As IF Times

link RTDNA – Radio Television Digital News Association | Communicator |Sen. Rockefeller Suggests Eliminating FOX, MSNBC.

This is great piece of irony, which is lost on this particular Rockefeller.  The greatest part about the First Amendment to the U.S. constitution is that through its successful implementation, the mental vacuity of people such as Jay Rockefeller is on full display for people to see.  It’s always curious that many who champion the views of the liberal left, who notionally support the poor and downtrodden are themselves blessed with obscene wealth often passed on through the generations rather than by virtue of their own efforts.  Our man Jay is a prime example of this.  Great grandson of the legendary John Rockefeller, he of the Standard Oil Fortune, Jay’s only connection to the common man in his entire life was likely the filling station attendant at the family gas pump.   

The most obnoxious feature of such leading citizens is their genuine belief that the worldviews conjured up in their fantasy worlds are the only ones that are valid and must be passed on as decrees to the unwashed masses.  Despite reaping great wealth, success and respect within a political and social framework which enabled their ancestors to attain such success, they do their best to deprive others of exactly the same privileges and benefits.  Our hero Jay’s most recent wisdom is that the FCC should shut down Fox News, MSNBC etc, to stop all them from broadcasting their inflammatory views.  Of course, he really means FOX; MSNBC is on his team.  That was thrown in to support the illusion that he was rational and fair.

“…There’s a little bug inside of me which wants to get the FCC to say to FOX and to MSNBC: ‘Out. Off. End. Goodbye.’ It would be a big favor to political discourse; our ability to do our work here in Congress, and to the American people, to be able to talk with each other and have some faith in their government and more importantly, in their future…”

Well, first of all, the FCC doesn’t regulate cable.  Secondly, unlike mainstream TV where all the distortions are free to any who will believe them, you actually have to pay for cable channels.  Which means that people would rather pay up for the quality of information of FOX, than get for free the pretense of objective news on the networks.  But it’s the unmitigated gall of this guy to promote muzzling free speech because some don’t happen to agree with him.  The bug inside of him that he refers to can probably be fixed with a lobotomy day procedure.  Our hero is dismayed that the popularity and reach of FOX has so successfully blunted the leftist propoganda that masquerades as news from his camp.  The last set of midterm elections showed that people had a chance to evaluate the messages by the opposing political sides and his side lost big.  Essentially, the public gave the Dems a big AS IF! 

Third and most importantly, the main role of the press/media is to be an advocate for the people, not cheerlead the government.  The First Amendment was crafted specifically so that governments could not run amok and spread propoganda to influence the public.  By having a skeptical media, people were protected against a tyrannical regime.  Hmm.

People in America are somewhat unique in the world in that they don’t really have the inclination to be governed by a ruling class, nothwithstanding the Camelot idiocy.  The roots of the country predisposes the population to be skeptical of talkers and supportive of doers.  As is now clearly obvious, people are more inclined to be partial to those who share their values than those that just talk about them.  And if you’re talking about taking away the rights of free speech, well, that’s just un-American.

link California to launch $14 billion in debt sales | Money & Company | Los Angeles Times.

This is either naivete, arrogance or a tragic combination of both.  The citizens just recently elected representatives who have a history of inadequate fiscal management skills and California is bleeding financial ink badly.   Now, the state is in the throes of offering $14 billion dollars of  term debt to investors for the princely rate of between 1 and 1.5%.  Amusingly this debt is coined as RAN’s, or Revenue Anticipation Notes.  What this means is that money will be paid to investors at the aforementioned princely rate, out of tax revenues anticipated to arrive later in the fiscal year.  So this is merely a stopgap funding mechanism.  It’s the new take on the old character Wimpy of the Popeye cartoons.  “I’ll gladly pay you Tuesday for a hamburger today”.

“…The state’s chief fiscal analyst on Wednesday estimated that Sacramento will have to plug a total of $25.4 billion in deficits by mid-2012.  That may make some bond investors nervous, but many have gotten used to scary fiscal headlines about California for the last decade…”

Many have gotten used to the scary fiscal headlines.  Hmm.  That may have been before the taxpaying corporations which tolerated the State’s policy regime decided to gradually move out of state.   As much as the Apple Computer company may be regarded as the iconic California/Silicon valley company, it’s likely many of it’s business segments are rooted out of state, including manufacturing of their products.  Even the great James Cameron shoots most of his big budget flicks elsewhere in the world than California. 

http://articles.ocregister.com/2010-02-24/economy/24548737_1_companies-red-teams-list-names

In addition, while still very small, this article documents individuals that are also moving out of the once prosperous state for greener pastures elsewhere.   http://articles.latimes.com/2008/dec/18/business/fi-leaving-california18

That’s not to say people don’t want to live there.  It’s hard to take away the magnificence of the state’s natural endowments.   Californy is the place you ought to be according to migrants from Mexico.  Recently, it was revealed that Spanish was the predominant first language of public schoolers in that State.  If a group such as the legendary Beach Boys were formed today, they’d have be named The Gringo Boys.   That’s all wonderful since one day this will be a powerful workforce.  But in the meantime, support services for this community, many of whom are illegal, will be sorely strained as revenues cannot meet the outgo demand.  It’s possible therefore that bond or noteholders may have to stand in line if the expected taxes don’t cover the debt obligations.

Not that there’s a risk of losing money.  As is law, bondholders MUST be repaid.  But it begs the question, why would you invest for example $100,000 of cash to hopefully get $1000, or $1500 back in a year?  You’d be almost as wise to stick the money under a mattress.  If they don’t pay you back on time, you have to stand in line until such time when they have the funds to do so.  Meanwhile, you’re out $100,000.  You’d be better off buying fancy art.