Trying to think positive thoughts

But then I see something like this. And then I saw this article by Glenn Greenwald concerning an American citizen who was tortured in Kuwait, then barred for re-entry in the U.S. for no good reason:

All of this underscores the rapidly expanding powers the U.S. Government and law enforcement agents within the country are seizing without a shred of due process. For the government to put an American citizen on the no-fly list while he's traveling outside the U.S. is tantamount to barring him from entering his own country -- a draconian punishment, involuntary exile, meted out without any due process.

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Doing what is right rather than what is profitable

Barry Schwartz (on whom I’ve posted before) says it’s clear that “we need to rein in the bankers.” What is the solution indifferent, uncaring and selfish individuals and institutions? More rules? More incentives? Barry Schwartz says rules and incentives are not long-term solutions because they de-moralize us. They create large populations of people who do everything for incentives. We become addicted to incentives. Further, there is no set of rules that will effectively get us what we need. Bankers are smart and they will find cracks in any rules. They will find a new way to bring the financial system, once again, to the point of collapse. What we really need is virtue and character --- “we need people who want to do the right thing.” We need “practical wisdom,” the moral will and skill to figure out what the right thing is, and then to do it. Aristotle studied carpenters and other crafts-people who appreciated that you often need to bend the rules to get the job done. Dealing with other people demands flexibility improvisation, and wise people understand this. Wise people do this rule-bending “in the service of the right aims.” We need to do this rule bending in the service of others, not merely ourselves. This is “practical wisdom” in a nutshell. [More . . . ]

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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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Not torture = torture

Anyone who reads this post from David E. Coombs, Bradley Manning's lawyer will realize that Bradley Manning is being tortured by the United States of America. He is being tortured in our name. Bradley Manning has not been convicted of any crime. Even if he were convicted of a hideous crime, torture would be immoral. The United States claims that it is not torturing Manning, but consider one example of many disgraceful revelations made by David E. Coombs:

The guards are required to check on PFC Manning every five minutes by asking him if he is okay. PFC Manning is required to respond in some affirmative manner. At night, if the guards cannot see PFC Manning clearly, because he has a blanket over his head or is curled up towards the wall, they will wake him in order to ensure he is okay.
What the phuque. This is not making sure he is "OK," as the military claims. Rather, this is sleep deprivation and it is a way to damage cognitive functioning. For those who suggest that this is not a problem, would they ever allow this to be done to someone they loved? And why is it that medical websites universally caution that we get enough sleep?
Learning and memory: Sleep helps the brain commit new information to memory through a process called memory consolidation. In studies, people who’d slept after learning a task did better on tests later. Metabolism and weight: Chronic sleep deprivation may cause weight gain by affecting the way our bodies process and store carbohydrates, and by altering levels of hormones that affect our appetite. Safety: Sleep debt contributes to a greater tendency to fall asleep during the daytime. These lapses may cause falls and mistakes such as medical errors, air traffic mishaps, and road accidents. Mood: Sleep loss may result in irritability, impatience, inability to concentrate, and moodiness. Too little sleep can also leave you too tired to do the things you like to do. Cardiovascular health: Serious sleep disorders have been linked to hypertension, increased stress hormone levels, and irregular heartbeat. Disease: Sleep deprivation alters immune function, including the activity of the body’s killer cells. Keeping up with sleep may also help fight cancer.
Why would anyone do this to anyone else, other than to torture them? Why, especially, would you do this to a man who has never been convicted of a crime? This is the character of the perennial war-monger totalitarian state coming through loud and clear, and Barack Obama is not willing to step in and call a halt to this despicably immoral situation. Bradley Manning had the guts to speak truth to power, and now, in my name and yours, he is being made into a hideous example so that none of the rest of us get any foolish ideas.

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What do Wall Street Banks do for society?

What do Wall Street Banks do for society? According to a New Yorker article called "What Good is Wall Street?," not much. Many people assume that most of the money made by Wall Street banks is associated with raising capital for fledgling businesses. Not true:

Wall Street’s role in financing new businesses is a small portion of what it does. The market for initial public offerings (I.P.O.s) of stock by U.S. companies never fully recovered from the tech bust. During the third quarter of 2010, just thirty-three U.S. companies went public, and they raised a paltry five billion dollars. Most people on Wall Street aren’t finding the next Apple or promoting a green rival to Exxon. They are buying and selling securities that are tied to existing firms and capital projects, or to something less concrete, such as the price of a stock or the level of an exchange rate. During the past two decades, trading volumes have risen exponentially across many markets: stocks, bonds, currencies, commodities, and all manner of derivative securities. In the first nine months of this year, sales and trading accounted for thirty-six per cent of Morgan Stanley’s revenues and a much higher proportion of profits. Traditional investment banking—the business of raising money for companies and advising them on deals—contributed less than fifteen per cent of the firm’s revenue. Goldman Sachs is even more reliant on trading. Between July and September of this year, trading accounted for sixty-three per cent of its revenue, and corporate finance just thirteen per cent. In effect, many of the big banks have turned themselves from businesses whose profits rose and fell with the capital-raising needs of their clients into immense trading houses whose fortunes depend on their ability to exploit day-to-day movements in the markets . . . Other regulators have gone further. Lord Adair Turner, the chairman of Britain’s top financial watchdog, the Financial Services Authority, has described much of what happens on Wall Street and in other financial centers as “socially useless activity”—a comment that suggests it could be eliminated without doing any damage to the economy. . . “Why on earth should finance be the biggest and most highly paid industry when it’s just a utility, like sewage or gas?” Woolley said to me when I met with him in London. “It is like a cancer that is growing to infinite size, until it takes over the entire body.”
Yet Wall Street is where great amounts of money exist, and that is why many of America's best and brightest are flocking there to engage in careers of . . . well . . . making money. A starting point for this article is that financial markets are grossly inefficient, and that instead of directing money into productive projects, Wall Street financiers follow trends and "surf bubbles."
These activities shift capital into projects that have little or no long-term value, such as speculative real-estate developments in the swamps of Florida. Rather than acting in their customers’ best interests, financial institutions may peddle opaque investment products, like collateralized debt obligations. Privy to superior information, banks can charge hefty fees and drive up their own profits at the expense of clients who are induced to take on risks they don’t fully understand—a form of rent seeking.

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