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Number of posts: 2
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Posts by Pat Garofalo:
With the New Hampshire primary now secured by Mitt Romney, the GOP presidential candidates are setting their sights on South Carolina, the nation’s first southern primary. And in one big respect, South Carolina is significantly different from the two states that preceded it in casting votes for the GOP nominee: its high school graduation rate is far lower.
In 2010, New Hampshire had the ninth highest high school graduation rate in the country at 83.3 percent. Caucus state Iowa was third, with 86.4 percent. South Carolina, however, is 49th, at 61.9 percent.
Yesterday, Jefferson County, Alabama, filed the largest municipal bankruptcy in U.S. history, the final step in a sordid tale involving sewers, credit swaps, and some of the nation’s biggest banks. The bankruptcy became necessary “after an agreement among elected officials and investors to refinance $3.1 billion in sewer bonds fell apart.”
The swap deal that sunk Jefferson County was crafted by the mega-bank JP Morgan Chase (in concert with other banks, including Goldman Sachs). As Rolling Stone’s Matt Taibbi put it when describing JP Morgan’s actions in Jefferson County, “here you can see a trail that leads directly from a billion-dollar predatory swap deal cooked up at the highest levels of America’s biggest banks, across a vast fruited plain of bribes and felonies — ‘the price of doing business,’ as one JP Morgan banker says on tape.”
Worthy of Comment
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The modern oil industry, vertically integrated exploration, extraction, refining and distribution of oil on a mass scale, began no later than 1825 in Tsarist Russia. In 1825 Russia produced 3500 tons of crude and refined it, mostly into kerosene. By 1850 the Russian output had doubled to over 7000 tons. By 1906 Russia had a pipeline over 400 miles long stretching from the oil fields in Azerbaijan to the Black Sea port of Batumi, the first major pipeline in the world. By the 1900 there were great strides being taken to develop oil fields in the United States and at Read on →
The book review I just finished repeatedly asks, “What endures?” The author offers one possible answer: “Spaces in the heart that accommodate the absent.” When I read this, I had just learned of the deaths of Peter Matthiessen and Thomas Polgar. Matthiessen was the prolific writer and author of a multitude of books, including The Snow Leopard, his account of a grief-stricken journey to the Himalayas. Polgar was a legendary CIA officer and the last station chief in Saigon. His final cable from Vietnam quoted Jorge Santayana that those who do not know history are condemned to repeat it. Both lived full li Read on →
You knew in the beginning it was folly, no good -- like that girl who lived around the corner your Momma said was "fast." “She's gonna take your money and your stomp on your heart,” Momma said. You knew it too ... but you went anyway. YOU You promised yourself you would not get involved this time. You knew all about the probabilities ... the impossibilities, really. You knew all about the odds against success, heard Nate Silver -- or somebody -- use $5 words like “implacable,” “infinitesimal” and “asymptotic” to assure Charlie Rose the odds were ridiculous. And yes, you knew it was a Fool's Notion Read on →
How many of you are aware that Albert Einstein taught a physics class at Lincoln University (an HBCU in Pennsylvania) in 1946? In doing so, the Nobel Prize-winning scientist once said, "The separation of the races is not a disease of colored people. It is a disease of white people. I do not intend to be quiet about it.” Another noted figure, Martin Luther King, once said, “Our lives begin to end the day we become silent about the things that matter.” But we have become silent, for I don’t see the human outcry about where we are today. We have be Read on →