The Presidential Debates June 10, 2004February 25, 2017 But first . . . Craig: ‘Even when the facts don’t support your claim on the Reagan Administration and AIDS, with support for research doubling every year from 82 to ’86, what did you want the President to do, look into the microscope himself? Any Poly Sci 101 student knows laws are originated in the House with lobbying help coming from special interest groups such as ACT-UP. It seems to me that government was working and responding rather well.’ ☞ I hear your frustration, Craig. What do these people want from us? But there’s frustration on the other side, too. As you know, tens of millions people, each one as real as you or me, are now infected with AIDS. As recounted in Tuesday’s San Francisco Chronicle, President Reagan did not publicly discuss AIDS in any meaningful way until late in his second term, after more than 20,000 mostly-young Americans had died and the disease had spread to 113 countries. Another President might have sounded the alarm, or expressed concern, after just five or ten thousand deaths. According to the Chronicle piece: Dr. C. Everett Koop, Reagan’s surgeon general, has said that because of “intradepartmental politics” he was cut out of all AIDS discussions for the first five years of the Reagan administration. The reason, he explained, was “because transmission of AIDS was understood to be primarily in the homosexual population and in those who abused intravenous drugs.” The president’s advisers, Koop said, “took the stand, ‘They are only getting what they justly deserve.'” Some people still feel this way. That’s a topic for another day. As for laws originating in the House, I was under the impression that either the House or the Senate could introduce legislation – but that not infrequently the impetus for legislation, and spending priorities and budgets, come from the White House. From June 1981 to June 1982 [recounts the cheerfully titled Encyclopedia of AIDS], the period generally considered the first twelve months of the epidemic, the Centers for Disease Control and Prevention (CDC) spent $1 million on AIDS, compared with $9 million in response to the much smaller problem of Legionnaires’ disease. In late 1982, Congress allocated $2.6 million to be targeted for the CDC’s AIDS research, but the Reagan administration claimed that the CDC did not need the money and opposed any congressional supplemental appropriations designed to fund federal governmental AIDS policy efforts. In the absence of presidential leadership, Congress was forced to ascertain on its own how much money doctors working inside government needed to address the AIDS epidemic. The Reagan administration resisted these efforts but refused to exercise an on-the-record veto of supplementary AIDS funding efforts. In the crucial early years of the epidemic, when federal resources could have been profitably spent on basic research and prevention education, federal AIDS researchers relied on supplemental funding in the form of continuing resolutions initiated by Congress. Year after year, Congress significantly increased AIDS funding relative to the Reagan budgetary proposals. For those really interested in the early years of this plague – which could reach into the hundreds of millions of victims in the decade ahead – there is Randy Shilts’s And the Band Played On. Okay . . . tomorrow: The Presidential Debates – An Interesting Preview
