
Of course, this will never happen in a leftist city that sees any transaction involving money as grubby and suspicious and would rather deal with the problem via and endless discussion forum about social justice and minority rights which ends up being won by whoever stands around and bellyaches the longest.
This, exactly. They would go to the organizations that provide the service X demographic size, enabling them to cover the cost.
Of course, this will never happen in a leftist city that sees any transaction involving money as grubby and suspicious and would rather deal with the problem via and endless discussion forum about social justice and minority rights which ends up being won by whoever stands around and bellyaches the longest.
Mar 28
David Wright commented on Inslee Proposes $1.2 Billion in New Revenue for Education.
What, you mean Inslee was lying when he said that he was opposed to raising taxes? And then, when he was pressed on the issue, and he went so far as to say he would veto any tax increases that came out of the legislature, he was doubling down on his lie? Who would have thought?
Mar 27
David Wright commented on Supreme Court Likely to Strike Down DOMA, Says SCOTUS Blog.
The reasonable thing to do on equal-protection grounds would be to strike down federal marriage benefits. The fact that married people get lower tax rates and extra social security benefits descriminates against the un-coupled.
Mar 18
David Wright commented on Europe's Top Bankers Are Stoopid.
I have seen zero evidence that the deposit insurance breech was demanded by the EZB or IMF.
The much more likely scenario is that those funding the bailout simply said: hey, we're not going to pay enough to make all your creditors whole; they are going to have to take some losses. (This is a regularly featured demand from the left, no? "Stop bailing out the bankers!") Then Cyprus, in a misguided but understandable attempt at salvaging its status as an offshore banking center, said: "okay, but to reduce the haircut that our big bucks Russian clients have to take, we will take some money from the little depositors too. (What, you mean I said something about deposit insurance? Well, that was then, this is now.)"
The much more likely scenario is that those funding the bailout simply said: hey, we're not going to pay enough to make all your creditors whole; they are going to have to take some losses. (This is a regularly featured demand from the left, no? "Stop bailing out the bankers!") Then Cyprus, in a misguided but understandable attempt at salvaging its status as an offshore banking center, said: "okay, but to reduce the haircut that our big bucks Russian clients have to take, we will take some money from the little depositors too. (What, you mean I said something about deposit insurance? Well, that was then, this is now.)"
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