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Below are the 9 most recent journal entries recorded in
The Boston Diaries' InsaneJournal:
| Thursday, October 2nd, 2008 | | 11:45 pm |
| | Tuesday, September 30th, 2008 | | 4:35 am |
No wonder economics is called the “dismal science” http://boston.conman.org/2008/09/29.2
For starters, Fannie Mae and Freddie Mac are "government
sponsored enterprises". Though technically privately owned, they
have particular privileges granted by the government, they are
overseen by Congress, and, most importantly, they have operated with
a clear promise that if they failed, they would be bailed out.
Hardly a "free market." All the players in the mortgage market knew
this from early on. In the early 1990s, Congress eased Fannie and
Freddie's lending requirements (to
1/4th the capital required by regular commercial
banks) so as to increase their ability to lend to poor areas.
Congress also created a regulatory agency to oversee them, but this
agency also had to reapply to Congress for its budget each year (no
other financial regulator must do so), assuring that it would tell
Congress exactly what it wanted to hear: "things are fine."
In 1995, Fannie and Freddie were given permission to enter
the subprime market and regulators began to crack down on banks who
were not lending enough to distressed areas. Several attempts were
made to rein in Fannie and Freddie, but Congress didn't have the
votes to do so, especially with both organizations making
significant campaign contributions to members of both
parties. Even the New
York Times as far back as 1999 saw exactly what might happen
thanks to this very unfree market, warning of a need to bailout
Fannie and Freddie if the housing market dropped.
Complicating matters further was the 1994 renewal/revision of the
Community Reinvestment Act of 1977. The CRA requires banks
to to make a certain percentage of their loans within their local
communities, especially when those communities are economically
disadvantaged. In addition, Congress explicitly directed Fannie and
Freddie to expand their lending to borrowers with marginal credit as
a way of expanding homeownership. What all of these did
together was to create an enormous profit and political
incentives for banks and Fannie and Freddie to lend
more to riskier low-income borrowers. However
well-intentioned the attempts were to extend homeownership to more
Americans, forcing banks to do so and artificially lowering the
costs of doing so are a huge part of the problem we now find
ourselves in.
An Open
Letter to my Friends on the Left (emphasis added)
I want to quote the whole thing as this explains my thoughts behind the
recent financial markets, but really, why should I quote the entire thing
when I can just point to it and say “read the entire thing”?
So … read the entire thing already! | | 3:02 am |
And best of all, it doesn't require a time machine http://boston.conman.org/2008/09/29.1
“You must try Alain Ducasse,” declared my editor. At first, I
thought this was a cruel joke. The press was buzzing about the new
restaurant from France's maestro-chef that boasts a $2 million
interior, a $160 tasting menu, and a bill for four approaching
$1,500. Although the phone lines weren't yet open, the word on the
street was that the 65 seats a night were already booked for six
months, with a 2,700-person waiting list. According to The New York
Times, “Ordinary diners have less than a snowball's chance of
landing a table at Ducasse.”
I was clearly in another league of exclusivity. Lay eaters
wouldn't dream of trying to enter a restaurant where if you order
verbena tea they bring the plant to your table and a white-gloved
waiter snips the leaves with silver shears.
Still, I had no choice.
Via Hacker News
Pocketful
of Dough
The author explains a technique that will get you into exclusive
restaurants quickly, even those that require a reservation. It isn't cheap,
and takes a certain nerve to do, but amazingly, it does seem to work
wonders.
I just wish I knew about this earlier, if only to ask Mom just how
pervasive this technique was. | | Saturday, September 27th, 2008 | | 2:23 am |
1973 http://boston.conman.org/2008/09/26.1 In this
video about our current economic crisis (via spin
the cat) it's mentioned that legislation passed in 1995, in order to
make “mortgages more affordable”, set us up for this major fall.
But just prior to viewing that, I read What (Really) Happened in 1995? (via New Mogul)
which stated that in 1995, legislation was passed dropping the fractional reserve
that banks
have to keep on hand, while at the same time, Federal Reserve chairman Alan
Greenspan dropped his previous course of setting the interest rate per
the price of gold, possibly because another faction of the government was
attempting to manipulate the gold market (read the paper, it's absolutely
fascinating), thus setting up the entire fiasco we're in now.
Interesting …
I wonder what else happened in 1995 … | | Thursday, September 25th, 2008 | | 6:50 pm |
| | 6:20 pm |
THE INFOCAPALYPSE IS NIGH UPON YOU! http://boston.conman.org/2008/09/25.1 I swear, I want to take a clue-by-four to some of these so-called
“computer network security consultants.”
One of our clients just received an audit from these people, and just like the last time (although last time it was
some other company) this audit report is just inane, if not shorter
(thankfully).
For instance, this lovely bit (not the full table):
Attackers use a port scan to find out what programs are running on
your computer. Most programs have known security weaknesses. Disable any
unnecessary programs listed below.
| Protocol |
Port |
Program |
Status |
Summary |
| ICMP |
Ping |
|
Accepting |
Your computer is answering ping requests. Hackers use Ping to
scan the Internet to see if computers will answer. If your computer answers
then a hacker will know your computer exists and your computer could become
a hacker target. You should install a firewall or turn off Ping
requests. |
Really?
Hackers can use ping to target my computer?
THIS IS A XXXXXXX WEBSERVER YOU MORONS! DISABLING
ping WON'T “HIDE” THIS COMPUTER FROM HACKERS!
XXXXX XXXXXXX XXXXXX IS THIS STUPID!
Okay.
I'm calming down now.
And to be fair, it may be that these so called “computer network
security consultants” had no idea what the computer was tasked to do and
erred on the side of Armageddon.
But generally, I feel such reports are, at best, worthless and at worst,
scaremongering tactics to extract a lot of money
(link picked at random) for what you get, which is nothing more than a list
of open ports that may “help a hacker to gather information about what is
running on this machine and what kind of machine you have.” Have these
people not heard that security through
obscurity doesn't work? That if I have to hide what I'm actually using
I've already lost? That a false sense of security is bad because you're
deluding yourself that you are safe?
Sheesh.
In fact, the entire report can be boiled down to:
We found a computer at this IP address. This is bad because then
“hackers” can break into the computer and do bad “hacker”
things. Cut the network cable, yank the power cord, smash the
computer to bits, embed in concrete, dump into the middle of the
Pacific ocean, and nuke the site from orbit, just to make sure
everything is secure.
| | Monday, September 22nd, 2008 | | 10:38 pm |
Reason #√-1 I hate PHP http://boston.conman.org/2008/09/22.2 So Smirk has me installing the PayPal
module for osCommerce on behalf of one of our
customers. I download the appropriate archive, extract the files, and
start reading on how to install this puppy. That's when I read:
To install this module, back up your existing installation to a
safe place and then just copy the included catalog/ directory over
your existing osCommerce files. This will replace the modified files
and add the new files. However, if you have modified your osCommerce
installation, you will need to manually compare the new files with
your existing ones, and possible manually merge the changes.
Oh bloody hell.
This installation of osCommerce I'm installing into has been in
production use for several years now. Of course it has been
modified! You can't help but modify it if you want to change
the layouts or the verbiage. There have been countless modules added over
the course of several years. Heck, I hate touching the thing because it's
88,067 lines of PHP code across 999 source files in 154 directories.
And this module from Paypal? It's 39,765 lines of code across
199 source files in 29 directories.
And Paypal expects me to manually compare the new files with the existing
files … heh. Heh. Heh. Heh heh heh. Oh! It is to laugh! | | 10:38 pm |
“I can't see the forest! There's too many trees in the way!” http://boston.conman.org/2008/09/22.1 See Sean.
See Sean mad.
See Sean hit desk with head.
Bam.
Bam.
Bam.
See Sean fall over unconscious. Can you say “unconscious?” I knew
you could.
Silliness aside, I just spent the past five hours trying to solve what
ended up being a non-issue, and right now, being unconscious sounds
appealling.
I was trying to install our second PostgreSQL version of “Project: Leaflet” and was not having
an easy time of it. The MySQL version? Trivial, if only because
every Linux distribution pretty much supports the LAMP stack and it Just
Works™; not so much the LAPP stack.
In fact, our setup is rather custom in nature and was missing a key
ingredient—PHP support for PostgreSQL. Only after that was
installed did the five hour non-problem start. When installing “Project:
Leaflet” (by running install.php) Smirk, P and I kept getting
the following error:
Error in query: CREATE TABLE leaflet_ban ( id serial not null,
address varchar(50) NOT NULL default ”, note varchar(75) NOT NULL
default ”, status smallint NOT NULL default '1', PRIMARY KEY (id,
address) ); Table 'mmpro_ban' already exists (Error #: 1050)
Further compounding the issue—when I reinstalled over our working
PostgreSQL version, it worked. Let's see—it works under PostgreSQL 8.2.4,
but fails under PostgreSQL 8.2.9. That was the only difference (as it
turned out) between the two systems. Apache and PHP were the same.
Only with Wlofie's help (or rather, he sat there
as I ranted, and then asked a few pointed questions) did I realize what the
problem was all along—when I installed the PHP/PostreSQL module, I forgot
to restart the webserver.
D'oh! | | 10:38 pm |
Notes from a ★★★★★ restaurant … http://boston.conman.org/2008/09/21.1 I have this theory about gourmet food, which is partially derived from
the book Class:
A Guide Through the American Status System, and partially derived from
watching countless episodes of Iron Chef America
(“Today's secret ingredient … squid eyeballs!”).
The food in a four or five star restaurant is of course going to
be the best example of whatever it is you are getting, whether its
Beef
Wellington or pan seared squid eyeballs in a lemon-butter sauce. If it
weren't the best example it wouldn't be a four or five star
restaurant, now would it?
Now, to frequent such a place, you have to either be rich, or have access
to a fantastic expense account. And I'm sure that after your twelfth
perfectly cooked Beef Wellington, you'll get bored. So maybe that pan
seared squid eyeball in a lemon-butter sauce sounds interesting. I mean,
it'll be the best squid eyeballs you've ever had because this is,
you know, a four or five star restaurant. And there's only so much Beef
Wellington you can eat.
And that is why I'm convinced that is the only reason chefs cook
such odd dishes as squid eyeballs in a lemon-butter sauce, lest their
clientele become bored with Black-and-white truffle pizza with Mozzarella di
Bufala Campana, heirloom tomatoes and fresh lemon basil drizzled lightly
with extra virgin olive oil from the Azienda Agricola Librandi region of
Italy, again.
Back in November of 2000, I had Thanksgiving Dinner with John, the paper millionaire of a dot-com at his house in an exclusive neighborhood
of Boca Raton,
Florida. During dinner, we were served an acorn squash soup.
I hate squash. Doesn't matter which kind of squash, I
hate squash (and pumpkins—can't stand pumpkin pie in fact). But
since I was a gracious guest, I decided to at least try the acorn
squash soup.
It was the best acorn squash soup I ever had. Sure, I
hate squash but it was so good I wish I had seconds.
Yes, five star food is incredibly good, even if you don't like it (and
yes, I still hate squash and squash soups).
But it's not everyday I get to dine at a four or five star
restaurant.
Unlike today.
Today, Bunny and I dined at Chef Allen's, a five-star restaurant in
Aventura. She
had been invited to a retirement dinner for a friend, and Chef Allen
happened to be this friend's brother-in-law.
Once inside, we found our seats and checked the menu for the night's
dinner.
Zucchini & Ricotta Ravioli
Brown Butter and Spinach
Or
Blue Crab Cake
Pineapple Tzatiki, Summer Kimchee
******** ******** ********
Organic Green Salad
Herbs, Nuts and Berries
******
Pan Seared Grouper
Giant Peruvian Lima Bean Sofrito
Or
Herb Grilled Medallion of Beef
Scallion Mashed Golden Yukons, Wild Mushroom Port Sauce
While I love crab cakes, I'm not a fan of sauerkraut (and by
extension, kimchee,
acorn squash soups aside), therefore I decided to try the ravioli. My only
complaint about this dish was the toughness of the pasta, but I was advised
by Bunny (and later on, by Wlofie) that the rather firm al dente I
encountered was the proper way to serve pasta. Outside of that (and I will
admit I tend to like my pasta a bit softer) it was very good; Bunny found
the crab cake a bit on the hot (spicy) side (due, no doubt, to the kimchee)
but still, very good.
This was followed by the salad. If there was a dressing, it was so light
it wasn't noticeable, but even so, it was excellent (and I tend like dressing
with a little bit of salad). The toasted walnuts may have been a bit too
toasted for my liking, but at this point, even I will say I'm being
too nitpicky.
This was followed by a small scoop of raspberry sorbet with a fresh mint
leaf to cleanse the palate. I heard from some people around me that the
raspberry sorbet was too tart, but the intent was to eat the sorbet
and the mint leaf at the same time; the mint counter-balanced the
tartness of the raspberry to make for a refreshing palate cleanser prior to
the main course.
And it's here I think I've watched one too many episodes of Iron Chef
America—“counter-balanced the tartness” indeed.
I'm not a real big fan of seafood, so I skipped the surf and went for the
turf—the herb grilled medallion of beef, which was as tender as butter.
The knife didn't so much as cut as it fell through effortlessly. I was
relieved that the scallion mashed golden yukons were indeed,
mashed and not the trendy “smashed” but again, that's a personal
preference on my part. And they were delicious. So was the asparagus,
crisp and not at all mushy.
The whole meal was excellent (personal preferences aside) but that's to
be expected, because this is a five-star restaurant. Why wouldn't it be
excellent? |
|