The Mortgage Electronic Registry System (MERS)

This investigative report points to a secondary crisis.

Here’s how MERS works: A lender that holds a mortgage can sell that loan to another lender. MERS does not make loans or service them, but only tracks the loan information.  No problem.


Here’s how the registration of real property ownership and liens work:   our entire real estate ownership system is based on public notice and the proper recording of documents.  No problem.


Title companies and lenders, investors, builders, sellers and buyers, and taxing entities depend on this county clerk based public filing system of land and mortgage transfers.  No problem.


Here’s how the two systems do not work together: MERS claims it is the agent for holding the loan regardless of which of its clients have bought and sold it, and in Travis County alone we now have hundreds of thousands of unrecorded mortgage transfers.  BIG PROBLEM.


MERS is said to have facilitated the financial system’s commoditization, packaging, securitization, and sale of tens of millions of mortgages.  That does not seem too likely to me.  But I do see the subversion of the filing process as taking years to correct, and many millions of dollars, and I see it as a brake on the return of a healthy real estate market until it is corrected.







Sunday Funnies and the Sisters of St. Francis



These gals prefer to actually occupy the boardrooms of Wall Street.

In 1980, Sister Nora and her community formed a corporate responsibility committee to combat what they saw as troubling developments at the businesses in which they invested their retirement fund. A year later, in coordination with groups like the Philadelphia Area Coalition for Responsible Investment, they mounted their offensive. They boycotted Big Oil, took aim at Nestlé over labor policies, and urged Big Tobacco to change its ways.

Eventually, they developed a strategy combining moral philosophy and public shaming. Once they took aim at a company, they bought the minimum number of shares that would allow them to submit resolutions at that company’s annual shareholder meeting. (Securities laws require shareholders to own at least $2,000 of stock before submitting resolutions.) That gave them a nuclear option, in the event the company’s executives refused to meet with them.

Unsurprisingly, most companies decided they would rather let the nuns in the door than confront religious dissenters in public.

“You’re not going to get any sympathy for cutting off a nun at your annual meeting,” says Robert McCormick, chief policy officer of Glass, Lewis & Company, a firm that specializes in shareholder proxy votes. With their moral authority, he said, the Sisters of St. Francis “can really bring attention to issues.”

Sister Nora and her cohorts have gained access to some of the most illustrious boardrooms in America. Robert J. Stevens, the chief executive of Lockheed Martin, has lent her an ear, as has Carl-Henric Svanberg, the chairman of BP. Jack Welch, the former chief executive of General Electric, was so impressed by their campaign against G.E.’s involvement in nuclear weapons development that he took a helicopter to their convent to meet with the nuns. He landed the helicopter in a field across the street.

Occupy DC Field Report

I was in DC today doing tourist-in-your-town stuff and had some time to kill before my dinner reservation, so I wandered over to McPherson Square to see for myself the scope and magnitude of the Occupy DC protests.

I arrived at dusk but it was clear that the entire park had been taken over by the protesters with tents randomly placed everywhere except for one big wedge of green space on the southwest section of the park. When I arrived there was music playing with some people dancing on the grass. Later there had been some sort of evening meeting and people were dispersing with cooking equipment while others lingered to talk and kids played.

The center of the park has a statue of James B. McPherson, a Civil War general who had been killed in the Battle of Atlanta.

Ringing the statue were a wide variety of signs espousing various ODC positions in a range of detail from simple slogans to long treatises.

Beyond the vast number of tents, there were all the trappings of a semi-permanent encampment. There was a headquarters tent with a daily schedule as well as a medical tent.

Additionally, there was a large area set aside to boxes filled with clothes. I couldn’t quite figure out if it was a donation collection point or a distribution center or both. There was also an organized recycling center.

Around the encampment there were a variety of semi-official activities going on. Under one tent, after a human megaphone announcement, there was a lightly attended class at the ODC ‘university’ while on the other side of the park were the archetypal drummers.

But for the most part, people were just milling around enjoying the pleasant evening. Some people seemed to be reluctant to have their picture taken while others just took it in stride. And I was not the only person using the spectacle as a photo-op.

I really hadn’t know what to expect. There was far more infrastructure than I had imagined despite the tent city being a rather disheveled mish-mash of camping gear and tarps and canopies. What impressed me most was the casual sense of community. People were there with purpose. And they didn’t look like they were leaving anytime soon. You can see higher resolution versions of these photos as well as others in my Flickr set.

