It's Bank Failure Friday!!!

And here they are, ordered, and numbered for the year so far.

There are no bank failures this wee, but we have two credit union failures:

8. Montauk Credit Union, New York, ​NY
9. Bethex Federal Credit Union,  ​Bronx, ​NY ​09/18/2015

Here is the Full NCUA list.

I am not sure why credit unions are failing more than commercial banks, there are only 6 bank failures so far this year.

Part of it might be that the numbers of credit unions migh have fallen a lot less than those of banks, because, as non-profits, there is less impetus to merge, particularly since 2B2F^* will never be a viable strategy for non-profit financial institutions.

^*Too Big To Fail.

In Addition to Scoring a Remarkable Electoral Triumph, It Appears That Jeremy Corbyn Has the Power of Prophecy

In 1993, he predicted that the Maastricht Treaty, which converted the European Community into the European Union, would lead to an institution run by and for bankers, to the detriment of the most vulnerable of society:

Jeremy Corbyn predicted that the formation Euro would lead to the imposition of a “bankers’ Europe” on its members, according to parliamentary records.

Ahead of the 1993 adoption of the EU’s founding Maastricht Treaty Mr Corbyn warned that the creation of the currency’s European Central Bank would undermine European countries’ ability to set their own policy.

“The whole basis of the Maastricht treaty is the establishment of a European Central Bank, which is staffed by bankers, independent of national governments and national economic policies, and whose sole policy is the maintenance of price stability,” he said.

“That will undermine any social objective that any Labour Government in the United Kingdom—or any other Government—would wish to carry out.”

(emphasis mine)

Credit where credit is due.  Corbyn nailed this.

If Ahmed Mohamed Had Lived in Yemen, Barack Obama Would Have Assassinated Him

Critics of Obama's drone based assassination program note that under the criteria used by his signature strike program, the clock kid would have been killed:

Yesterday Barack Obama joined the groundswell of social media support for Ahmed Mohamed, the 14-year-old high school student detained by the police for being seen with an electronic device and being a Muslim named Ahmed Mohamed. Good for Obama. And good for Ahmed that he wasn’t building a clock in Yemen.

………

Since his inauguration, Barack Obama has drastically expanded the use of so-called “signature” drone strikes—killings that aren’t targeted against any person in particular, but against someone who looks or acts a certain way. Precisely which behavioral patterns or appearances are sufficient to sign an aerial death sentence remain an absolute state secret—all we know about the so-called “pattern of life activity” sufficient to justify the killing of an unidentified stranger is based on media reports quoting anonymous U.S. officials. In 2008, the New York Times reported that a “signature” can be as vague as “the characteristics of Qaeda or Taliban leaders on the run.” A later Times report said targets could include anyone near “training camps and suspicious compounds”—dicey given the Pentagon’s lackluster record when it comes to assessing compounds. The body of anonymously provided evidence suggests that loose suspicion is about all it takes to condemn someone on the ground, and based on the resultant craters, it’s easy to see that standards are lax.


In 2011, a 16-year-old American citizen named Abdulrahman Anwar al-Awlaki was killed by a drone-fired missile while eating outside in Yemen just two weeks after his father, an Islamist cleric on the CIA kill list, was drone-assassinated. Abdulrahman’s signature appears to have consisted of little more than traveling with his father and looking like the people around his father. When Attorney General Eric Holder was questioned about Abdulrahman’s assassination, he said only that he was “not specifically targeted by the United States.” Although he’s been the most visible (and controversial) drone victim due to his citizenship, al-Awlaki is far from the only child killed on Obama’s orders—the Bureau of Investigative Journalism estimates that upwards of 204 kids have been killed by drones in Pakistan alone since 2004. Some of them might’ve simply been in the wrong place at the wrong time, but only the CIA knows how many were killed because they matched some classified “signature.”

………

According to a blockbuster New York Times report on the CIA’s signature strikes, the drone program’s hair trigger has quite literally become a joke:

But some State Department officials have complained to the White House that the criteria used by the C.I.A. for identifying a terrorist “signature” were too lax. The joke was that when the C.I.A. sees “three guys doing jumping jacks,” the agency thinks it is a terrorist training camp, said one senior official. Men loading a truck with fertilizer could be bombmakers — but they might also be farmers, skeptics argued.

Imagine then, that a CIA analyst in Virginia or drone pilot in Nevada sees 14-year-old Ahmed from 10,000 in the air, working with a bundle of wires and metallic pieces.

The same Times report said that the Obama administration’s drone killing program is so loose that it “in effect counts all military-age males in a strike zone as combatants.” What if Ahmed Mohamed, of Sudanese descent, had been located in war zone Syria—where 14-year-olds are most certainly military age—carrying this device?

(emphasis mine)

This kid would be dead in Yemen, or Afghanistan, or Sudan, or Syria, or Iraq.

