Pay now, pay later — but by all means pay more
Much of the debate over controlling greenhouse gases is a variation of “pay now or pay later.” Pay a higher price (for a light bulb, refrigerator, or automobile) and save on more efficient operation later.
Since autos and light trucks account for more than a quarter of all GHG emissions in California, regulators are focusing their attention on more efficient automobiles. New technology to produce highly efficient cars will cost more, but the Air Resources Board, claims that “because these technology improvements will also reduce the operating cost of vehicles … the average consumer will ultimately save $30 a month.”
But are regulators considering all the operating costs of smaller or more efficient vehicles when determining a net benefit in purchasing and operating these vehicles? Perhaps not.
Imagine being happy the Dow only fell 300 points
Last Friday was a real sign of the times. The market braced early Friday morning for a huge wipeout, so huge in fact, that a drop somewhere north of 1000 points would have stopped trading under emergency rules. The collective sighs of relief when the Dow only plunged 312.30 points, or 3.6 percent, could be heard in unison from all the TV Talking Heads and financial gurus. Earlier in the day, the Dow took a dive of more than 500 points and, judging from big drops in the Asian and European markets and the distinctly downward plunge of futures before Friday’s market opened, many feared the worst.
But the experiences of this strange year have re-defined what the “worst” now means. Once, a drop of over 300 points in the Dow would have been a really terrible, horrible, four or maybe five-martini day. Last Friday, it was actually cause for celebration.
Socialists of the GOP unite!
This week, the McCain/Palin ticket has been using the term "Socialist" over and over to describe the positions of their Democratic rivals. (Although today, McCain returned to the Bill Ayers theme).
So, when Gov. Palin accuses Sen. Obama of being a Socialist is she saying that Alaska’s system where every resident of her state receives a $1,000 check from the oil companies who drill there is not Socialist? If they don’t work for the oil companies, why do they deserve a generous check for just living there?
Is Sen. McCain also calling for America to dissolve its most Socialist program—Social Security? He used to mention the idea of privatizing Social Security, but I don’t hear anybody talking about that in this volatile market.