Bites & Pieces (Saturday Night Food Edition) — An Absurdly Simple Soup

I’m more of a “country cook” than a gourmet cook. I toyed with posting my mom’s fabulous chicken-and-noodles recipe, which is at least 70 years old. Talk about comfort food! But it is laden with sodium and takes a long time to make unless you substitute store-bought ingredients for homemade ones (in which case you might as well just buy already prepared chicken-and-noodles IMO).

The soup recipe below is nothing fancy, but it tastes great, it’s healthy, it’s quick and easy, and I always have the ingredients on hand. It’s one of my favorites on a work night when I’m too tired or busy to cook because it’s ready in less than 30 minutes, not much more time-consuming and certainly healthier than heating a canned soup. It also lends itself well to adaptations with whatever flavors sound good at that moment or with whatever you have on hand (e.g., I sometimes substitute squash for the carrot and often add to the vegetables). Oh yeah, and it sure fits Michi’s penchant (which I wholeheartedly share) for not much in the way of required measuring. Add a salad or a baked potato and you have a nice supper.


Chicken & Spinach Soup with Fresh Pesto
(from eatingwell.com)

Ingredients
2 teaspoons plus 1 tablespoon extra-virgin olive oil, divided
1/2 cup carrot or diced red bell pepper
1 large boneless, skinless chicken breast (about 8 ounces), cut into quarters
1 large clove garlic (or to taste), minced
5 cups reduced-sodium chicken broth
1 1/2 teaspoons dried marjoram or oregano
6 ounces baby spinach, coarsely chopped
1 15-ounce can cannellini beans or great northern beans, rinsed
1/4 cup grated Parmesan cheese
1/3 cup lightly packed fresh basil leaves
Freshly ground pepper to taste
3/4 cup croutons for garnish (optional)

Preparation
Heat 2 teaspoons oil in a large saucepan or Dutch oven over medium-high heat. Add carrot (or bell pepper) and chicken; cook, turning the chicken and stirring frequently, until the chicken begins to brown, 3 to 4 minutes. Add garlic and cook, stirring, until fragrant. Stir in broth and marjoram or oregano; bring to a boil over high heat. Reduce the heat and simmer, stirring occasionally, until the chicken is cooked through, about 5 minutes.
With a slotted spoon, transfer the chicken pieces to a clean cutting board to cool. Add spinach and beans to the pot, bring to a gentle boil, and simmer for 5 minutes to blend the flavors.
Combine the remaining 1 tablespoon oil, Parmesan and basil in a food processor (a mini processor works well). Process until a coarse paste forms, adding a little water and scraping down the sides as necessary. [Substitute store-bought pesto if you must, or any other pesto recipe you prefer.]
Cut the chicken into bite-size pieces. Stir the chicken and pesto into the pot. Season with pepper. Heat until hot. Garnish with croutons, if desired.

5 servings, about 1 1/2 cups each

Nutrition
Per serving: 204 Calories; 8 g Fat; 2 g Sat; 4 g Mono; 29 mg Cholesterol; 16 g Carbohydrates; 18 g Protein; 6 g Fiber; 691 mg Sodium; 529 mg Potassium [NOTE: Cut the sodium drastically by using homemade salt-free broth and/or homemade salt-free cooked beans]
1/2 Carbohydrate Serving
Exchanges: 1 starch, 1 vegetable, 2 lean meat, 1 fat

Bits & Pieces (Veterans Day Edition)

John Wayne loved America:

Ronaldus Magnus upon his inauguration: 
Rick Perry? Herman Cain? Pikers, next to Ronaldus Magnus. 
And they called this guy an idiot. Never mind. Don’t get me started. 
•••
Veteran tributes! Toby Keith’s “American Soldier”:

Trace Adkins “Arlington” (yes, it makes me teary-eyed, whatever that says about me, there it is):


That’s it. Busy day for me, busy weekend ahead. I’ll drop in, if I can. — KW

The Adele II

On this Veteran’s Day, I want to share a sea story.

I was on the USS Gridley (CG-21) in the Persian Gulf at the end of Desert Storm (early 92). The combat part was over, but we still kept a Tomahawk shooter in the Northern Persian Gulf. The job of the USS Gridley was to defend the Tomahawk shooter (typically a Spruance class destroyer) from air attack. Leahy-Class cruisers and Aegis cruisers have the AAW (anti-air warfare) mission and have something like 100 long-range anti-aircraft missiles onboard.