Obama has repeatedly pulled the trigger^* on kids with far less due process and far less evidence all over the Muslim world.

The Nobel committee really f$#@ed up when they gave Obama the Peace Prize.

^*He is commander-in-chief, and therefore fully culpable under the command responsibility (Yamashita) doctrine.

F#$@ Autocorrect

I am sending a text to She Who Must be Obeyed about getting a dorm fridge to our daughter, and future Tony Award winning actress, Natalie.

She wanted to get it here, and then schlep it up.

I thought that we could find something cheaper in the greater New York City area, so while commuting, I did a web search, and found something quite competitive less than a mile from her school.

What's more, the have free delivery.

It seemed like a winner to me, but when I attempted to text her that there was a better alternative in Manhattan, what I actually sent said, "Found cheaper fridges in lesbianism."

Lesbianism?!?  Seriously?!?

I am SO ready for Babel Fish enabled cell phones.

Posted via mobile.

Can We Please Give Texas Back to Mexico?

Don't Make Larry Wilmore Angry, You Wouldn't Like It When He's Angry

In Texas, it appears that if you are Muslim, and you bring a project to show your engineering teacher, they will cuff you and haul you off to jail:

Ahmed Mohamed’s homemade alarm clock got him suspended from his suburban Dallas high school and detained and handcuffed by police officers on Monday after school officials accused him of making a fake bomb. By Wednesday, it had brought him an invitation to the White House, support from Hillary Rodham Clinton and Mark Zuckerberg, and a moment of head-spinning attention as questions arose whether he had been targeted because of his name and his religion.

As a result, a 14-year-old freshman at MacArthur High School in Irving, Tex., who is partial to tinkering, technology and NASA T-shirts and wants to go to M.I.T., found himself in a social media whirlwind that reflected the nation’s charged debates on Islam, immigration and ethnicity.

“Cool clock, Ahmed,” President Obama said on Twitter. “Want to bring it to the White House? We should inspire more kids like you to like science. It’s what makes America great.” Mr. Obama’s staff invited Ahmed to the White House for Astronomy Night on Oct. 19, an event bringing together scientists, engineers, astronauts, teachers and students to spend a night stargazing from the South Lawn.

The president’s spokesman said the episode was a case study in unreasoned prejudice in an era when the country is fighting Islamic terrorism at home and in the Middle East.

“This episode is a good illustration of how pernicious stereotypes can prevent even good-hearted people who have dedicated their lives to educating young people from doing the good work that they set out to do,” said Josh Earnest, the White House press secretary.

These are not good-hearted people, and Irving is not a good-hearted place.

Their mayor, Beth Van Duyne, has successfully run on a platform of religious bigotry for years now, and I do not expect anything resembling an apology from her.

Of course, now it's blown up into a major sh%$ storm with POTUS got into the game on Twitter:

Cool clock, Ahmed. Want to bring it to the White House? We should inspire more kids like you to like science. It's what makes America great.

— President Obama (@POTUS) September 16, 2015

I really hope that Irving will spend the next few years as the butt of "dumb hick" jokes on the late night shows.

I always knew that Irving was a center of evil, it was the Dallas Cowboys home field until 2008,^* but this takes to a whole new (low) level.

If we cannot give all of Texas back to Mexico, can we give Irving back?

Please?


^*They now play in Arlington, TX, the largest city in the US without a mass transit system.

The US Air Force is Desperate

Because of the small number of ruinously expensive F-22's, and the lack of performance of it's equally ruinously expensive F-35, has the wild blue yonder brigade looking at extending the service life of the F-15 C until the 2040s:

The lack of an official retirement date for the U.S. Air Force’s F-15C is perhaps the strongest indication of a bright future for the platform.

This is not lost on the fighter’s manufacturer, Boeing, which is recasting its efforts to offer an upgrade plan for the air superiority aircraft after its earlier effort, dubbed the Silent Eagle, flopped.

Most Air Force platforms have a retirement date on the books, even if just for planning. But the F-15C is in a peculiar position. It was to be replaced by a fleet of F-22s, but high costs prompted then-Defense Secretary Robert Gates to end production for the stealthy, twin-engine aircraft in 2009 with only 187 jets produced. This is far fewer than the 350 hoped for. So the F-15C fleet is likely to stay on far longer than expected, at least until an F-22follow-on—dubbed the Next-Generation Air Dominance aircraft—is designed and fielded.

“They will not be producing another air superiority jet until the 2030s, and they will not be out there in sufficient numbers . . . until 2040 or beyond,” says Mike Gibbons, Boeing’s F-15 vice president

Air Force officials will not go so far as to call it a “gap” in capability, but there clearly is a shortfall. This is exemplified by the shift in plans for the critical air-to-air mission. A decade ago, the service projected a “high-low” mix of F-22s handling all of the air superiority tasks, with the F-35 relegated to a multirole mission of suppression/destruction of enemy air defenses and close air support roles. The F-35 was equipped for limited air-to-air engagement, including for self protection, but not as a front-line air superiority fighter.

