Search Results for: ’

The Seattle Times editorial board has published a correction today regarding a school scheduled for closure:  “It is the Old Hay building, not John Hay Elementary.”

That’s okay.  Mistakes happen, and it’s always good form to correct them. No biggie.

But as long as the Times’ editorialists are admitting their factual errors, it sure would be refreshing to see them admit their editorial errors as well.  You know… those times when their opinions were just plain wrong.

For example, take this bit of oh-so-conventional wisdom from a February 13, 2008 editorial:

The transit-only folks delude themselves if they believe voters killed last fall’s “Roads and Transit” ballot measure because they didn’t want the roads. They do want the roads. And the idea of combining transit and roads was right. Both are needed. The ballot measure failed because the light-rail part was too expensive and created a tax that was too high.

Uh-huh.

In hindsight, with the subsequent passage of the transit portion of the measure, and by a comfortable margin, the opinion leaders at the Times look pretty damn out of touch.  But it didn’t take much hindsight to pick apart the Times’ analysis, for as I wrote at the time:

Um… when the Times says voters “do want roads,” and the “measure failed because the light-rail part was too expensive and created a tax that was too high,” they’re basing those assertions on what? Polls? Intuition? Gentle assurances from John Stanton over foie gras and Chateau Lynch-Bages at the Rainier Club? A public opinion fairy they plucked out of their ass?

Yeah, that’s right, Prop 1 failed solely because of the rail portion of the package. All those polls that showed RTID dragging the measure down, and all that opposition from anti-roads advocates like the Sierra Club — that had absolutely nothing to do with Prop 1’s failure. Jesus… talk about deluded.

Of course, nobody’s perfect, and even I got it wrong on this issue, insisting during the months leading up to the 2007 measure that the powers that be would never allow a transit only measure on the ballot in 2008.  My bad.  But at least I admitted it.

Vancouver City Council member Tim Leavitt, who has announced he will challenge long-serving Mayor Royce Pollard for the city’s top spot, complains about Department of Ecology stormwater regulations:

Leavitt, an engineer by profession, doesn’t believe that is a reasonable rule to follow.

“Where do I find a map of pre-European development?” he asked during a Monday city council work session. “Did Lewis and Clark produce a map when they came out this way?”

Um, yes.

Seattle area house prices continued to fall:

House prices in King, Pierce and Snohomish counties dropped 1.4 percent from September and 10.2 percent from October 2007, according to Standard & Poor’s S&P/Case-Shiller Home Price Indices. Area prices now have fallen 11.4 percent from the July 2007 peak and are back to where they were in the spring of 2006.

The year-over-year decline was the first double-digit annual drop for S&P’s Seattle index, which goes back to the start of 1990, and put Seattle eighth among the 20 areas S&P tracks. The monthly drop was unchanged from September’s and good for fifth place.

The Portland area seems about the same:

The Portland-Vancouver area saw housing prices decline an average of 10.1 percent in the 12 months ending in October, according to the S&P/Case-Shiller Home Price Index report Tuesday.

The region’s price decline was not as bad as many other parts of the U.S. with urban areas such as Phoenix, Detroit and Las Vegas down more than 20 percent. Prices in the 20-city index have plummeted more than 23.4 percent from their peak in July 2006.

It’s good that our region might not be facing the kind of insane declines in value as some other places, but high inventory and economic uncertainty means more bumpy sledding lies ahead. It may be a “great time to buy a house,” as industry advertising suggests, but only for those with stellar credit. Not sure there are enough of those folks left to really stabilize things right now.

A final decision due this week on replacing the Alaskan Way Viaduct has been postponed, so that transportation officials can reconsider the option of a deep-bore tunnel.

“I think the governor would say that if we could make the numbers work, that is probably the most viable option,” Judd said. “But that option is going to mean that there has to be a real meaningful partnership with the city and county and Port [of Seattle] to make it happen.”

Meaningful partnership? In other words, Seattle taxpayers are going to be asked to pony up the extra bucks needed to pay the extra cost of a tunnel over the less expensive surface/transit option… which I suppose would be fair, if Seattle taxpayers actually preferred the tunnel… which they don’t.  Whether the money comes from the county, the city or the port, it still comes from us taxpayers, and I betcha if you put the two options on the ballot with the cost to local taxpayers clearly stated, the pricier tunnel option gets buried in a landslide.  That’s why, if chosen, you won’t see this on a ballot.