Anyway, defending a Spruance destroyer is a pretty boring job. We would basically be assigned a 8 nautical mile box and lazily steam back and forth in it, all while dodging fishing boats, oil rigs, and tankers. One morning, the Middle East commander ordered us to investigate a distress signal in the Arabian Sea. We left the Northern Persian Gulf and headed through the Straits of Hormuz.

We eventually found the ship that made the call. It was a Somali cargo ship with a ton of people on it. We couldn’t communicate with the ship, so we sent a couple of engineers in a small boat to take a look at it and see if they could fix it. The seas were really rough, and doing loops around the ship while we waited for the verdict from the engineers was a pain. I was the OOD (Officer of the Deck), and the Captain was on the bridge with me. The engineers reported back that the diesel engine had somehow lost its oil and it was ruined. Unfixable. We reported back to the ME Commander who ordered us to tow the thing back to Somalia.

So, we start getting things ready. We pull the towline on deck, bring out the Underway Replenishment Team, and pass close by. To pass a rope between ships, you fire a shot line (basically an orange bobbin with strong thread) from a rifle, then attach a 1 inch rope to that (called the messenger line) and then attach the towline (which is 5 inches in diameter and heavy as hell). We pass by the ship, and our guy on deck pulls out the rifle and shoots the line over. Everyone on the deck of the Somali ship watches the line fly over their head. Then they look back at us with a “What the hell are you weird Americans doing?” look on their faces. We yell back “PULL! PULL!” They don’t speak English and they don’t get that they are supposed to pull on the orange line. By this time, we have moved enough that the orange line has slipped off the Somali ship and we have to make another pass. Remember, these are ships, not Ferraris and getting close for a loop around in rough seas takes a while.

So this time, we pass by slowly, shoot the line over, and pantomime pulling. Somehow the light bulb goes off on the other ship and they start pulling on the shot line. They pull the shot line up, grab the 1 inch messenger line and tie it to the bow and signal they are ready to go. They don’t realize there is another rope tied to the 1 inch rope. Towing a 8,000 ton ship with a 1 inch line isn’t going to cut it. We pantomime pulling again. They don’t get it. We finally get them on the radio. We pass the word on the ship for anyone with foreign language skills to report to the bridge. That covers Spanish and Tagalog. No dice. We call up to the SIGINT spooks. Get an Arabic speaker, but the Somalis don’t understand. They just don’t get it.

We finally give up and decide to try and tow the ship with the messenger line. We go slowly (like 1.5 knots) and take them back to Mogadishu. It took us forever to get back. When we finally got them to port, we asked the Port Manager where he wanted these guys. He didn’t want them and told us to take the ship somewhere else. We didn’t want a diplomatic incident, so we called up the Commander of the Middle Ease and told him the story. We were told to just leave them anyway. We told Mogadishu”the Adele II is your headache now.” The Adele II dropped anchor, and we headed back to the Persian Gulf.

In our wrap-up report to the Commander Middle East, we included a “lesson learned” – translate “Heave Around” in every known language.

On Being a Woman in This Man’s Army

Who knows where life is going to take us when we set out? I certainly never expected, even as I signed up for Basic Training, to become an Army officer or that it would be one of the defining experiences of my life. How I landed there and how it has shaped me, and how I’ve come to understand that why I decided to become an officer—and in the Airborne—is a reflection of who I truly am when it comes to my core beliefs and values, is what I thought that I’d share with you today.

When I left home for college I was your basic Midwestern farm girl, kind of quiet and a bit of a wallflower, although there were bits and pieces that made me stand out from the crowd: I was fairly smart—National Merit Scholar—and an athlete—runner mainly, although also boys’ basketball/girls’ volleyball during the winter months—and my dream in life was to become a large animal veterinarian. . . or even better, the female James Herriot. The first two years at Michigan State were pretty uneventful. I did end up changing my major from pre-vet to pre-med when I discovered that I loved research, but studying, athletics (cross country, volleyball, and track—back in the days when you could be a three-season athlete and a student without killing yourself) and work in a genetics research lab were how I spent my time and pretty much how I planned on spending the rest of my life. Then one day my sophomore year, one of my friends who was in ROTC decided to set me up on a blind date with one of her fellow cadets who was also a member of the Michigan National Guard; it was around Christmas time and every year the MNG has a Military Ball in formal dress to close out the year. We ran around the dorm floor, trying on various dresses and shoes [Note to the men reading this: this is totally normal female behavior—we borrow each others’ clothes all the time, especially when we’re poor college students] and got me all gussied up (yes, she decided ON THE DAY of the Military Ball to set me up) and off we went to meet our dates.