Apples and Corn June 9, 2004February 25, 2017 APPLES Not to inject even the faintest note of personal finance here, but the Apple LEAPS suggested on November 25 had a little more than doubled by March 31, when I suggested you might sell half, taking your own money off the table and playing with the ‘house’s money’ from there on out. Well, if you failed to do that, now’s another good chance to do so – they have about tripled. CORN Stephen Willey: ‘Raw corn is fine, except I think you left out the part about thoroughly washing the corn to remove pesticides and, especially, e coli and other bacteria.’ Fred Whitmore: ‘OK so raw corn is good. It is even more amazing first thing in the morning, right off the stalk, and it is the Silver Queen variety.’ Mike Wallin: ‘After your nauseating corn story, and many previous equally disgusting recipes and aversion to spending money on decent clothes, I just had this question for you: ARE YOU SURE YOU ARE GAY?’ ☞ Trust me. AS CORNY AS APPLE PIE Monday I ran the ‘What Is an American’ essay. We can use a little corny patriotism every now and then. But as I tried to suggest in a general way, we may not be quite so good as that essay suggested (though we’re good!). Rajesh Jayaprakash ‘generally agrees’ with the essay except for the following points: 1. It is a bit disingenuous to think that America poured arms and supplies into Afghanisthan to help the Afghans to win their freedom. 2. The fact that people from developed countries are admitted freely into America with minimal immigration restrictions while people from third-world countries are not puts to the lie the claim that America is ready to open its arms wide to ‘your tired and your poor, the wretched refuse of your teeming shores, the homeless, the tempest tossed.’ This may have been true some fifty years ago, but not today. 3. The point that is being missed is that, to the rest of the world, Americans are synonymous with the American government. The sooner Americans wake up to the fact that, as Van Halen put it, their government is right now doing things that they think only other governments do, the better for everyone. IF ONLY AN APPLE A DAY HAD BEEN ENOUGH Peter L. DeWolf: ‘When I pointed out Monday’s ‘Reagan and AIDS’ letter to somebody, they called it ‘one of those big lie’ letters and said that this report lists the following as annual Federal spending on AIDS research . . . In 1982, $8 million was spent on AIDS. In 1983, $44 million. In 1984, $103 million In 1985, $205 million In 1986, $508 million In 1987, $922 million In 1988, $1,625 million In 1989, $2,322 million. …which doesn’t look like the Reagan administration was just ignoring the problem. Not that I liked Reagan, particularly, but what am I to believe?’ ☞ One prominent AIDS activist I asked replied, ‘I wouldn’t argue with the figures. I haven’t had a chance to look them up. I do know that the big increases came from Congressional pressure, ACT UP pressure, and the sad reality that gay men were dying by the thousands (hard to ignore). But, there is NO question that the Reagan Administration ignored the AIDS crisis for years. There is NO question that he did not specifically address the crisis until 1987. Yes, he did use the “word” before that – including in a press conference where he essentially launched the abstinence-only campaign (fit in well with Nancy Reagan’s ‘just say no’ anti-drug work). The notion that the administration was responsive is complete revisionist history. I don’t have to rely on others, we lived through it. ACT UP’s Silence=Death poster came out in 1987 and it was specifically focused on Reagan’s silence and the lethargy/resistance of the CDC and FDA. Yes, funding from the Ryan White Act did start, but who can forget that it was all about Ryan and other ‘innocent victims’ – not the community being decimated? I could go on and on.’ He suggests, diplomatically, that ‘the best way to respond to the emails you received’ might be something like this: Thanks for bringing another viewpoint to the conversation. Many people I know and respect worked tirelessly during the 1980’s to fight the growing epidemic before it even had a name. They were people from both parties and worked on the inside and from the outside. With nearly one voice, they believe that the government’s response was slow and hindered by anti-gay animus within the Reagan administration. That is not to say that everyone thinks the president was anti-gay or that programs implemented toward the end of his term (e.g., the Ryan White Act) were bad. Well said.