Oh, but wait… the Discovery Institute’s Bruce Agnew, the main advocate of The Big Bore, says the tunnel would actually cost less than engineers have previously estimated:

“We’ve always felt that, given the advances in deep-bore tunnels and the ability to build a deep-bore tunnel without interfering with the economy downtown and, given the experience we have in the region with deep-bore tunnel, specifically Beacon Hill, it would be a real tragedy to take it prematurely out of the running.”

Yeah, but then again, these are folks who don’t believe in evolution, so forgive me for taking their claimed scientific and technical expertise with a grain of salt.  As I wrote on this subject over a year ago:

In a city where completion of a 1.3 mile vanity trolley line is feted like some transportation miracle, the very notion that local voters might commit more than a half billion dollars a mile to an untested technology is a dramatic tribute to Discovery’s primary mission of promoting the exercise of faith over reason.

Of course, what Discovery really has faith in is the invisible hand of God—ie, the divine power of the free market to make gobs of money for themselves and their well-heeled friends—and buried along with their tunnel proposal is the notion that the extra cost will be paid for via some sort of “public-private” partnership… you know, taxpayer money heavily subsidizing a for-profit venture.  So now that we’re seriously talking about a deep-bore tunnel, get ready for the talk about privatizing it.

Good times.

Yet even by WaMu’s relaxed standards, one mortgage four years ago raised eyebrows. The borrower was claiming a six-figure income and an unusual profession: mariachi singer.

Mr. Parsons could not verify the singer’s income, so he had him photographed in front of his home dressed in his mariachi outfit. The photo went into a WaMu file. Approved.

“I’d lie if I said every piece of documentation was properly signed and dated,” said Mr. Parsons, speaking through wire-reinforced glass at a California prison near here, where he is serving 16 months for theft after his fourth arrest — all involving drugs.

While Mr. Parsons, whose incarceration is not related to his work for WaMu, oversaw a team screening mortgage applications, he was snorting methamphetamine daily, he said.

No wonder Republicans were always screaming about sex offenders. It diverted attention from the tweekers running amok in the house building, financing and selling industry. At least in the 1980’s it was just cocaine.

Every Joo
Down in Joo-ville
Liked Chanukah as such…

But the Kvetch,
Who lived just north of Joo-ville,
… not so much.

The Kvetch hated Chanukah, the whole Chanukah season.
Now don’t ask me why. What? Should I know the reason?
It could be he wasn’t a mensch, that is all.
Or his petzel, perhaps, was two sizes too small.
Such meshug’as comes from one thing or another,
But like most Joo-ish boys, we should just blame his mother!

But,
The reason, whatever,
His mom or his putz,
The Kvetch hated Chanukah. Oy, what a yutz!
For he knew every Joo down in Joo-ville tonight
Was busy preparing menorahs to light.

“And they’re giving out gelt!” he sighed as he said
“I need waxy chocolate like holes in my head!”
Then he nervously whined as his fingers tapped horas,
“I MUST stop the Joos from igniting menorahs!”

For,
The Kvetch knew that soon…

… All the Joo girls and boys
Would say the baruch’ha, then unwrap their toys!
And then! Oh, the oys! Oh, the Oys! Oys! Oys! Oys!
If it’s not what they wanted, the OYS! OYS! OYS! OYS!

Then the Joos, young and old, would sit down for a nosh.
And they’d nosh! And they’d nosh!
And they’d NOSH! NOSH! NOSH! NOSH!
They would nosh on Joo-latkes, and Gefilte-Joo-Fish,
Which was surely the Kvetch’s least favorite dish!

And THEN
They’d do something
Which made the Kvetch plotz!
Every Joo down in Joo-ville, Bar Mitzvahed or not,
Would sit down together, their proud ponim’s grinning.
Then dreidels in hand, all the Joos would start spinning!

They’d spin! And they’d spin!
AND they’d SPIN! SPIN! SPIN! SPIN!
And the more the Kvetch thought of this Joo-Dreidel-Spin,
The more the Kvetch thought, “I can’t let this begin!
“Oy, for fifty-three years I’ve put up with it now!
“Chanukah, Schmanukah! Stop it!
… But HOW?”

Then he got an idea!
And the moment he had,
He said
“I’m no Einstein, but this… not half bad!”

“I know just what to do!” Then he donned an old sheet,
And dug up some sandals to wear on his feet.
“I’m the Prophet Elijiah! They’ve set me a plate!”
(For the Kvetch couldn’t keep Joo-ish holidays straight.)
“The Joos ‘ll oblige ol’ Elijiah, no doubt!
“I will simply walk in. Then I’ll clean the place out!”