I enjoyed every minute of that night and the people I met (the date not so much), and the ranking Colonel mentioned to me that I should try Basic Training that summer. There is/was a program where college students could go to BT (and get paid significantly more than any other summer job I would be able to find) without having to enlist or even owe the Army time afterwards, but if you were so inclined you could return to college your junior year and sign up for ROTC, complete the last two years, and graduate with a commission. So I shipped off to Ft Knox that summer (much to my boss’s consternation; her comment was “I never saw you as much of a ‘joiner’ before—what happened?”) and set foot on my own personal yellow brick road. Turns out that (1) drill sergeants are some of the world’s best stand-up comedians, (2) laughing at what they say will translate into hundreds of pushups, (3) being athletic most definitely makes Basic Training easier to handle at the beginning, and (4) I was born to be in the military. After spending eight weeks learning to fire a rifle the military way (not to mention strip and re-assemble it in rocket-fast time), having my bunk thrown on the floor almost daily (I have never yet mastered making a bed to a DI’s satisfaction), marching and running while singing, bazillions of pushups and situps, and learning basic small unit fire and maneuver skills I graduated at the top of my battalion—about 200 people if I remember right—with about 10 pounds of new muscle on my upper body thanks to those pushups and an offer of an ROTC scholarship. I elected not to take the scholarship but did join ROTC, which led to two weeks with a Combat Engineer company for Cadet Troop Leadership Training and then Airborne School the next summer.

CTLT was my first experience of being the only woman in the room—I have an androgynous first name and my scores on tests during BT and ROTC Military Studies classes led The Powers That Be to assume that I’m XY rather than XX, so they assigned me to a unit that only men are eligible to serve in. When I reported, I walked into the CO’s office while his head was down reading a piece of paper on his desk, snapped to attention, saluted and stated “Cadet Michigoose reporting for duty, sir!”. Without looking up he said “Well, I can see I’m going to have to change your roommate assignments.” That two weeks with the Engineers taught me that just being myself—and standing up for myself when challenged simply on the basis of my gender—was the first component of being a leader. I’m a very straightforward person (or naïve, take your pick) and don’t tend to notice when people are testing me if they’re subtle about it, and a couple of the NCOs in the unit had decided to prove to me that I didn’t belong there. Hindsight being 20/20 I’m certain that the CO and the platoon leader that I was working with had given this testing their blessing, but they never let on and they backed me up when I needed it—they, after all, had a vested interest in finding out if I had what it took to become an officer, also. The first form of testing came during the unit’s physical training run the first morning. . . foolish, foolish platoon sergeant! At the time, a normal training run for me was 10 miles in under an hour and he asked me to set the pace—first test passed! That was followed by trying to find out if I had physical courage or was afraid of things like heights, confined spaces, hanging upside down while tightening screws (nothing much like that bothers me), strong enough to winch certain things (thanks to that extra 10 pounds of muscle from BT, yes), capable of navigating at night without a compass (Midwestern farm girl—yes), etc., etc., etc.. When I left the unit, SFC Tabone handed me an envelope and told me to open it after I’d gotten on the plane to fly to Ft Benning for Airborne school. In it was a letter that embodied what I now know is the military ethos—if you earn their respect, people will follow you. He had never in his 15 years in the Army so far, ever worked with a woman. But he gave me one of his Ranger tabs and told me that he thought that I could be the first woman to earn one, as well as the fact that he’d be proud to serve under me once I was commissioned if I chose to become an Engineer officer. I still have the letter and the tab.

