When lyrics were not as self-absorbed

There are still many incredible lyricists who write about a wide variety of issues, but it seems to me that today's typical lyrics (at least those that on can hear broadcast on mainstream radio) tend to be self-absorbed: songs about a small social circle consisting mostly of me and what I want and what I'm feeling about me, and aboutyou and what you think of me. Maybe it's more difficult to write about political change these days because our problems today seem so much more intractable. Back in the 70's I was part of a eight-piece jazz-rock band we called "Ego." Yes, many of the tunes we played were about falling in love and breaking up, but we also played songs dealing with the need for social change. One of those tunes was called "Dialogue," by Chicago. It consisted of a dialogue between Peter Cetera (also the bass player) and Terry Kath (an extraordinary guitar player). As I listened to "Dialogue" this morning, I was transported back to an earlier day when more of the music that was played on the radio challenged us to think and to change. The consolidation of the mass media makes it much less likely that you'll hear these kinds of ideas when you listen to music on the radio, but you could hear such ostensibly political lyrics in the past, and they planted powerful seeds in some of us. Here is the two-part dialogue that so moved me: Part I Are you optimistic 'bout the way things are going? No, I never ever think of it at all Don't you ever worry When you see what's going down? No, I try to mind my business, that is, no business at all When it's time to function as a feeling human being Will your Bachelor of Arts help you get by? [more . . . ]

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Jeffrey Sachs: Democrats and Republicans both offer only snake oil for the economy

Jeffrey Sachs, the Director of The Earth Institute at Columbia University, has sharply criticized both the Democrat and Republican approaches to dealing with our failing economy. For instance, Sachs complains that President Obama is seeking to kick up consumer spending through “near-zero interest rates, massive Fed financing of mortgages and various consumption incentives, such as rebates for new home-buyers and cash for clunkers.” According to Sachs, though this will simply get us into a new bubble, as the US consumer is encouraged to over-borrow. This is a terrible strategy “with budget deficits of about 10 per cent of gross domestic product.” How about those Republicans? Their “solution” is equally terrible:

For every problem there is a single Republican answer: tax cuts. Simple arithmetic reveals the stunning shortsightedness of this proposition. The federal government collects about 17 per cent of GDP in tax revenues. That roughly equals the outlays on social security, Medicare, Medicaid, veterans’ benefits, defence and interest payments on debt.

All the rest – roads, rail, clean energy, science and technology, diplomacy, international disease control, space, education, job training, water, transport, courts, poverty relief, homeland security, conservation, climate adaptation – is financed on borrowed money. All of these critical areas are underfunded, which hinders productivity, national security and private investment.

What a good idea that is being largely ignored? Sachs likes the idea of jump-starting the green economy:

One where the jobs would come through a massive expansion of low-carbon energy. We were told about plug-in hybrids, intercity fast rail and new water and sewerage plants to replace the crumbling infrastructure. We were told about a new infrastructure bank to fashion complex multi-state projects that would employ huge numbers of workers while building a cutting-edge economy.

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Peak coal

For those of you who read this shocker that the worldwide oil reserves are dwindling much faster than official reports have been coyly indicating, don't get too cozy with the concept that we can always move on over to coal. At least that is the opinion of Richard Heinberg of the Post Carbon Institute. He claims that cheap coal is running out quickly too, and that we will have hit peak coal by 2025. There are a lot of good reasons for avoiding coal. It's a dirty fuel that has spawned dozens of massive ecological disasters, including this one in Tennessee. Another reason to not depend on coal is that there might not be enough of it to consider it to be a long-term solution. And please tell me: why is "conservation" still such a dirty word to so many people out there when it is the cleanest and easiest why to even out energy input and outgo?

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Run from actively managed securities funds

Dan Solin at Huffpo has repeatedly pointed out the folly of paying an investment "expert" to manage a securities fund. His advice goes against the grain; innumerable books, magazines and websites pretend that if you want to grow your investments, you need to pay someone to actively manage them. As Dan Points out in this post, the great majority of fund managers hyperactively stir your investments (which costs you money for all these transactions) and the fund typically does less well than passively managed index funds that cost a fraction of the cost of actively managed funds to maintain. Vanguard, for example, is a prominent company offering many passively managed funds that cost less than 1/10 as much to maintain as actively managed funds. After pointing out new statistics showing the follow of active management, Dan offers this hypothetical conversation that you should have with the next investment professional who offers to help your funds "grow," for a fee, by wheeling and dealing securities for you:

Broker: I recommend this [hyperactively managed] stock [or bond] fund. You: You get a commission if I follow your recommendation, right? Broker: Of course. You: Based on data from both Morningstar and S&P, your recommended fund is likely to underperform a low cost index fund of comparable risk, right? Broker: Yes. You: Is this a farce or a con? Then hang up.

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