Mood Music Monday

As I wrote when I started MMM, often the songs have less to do with my mood and just happen to be songs I enjoy. Fittingly, while I am still in the afterglow of a weekend spent with some friends I have barely seen in the better part of a decade, I was listening to Pandora this morning and this song came on. Hope you enjoy it as much as I do:

Quick Take on the Bailout

While most of my libertarian friends are behind the "failout"--it probably won't last. And, as often happens in Washington, the second version is likely to be worse than the first. So much for small victories...

But I wanted to address the few friends of mine who actually support the bailout--specifically a self-proclaimed anarcho-capitalist/anarchist friend of mine who works in the finance sector. We'll call him "Jim."

Jim tells me yesterday that while the bailout may not work, it may slow the domino effect of "runs on the bank" that we're seeing as Wachovia, WaMu, Merrill Lynch, etc. all fall. Apparently, Jim explained, they all lent money to each other while hiding the riskier sides of their holdings and now when that risk bites them in the ass it's the least the government can do to infuse $700 billion into proven bad investments. And, he argues, because of their holdings, all these failures could collapse the economy because, well, the banks don't trust each other anymore. So, in short, we should limit the consequences of those hidden shady investments by giving them more money so they can...do more of the same again?

Um, excuse me for not being sympathetic.

Broke people borrow and lend money all the time. The difference being is that they don't have the federal government backing their bad loans/defaulters in case things go wrong. Often, the loans are illegal and thus not enforceable by law; often resulting in--shall we say?--alternative punitive techniques.

People will be ok, bailout or no. (But a bailout is coming in all likelihood.) We're not going to see breadlines and 30% unemployment--but if we, as libertarians, back "shock therapy" for other economies when they need to get their houses in order, I see no moral reason we should expect any different for our own ( lest we only support creative destruction for brown people). If we are opposed to bailouts and government intervention on principle, then we must face the consequences of shady trading and lending which shouldn't have been going on in the first place. The proverb that you shouldn't rob Peter to pay Paul applies--the fact that (apparently) so much of our economy is based on such practices is disturbing and those involved should get what's coming to them.

Such is the destructive power of the market.

Effectively, the debate comes down to the consequentialists versus the natural rights folks within the broader "movement" and illustrates my problem with the former: it's the principle, stupid. (Small "l")Libertarians disregarding their long-held and strident principled opposition to redistribution is just as bad as the hypocrites on Capitol Hill who only espouse limited government when it suits them and chuck it out the window when it benefits them. I thought we were better than that.

And forgive me, Jim, for saying this: but an anarchist supporting government bailouts is akin to a praying atheist. There's nothing wrong with it, per se, but it doesn't make a whole lot of sense.

On the Failed Bailout

White reaction: Oh my god! They're not gonna help us!

Black reaction: Welcome to our world.

Mood Music Monday

As much as I love my Sunday Night Football, they manage to butcher one of the great rock songs of my youth for their theme.

Joan Jett is a legendary rocker in her own right--not just "pretty good for a girl." So, to get Faith Hill's rather annoying rip-off out of my head from last night (Go Bears!) I submit this gem of rock n' roll for your enjoyment:

Mood Music Monday

I actually inadvertently saw KC and the Sunshine Band in person about 10 years ago. I was back in Fort Wayne for the Three Rivers Festival and went into the giant beer tent. And guess who was on stage? (They're still pretty good, by the way.)



The video isn't the best, but you get the idea.

Goodbye, Yankee Stadium

I am certainly among the minority of my friends insomuch as I hail from the Midwest and I am a Yankees fan. People ask why--most think it is because of their ridiculous run in the late 90s and that I, like so many of the people sporting the spankin' new blue hats with the red "B" emblazoned on their ignorant domes, was some sort of bandwagon jumper. Au contraire. Strat-o-matic baseball and Don Mattingly are to blame for this Indiana boy's love of the pinstripes. But I digress.

Anyway, so last night was our final farewell to the House that Ruth built 85 years ago. As a Yankees fan, there was certainly something missing as there is only a slim mathematical (i.e., no) chance of the Yankees making the playoffs this year. But, it was good to watch it anyway.

But for those of you who, like so many of my friends, are Yankee haters--envy, it seems, becomes most baseball fans--I found this little gem this morning over at Volokh:

Yankee Stadium, R.I.P. Today is, of course, the final game for “the Yankee Stadium,” as it used to be called, and the Sunday NY Times has a terrific 2-page spread with reminiscences of their “Stadium moments” by Paul Simon, Jill Abramson, Robert Creamer, Keith Olbermann, Michiko Kakutani, and several others. They’re quite moving. I’m a Brooklyn boy, and I was six years old when our Dodgers left town, never to return, and to say I never got over it is an understatement. I couldn’t root for them anymore, needless to say – damn you, Walter O’Malley, damn you to hell! – but at least we still had the Yankees . . . to continue to loathe and despise. It was a hard time to be a Yankee-loather – from 1957 to 1964, the Yankees of Mantle, Berra, Ford, et al. won 7 American League pennants in 8 years (though, blessedly, they only won the Series three times in that span). But in my candid moments, I have to concede: at least they were the kind of team worth hating. That was always the thing (and still is) about the Yankees; I guess there are people who “hate” the Atlanta Braves, or the Colorado Rockies, or the Houston Astros – but you can’t hate one of them like you can hate the Yankees, which is a purifying, soul-affirming, life-enhancing kind of hate.

I had the chance to see the Yankees at the Stadium twice this year. (both losses, but whatever.) The second time was with two of my best friends--one Cards and one Cubs fan--and even they got a little misty when they showed the video of Yankee Stadium highlights.

Love 'em. Hate 'em. You have to respect them.

There's always next year. LET'S GO YAN-KEES!

Yankee Stadium 1923-2008, R.I.P.

Mood Music Monday