Hoocoodanode?

Calculated Risk has the analysis on today's horrific employment data. I keep hearing the words "No one could have predicted" with respect to the economic crisis. This is false. Many people, including myself saw the coming collapse in the housing and stock markets.

Via Anonymous Liberal, here is a telling series of clips from Fox News (that bastion of journalistic integrity) featuring a series of howling baboons and Peter Schiff as the lone voice of reason. Watch how he is scoffed at, laughed, and ridiculed . . . for telling the truth. And then wonder, why the hell do these other talking heads still have jobs? How can you possibly justify paying a salary to Larry Kudlow, or Neil Cavuto, or Ben Stein, when they have been consistently 100% wrong about everything? Why is it that many bloggers got it right, and yet millionaire talking heads got it consistently wrong? Some of these people are just bone stupid but many of them are paid to lie. Be skeptical, it's good for your brain and your wallet.

LATE NOTE - To clarify, I disagree with Peter Schiff on plenty of things. But in these particular vignettes what he's saying is dead on.

Ravitch Commission Plan Released

Second Avenue Sagas is hosting the document in an easily readable format.

This plan is balanced and very necessary to ensure the continued viability of the MTA. The City and State underfunded transit and relied on debt for far too long, which led to the current crisis situation.

We will also need a significant amount of federal infrastructure spending to build out the capital plan. But the Ravitch Commission Plan is a fair and workable plan to put the MTA on solid footing. It must be passed.

Already, you can hear the voices of false populism decrying the impact on the lower and middle classes. To them I say, what about the far greater number of New Yorkers who can't even afford to own cars? Mia and I happen to own a car. We have family in Massachusetts and New Jersey, and sometimes Mia uses the car for work. We both use the subways virtually every day. Every time I ride an F train into Manhattan, I pay for it. It's not too much to ask people who want to drive their own personal transportation device pay for the privilege.

An impressive roster of transit supporters and other organizations has already assembled to support the plan. Lots of great quotes in the press release from the Empire State Transportation Alliance . . . which I can't seem to find online, damn it. I'll use Ben's fancy tool:

2008-12-03 ESTA Press Release - Free Legal Forms

R.I.P. Tanta

One of my favorite bloggers, Doris "Tanta" Dungey succumbed to a long battle with ovarian cancer this weekend. She was 47. We never met outside of the comments on Calculated Risk, and I didn't even know her real name, but the feeling of loss is overwhelming. I was always able to convince myself that she would get better. She had to.

An incredible wit and intellect has been lost. We are fortunate to have had the opportunity to learn from you, Tanta. I will miss the truth in your voice.

For anyone who wants to learn more about how we got to the place we are in today with respect to the housing finance bubble, Tanta's Ubernerd pieces are incomparable. Tributes to Tanta - The New York Times, Paul Krugman.

We lost another friend within the past two weeks to cancer, a beautiful, wonderful woman of 24, now gone. Life seems terribly unfair sometimes; remember to let the people you care about, respect, love, appreciate and cherish know how you feel about them. You can never tell your family and your partner, "I love you" too much.

American Prospect Profiles Sadik-Khan

And it's a great piece, read the whole thing. This is just an aside, but something that people lose sight of when thinking of Mike Bloomberg and transit:

On the national level, Mike Bloomberg is now recognized as a progressive reformer, and his history as a Democrat turned Republican turned Independent, all for political gain, is largely overlooked. But New Yorkers, whose memories are longer, could hardly have predicted that the most recent iteration of their mayor's chameleon career would be the promotion of a bikeable, walkable city. What even most local observers don't realize is that the Bloomberg administration's unexpected commitment to these issues is due less to ideological conviction than to the influence of one woman: Janette Sadik-Khan, commissioner of New York City's Department of Transportation. . . . Bloomberg's own record on public spaces was far from stellar. An expert hired to direct the Transportation Department's cycling program, Andrew Vesselinovitch, quit in 2006, claiming that Weinshall and Bloomberg rejected most of his ideas and were insufficiently committed to reforming the streetscape. Under the influence of former Deputy Mayor for Economic Development Dan Doctoroff, another Wall Street veteran, the Bloomberg administration had been pushing unpopular proposals to construct massive sports stadiums and apartment towers, replete with thousands of parking spaces, on the far West Side of Manhattan and in downtown Brooklyn. "Here we have the most transit-oriented city in America, and many of Bloomberg's most treasured development plans, at that point, were tied to 750-spot parking lagoons, as if this were the suburbs," says Aaron Naparstek, editor of Streetsblog, which lobbies for "livable streets."

Bonus points to TAP for quoting Aaron. Hat tip to MAC for the heads up.

Hillary Clinton next SoS; Nydia Velazquez to Senate?

Looking pretty certain at this point that Obama will appoint Hillary to Secretary of State . . . I was pretty sure that Hillary would get (offered) prominent placement in the Obama administration, and this could go a long way to satisfying Hillary supporters. I think she'd do a good job.

Of more pressing importance for us in NY is who will get her seat? I'm hoping for Nydia Velazquez, currently one of our solid local Congressmembers (I'm in Yvette Clarke's district, but right near the edge and the two districts are adjacent.)

There will be tough competition for the spot I'm sure, especially as upstate residents clamor for the seat. But Velazquez would be an excellent candidate for the spot, and certainly good for NYC just when we need federal help more than ever.

Worst Market Crash Since Great Depression.

Wow. This is now officially the worst stock market crash since the Great Depression. Down well over 50% from the peak. Graph courtesy of dshort.com by way of Calculated Risk.

Employment Situation Worsening

The chart (courtesy of Calculated Risk) of continuing claims says it all. The administration is still trying to massage these numbers, attempting to carve out those who are on extended continuing benefits . . . but even so, we're now over 4 million.

I expect jobless figures to significantly worsen.

We absolutely need a major infrastructure spending package from the federal government. It might not happen until President Obama is sworn in, but it must happen, and it will.

I expect to see significant transit infrastructure spending included. We need it, it will create jobs, and set the conditions for future economic growth. IN a related matter, I'm working on a statement on the rumored MTA cutbacks. Short version: the worst possible move they could make at this point would be to cut service.