Dollar v. Euro; Neutral v. Objective June 8, 2004February 25, 2017 This is an interesting editorial on the media (emphasis added): Published June 3, 2004 Minneapolis Star Tribune For some time, much of American journalism has suffered from a professional blind spot that caused poor service to listeners, readers and viewers. Many practitioners of the craft somehow lost the difference between being neutral and being objective. That’s beginning to change now, and it’s a very good thing for this democracy. The difference between neutrality and objectivity is this: Neutrality requires that you give equal billing to people who say the earth is flat and those who say it is round. Objectivity allows you to point out the evidence that the flat-earth folks are wrong. In political reporting, neutrality stops at saying candidate X says this and candidate Y says that, without any attempt to explain who is right and who is wrong and in what degree. Dana Milbank of the Washington Post is the most prominent example of the newly rediscovered requirements of objectivity. In Sunday’s Post, Milbank and reporter Jim VandeHei had a story headlined, “From Bush, unprecedented negativity.” The two chronicled the attacks on Sen. John Kerry the week before: Vice President Dick Cheney said Kerry “has questioned whether the war on terror is really a war at all” and said Kerry “promised to repeal most of the Bush tax cuts within his first 100 days in office.” Bush’s campaign aired an ad “saying Kerry would scrap wiretaps that are needed to hunt terrorists.” The Bush team asserted “that Kerry wants to raise the gasoline tax by 50 cents.” Another Bush ad said that “Kerry now opposes education changes that he supported in 2001.” Then came the essential paragraph: “The charges were all tough, serious — and wrong, or at least highly misleading. Kerry did not question the war on terrorism, has proposed repealing tax cuts only for those earning more than $200,000, supports wiretaps, has not endorsed a 50-cent gasoline tax increase in 10 years and continues to support the education changes, albeit with modifications.” The two reporters went on to report that “scholars and political strategists say the ferocious Bush assault on Kerry this spring has been extraordinary, both for the volume of attacks and for the liberties the president and his campaign have taken with the facts.” This kind of truth-telling has been aided by the emergence of Web sites such as the nonpartisan factcheck.org, run by the Annenberg Public Policy Center of the University of Pennsylvania. It documents exaggeration and outright lies by both parties. By far the most examples, and the most egregious ones, this year have come from the Bush campaign. In pointing to the qualitative and quantitative difference, the two Washington Post reporters also avoided another problem of slipshod reporting that has bugged people for years. Democratic strategist James Carville put it this way in 1992: “We say one plus one equals three, and the Bush folks say one plus one equals three thousand, and you write, ‘both campaigns wrong.’ “ In the Milbank-VandeHei piece, one expert says the Bush campaign is so negative because it has no choice: “With low poll numbers and a volatile situation in Iraq, Bush has more hope of tarnishing Kerry’s image than promoting his own.” But this “devil made me do it” defense is far too kind. The Bush family has always campaigned this way reflexively; it’s what they do, along with smearing anyone who disagrees with them. Just consider the smears of the past year, of people like Ambassador Joe Wilson, counterterrorism expert Richard Clarke, former Treasury Secretary Paul O’Neill, 9/11 commissioner Jamie Gorelick and ABC newsman Jeffrey Kofman (he’s Canadian and he’s gay, so don’t believe his reports about low morale in Iraq). Democracy, the old saying goes, is a contact sport. You expect vigorous give-and-take, and you allow for a certain amount of rhetorical spin. But blatant lies and smears are an attempt to undermine democracy by presenting Americans with a false choice, in this case with a false John Kerry. It will take journalism of the Milbank-VandeHei variety to ensure you understand that. © Copyright 2004 Star Tribune. All rights reserved. And this is an interesting piece on the dollar.
Two Deaths June 7, 2004February 25, 2017 I always felt that Ronald Reagan turned out to be the right man at the right time in one crucial way (though I hadn’t expected it when he was elected). Namely, in the power of his friendly optimism. ‘Don’t worry, be happy,’ was the unspoken theme of his economic policy at a time when we had lots to worry and little to be happy about. And yet – in tandem with a strong hand from Fed Chairman State Paul Volcker – it proved self-fulfilling. You’ve likely seen this already; it has been shooting around the Internet for nearly three years now. I just got it again yesterday. It’s not quite what it purports to be (see below). But it is affecting nonetheless, and perhaps fitting to the memory of President Reagan, who always chose to see America at her best. What Is an American? You probably missed it in the rush of news last week, but there was actually a report that someone in Pakistan had published in a newspaper an offer of a reward to anyone who killed an American, any American. So an Australian dentist wrote the following to let everyone know what an American is, so they would know when they found one. (Good on ya, mate!!!!) An American is English, or French, or Italian, Irish, German, Spanish, Polish, Russian or Greek. An American may also be Canadian, Mexican, African, Indian, Chinese, Japanese, Korean, Australian, Iranian, Asian, or Arab, Pakistani, or