Kevin Drum

What Are Your Favorite Comedies?

| Sat Mar. 22, 2014 9:00 AM PDT

They say you can tell more about a person by what he laughs at than by what he cries at. With that in mind, here are ten of my favorite film comedies in no particular order. As you can see, I basically like jokefests. There is little trace of sophistication here:

  • Real Genius
  • Life of Brian
  • Office Space
  • Groundhog Day
  • Dirty Rotten Scoundrels
  • Airplane!
  • This is Spinal Tap
  • Dodgeball
  • Galaxy Quest
  • The Big Lebowski

Marian and I both thought this Minute Maid commercial was funny. I remember telling her that it showed the difference in our senses of humor. I liked it for the first part; she liked it for the second part:

Among older, classic comedies, I would probably choose anything starring Cary Grant and let it go at that. What are your favorites?

JUST FOR THE RECORD: I limited my list to one film per actor/director. So only one Monty Python film, one Steve Martin film, one Abrahams/Zucker film, etc. There are no Mel Brooks films because I'm not really much of a Mel Brooks fan.

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Friday Cat Blogging - 21 March 2014

| Fri Mar. 21, 2014 11:53 AM PDT

In the previous post I mocked Richard Branson's advice that "You only live one life, so I would do the thing that you are going to enjoy." However, I was referring only to human beings in that post. Cats are different. Domino has taken Branson's advice fully to heart and does only things that she enjoys. For example, curling up on her favorite blue blanket and giving me the eye. She enjoys that! A few minutes later she will follow one of her other passions and curl up on the patio. Then she'll curl up on my lap. You get the idea. She is fully committed to doing only what she loves.

Here's Some Better Life Advice Than Richard Branson's

| Fri Mar. 21, 2014 11:47 AM PDT

Richard Branson has a life tip for us all: "You only live one life, so I would do the thing that you are going to enjoy." Tyler Cowen says, "The rest of the advice, more pedestrian, is here."

Holy cow! What could possibly be more pedestrian than that? Is there any rich and successful person in the entire world who hasn't given the rest of us this advice?

Now, in fairness, Cowen was referring to the other piece of Branson's advice: have a sofa in your kitchen. "The truth is, so long as you've got a kitchen which has space for a sofa, and a bedroom, and a partner that you love, you don't necessarily need the add-ons in life." Uh huh. Can I translate this? "If you have enough money to buy a house with a ginormous kitchen that can comfortably accommodate a sofa, you're probably doing OK." If I tried to put a sofa in my kitchen, there would be no kitchen left.

I know I'm being cranky, but I am sick to death of rich people telling us to "follow our passion" or something similar. (In a 10-part list, Branson repeats this advice in five different forms.) Some of us, of course, are lucky enough to get to do that. I've come pretty close, for example. But for most of us, this is a recipe for going broke. That's because, sadly, the world tends to assign a low market value to most of our passions.

Here's some better advice: try to avoid stuff that you hate. I admit that this is less uplifting, but it's generally more achievable and produces reasonable results. You might not ever get your dream job, or your dream house, or your dream partner, because that's just the way the lottery of life works. But with a little bit of effort, you might be able to avoid a soul-crushing job, a two-hour commute, and an empty relationship. Maybe. It's worth a try, anyway.

But honestly, most of us are better off saving our passions for our hobbies. This won't get me invited to give any commencement speeches, but it's still pretty solid advice.

There's a Reason that Right-Wing Crackpots are More Newsworthy Than Lefty Crackpots

| Fri Mar. 21, 2014 10:14 AM PDT

Dave Weigel is tired of the liberal press getting all hot and bothered every time some fringe Republican nutball says something stupid. Fair enough. But today he provides yet another example and then makes a problematic comparison:

To date, nearly 90,000 people have "liked" or "shared" a story tagged "Candidate Who Blames Gay Rights for Tornadoes Scores Big GOP Win." The candidate is Susanne Atanus, "who believes that God dictates weather patterns and that tornadoes, autism and dementia are God's punishments for marriage equality."

