William K. Black notes the lack of prosecutions regarding financial fraud, and offers a solution

William K. Black previously worked as an investigator of financial institutions during the S&L crisis. In a detailed article at Huffpo, Black laments the almost total lack of criminal prosecutions related to our recent financial meltdown. Here's the problem in a nutshell: "What has gone so catastrophically wrong with DOJ, and why has it continued so long? The fundamental flaw is that DOJ's senior leadership cannot conceive of elite bankers as criminals." Here's what we need to do about it:

Our best bet is to continue to win the scholarly disputes and to continue to push media representatives to take fraud seriously. If the media demands for prosecution of the elite banking frauds expand there is a chance to create a bipartisan coalition in Congress and the administration supporting prosecutions. In the S&L debacle, Representative Annunzio was one of the leading opponents of reregulation and leading supporters of Charles Keating. After we brought several hundred successful prosecutions he began wearing a huge button: "Jail the S&L Crooks!" Bringing many hundreds of enforcement actions, civil suits, and prosecutions causes huge changes in the way a crisis is perceived. It makes tens of thousands of documents detailing the frauds public. It generates thousands of national and local news stories discussing the nature of the frauds and how wealthy the senior officers became through the frauds. All of this increases the saliency of fraud and increases demands for serious reforms, adequate resources for the regulators and criminal justice bodies, and makes clear that elite fraud poses a severe danger. Collectively, this creates the political space for real reform, vigorous regulators, and real prosecutors.

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World’s best magazine – National Geographic

As the new year began, I found myself finishing up the January, 2011 edition of National Geographic. This is not a magazine to be merely scanned. In my experience, National Geographic deserves its own special time. It needs to be read slowly so that its exquisite prose and photography can be deeply appreciated. Every minute invested is paid back tenfold, and National Geographic has been written in this high-quality way for as long as I can remember. So… If you're going to put me on a deserted island and I can only have one magazine subscription, please make it National Geographic. The cover story of the current issue is "Population 7 Billion: How Your World Will Change." In the introduction, the Editor notes that "the issues associated with population growth seem endless: poverty, food and water supply, world health, climate change, before station, fertility rates, and more." Therefore, it would seem that we would insist on discussing the carrying capacity of Earth. We talk about the capacity of motor vehicles and houses and hotel rooms and conference centers, because we can't deny that human animals take up space and use up resources. We can't put 12 people in a boat that is designed to carry four, because it would cause a disaster. Yet many of us simply refuse to consider whether there is such a thing as a carrying capacity of the earth, and we utterly refuse to attempt any sort of quantification of the carrying capacity of the earth. Therefore, as we are approaching 7 billion people on earth, it is preordained by many people that population is simply not a problem, even though societies all over the earth, rich and poor, traditional and modern, are exhausting the resources that are available to them.

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Five minutes in Afghanistan

The St. Louis Post-Dispatch recently touted a "One Million Dollar Grant" that St. Louis will soon receive for developing trails for bicycling and walking. I've long been a bicycle commuter and this new trail is truly a great idea. One million dollars is a lot of money. Too bad there's not money for more of these infrastructure improvements, including bridge repairs and many things that are far more pressing than bicycle trails. Or at least this is what the politicians tell us. In actuality, we're pouring more than $2 billions dollars down the drain every week in Afghanistan. We have nothing to show for ten years of "progress" in Afghanistan. Our strategy mostly seems to consist of shooting at poor people who resent our presence in their county. And we're committed to supporting a known corrupt leader. And we're committed to overseeing a vast illegal drug trade. Our current "peace president" is likely keeping the troops over there for political reasons, not because there is any hope of accomplishing anything for Americans or the people of Afghanistan. Our imperialist adventure in Afghanistan is horrifically expensive, and its foundation is the "sunk costs fallacy. How expensive is our "war" in Afghanistan in terms of the new St. Louis bicycle trail program? In Afghanistan, we burn through one million dollars every five minutes. It is a needless war that is making us poor. [Here's the math: $2B per week equals almost 12 million per hour. Which equals $1 million every five minutes]. Think about it. One million dollars every five minutes to accomplish nothing but to provide make-work for the military-industrial complex. Could your community use one million dollars for anything these days? Perhaps to hire new teachers? Or to fix a collapsing bridge? Or to retrain workers?

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Indiana crackdown on snow sculptures of penises

A mere sculpture of a mere body part is obscene, according to authorities in Indiana. Listen to these victims, who appear to be scarred for life. I feel scarred for life merely by hearing about this display of a human body part. I can understand those who think it is in bad taste. Terror Management Theory offers me an explanation for the extent of the outrage. And see here: "We are gods with anuses: another look at 'terror management theory.'”

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Reading quietly en masse

In one of the episodes of the original Twilight Zone television series, an introverted fellow is desperate to be left alone so that he can read books.  He loved reading, but he was driven to desperation because other people constantly interrupted his reading. In that TV episode, the introverted fellow got his wish, more or less.   Today I was reminded that hundreds of people can read quietly together. I witnessed this every day event at the main branch of the New York City Public Library. More specifically, I witnessed this phenomenon at the Deborah, Jonathan F. P., Samuel Priest, and Adam R. Rose Main Reading Room. Here's how the room is described at the library's website:

[The reading room] is a majestic public space, measuring 78 feet by 297 feet—roughly the length of two city blocks—and weaving together Old World architectural elegance with modern technology. The award-wining restoration of this room was completed in 1998, thanks to a fifteen million-dollar gift from Library trustee Sandra Priest Rose and Frederick Phineas Rose, who renamed the room in honor of their children.

Here, patrons can read or study at long oak tables lit by elegant bronze lamps, beneath fifty-two foot tall ceilings decorated by dramatic murals of vibrant skies and billowing clouds. Since the General Research Division’s opening day on May 23, 1911, vast numbers of people have entered the main reading room. . . . In one of his memoirs, New York Jew, Kazin described his youthful impression of the reading room: “There was something about the. . .light falling through the great tall windows, the sun burning smooth the tops of the golden tables as if they had been freshly painted—that made me restless with the need to grab up every book, press into every single mind right there on the open shelves.”

A few years ago, a friend urged me to visit this reading room, but it always seemed that when I happened to be in New York and when I happened to be walking by the main branch, it was after closing time. This week I found myself in New York for an extended stay thanks to a massive snow storm. Thus, there were no excuses. I was stunned by this spectacularly beautiful room filled with traditional table lamps and a most unusual collection of people.  They were unusual because they were so absolutely quiet. [More . . . ]

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