“All I need is a camel…”
He looked far and near,
But this wasn’t the desert, and camels are dear.
Did that stop the old Kvetch…?
That pischer? No, never:
“If I can’t find a camel,” the Kvetch said, “…whatever.”
So he called his dog, Max. Then he took an old sack
And he tied a hump onto the front of his back.

THEN
He climbed on this
dog-dromedaryish mammal.
You never have seen
Such a schmuck on a camel.

Then the Kvetch cried “Oy vey!”
As old Max started down
Toward the homes, while the Joos
Where still schmoozing in town.

All their driveways were empty. Just SUV tracks.
All the Joos were out last-minute-shopping at Saks,
As he rode to a not-so-small house on old Max.
“It’s a good thing I brought” the old Prophet Kvetch thought,
“All these bags with to stuff all the stuff the Joos bought.”

Then he looked at the chimney. It seemed quite a stretch
That a fat goy like Santa could fit, thought the Kvetch,
“Still, the goyim believe stranger things, that’s for sure.”
Then the Kvetch shrugged his shoulders, and walked through the door
Where the little Joo dreidels were all strewn about.
“These dreidels,” he grinned, “are the first to go out!”

And he schvitzed, as he shlepped, with an odor unpleasant,
Around the whole house, as he took every present!
Barbie dolls! Mountain bikes! Brios! And blocks!
Pokemon! GameBoys! And all of that shlock!
And he stuffed them in bags. Then his arms spread akimbo,
He shlepped all the bags, one by one, out the wimbo!

Then he shlepped to the kitchen. He took every dish.
He took the Joo-latkes. The Gefilte-Joo-Fish.
He cleaned out the Sub-Zero so nimbly and neat,
Careful to separate dairy from meat.
Then he shlepped the Joo-nosh right out the front door-a.
“And NOW!” kvelled the Kvetch, “I will shlep the menorah!”

And he grabbed the menorah, and started to shlep on,
When he heard a whine, like a cat being stepped on.
He spun ‘round with shpilkes, and coming his way,
It was Ruth Levy-Joo, who was two, if a day.

The Kvetch had been caught by this small shaina maidel,
Who’d been watching TV on her big RCA’dle.
“The Prophet Elijiah?” she quizzed the old fool,
“You visit on Pesach, they taught us in shul.”

And although the old Kvetch was surprised and confused,
It’s not hard to lie to a girl in her twos.
“Bubbeleh… sweatheart…” he started his tale,
“Your dad paid full price, when this all was on sale!
“And like any good merchant, I just want to please ya.
“I’ll ring it up right, then I’ll refund your VISA.”

Then he patted her tush. Put a Barney tape in.
And she spaced-out as fast as the spindle could spin.
And as Ruth Levy-Joo watched her mauve dinosaura,
HE went to the door and shlepped out the menorah!

Then the match for the shamas
Was last to be filched!
Then he shlepped himself out to continue his pillage.
On the walls he left nothing at all. Bubkes. Zilch.
And the one speck of food
That he left in the house
Was a matzoh ball even too dense for a mouse.

Then
He did the same schtick
In the other Joo’s houses.

Leaving knaidlach
Too dense
For the other Joo’s mouses!

It was quarter to dusk…
All the Joos, still at Saks,
All the Joos, still a-shmooze
When he packed up old Max,
Packed him up with their presents! The gelt and the dreidels!
The chotchkes and latkes! The knish and the knaidels!

He hauled it all up to his condo in haste!
(A Grinch might have dumped it, but why go to waste?)
“Shtup you!” to the Joos, the Kvetch loudly cheered,
“They’re finding out Chanukah’s cancelled this year!
“They’re just coming home! I know just what they’ll say!
“They’ll ask their homeowners insurance to pay,
“Then the Joos down in Joo-ville will all cry OY VEY!”

“All those Oys,” kvelled the Kvetch,
“Now THIS I must hear!”
So he paused. And the Kvetch put his hand to his ear.
And he did hear a sound rising up from the shtetl.
It started to grow. Then the Kvetch grew unsettled…

Why the sound wasn’t sad,
It was more like the noise
Of a UPS trucker
Delivering toys!

He stared down at Joo-ville!
And then the Kvetch shook,
As truck after truck
Replaced all that he took!

Every Joo down in Joo-ville, the Golds and the Steins,
Re-ordered their presents by going online!

Chanukah HADN’T been cancelled!
IT CAME!
…On UPS trucks… but it came just the same!

Then the Kvetch, staring down at the gifts where they sat,
Stood kvitching and kvetching: “For this, I did that?
“It came without traffic! It came without tax!
“It came without shopping at Bloomie’s or Saks!”
And he kvetched on and on, til he started to shvitz,
Then the Kvetch thought of something which might make him rich!
“Maybe stores,” thought the Kvetch, “don’t need mortar and bricks.
“Maybe toys can be bought with a few well-placed clicks!”

And what happened then…?
Well… in Joo-ville they say
That the Kvetch raised
Ten million in venture that day!
And the minute his web site was ready to go,
He raised ten billion more on his new IPO!
He sold back the toys to the homes they came from!
And he…

… he the Kvetch…!
Founded YA-JOO.COM!

©2000 by David Goldstein
All rights reserved

[An HA holiday tradition, with apologies to the late, great Dr. Seuss—but not to the greedy, litigious bastards at Dr. Seuss Enterprises, LLC. So there. Happy Christmukah.]

I love snow. I always have. And it’s snowing. Again. It’s beautiful. I should be thrilled.

Instead, I’m just pissed off. We live on a hill, in Fremont, that’s been a skating rink for nearly a week now. I understand when side streets don’t get plowed during an emergency. But impassable for a week?

And it’s not just side streets. The nearest arterial is less than three blocks away. It’s flat. It connects to other streets that are flat (or, in one case, gently sloping). By all appearances, that street hasn’t been plowed, either. Or salted. Or even sanded. The bus, needless to say, doesn’t come.

Read some of the over 250 comments on Joel Connelly’s latest column and you’ll quickly deduce that this situation is happening all over the region, and especially in the cities of Seattle, Bellevue, and Redmond. And there’s no excuse. None.

“But Seattle has hills!” So does Pittsburgh. And Boston. And any number of other cities that get snow regularly. They cope. “But it’s rare here!” I’ve lived in any number of places in the South – Houston, Memphis, South Carolina, Virginia – where it snowed in amounts roughly comparable to Seattle: a couple times a year, maybe, and one big storm a decade. Some of these places have hills, too. They cope. Mind you, we’re talking the South, where local governments are loathe to tax or to provide any services, and where buses are something the black maids use to get to the suburbs each morning. They handle this shit better than Seattle. “Salt hurts the environment!” Once or twice a year? I can live with that. But then, I could live with sand on the roads, too, and I’m not seeing that, either. After seven fucking days.

It’s preposterous that in the 21st century, a metropolitan area of nearly four million people — one of the wealthiest metropolitan areas in the world, I might add — can be nearly paralyzed for a week or more by a few inches of snow.

Oh, speaking of the P-I, one other thought: we haven’t gotten home delivery of our newspaper since Friday, and, guess what? We haven’t missed it. Everything we need is online. Wonder how many other households will reach the same conclusion this week?

House prices continue in free-fall.

In the past year the median sales price fell 13.2% — the largest decline since data collection began in 1968 and likely since the Great Depression — to $181,300. Separately, the Federal Housing Finance Agency reported that U.S. home prices fell 7.5% over the 12 months ending in October, according to a monthly index that includes prices for houses with mortgages that have been sold to or guaranteed by Fannie Mae… (or Freddie Mac.)

At The Big Picture, Barry Ritholtz observes:

I find the monthly spin from the NAR laughable. They attribute November’s results to a “weak stock market, job losses and low consumer confidence.” They never seem to recall that Real Estate prices remain too high relative to incomes and rental prices. This is the hangover from the credit bubble.

With the always necessary caveat that there are individual real estate agents and builders who are honest, stand-up individuals, the house building and selling industry bears a huge portion of the blame for this hellish economic mess. It strains credulity to think that the absurd loans and absurd prices came about without widespread criminality and malfeasance.

True capitalists will realize that effective regulation is required in the future. Of course, that won’t stop the stink tank denizens from railing against all things governmental, but I still fail to understand why progressives have to be the only pragmatists.

There needs to be a dramatic change in the zeitgeist in this state and country that defines conservatives in terms of their outdated, delusional and dangerous preconceptions about economics. It’s kind of sunk in, but not widely enough. Neo-liberalism was not only wrong, it failed so miserably that I wouldn’t be surprised if historians someday equate it with the demise of Soviet Communism.

The bidness guys and gals have sneered at everyone for so long, with such utter contempt, that this is the perfect time to teach certain corrupt industries that the government is there to protect all the people, including consumers of major purchases like houses. I mean, you buy a car you get a warranty, you buy a house, well, you know, good luck with that! You should have known the plumbing contractor hired summer help and inspected each pipe yourself before you bought it, and you should have waited out the housing bubble even though you like, needed a place to live.

When the corrupt industry starts its facile whining that they are being “punished” and promise doom and gloom forever, as they do with any proposed regulation whatsoever, they can be sternly reminded that basic consumer rights are not a punishment, they are a normal way to regulate industries that have proven they can’t be trusted. And right now there is no industry more untrustworthy than the house building, selling and finance industry. If restoring the house market requires restoring consumer confidence, reform at both the state and national level is urgently required, seeing as we’re throwing trillions of our dollars at the problem.

Hard times in newspaperin’ everywhere:

Less than a year after moving into a new building downtown, The Columbian newspaper’s newsroom and business staff will return this weekend to its former headquarters in an effort to cut costs.

The newspaper is looking for a buyer for the new building, and the asking price is $41.5 million.

But the threat of bankruptcy — mentioned in October when the building move was announced — appears to have subsided.

Editor Lou Brancaccio is taking stock in the spirit of the season:

I am grateful for those who oppose us and say bad things about us. Does this sound strange to some of you? It shouldn’t. Of course I’m most grateful for those who criticize us in a constructive way. Still, I accept those who simply are bitter. It takes all kinds to make the world go around. Ironically, it is the free press that has helped to guarantee that their bitterness is heard.

Meanwhile the editorial staff itself is brimming over with holiday joy:

Jeers: To the close-minded, agenda-anchored über-liberals who are castigating Barack Obama for inviting Pastor Rick Warren to deliver the invocation at the inauguration on Jan. 20.

Warren’s allies in California are spreading Christianist love all over the court system, with the help of none other than Ken Starr:

The sponsors of Proposition 8 on Friday argued for the first time that the court should undo the marriages of the estimated 18,000 same-sex couples who exchanged vows before voters banned gay marriage at the ballot box last month

Nice.

Look, if Obama wants to call Rick Warren in for a nice chat about why the fuck Rick Warren and his fundamentalist allies think it’s legitimate to revoke people’s basic civil rights, fine. They can talk all they want.

That’s not what’s happening. Warren will be delivering the invocation at the inauguration, with all the attendant symbolism that entails.

Progressives have a moral duty to point out what Rick Warren and his ilk actually stand for, and it’s not a pretty picture, all the glossy trappings aside. If it makes editors feel better to harrumph and snort about how middle-of-the-road they are, also fine, but they’re missing the entire point.

[NOTE:  I’m not sure what happened, but the server burped and I lost this post, and all its comments.  Strange.  So please add your comments to the thread again.]

With a budget battle brewing in what will be one of the most consequential legislative sessions in years, the number of journalists covering our state government has plummeted:

During the past 15 years, the state population has increased by 25 percent and the amount of tax money spent by the state has more than doubled. Yet the number of print, television and radio journalists covering the state Legislature full time has dropped by about 70 percent.

[…] In 1993, there were 34 journalists covering the Washington state Legislature. By 2007, there were 17. This year, there may be as few as 10 full-time journalists, mostly newspaper reporters.

We are facing the prospect of a huge hole in political coverage, with potentially devastating results for our state’s citizenry, but it’s also an opportunity for new media to rise to the task and help fill the void.  I thought about heading down to Olympia myself for the session, or hiring some youngster at slave wages to do it for me, but what’s really needed is a seasoned reporter who knows the ropes.  You know… like Josh Feit, who has been covering the Capitol for years.

The problem, of course, is the money.  It’ll cost HA about $15,000 in salary and expenses to pay Josh to cover this four month session… and that’s on top of the money I ultimately need to raise to support myself.  And I’d like to hear from you, my readers, whether you think it is worth it?

I don’t expect to raise all, or even most of the money in an online fund drive; I’m pursuing larger commitments from individuals and interest groups eager to see more in depth coverage of the coming session while promoting the growth of independent media.  But it all starts with your support.

So let me know what you think about these ambitious plans, and we’ll move on from there.

Worst since 1994.

The mood of uncertainty was evident in a local report this week showing that only 318 new and pre-owned houses sold in Clark County in November. That’s down 37.3 percent from the 507 home sales in the same month last year. November’s total was the lowest for that month since 1994, according to “benchmarks,” a tracking service of Vancouver’s Riley & Marks appraisal firm.

“Uncertainty” is probably the key word, as the article explores somewhat. How bad are job losses ultimately going to be? Will interest rates be set at 4.5%? Who knows?

Oligarchs win, workers lose.

Tribune’s board was advised by a group of bankers from Citigroup and Merrill Lynch, which walked off with $35.8 million and $37 million, respectively. But those banks played both sides of the deal: they also lent Mr. Zell the money to buy the company. For that, they shared an additional $47 million pot of fees with several other banks, according to Thomson Reuters. And then there was Morgan Stanley, which wrote a “fairness opinion” blessing the deal, for which it was paid a $7.5 million fee (plus an additional $2.5 million advisory fee).

On top of that, a firm called the Valuation Research Corporation wrote a “solvency opinion” suggesting that Tribune could meet its debt covenants. Thomson Reuters, which tracks fees, estimates V.R.C. was paid $1 million for that opinion. V.R.C. was so enamored with its role that it put out a press release.

Unbelievable. Obviously no sector is immune from shoddy practices and insane financial contortions.

My crystal ball is at the state capitol protesting atheism by showing “It’s a Wonderful Life” on a loop, but some wags are predicting there is going to be a major US city without a daily newspaper in the near future.

Before anyone breaks out the champagne, they might want to consider all those people in suits and pantsuits who walk around city halls and state capitols hatching all sorts of schemes under less scrutiny now than they deserve. The idea of a major US city being “watch dogged” mostly by local television reporters should send shivers down the spine of any citizen. Not every crooked mayor is going to be carrying a puppy around.

We are going to have a president who will side with regular folks.

President-elect Barack Obama said that union workers in Chicago who are protesting their factory’s sudden closure with a sit-in are justified in demanding their benefits and pay.

“I think they’re absolutely right,” Obama said today in response to a question at a Chicago news conference. “And understand that what’s happening to them is reflective of what’s happening across this economy.”

Obama, who gave up his Illinois Senate seat last month after the Nov. 4 election, was asked at a press conference today to weigh in on the protest at Chicago’s Republic Windows & Doors factory, which closed on Dec. 5 after Bank of America canceled its line of credit.

Obviously one could dream up a scenario where a president has to make a tough call that involves compromise. The real world is not simple, nor is it perfect.

But here we have Obama siding with workers who are simply demanding what is theirs. That is a profound change.

You never know how history will shake out when you are living it. But the workers at Republic Windows and Doors deserve not only their pay, but the thanks of the entire country for standing up to the corporate oligarchy. Who knows what their action will inspire? The financial sector thieves who brought this mess upon all our heads need to be held accountable, for starters.

As Robert Reich points out here, under-employment is yet more yucky icing on a very nasty cake of unemployment figures. (Okay, Reich is far more eloquent and would never likely come up with such a pathetic analogy.) But still–yikes. From Bloomberg:

More Americans than ever worked only partial days in November as the deepening recession prompted companies to cut full-time employment.

The number of Americans saying they worked part-time last month due to economic reasons — either because their hours were cut or they couldn’t find full-time jobs — surged to 7.32 million, the most since records began in 1955, from 6.7 million in October, the Labor Department reported today.

The increase in part-time workers helped prevent the jobless rate — which rose to 6.7 percent last month from 6.5 percent in October — from climbing even more. Counting part- timers who would prefer full-time work, as well as discouraged workers who are no longer looking for jobs, the jobless rate would have jumped to 12.5 percent from 11.8 percent in October.

And to answer the question Reich asks in the title of his post, um yeah, it’s a Depression. I know it’s a matter of semantics, but since Karl Rove and Karen Hughes are busily trying to re-write history even as it happens, I think it’s only fair we get Bush’s name attached to this last bitter pill.

I propose we call it the “Bush Financial Depression,” at least for now. Hopefully it will not become Great Depression II. If things get that bad nothing can save one shred of the Bush-Cheney legacy.

At this point it’s not about blame. It’s about not listening in the future to people who have been clearly and repeatedly wrong about every last damn thing, military, economic and diplomatic. Basically, when a Republican opens their mouth, a traditional journalist should have a mental checklist about how many times that person has been utterly and completely wrong. Eight long years of right wing fantasy have led us to this point, and fantasy is something we can no longer afford.