What's missing from the story? Atanus' status as a fringe candidate. She's running in Illinois' 9th District, which covers the liberal northern suburbs of Chicago....Susanne Atanus will never, ever serve in Congress.

....Both parties are going to be cursed with a few idiot candidates this year....In 2012 the declining Tennessee Democratic Party accidentally nominated a conspiracy-minded flooring installer for U.S. Senate. The media did not hustle down to Nashville and Memphis to cover him. No Democrat in another state was asked whether they agreed with this candidate about the NAFTA superhighway or the "Godless new world order."

Why didn't the media hustle down to Nashville to interview Mark Clayton? Wikipedia does as good a job as anyone explaining it:

Tennessee's Democratic Party disavowed the candidate over his active role in the Public Advocate of the United States, which they described as a "known hate group". They blamed his victory among a slate of little-known candidates on the fact that his name appeared first on the ballot, and said they would do nothing to help his campaign, urging Democrats to vote for "the write-in candidate of their choice" in November.

In the case of Clayton, nobody thought he represented the secret id of the Democratic Party. And the local party went out of its way to make sure Clayton was well and truly shunned as a crackpot they wanted nothing to do with.

Has anything similar happened in Illinois? Has the Republican Party denounced Atanus and urged voters to cast their ballots for someone else? No they haven't. [Actually, yes they have. See update below.] Do reporters believe that Atanus does indeed represent a significant segment of the modern Republican base? Yes they do. Is this fair? Well....yes. It kind of is fair, isn't it?

As it happens, I think that fringey right-wing candidates get less attention than Weigel believes. Sure, HuffPo plays them up, for the same reason they have a whole staff devoted to finding and posting sideboobs. It's clickbait for the online hordes. But does the rest of the media obsess about the Susanne Atanuses of the world? Not really. Not if you're a normal, casual news consumer, rather than an omnivore like Weigel and all the rest of us bloggy denizens. And to the extent they do cover the right-wing crackpots more than the lefty variety, the truth is that it's pretty justified. These folks represent a real constituency, and the mainstream of the Republican Party, far from disowning them, practically falls all over itself to insist that they have nothing but admiration and respect for their willingness to stand up and fight for traditional values without compromise. That makes them worth a story.

UPDATE: Hey, it turns out that the media did write about Mark Clayton. The liberal media, that is. Here is MoJo's own Tim Murphy writing on the day after the primary.

UPDATE 2: Weigel points out that the chairman of the Illinois GOP did indeed denounce Atanus after her gaffe. Fair point. Still, she's hardly the first conservative to blame our problems on God's wrath against liberal hedonism. It's not unreasonable to think she represents a persistent strain of conservative thought and therefore deserves a bit of attention.

Capital vs. Labor in the US and Great Britain

| Fri Mar. 21, 2014 9:39 AM PDT

In the United States, the labor share of income has been declining steadily since about 2000. The same was true in Great Britain—until the Great Recession hit. Since 2010, the labor share of income has gone down 5 percent in the US and gone up 5 percent in the UK.

Why? Another way of describing what happened is that labor productivity continued rising in the US but declined in the UK. When labor is more productive, you need less of it, and that's what happened here. But again: why? Jason Douglas passes along some speculation:

Ben Broadbent, the Bank of England’s next deputy governor for monetary policy, showed students at the London School of Economics an interesting chart in a speech he gave back in January that shows that wages as a share of national income actually rose inBritain in the past few years, a period of deep recession and subsequent stagnation that Britain is only now climbing out of. Corporate profits’ share of the cake declined. In the U.S., the opposite happened.

Why might this divergence have occurred?....He challenged the students in his audience to come up with an explanation as to why the two economies had such a different experience. One possible explanation, according to economists, is that companies in the U.S. pruned their workforces more severely when the downturn hit than British firms did. British bosses, faced with higher layoff costs and wary of losing skilled staff as they did in previous recessions, decided to keep as many workers on as they could and take the hit instead to their bottom line.

But that still doesn't answer the question. Why were British bosses wary of losing skilled staff but US bosses weren't? It's true that labor markets are more regulated in Britain than they are here, which makes it more expensive to lay off workers, but they aren't a lot more regulated. In previous recessions and recoveries, Britain and the US followed almost identical trajectories.

Perhaps a more useful framework for analyzing this is to look instead at capital shares, which are the mirror image of labor shares. This means that in the US, the capital share of income has gone up, while in the UK it's gone down. Even if layoffs and wage growth followed similar paths in both countries, that could happen if capital returns recovered faster on this side of the Atlantic. And that's plausible: In the US, the financial sector has fully recovered from the recession and is now as big and profitable as it was in the mid-aughts. In the UK, the financial sector was treated more sternly and still hasn't fully recovered from the recession.

This may be about to change, as US banks run into headwinds and Dodd-Frank regulations start to bite. And in any case, this is mostly just a guess on my part. Still, it strikes me as a potentially more fruitful lens to look through. Thoughts welcome.

How the Right-Wing Publishing Bubble Finally Burst

| Fri Mar. 21, 2014 7:51 AM PDT

A few years ago—maybe around 2004 or 2005—I remember walking into a Barnes & Noble1 and being astonished at the overwhelming number of right-wing polemics on display. Sure, it was right around a presidential election, but I strolled around to various tables to count the books and came up with something between 30 and 40. It was pretty breathtaking.

But apparently it wasn't to last. McKay Coppins reports today that this very success produced a bubble of sorts that inevitably burst. Publishers all dived in head first, starting up conservative imprints and opening up bidding wars for all the top names. Then it came crashing down:

What followed was the genrefication of conservative literature. Over the next 10 years, corporate publishers launched a half-dozen imprints devoted entirely to producing, promoting, and selling books by right-leaning authors — a model that consigned their work to a niche, same as science fiction or nutritional self-help guides....Editors at these imprints face unprecedented pressure to land cable news and radio provocateurs like Ann Coulter, rather than promote the combative intellectuals, like Allan Bloom and Charles Murray, on whom the business was first built.

“You are left to rely completely on cable and radio [for promotion] and as a consequence of that, you have to provide those ventures the type of material they want,” said [Adam] Bellow, who runs Harper Collins’ conservative imprint, Broadside. “It’s become a kind of blood sport and the most ruthless gladiator comes out on top.”

....The proliferation of conservative publishers has made the economics of their genre much tougher, with an ever-increasing number of books competing for an audience that hasn’t grown much since the ’90s. One agent compared conservative literature to Young Adult fiction, an unsexy niche genre that quietly pulled in respectable profits for years until the big houses took notice, and began entering into bidding wars for promising authors, and flooding the market in a frenzied attempt to find the next Twilight.

I always blamed Barack Obama for the death of conservative publishing, but I suppose it's all part of the same dynamic that Coppins is talking about. Basically, Obama drove conservatives into such frenzies of hysteria that their books lost the potential to appeal to anyone except the most hardcore dittoheads. I mean, Ann Coulter built a whole career on writing ever more outrageous things in order to get a rise out of liberals, but what can you do when you're competing with, say, Jerome R. Corsi, PhD? It's hopeless. He makes Coulter look positively sedate.

When everyone turns the dial to 11, you aren't a niche anymore. You're just a crackpot fringe. In this way, the death spiral of conservative publishing is merely a reflection of the death spiral of modern conservatism. It might turn around some day, but by the looks of things, it won't happen anytime soon.

1B&N was a "brick and mortar" outlet, a category that flourished in the 20th and early 21st centuries. Back then, books were physical objects that had to be "shipped" to "stores." Potential buyers would drive their "auto-mobiles" to these stores and then walk around to examine the titles in meatspace. When they were done, they would approach "cashiers," who were employees of these stores, and exchange "money" for volumes that were printed on paper and bound with glue and thread. It was all very complicated and unsanitary, and I can't really go into all the details in this short space. You can check out Wikipedia on your cerebral implant if you're interested in learning more.

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Raw Data: Inflation Continues To Be Really, Really Low

| Thu Mar. 20, 2014 3:12 PM PDT

Apropos of nothing in particular, here's a chart that shows the inflation rate over (a) the past three decades and (b) the past three years. This is just to remind people that although the headline unemployment number has declined, there's really no sign yet of labor market tightness. No matter what your preferred measure of inflation is, it's (a) lower now than it has been for a long time, and (b) still on a downward path. Inflation is simply not a problem right now, and inflationary expectations continue to be well anchored.

"Markets" Weren't Rattled Yesterday. It Was Just the Usual Few Morons Overreading the Tea Leaves.

| Thu Mar. 20, 2014 10:24 AM PDT

James Pethokoukis summarizes the conventional wisdom about Janet Yellen's first run-in with the media yesterday:

A “market rattling” press-conference performance from Janet Yellen, and Wall Street is suddenly thick with Ben Bernanke nostalgia. “The more experienced Bernanke knew to avoid clarifying deliberately vague statement language,” wrote JPMorgan economist Michael Feroli in a research note. Feroli was referencing Yellen’s squishy, off-the-cuff remark that interest rate hikes might start earlier rather than later next year, or “about six months” after the end of the central bank’s bond buying program. A “rookie gaffe” is how economist Paul Edelstein of IHS Global Insight put it.

You can find about a million stories like this. But as much as I like to mock the panicky nature of Wall Street traders, I think everyone needs to take a deep breath here. As you can see in the chart above, the S&P 500 lost a whopping 1 percent of its value for a grand total of about 24 hours. By 1 pm today it was right back where it had been for the two days prior to the Fed meeting.

The numbers tell the tale: It's pretty obvious that Yellen, in fact, had only a tiny, transient effect on the market—exactly the same kind of effect Bernanke used to have whenever analysts trained their Wittgensteinian microscopes on, say, the precise linguistic difference between "extended" and "protracted." In the end, a few morons lost money by overreacting to Yellen's comments, and that's about it. This is not exactly a rare event in global high finance.

Twitter Wants Everyone to Reminisce About Their First Tweet

| Thu Mar. 20, 2014 9:26 AM PDT

Everyone is fascinated by Twitter's new FirstTweet tool, and who am I to buck the trend? In fact, I was genuinely curious to find out what my first tweet was. It turned out to be this:

Huh. I guess Kirkuk must have been in the news on that day. So what's the answer? What did happen to Kirkuk? Nothing much, apparently. It's still controlled by the Kurds; it hasn't seceded from Iraq; but it remains fairly autonomous from the central government. The most recent news, however, has been bad: two days ago a suicide bomber killed 30 people, and sabotage has shut down an oil pipeline into Turkey. In other words, it looks like Option B turned out to be the correct one.

Obama Ratchets Up Sanctions on Russia

| Thu Mar. 20, 2014 8:50 AM PDT

From the New York Times:

President Obama on Thursday announced he would expand sanctions against Russia, targeting individuals who support the government and a bank with ties to these associates, delivering on his warning earlier this week that it would ratchet up costs on Russia if it moved to annex the breakaway province of Crimea.

....Mr. Obama also said he had signed a new executive order that would allow him to impose sanctions Russian industrial sectors, presumably including its energy exports — a step that would dramatically tighten the economic pressure on Russia.

I expect we'll quickly get a pro forma response about how weak and vacillating this is from Bill Kristol, John McCain, and Charles Krauthammer. I can't quite get straight precisely what they want, but whatever it is, it's something higher on the belligerence scale than whatever the appeaser-in-chief is offering up.