Air Force Chief of Staff Gen. Mark Welsh says that now, however, the limited number of F-22s has pushed the service to look at a long-range plan for the F-15C as well as pressing the F-35 into that role. The F-35 “is not intended to be an air superiority fighter. That was not how it was designed,” he told reporters during a Sept. 15 press conference at the annual Air Force Association Air and Space Conference. “When the F-22 buy was curtailed . . . we [decided we] have to supplement it with something. Near-term it is going to be the F-15C . . . and then as the F-35 comes on board it is capable of supplementing the F-22, but then it will not be doing its primary job.”

Gen. Herbert Carlisle, who heads Air Combat Command, acknowledges the conundrum. The F-15C will require costly upgrades to stay relevant in the fight. And the service is already stretched for resources. Durability testing thus far—with more to come—suggests new longerons, wing spars and wings could be required on at least some of the F-15Cs. This will result in a “pretty significant bill,” he told reporters at the conference, adding it will total billions of dollars.

………

Air Force Chief of Staff Gen. Mark Welsh says that now, however, the limited number of F-22s has pushed the service to look at a long-range plan for the F-15C as well as pressing the F-35 into that role. The F-35 “is not intended to be an air superiority fighter. That was not how it was designed,” he told reporters during a Sept. 15 press conference at the annual Air Force Association Air and Space Conference. “When the F-22 buy was curtailed . . . we [decided we] have to supplement it with something. Near-term it is going to be the F-15C . . . and then as the F-35 comes on board it is capable of supplementing the F-22, but then it will not be doing its primary job.”

Gen. Herbert Carlisle, who heads Air Combat Command, acknowledges the conundrum. The F-15C will require costly upgrades to stay relevant in the fight. And the service is already stretched for resources. Durability testing thus far—with more to come—suggests new longerons, wing spars and wings could be required on at least some of the F-15Cs. This will result in a “pretty significant bill,” he told reporters at the conference, adding it will total billions of dollars.

………

One of the 2040C loadout options would place four external air-to-air missiles on each of the CFTs. That doubles the loadout from the current eight to 16. Another option—available only if the Air Force opts to add fly-by-wire controls to the aircraft—would add more air-to-air missiles on the outboard stations as well. These options involve a new CFT design, though it would follow the existing CFT outer mold line, Gibbons says. The service does employ CFTs for the F-15E Strike Eagle fleet, but they are rarely used for the air superiority variant.

The goal of 16 air-to-air missiles is at the “upper end” of the need, based on a variety of scenarios being examined by the Air Force, Gibbons says. “It is very easy to envision that with our forces around the world enemy threats can get an advantage . . . because they have aircraft on station and aircraft at bases [close by]. It is just a matter of numbers. If you are anywhere near their country, they can launch a lot of jets pretty quickly.”

This is actually an area where the F-15 could outperform the F-22.

The F-22 will never fly with more than 4 AMRAAMS and 4 Sidewinders.

Pylons were never developed for the aircraft.

When flying against members of the Su-27 family, which can routinely carry  at least 10 AAM, and has the ability to carry larger missiles with superior kinematics, the F-15 might actually outperform the F-22.

Still, for the Air Force to admit this is a whole bunch of crow to eat.

The Fed Does the Right Thing for Reasons that Are Totally Opaque to Me

For some reason, central bankers are always too quick to raise interest rates.

It's some sort of bizarre monetary dick swinging.

Everyone predicted that the Federal Reserve would raise interest rates, even though the workforce participation rate is the lowest that it has been since 1978.

It turns out that "everyone" was wrong:

One of the longest economic expansions in American history remains so fragile that the Federal Reserve said on Thursday it would postpone any retreat from its stimulus campaign.

Janet L. Yellen, the Fed’s chairwoman, described the decision as a close call and said the central bank still expected to raise interest rates later this year. The Fed has kept its benchmark interest rate close to zero since late 2008, when the nation’s economy was at the depths of crisis.

“The recovery from the Great Recession has advanced sufficiently far and domestic spending has been sufficiently robust that an argument can be made for a rise in interest rates at this time,” Ms. Yellen said at a news conference.

But, she said, “heightened uncertainties abroad,” including the Chinese economy’s weakness, had persuaded the bank to wait at least a few more weeks for fresh data that might “bolster its confidence” in continued growth.

The Fed’s decision, announced after a two-day meeting of its policy-making committee, had been widely expected by investors in recent weeks.

I'd try to explain this,but I do not have a f%$#ing clue as to why this happened, and if I did try to figure this out, all that I would get is a headache.