Airborne School (paratrooper training) is at Ft Benning, GA, the base which is the heart and soul of the Army Infantry and a place where a woman is never, ever seen unless she’s a dependent. It became my home for the next three weeks, and a lovely kind of limbo time for me. There were other women in the barracks, but none of them were in my class, and all of them were enlisted. There were two female officers in Airborne School, but they also weren’t in my class, and, as an ROTC cadet I was neither fish nor fowl—not enlisted and not an officer. So I lived in the barracks and had to pull a shift on fire watch, but didn’t have to do KP or other enlisted folk chores, nor was I in charge of anything as the officers all were. As the token woman in the class I was chosen by the Black Hats (instructors) to be the first to do every new training task; both an advantage and a disadvantage, and Airborne School was where I learned to not be afraid to fail—in front of the soldiers I was leading—as long as I’d given it my best shot and then picked myself right back up and tried again until I got it right. Luckily I failed tasks only a couple of times and the rest of the time the Black Hats could use me as their “motivational example”. . . as in “Look here, son, Cadet Michigoose did it. Don’t be a pussy.” Yes, the word was used a lot, but after the first shock wore off I realized that they didn’t mean it personally at all—in fact, sometimes I think the Black Hats didn’t even think about what they’d just said—but that it was just part of the all-male culture that I was going to be operating in (although I didn’t know that bit at the time). In order to graduate from Airborne School you have to exit an aircraft in flight safely five times (each followed, of course, by landing on the ground and walking away from it) and Army parachuting is nothing at all like recreational parachuting—you know those old WWII movies where the paratroopers land like a sack of potatoes? Totally realistic. Your whole aim is to get out of the air and onto the ground as fast as possible, so a lot of testing has gone into the optimum rate of fall for a paratrooper. If you’d like to experience what a parachute landing fall (PLF) feels like for yourself, find something (stable) that is between five and six feet tall, climb on top of it, and jump off, landing on hard-packed soil. Personally, I think the second bravest thing I’ve ever done was jump out of that airplane the second time. The first time was easy. On my fourth jump I asked the Black Hat to put me in the door (i.e., be the first jumper off the airplane); it means that, once the jumpmaster/Black Hat has determined that the plane is at the right altitude, speed, heading, and distance from the drop zone he instructs the lead jumper to “stand in the door”, at which time the paratrooper is half in and half out of the plane, waiting for the exit light to turn green. Usually this is done when the plane is between 10 and 30 seconds from green light, but unknowingly I had just given the Black Hats another test for me: was I fearless and patient enough to stand there for two minutes? If not, I was going to exit early and have a nasty tree landing (not to mention fail Airborne School, probably without a second chance), if yes, well, another skip down that yellow brick road. I passed, and went back to MSU Airborne qualified.

Senior year means branch selection (you tell the Army what you’d like, the Army tells you what you get) and orders to Officer Basic Courses and initial assignments. The year flew by and I got my first choice branch (Chemical Corps), which I wanted both because it was somewhat science-related and because it was one of two chances for me to get to lead troops as a new lieutenant (the other chance being Quartermaster Corps). Most troop leadership chances go to the men, since they’re in the Combat Arms branches (Infantry, Armor, Field and Air Artillery) and I knew that I wanted to find out if I had what it took to be a leader. But I graduated and left for OBC without having that initial assignment, which worried me because about half of the lieutenant positions in the Chemical Corps are places where there aren’t any combat troops and thus no chance to serve in a combat support role, which is what I needed in order to have a shot at getting a platoon leader position. Luckily for me, the Wizard was at work behind that curtain, in the form of a Branch Manager who didn’t take kindly to limiting women’s roles in the military (his wife was a fellow officer and had run into a glass ceiling). Turns out the 82nd Airborne Division was critically short Chemical Corps lieutenants, and had contacted the Branch Manager to find out who was in OBC and already Airborne qualified; Major Wizard sent the Division personnel officer a list of all of us, and my androgynous first name came to my rescue again: the commanding general had crossed off the female names on the list and said to get the rest of assigned to the 82nd. Imagine his horror when he ran into me about three months later, taking part in my first Field Training Exercise at Ft Bragg. . . luckily, Major Wizard had told me (after I got safely signed into my unit and it couldn’t be reversed) what he’d done, so I was somewhat prepared for the CG’s reaction, but that was the first time I ran into overt discrimination—and even dislike—simply because I have ovaries. It’s also one of only about half a dozen times I ever ran into that in the military, and every one of those was a senior, older officer. I never ran into that kind of attitude from any of the enlisted men, NCOs, or younger officers that I served with, although there were many that I had to prove myself to.