Afghan. An American may also be a Cherokee, Osage, Blackfoot, Navaho, Apache, Seminole or one of the many other tribes known as Native Americans. An American is Christian, or he could be Jewish, or Buddhist, or Muslim. In fact, there are more Muslims in America than in Afghanistan. The only difference is that in America they are free to worship as each of them chooses. An American is also free to believe in no religion. For that, he will answer only to God, not to the government, or to armed thugs claiming to speak for the government and for God. An American is from the most prosperous land in the history of the world. The root of that prosperity can be found in the Declaration of Independence, which recognizes the God given right of each person the pursuit of happiness. An American is generous. Americans have helped out just about every other nation in the world in their time of need. When Afghanistan was overrun by the Soviet army 20 years ago, Americans came with arms and supplies to enable the people to win back their country! As of the morning of September 11, Americans had given more than any other nation to the poor in Afghanistan. Americans welcome the best, the best products, the best books, the best music, the best food, the best athletes. But they also welcome the least. The national symbol of America, The Statue of Liberty, welcomes your tired and your poor, the wretched refuse of your teeming shores, the homeless, tempest tossed. These in fact are the people who built America. Some of them were working in the Twin Towers the morning of September 11, 2001 earning a better life for their families. I’ve been told that the World Trade Center victims were from at least 30 other countries, cultures, and first languages, including those that aided and abetted the terrorists. So you can try to kill an American if you must. Hitler did. So did Generals Tojo, and Stalin, and Mao Tse-Tung, and every bloodthirsty tyrant in the history of the world. But, in doing so you would just be killing yourself. Because Americans are not a particular people from a particular place. They are the embodiment of the human spirit of freedom. Everyone who holds to that spirit, everywhere, is an American. Author unknown This was ‘not penned by an Australian (or a dentist),’ in point of fact, as snopes.com informs us, ‘but by Peter Ferrara, an associate professor of law at the George Mason University School of Law in Northern Virginia.’ It appeared in the issue of National Review following September 11. Even so, ignoring our imperfections and sometimes humongous missteps, it calls on us to be our best. Ronald Reagan would have liked that. I was going to leave it there, ignoring the several less than laudatory e-mails I got today on the passing of our 40th President. There is a time and a place. But having lost more than 100 friends myself to AIDS, I was particularly affected by this one. Rest in peace, Ronald Reagan – and Steven Powsner.
Nutty Stocks, Corn for Guys on the Go, Jogging in Iraq June 4, 2004February 25, 2017 BOREALIS Well, this stock that I’ve written about for so many years – that is surely going to zero, but I own a ton of it – has lately been trading just under $6, giving the entire enterprise a market cap of $30 million. (Five million shares at $6 each.) Its symbol is BOREF, and if you think it is lightly traded, you should see the stock of its ‘publicly traded’ subsidiaries. They barely ever trade at all. Each Borealis share represents ownership of approximately one share of: CHOMF (Chorus Motors, last reported trade at $6) . . . COLCF (Cool Chips, last reported trade at $10) . . . PWCHF (Power Chips, last reported trade at $6) . . . and RCHBF (Roche Bay, last reported trade at $7). So each $6 Borealis share supposedly represents about $29 worth of its subsidiaries. This is not for an instant to declare that the market prices of the subsidiaries mean a lot. Their true value is either zero (which I have to assume) or many times the current prices (which is my dream). Only time will tell whether any of this is real. But I’d rather own $29 ‘worth’ of the subsidiaries for $6 than for $29. SPEAKING OF NUTTY STOCKS Steve: ‘Actually, the price of SVNX never reached $2400, it reached $240. The quotes you’re getting are inflated by an adjustment for a 1-for-10 reverse split last year. But the 99.9% percentage loss is correct, as an unadjusted original share would now fetch only about 30 cents, down from $240.’ MY SUMMER CORN RECIPE FOR GUYS ON THE GO It has been a while since I’ve shared a recipe from my work in progress, Cooking Like a Guy™ (remember to slam your open palm on the table for manly emphasis as you say it). So, with summer in the air, here’s one: Quick Corn: 1. Buy some really nice young sweet corn. 2. Shuck. 3. Serve. I know this would seem to skip the “cook and slather in butter and salt” steps, which if you have time I would encourage you to take. But I have discovered, at considerable personal risk to myself by trying it out for you, that if you’re in a hurry, this works fine. Tasty, crunchy, with no untoward aftereffects. “Corn Aldente” I call it. “Eating Like a Rodent,” my partner calls it. To each his own. Just try to avoid the little poison pellets roommates may leave out for you around the baseboard. SPEAKING OF FRESH CORN James Redekop: “We use an online grocery delivery company up here in Toronto called Grocery Gateway. Just thinking about Karen Collins’ complaint about the waste of boxes: Grocery Gateway will take the boxes from a delivery back on the next delivery, to reuse (or recycle if they’re wearing out). Very efficient.” JOGGING AROUND THE GREEN ZONE Click here for a really interesting Iraqi-American’s account.
