Monday Morning Links
* Over the past year and a half, in the wake of Thomas Philippon and Ariel Resheff’s estimate that 2% of U.S. GDP was wasted in the pointless hypertrophy of the financial sector, evidence that our modern financial system is less a device for efficiently sharing risk and more a device for separating rich people from their money–a Las Vegas without the glitz–has mounted.
* How the University Works, 1965: Football Game Continues as School Burns. More links below the picture.
* I’m nursing a pet theory. Which is that there are actually four main political parties in Westminster: the Conservatives, Labour, the Liberal Democrats, and the Ruling Party.
The Ruling Party doesn’t represent the general electorate, but a special electorate: the Alien Invaders and their symbiotes, the consultants and contractors and think-tank intellectuals who smooth the path to acquisition of government contracts or outsourcing arrangements — the government being the consumer of last resort in late phase consumer capitalism — arrangements which are supported and made profitable by government subsidies extracted from taxpayer revenue and long-term bonds. The Ruling Party is under no pressure to conform to the expectations of the general electorate because whoever the electors vote for, representatives of the Ruling Party will win; the only question is which representatives, which is why they are at such pains to triangulate on a common core of policies that don’t risk differentiating them in a manner which might render them repugnant to some of the electorate.
* To make matters even worse for restaurant workers and diners, a spate of “preemption bills”—which bar localities from makings laws requiring paid sick leave—has been surging through state legislatures with the help of the American Legislative Exchange Council and the National Restaurant Association, one of ALEC’s members. The first of these bills was passed in May 2011 in Wisconsin. Last week, Gov. Rick Scott signed Florida’s version into law, making it the eighth state to preemptively block paid sick leave for its workers (and the 13th to try) in just two years.
* Everything old is new again: Female inmates sterilized in California prisons without approval.
* NSA Rejecting Every FOIA Request Made by U.S. Citizens. The innocent have nothing to fear…
* And another great Saturday Morning Breakfast Cereal. I could post one of these every day.