Proving myself: due to the timing (late 80s) and the unit (82nd Airborne Division: 14,000 men, 200 women, and of the 200, 11 of us were female officers) I was the first woman to hold every job I had or play some of the roles I played. And at least one of the jobs I got specifically because I was female—shortly after I got there a weapon was lost during an FTX. This is a major, major scandal in the military and it lead to a massive shake-up within the officers in the unit with commanders being relieved of their command and others sliding into command. . . it ended up with the Division Support Command being short a personnel officer (he had conveniently assigned himself to take over one of those commands), so they looked around, saw a woman standing there, and said, “Ah ha! Personnel officers are kind of like secretaries, so let’s assign the woman to that!” Well, that just meant that I got to do a major’s job while still a 2LT (I got promoted to 1LT while in the job) so I got to prove that I could take on assignments above my pay grade. Then my first Planning and Operations job within the DISCOM S3 shop (women almost never get P&O jobs, but they couldn’t figure out where else to put me when that major came in to take over the S1 [personnel] position). From there to the Division’s Chemical Company where I got my much-longed-for platoon leader position, followed by Company training officer (next P&O job). Then to the Division G3 shop, where I was the Assistant G3 (Training) and then Division Schools Commandant (both P&O jobs). My time in the G3 was when I learned that being a good manager is also being a good leader, and good leaders instill loyalty. I had a couple of fairly senior NCOs (an E6 and E7) working for me in the Schools position; both of them were Infantry guys, and had thus never worked with/for a woman before (BTW, I got called “sir” much more than “ma’am” while in Division—reflex when saluting an officer in that unit. I found it quite amusing). One day, after he’d been working for me for about six months, the E6 came in looking like hell and had quite obviously been in a fist fight; he didn’t say anything so I didn’t want to ask, but I had to find out what had happened to my guy. So I put the word out on the street and found out that my two NCOs had been drinking with some of their buddies from their old Infantry unit when one of the buddies made a sneering remark about them working for a boss who wears fingernail polish (a rank insult, by the way!). The E6 responded that I had bigger balls than the buddies’ CO, which led to more words, which led to my NCOs getting into that fist fight. I knew the CO involved (pretty much all of us at that rank—captain—knew each other) so called him to find out how his guys looked. Mine had kicked their asses. Much gloating on my part. Not to mention that the other CO had to buy me a beer next time we ran into each other at the Officers’ Club, and that the story got around and my guys’ reputations, both for toughness and as good NCOs got enhanced.

I did, eventually, have to rotate out of the 82nd, and left for my Officer Advanced Course with all of that P&O experience as well as having a front-line leadership position under my belt. When I was assigned to Ft Lewis after OAC I was originally headed to a staff job in a training group. . . but, damn it! I’m Airborne! So I walked into the 1st Special Forces Group headquarters and asked to speak to the CO. Special Forces Group headquarters are the equivalent of combat unit’s brigade headquarters—and women can serve in them since they aren’t exposed to direct small arms fire (or at least that’s the theory). I also had a newly minted specialty designation as a Plans and Operation officer (now you know why it was so important that I held all those P&O positions)—the first one ever awarded to a woman. I wasn’t the first woman to wear a green beret—and I never went to the Qualification Course, so I’m not actually Special Ops qualified—but I was the only one wearing one while I was there and it turned out to be quite handy in some situations to have a woman in the room wearing that beret. I like to think that my experience in the 1st SFG opened some doors for other women to play a role in the “softer” side of military operations, and the Marines are using women quite effectively in that type of role in Afghanistan right now. Being a leader can mean talking someone into taking a chance on you doing something new and unconventional, and then making it work so that others can come behind you and make it work better.

I left the Army in 1992 when, after Gulf War I, the first President Bush decided to cash in on that peace dividend and paid people to leave the military. I was going to be headed to a staff job at the Pentagon and probably a long wait before I could get back to a troop assignment, plus I was recently married and my husband was now a civilian and in graduate school. I don’t regret my decision then, but there hasn’t been a day when I don’t dearly miss the men I led and worked with, the chance to be tested both physically and mentally in relatively straightforward ways, and, frankly, the chance to be a leader. I am profoundly grateful that I never had to command in battle; I think I would have been pretty good, but I can only imagine the mental and emotional toll that it takes. The military is a crucible—there is a lot of trial by fire and the learning curve is steep—but it is also a place that welcomes and accepts those that withstand the heat. First blacks, then women, and now gays and lesbians are being taken into the fold fully. My one real regret about not being in right now is that I’ll never have the chance to welcome back some of my comrades that had to leave due to their loving the wrong person.