Smelly Bonds June 3, 2004February 25, 2017 MUNICIPAL BONDS If you expect long-term interest rates to head back up, this could be a better time to be selling long-term municipal bonds than buying them. And it is on the sale that your broker may be most tempted to take advantage of you. How do you know what they should sell for? This site gives you a sense of what the prices of thousands of the more widely traded issues should be. Your broker will count on your inertia, figuring you will not likely go to the trouble of selling the bonds elsewhere. But at least this site may give you an argument to get a better price. And here are two municipal bond specialists you could call for a competing bid: Stoever Glass and Lebenthal. You might find your broker will to match it to keep from losing a chunk of your assets. SMELLY CAT This is Phoebe’s song, most of you know, from ‘Friends.’ But what if you are a smelly cat? Or you have smelly dogs? (Feet, that is.) I was trying to have a serious conversation with you about global climate change and the hole in the ozone layer – which 25 years of global cooperation in banning chlorofluorocarbons* seems now to be mending – and all you can think of is RightGuard. Kathryn Lance: ‘With regard to CFCs and deodorants, check out nomoreodor.com, which offers a completely natural, extremely effective way to eliminate underarm and foot odor without any impact on the environment. You have to pay some trivial amount for the formula and promise never to reveal the secret. I tried this two years ago and have not had to spend a cent on deodorant since.’ ☞ I feel the need to tell you that, as your faithful correspondent, I clicked the link and even paid the $19.95 to learn the secret and make sure I wasn’t turning you on to some sort of Satanic odor-eater cult. I came to the site looking to save hundreds of dollars a year on deodorant. But what I took from the experience (because it occurred to me that a year’s supply may not cost me more than $10), is that this site would be of interest primarily to those who have a problem – as when, for example, removing their shoes at airport security the guards faint dead away. In which case, incidentally, you will learn how to fix not just your feet but also the smelly shoes they inhabit. *I can see but one way to use this word in Scrabble, and now that you have raised the issue, I think I will spend the rest of my life hoping someday to do so. Terminating flush right on the triple word score if possible, you play the word CARBONS – 92 points. Then, at some point, you or your opponent lays down FLU on the same row, the requisite number of spaces to the left. Later, to the left of that, OR. So now you have _ _ _ O R _ F L U _ _ _ C A R B O N S. Note there are seven letters left and you have seven tiles on your rack. It’s your turn. Down go those seven letters, and you’ve done it! Although actually, if you really want to take a gamble, you could lay down CARBONS to terminate one short of the triple word score. This could be 86 points, nearly as good, if you began on the top or bottom ‘center’ triple word score. Then, when you laid down your triumphant seven letters to complete the word, it would start on a triple word, for a score, I am immensely please to tell you, of . . . oh, no! The Scrabble board is only 15 spaces wide! We need a shorter molecule!
The Real Economic Plan June 2, 2004January 21, 2017 Sorry – I know I promised Municipal Bonds and Smelly Cat, but fat cats and catlovers will just have to wait until tomorrow, because Paul Krugman’s New York Times column yesterday and a heavily-bleeped CBS Evening News Report last night, if you missed them, are far more important. Start with Krugman. I’ve bolded parts, but with so much at stake I hope you can find time to read it all – and if it strikes you as it strikes me, pass it on to everyone you know. June 1, 2004 Dooh Nibor Economics By PAUL KRUGMAN Last week The Washington Post got hold of an Office of Management and Budget memo that directed federal agencies to prepare for post-election cuts in programs that George Bush has been touting on the campaign trail. These include nutrition for women, infants and children; Head Start; and homeland security. The numbers match those on a computer printout leaked earlier this year – one that administration officials claimed did not reflect policy. Beyond the routine mendacity, the case of the leaked memo points us to a larger truth: whatever they may say in public, administration officials know that sustaining Mr. Bush’s tax cuts will require large cuts in popular government programs. And for the vast majority of Americans, the losses from these cuts will outweigh any gains from lower taxes. It has long been clear that the Bush administration’s claim that it can simultaneously pursue war, large tax cuts and a “compassionate” agenda doesn’t add up. Now we have direct confirmation that the White House is engaged in bait and switch, that it intends to pursue a not at all compassionate agenda after this year’s election. That agenda is to impose Dooh Nibor economics – Robin Hood in reverse. The end result of current policies will be a large-scale transfer of income from the middle class to the very affluent, in which about 80 percent of the population will lose and the bulk of the gains will go to people with incomes of more than $200,000 per year. I can’t back that assertion with official numbers, because under Mr. Bush the Treasury Department has stopped releasing information on the distribution of tax cuts by income level. Estimates by the Urban Institute-Brookings Institution Tax Policy Center, which now provides the numbers the administration doesn’t want you to know, reveal why. This year, the average tax reduction per family due to Bush-era cuts was $1,448. But this average reflects huge cuts for a few affluent families, with most families receiving much less (which helps explain why most people, according to polls, don’t believe their taxes have been cut). In fact, the 257,000 taxpayers with incomes of more than $1 million received a bigger combined tax cut than the 85 million taxpayers who make up the bottom 60 percent of the population. Still, won’t most families gain something? No – because the tax cuts must eventually be offset with spending cuts. Three years ago George Bush claimed that he was cutting taxes to return a budget surplus to the public. Instead, he presided over a move to huge deficits. As a result, the modest tax cuts received by the great majority of Americans are, in a fundamental sense, fraudulent. It’s as if someone expected gratitude for giving you a gift, when he actually bought it using your credit card. The administration has not, of course, explained how it intends to pay the bill. But unless taxes are increased again, the answer will have to be severe program cuts, which will fall mainly on Social Security, Medicare and Medicaid – because that’s where the bulk of the money is. For most families, the losses from these cuts will far outweigh any gain from lower taxes. My back-of-the-envelope calculation suggests that 80 percent of all families will end up worse off; the Center on Budget and Policy Priorities will soon come out with a more careful, detailed analysis that arrives at a similar conclusion. And the only really big beneficiaries will be the wealthiest few percent of the population. Does Mr. Bush understand that the end result of his policies will be to make most Americans worse off, while enriching the already affluent? Who knows? But the ideologues and political operatives behind his agenda know exactly what they’re doing. Of course, voters would never support this agenda if they understood it. That’s why dishonesty – as illustrated by the administration’s consistent reliance on phony accounting, and now by the business with the budget cut memo – is such a central feature of the White House political strategy. Right now, it seems that the 2004 election will be a referendum on Mr. Bush’s calamitous foreign policy. But something else is at stake: whether he and his party can lock in the unassailable political position they need to proceed with their pro-rich, anti-middle-class economic strategy. And no, I’m not engaging in class warfare. They are. Copyright NY Times 2004 And just when you thought the cynicism could grow no more offensive, here is a transcript of a report from last night’s CBS Evening News. (If you have broadband, you can watch it.) You will recall that shortly after the 2000 election, in which California voted overwhelmingly for Gore and Texas overwhelmingly for Bush, an ‘energy crisis’ sprang up in California that siphoned billions of dollars from California to Texas. Naturally, the Bush Administration maintains this is just coincidence. And if memory serves, in the early hours of the brewing Enron scandal, President Bush was said not really even to know Enron chief Ken Lay, except to have met him a few times. That, of course, proved wildly off the mark. You will also recall that an Energy Task Force, convened by former Halliburton CEO Dick Cheney, met in such secrecy in those early months that even a lawsuit from the General Accounting Office could not pry loose the names of the attendees. And we still don’t know who they were or what they discussed. Anyway, let’s go to the videotip. I find it hard to believe there is not an iceberg below. (CBS) When a forest fire shut down a major transmission line into California, cutting power supplies and raising prices, Enron energy traders celebrated, CBS News Correspondent Vince Gonzales reports. “Burn, baby, burn. That’s a beautiful thing,” a trader sang about the massive fire. Four years after California’s disastrous experiment with energy deregulation, Enron energy traders can be heard – on audiotapes obtained by CBS News – gloating and praising each other as they helped bring on, and cash-in on, the Western power crisis. “He just f—s California,” says one Enron employee. “He steals money from California to the tune of about a million.” “Will you rephrase that?” asks a second employee. “OK, he, um, he arbitrages the California market to the tune of a million bucks or two a day,” replies the first. The tapes, from Enron’s West Coast trading desk, also confirm what CBS reported years ago: that in secret deals with power producers, traders deliberately drove up prices by ordering power plants shut down. “If you took down the steamer, how long would it take to get it back up?” an Enron worker is heard saying. “Oh, it’s not something you want to just be turning on and off every hour. Let’s put it that way,” another says. “Well, why don’t you just go ahead and shut her down.” Officials with the Snohomish Public Utility District near Seattle received the tapes from the Justice Department. “This is the evidence we’ve all been waiting for. This proves they manipulated the market,” said Eric Christensen, a spokesman for the utility. That utility, like many others, is trying to get its money back from Enron. “They’re f——g taking all the money back from you guys?” complains an Enron employee on the tapes. “All the money you guys stole from those poor grandmothers in California?” “Yeah, grandma Millie, man” “Yeah, now she wants her f——g money back for all the power you’ve charged right up, jammed right up her a—— for f——g $250 a megawatt hour.” And the tapes appear to link top Enron officials Ken Lay and Jeffrey Skilling to schemes that fueled the crisis. “Government Affairs has to prove how valuable it is to Ken Lay and Jeff Skilling,” says one trader. “Ok.” “Do you know when you started over-scheduling load and making buckets of money on that? Before the 2000 election, Enron employees pondered the possibilities of a Bush win. “It’d be great. I’d love to see Ken Lay Secretary of Energy,” says one Enron worker. That didn’t happen, but they were sure President Bush would fight any limits on sky-high energy prices. “When this election comes Bush will f——g whack this s–t, man. He won’t play this price-cap b——t.” Crude, but true. “We will not take any action that makes California’s problems worse and that’s why I oppose price caps,” said Mr. Bush on May 29, 2001. Both the Justice Department and Enron tried to prevent the release of these tapes. Enron’s lawyers argued they merely prove “that people at Enron sometimes talked like Barnacle Bill the Sailor.” ©MMIV, CBS Broadcasting Inc. All Rights Reserved. Tomorrow: Municipal Bonds and Smelly Cat
Good Food, Good Works, Good Grief June 1, 2004January 21, 2017 FRESH DIRECT – Feedback Joshua Kennedy: ‘Fresh Direct is the joint. I got to hear Founder Joseph Fedele (who also founded Fairway uptown) speak about it at school, and he made a pretty clear and compelling case that the FreshDirect business model – while it doesn’t necessarily work in every market – pretty much assures you will be getting better, fresher food at a better price (definitely the case here on the Upper East Side of Manhattan). Just a tidbit: do you think its 70 degrees in your supermarket for the food’s sake? Or for the people’s sake?’ ☞ I’m not saying you will save money overall by moving from, Columbus, say, to New York. But if you do move, you could save money on thinly sliced smoked salmon. (I mentioned FreshDirect.com to a bunch of young friends we had over for dinner this weekend and every one of them immediately started raving, especially the guy who lives at the top of a five-floor walk-up. He clicks on a week’s supply of groceries and beer; up it comes, flight after flight, the next day. The delivery folks are fit and he tips them well. But I think he needs to get a portable defibrillator, just in case.) Karen Collins: ‘I used them once and wanted to again but I cannot get past the massive waste of boxes. If they would pick up used boxes, which I would happily flatten and tie, then I could feel good about using them again.’ ☞ The devil in the details. Unbelievable planning must go into the Fresh Direct operation . . . yet they lose a customer over a consideration that might never have occurred to them. Price is great, quality is great convenience is great – but Karen is quite right: one is struck by the large cartons that often contain very little. (Each department seems to fulfill its own piece of your order, so the big box with the two cans of Barbasol and the tube of Crest is separate from the box with fish which is separate from the box with vegetables, and each one may be less than a third full.) The lesson here is not so much about cardboard recycling as about marketing. The tiniest things in the customer experience can really make a difference. Charles Revson, who founded Revlon, might not take a call from the president of a bank or a Congressman. But when a customer was on the line with a complaint, he had the call put right through. ADOPT-A-CLASSROOM – Feedback Stephen Gilbert: ‘A friend of mine went to an open house at the school where he adopted a class. (Five handicapped kids in the class.) He loved it, said it was the best charity he knew of. I’ve adopted four classes so far, and feel the same. Thanks for telling me about it.’ IF YOU CARE ABOUT VETERANS (and have broadband) Click here. Tomorrow: Municipal Bonds and Smelly Cat
Have a Great Weekend May 28, 2004January 21, 2017 Wednesday’s column, and its links, would have taken much of your day to read. You would have been fired for showing up at quarter past one. So you didn’t read it and it’s my fault for failing to find a way to make it more compact. But it’s our planet. So if you find a little time over the long weekend, maybe give it another shot? And go see THE DAY AFTER TOMORROW, which opens nationwide today.
The Other Two Movies Plus Food and Money May 27, 2004January 21, 2017 Yesterday, The Day After Tomorrow. Today . . . FARENHEIT 9/11 This is the Michael Moore film Disney chose not to release that won the Palme d’Or in Cannes last week and will surely be one of the biggest films of the summer. One of you who runs a decent sized company writes: ‘Our service manager lost a son in Iraq. He was invited by Michael Moore to see the movie in NYC. He saw it and said any Republican who sees the movie will not vote for Bush. The service manager is a Republican.’ The truth is, while we should be grateful for whatever good things George W. Bush has done for his country these past three and a half years – and I invite your suggestions, because I am hard-pressed to think of any – the world, and ultimately the investment markets, will breathe a huge sigh of relief (and I suspect he may, also) when his term is up. LORD OF THE WEST WING Roger Berkley: ‘I got this from a Bush supporter who appreciates good humor regardless of the topic.’ FOOD Are you a wealthy New York Shut-In? If so – or if you have more money than time (noting, as I occasionally have, that Bill Gates has about $2.40 for each year since time began) – then you should really try FreshDirect. The web site is a snap to navigate; they carry a really wide variety of everything; it arrives on time in great condition; I may never leave the house again. And actually, some of the prices aren’t bad at all. MONEY Bob Novick: ‘Doubting that SVNX could possibly have been EIGHTEEN HUNDRED DOLLARS a share, as you said Tuesday, I checked with Morningstar. Its all-time high was actually $2320 at the close and, intraday, $2400.’ ☞ Well, that’s very nice, but it closed Tuesday at $3.