I learned a lot about myself while I was an officer; I learned that being true to yourself is at the core of making others believe in you. That physical and mental agility will go a long way toward helping you achieve your goals, but that sometimes it’s just gutting it out and getting it done. That failure will not doom you, but not getting up and trying again will. That discrimination exists, but not nearly as much as support and opportunity. That loyalty to those you lead is an essential component of leadership. Maybe the most important thing I learned was that I’m not afraid to take chances, and that taking chances can place your feet onto a road that you can’t see the end of, but the destination is more than worth the journey.

Fair winds and following seas, Brent. Semper fi, McWing.

Airborne!

Now What?

Winter is fast approaching.

Even if NYC Mayor Bloomberg permits the Occupy Wall Street protesters to camp out until next spring or later, how will this alone accomplish anything? By next spring, if progress isn’t made on more tangible fronts, how many participants will choose to get on with the rest of their lives? And how will OWS compete for media attention once the primary season gets underway?

Michael Kazin, a history prof at Georgetown, has these thoughts:

I think protests like this have to progress from tactic to strategy if they are going to endure…But with no leaders and everything run by consensus, how do you make these decisions?

He goes on to say he thinks it’s likely that OWS end up being “seen as a spark” to spur other people and organizations to address income inequality in more concrete ways.

On the one-month anniversary of OWS, participants seemed OK with the unpredictability of where things were headed (VIDEO), pointing to early civil rights activity as examples of how small actions produced big change. But, as mentioned in the Kazin piece, there’s a distinction between a focused goal (e.g., end segregation) and the broader economic themes of OWS.

It would appear that OWS is, for the moment, content with its leaderless learn-from-one-another way of existing. Heck, meandering can be fun in warm weather. We’ll see if the participants still feel that way if NYC gets socked with one of more major snowstorms in the coming months. Do they want to be merely ‘a spark’ or leaders of change?

Libertarianism 101

A week or so ago, the Cato Institute launched a new website Libertarianism.org. It’s an introduction to libertarian history and theory. There are videos, essays, white papers and more. I haven’t spent much time on it yet. However, one of the things I found most interesting is that included a section on “Critics of Liberty,” which is a list of books that are critical of libertarian theory.

The site notes: “It’s not enough to be familiar with the major libertarian thinkers and their arguments. A well-informed advocate of liberty must also understand and appreciate the positions of those thinkers who disagree with libertarianism. The works on this list offer a comprehensive introduction to many of the most intriguing, enduring, and forceful attacks on libertarianism—as well as positive arguments for visions incompatible with the philosophy of liberty.”

My plan is to work through the list on the “critics” page. There was one that seems to address the conversation lms was having with Scott (maybe QB?) on the individual versus the community: Liberalism and the Limits of Justice by Michael J. Sandel. According to the blurb, this discusses communitarianism, which holds that individuals can only be understood as members of a community and that the community, not the individual, should be the focus of political theory.

I’m posting this because I thought it was an interesting site and I’ve never seen one that so openly acknowledges dissenting viewpoints … other that ATiM of course.

And, because it’s Friday, here’s Ron

Update: Come on lms, you know you want to come to the dark side.

Morning Report

Vital Statistics:

Last Change Percent
S&P Futures 1257.5 20.1 1.62%
Eurostoxx Index 2321.2 66.270 2.94%
Oil (WTI) 98.32 0.540 0.55%
US Dollar Index (DXY) 77.2 -0.414 -0.53%
10 Year Govt Bond Yield 2.06% 0.00%

Markets are rallying due to Italy’s vote to adopt austerity plans and a better than expected University of Michigan Consumer confidence report. Italian government bonds are rallying again. That said, EURIBOR / OIS is wider, signalling all is not well in the banking system. The chart below explains why:

Chart: Comparison of Euro and US banks

(source: European Central Bank / US Federal Reserve)

This chart shows the nominal value (in local currency) of the banking system assets and equity of both the US and the Eurozone. It shows how much more levered the Euro banking system is than the US system – 19.2 in Europe vs 8.8 in the US. These are pre-crisis numbers, so the state of the Eurozone banking system is even worse.

The University of Michigan Consumer Confidence report showed an uptick in November, bouncing back from the summer lows. Retailers are outperforming the broader market on the news.

Chart: University of Michigan Consumer Sentiment Index: