WSJ:

The story starts in 1994, when the Senator became one-third owner of a 10-acre estate, then valued at $160,000, on the island of Inishnee on Galway Bay. The property is near the fashionable village of Roundstone, a well-known celebrity haunt. William Kessinger bought the other two-thirds share in the estate. Edward Downe, Jr., who has been a business partner of Mr. Kessinger, signed the deed as a witness. Senator Dodd and Mr. Downe are long-time friends, and in 1986 they had purchased a condominium together in Washington, D.C.

Mr. Downe is also quite the character. The year before the Galway deal, in 1993, he pleaded guilty to insider trading and securities fraud and in 1994 agreed to pay the SEC $11 million in a civil settlement. The crimes were felonies and in 2001, as President Clinton was getting ready to leave office, Mr. Dodd successfully lobbied the White House for a full pardon for Mr. Downe.

The next year—according to a transfer document at the Irish land registry…—Mr. Kessinger sold his two-thirds share to Mr. Dodd for $122,351. The Senator says he actually paid Mr. Kessinger $127,000, which he claims was based on an appraisal at the time. That means, at best, poor Mr. Kessinger earned less than 19% over eight years on the sale of his two-thirds share to Mr. Dodd. But according to Ireland’s Central Bank, prices of existing homes in Ireland quadrupled from 1994 to 2004. ...

In his Senate financial disclosure documents from 2002-2007, Mr. Dodd reported that the Galway home was worth between $100,001 and $250,000. However, Mr. Rennie reports that in 2006 and 2007 the Senator added a footnote that reads: “value based on appraisal at time of purchase.”

Mr. Dodd had good reason to add the qualifier. Senate rules call for valuations to be current and anyone who looked into the estimate would immediately spot Mr. Dodd’s lowballing. A June 17, 2007 feature in Britain’s Sunday Times did just that. “Diary” observed that in Roundstone “a two-bed recently made E680,000 ($918,000) and a cottage is currently on offer for E800,000.” Noting Mr. Dodd’s estimate of his property—between E75,000 and E185,000.

Toby Harnden at the Telegraph:

Don Surber admires the fair-minded impartiality of the Bridgeport (Renamed: Connecticut) Post.

Not that after 30+ years in this business that I know anything about newspapers. I mean, after all, I do not think that the most important news story in the state of Connecticut would be the agitprop theater of federally financed lefties (ACORN takes grants) protesting executive salaries.

That involved 40 people including some from Washington. This is what they do for a living. They are professionals.

AP originally reported the reporters and news crews outnumbered the Paid Protesters 2-to-1.

The Conn Post gave this item two big pictures, a main story, and a side story.

Buried inside was a story of 300 people in Ridgefield staging a Tea Party against the entire $700 billion bailout and the subsequent $787 billion stimulus.

An actual grassroots movement was brushed off with “Tea Party’ protests spending to stimulate economy.”

The reporter assigned to the story, Eugene Driscoll, had an ironic line: “The difference here: many of the protesters were political conservatives who had never felt it necessary to take to the streets before.”

One of the classic examples.

Hat tip to the News Junkie.

John Hawkins finds the Annointed One embarrassing to watch on 60 Minutes.

Many of us, that at times during our lives, have believed we could do a better job than the President of the United States, just as we thought we’d do a better job than the coach of the Pittsburgh Steelers or the network executive who greenlighted Real Chance of Love.

The problem tends to be that what looks so crystal clear from the outside, usually in hindsight, appears confusing, muddled, and difficult to fathom when you’re actually going through it.

That’s why experience matters, particularly executive experience, and it’s a big part of the reason why Barack Obama has done such a mediocre job so far.

Obama is a silver-tongued political novice who has managed to be in the right place at the right time.

Now, if you’re a hammer, every problem looks like a nail. And if you’re a politician like Barack Obama, who has gotten everything he has in life by being slick and sounding confident, every problem looks like something that can just be talked away.

That tendency was on display in his Sixty Minutes interview, a ‘grilling’ which would be considered a softball interview for a Republican (”Wow, that’s a great swingset for your kids to play on. How are they liking the White House so far?”) but was still probably tougher than any interrogation Obama has received since he entered the White House. (After all, he even admitted that he gets lost in the White House “repeatedly.”)

Each time Obama got a tough question, he did what sociopathic politicians have doing for decades: he lied, dodged, and talked out of both sides of his mouth.

Read the whole thing.

The redoubtable Ann Althouse announced her engagement yesterday with a series of photos, including a finger being measured for a ring, accompanied with shots of flower, foliage, and views of Cincinnati, the city where her apparent victim (a braver man than me) evidently resides.

Ms. Althouse met her fiance, we are informed, four years ago via his commenting on her blog.

Never Yet Melted extends congratulations and best wishes.

Mu Ch’i, Six Persimmons, 13th century, Japan, ink on paper, Daitoku-ji, Kyoto, Japan

Andrew Sullivan, with an air of pious approbation, yesterday linked and quoted an interesting essay by Stewart K. Lundy which proposes to define Conservatism as a form of Zen. It seems a bit odd to me that the perennially agitated and volatile Andrew Sullivan, notorious for combining vehement certainty with rapidly shifting positions, thinks he finds some reflection of his own philosophy or personality in Lundy’s mystical quietism, but there you are.

Mr. Lundy is evidently a neighbor of mine in Loudoun County, Virginia, a senior at Patrick Henry College in Purcellville.

Ignorance is the source of knowledge, silence is the source of noise, and stillness is the source of change. The emptiness of the future provides the possibility for movement. This is the principle of conservatism: preserving not only possibility, but the very possibility of possibilities. This impulse is conservative, but never at the expense of future generations. Conservatism is the art of living.

“The best people have a nature like that of water. They’re like mist or dew in the sky, like a stream or a spring on land. Most people hate moist or muddy places, places where water alone dwells. . . . As water empties, it gives life to others. It reflects without being impure, and there is nothing it cannot wash clean. Water can take any shape, and it is never out of touch with the seasons. How could anyone malign something with such qualities as this.”

— Ho-Shang Kung in Red Pine’s translation of the Tao Te Ching.

Why the example of water? Water is inherently conservative, conforming to its conditions yet remaining essentially the same. Water prefers stillness. If it is a stream, it runs downhill until it finds a resting place; but it is always in the process of changing, yet it is always only water. In the same way, the essence of conservatism is always the same, even though its conditions constantly change. Were conditions to cease their perpetual flux, conservatism comes to rest as a tranquil pond. The goal of conservatism is tranquility.

In itself, conservatism is tranquil. In relation to the ever-changing human condition, conservatism is always adapting. Conservatism is “formless” like water: it takes the shape of its conditions, but always remains the same. This is why Russell Kirk calls conservatism the “negation of ideology” in The Politics of Prudence. It is precisely the formlessness of conservatism which gives it its vitality. Left alone, the spirit of conservatism is essentially what T.S. Eliot calls the “stillness between two waves of the sea” in “Little Gidding” of his Four Quartets. Conservatism is both like water and the stillness between the waves—the waves are not the water acting, but being acted upon; stillness is the default state of conservatism:

Not known, because not looked for
But heard, half-heard, in the stillness
Between two waves of the sea.
Quick now, here, now, always—
A condition of complete simplicity

Like the Greek concept of kairos—acting in the right way, for the right reasons, at the right moment—this sort of waiting is simply careful conservatism. Conservatism is responsive, reactionary, reserved. Conservatism waits. Perhaps this is why conservatism is most needed in the modern age of mobility. Being careful, and above all patient is crucial to doing something right. Realizing that one does not know the best way of doing anything guarantees not that one will find the best way, but that one might not find the worst way. The same principle applies to knowledge: conservatism (hopefully) does not pretend to know the definitive way, but rather professes the virtue of ignorance with the quiet hope of finding knowledge.

Read the whole thing.

The Telegraph describes the EU’s latest blow in favor of political correctness.

The European Parliament has banned the terms ‘Miss’ and ‘Mrs’ in case they offend female MEPs.

The politically correct rules also mean a ban on Continental titles, such as Madame and Mademoiselle, Frau and Fraulein and Senora and Senorita.

Guidance issued in a new ‘Gender-Neutral Language’ pamphlet instead orders politicians to address female members by their full name only.

Officials have also ordered that ‘sportsmen’ be called ‘athletes’, ‘statesmen’ be referred to as ‘political leaders’ and even that ‘synthetic’ or ‘artificial’ be used instead of ‘man-made’.

The guidance lists banned terms for describing professions, including fireman, air hostess, headmaster, policeman, salesman, manageress, cinema usherette and male nurse.

However MEPs are still allowed to refer to ‘midwives’ as there is no accepted male version of the job description.

The booklet also admits that “no gender-neutral term has been successfully proposed” to replace ‘waiter’ and ‘waitress’, allowing parliamentarians to use these words in a restaurant or café.

It has been circulated by Harold Romer, the parliament’s secretary general, to the 785 MEPs working in Brussels and Strasbourg.

Struan Stevenson, a Scottish Conservative MEP described the guidelines as “political correctness gone mad.”

Hat tip to Bird Dog.
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3/23:
A commenter who signs at “Chiara” points out the Spectator is engaging in characteristic journalistic exaggeration. The European Parliament merely issued (preposterous) suggested guidelines. It did not literally ban use of gender-specific nouns and titles.

Even liberal blowhard editorialist Frank Rich is warning that the Obama Administration (two whole months into office) may have already reached the point where it can permanently lose the public’s confidence and trust.

It would be foolish to dismiss as hyperbole the stark warning delivered by Paulette Altmaier of Cupertino, Calif., in a letter to the editor published by The Times last week: “President Obama may not realize it yet, but his Katrina moment has arrived.”

Meanwhile, recent polls show that Republican support among independent voters has pulled even with democrats’.

In their negative campaign books on Barack Obama, Jerome Corsi and David Freddoso took an extended look at the democrat front runner’s long record of radical associations and virtually nonexistent record of legislative accomplishment, and observed that Obama’s record was really that of a faithful servant of the corrupt Chicago democrat party machine.

Yes, Obama faithfully voted for the agenda of the democrat party’s leftwing base when it was safe to do so, but he carefully avoided sticking his neck out or crusading for controversial leftwing positions which might conceivably compromise his viability as a candidate for higher office.

Despite all the associations and the rhetoric, both authors speculated that Obama as president might very well operate as he did previously, as a faithful servant of the interests of his party’s key special interest constituencies and contributors, making only the occasional safe, usually symbolic, gestures to the radical base.

Obama, during the campaign, took great care to convey the impression that he was not ultra-leftwing or radical but really pragmatist, and would govern as another responsible moderate democrat.

Well, it turns out we were all in for a surprise.

Obama has not attempted to govern moderately or responsibly in the least. He’s taken the combination of his own electoral victory, a congressional majority, and an economic crisis as a license to spend, regulate, and socialize without restraint. For a long generation, ever since the Carter debacle, politicians have treated the US economy as a third rail, recognizing that voters would promptly and decisively respond to economic pain by punishing any party seen to be responsible for an assault on their prosperity.

Uncharacteristically, even democrats like Bill Clinton moderated their populist impulses, restrained their urge to redistribute, and kept Alan Greenspan in charge of the Fed simply in order to preserve confidence. Ironically, the Bush Administration made the mistakes it did, in rushing to intervene and to supply bailouts on the basis of exactly the same belief in the necessity of maintaining economic confidence.

But not Barack Obama. Obama has moved rapidly to treble George W. Bush’s war-based deficit in a single month. He has turned the treasury’s printing press on full speed, virtually guaranteeing a reprise of 1970s style, if not Weimar Germany style, inflation. He plans of raising taxes, nationalizing health care, regulating everything that moves, and putting caps on financial industry salaries. He might as well send in a few drone aircraft to launch hellfire missiles into Wall Street.

Barack Obama is obviously not afraid of losing the confidence of the business sector. He feels empowered by the economic crisis, not intimidated by it. The deeper the hole he digs, he seems to think, the more basis he has to justify increasing federal power and a greater federal share of the economy.

Obama is treating government the way a 17 year old drives. The more out of control he gets, the harder he pushes on the accelerator.

A Brazilian wandering spider, Phoneutria spp. (8 species)

Fox News reports on the mystery of the Tulsa bananas.

One of the most deadly spiders in the world was found in the produce section of an upscale Oklahoma grocery store.

Or was it?

An employee of Whole Foods Market in Tulsa discovered what an expert said was a Brazilian wandering spider in a bunch of bananas from Honduras on Sunday and managed to catch it in a container.

The spider was given to University of Tulsa animal facilities director Terry Childs, who identified the arachnid and said that type of spider is one of the most lethal in the world.

Childs said a bite will kill a person in about 25 minutes, and while there is an antidote, he doesn’t know of any in the Tulsa area.

But a Tulsa Zoo official disputed the findings, saying his analysis through video and photos he’d seen led him to believe that it was a Huntsman spider — which is harmless to humans.

“There’s pretty definitive evidence it has been misidentified,” said Barry Downer, the zoo’s curator of aquariums and herpetology.

Downer said the spider should have been preserved for study, but he was told that the body would not be made available. ...

Childs said Wednesday night that he had destroyed the spider at the urging of a university administrator because of safety concerns.

The lethality of Brazilian wandering spiders is disputed, perhaps because the spider sometimes envenomates less than fully, or not at all. The wandering spider’s venom is neurotoxic, and as an interesting side effect its bites are known to result on some occasions in Priapism.

Huntsman spider, Sparassidae family (82 genera, 1009 species)

Perhaps the most interesting find within the great arms cache released in 2003 from the Royal Nepalese Arsenal and imported to the US arms collecting market were a few ultra-rare examples of the Bira gun, a two-barreled hand-crank .577/450 Martini-Henry calibre machine gun designed and manufactured in Nepal 1896-1897. The Bira was an improved design based upon the American Gardner gun of 1874.

Guns and Ammo profiled and tested the Bira in its on-line edition finding a number of positive features in its design.

The Bira gun was never actually used in combat.

A small number of Biras are still being listed for sale by Atlanta Cutlery and IMA for only $27,500!

Carol Baum, at Bloomberg, reads today’s news and finds herself living in a Rand novel.

Somewhere John Galt is smiling.

The hero of Ayn Rand’s “Atlas Shrugged” is smiling because he’s seen it all before: the government’s intervention in the private sector; the constraints placed on business in the name of the people; the desperation on the part of government bureaucrats when they realize their leverage is limited; and—this part is still fiction—the decision on the part of business leaders to walk away from the enterprises they built.

That’s all I could think about when I read that American International Group Inc., recipient of $173 billion in taxpayer funds, was paying out $165 million in bonuses to employees of its financial-products group, the poster boy for risk and greed.

The Obama administration, Congress and the public are outraged taxpayer dollars are going to enrich the folks who got us into this mess. So am I.

Members of Congress want to blame Edward Liddy, the former chief executive officer of Allstate Corp., who was recruited by former Treasury Secretary Hank Paulson in September to steer AIG away from the shoals.

Liddy is paid $1 a year for his efforts. “My only stake is my reputation,” Liddy said in a March 16 open letter to Treasury Secretary Timothy Geithner.

His only crime, as far as I can tell, is inheriting compensation contracts providing for retention bonuses for certain AIG derivative traders, some of whom have left the company, and listening to lawyers on his options. ...

I’m not alone in noting the parallels in the government’s evolving response to the financial crisis. For a year I’ve been waiting for Paulson or Geithner to announce “the John Galt Plan to save the economy,” which is right out of Rand’s novel.

It wasn’t until the AIG bonus brouhaha broke last weekend and I watched government officials flailing to contain the fallout that I realized the government is losing its leverage. Or maybe it never had any leverage to begin with.

Let me explain. The government has been propping up teetering financial institutions, including AIG, Citigroup and Bank of America, creating the illusion that the banks need the government.

The government doesn’t care about these institutions. It cares about the stability of the financial system: the totality, not the parts.

Congress can refuse to allocate more money to institutions in which it already owns a share (80 percent in the case of AIG). It can levy a tax on the AIG bonus payments or withhold them from the next $30 billion cash infusion, although who would notice? And it can install new management.

Why hasn’t the government put in its own people already? Maybe no one wants the job.

The government needs Liddy and Citigroup’s Vikram Pandit and Bank of America’s Ken Lewis to continue working to restore their firms to prosperity in the same way the looters in Rand’s novel need Hank Reardon and Francisco d’Anconia and Dagny Taggart, respectively, to run their steel mills, copper mines and railroad.

From their perches as chairmen of the House Financial Services Committee and Senate Banking Committee, respectively, Democrats Barney Frank and Chris Dodd fulminate about the lack of regulation and about inflated CEO compensation. For Dodd, it’s a good opportunity to deflect attention from his sweetheart mortgages from former Countrywide CEO Angelo Mozilo and his questionable real estate deal in Ireland.

All that’s left for life to imitate art completely is for these CEOs to quit. Let Barney Frank and Chris Dodd run AIG. Let’s see how they fare.

The government needs these companies to survive—and buy back the government’s ownership stake—more than they need the government. Most of these CEOs are already wealthy. They don’t need a job working for the government, which is what running a bank amounts to today.

What’s in it for them? One dollar of compensation? Their reputations? The house on the lake looks more appealing by the day.

Is anyone surprised sales of “Atlas Shrugged” have spiked in recent months as reality comes to resemble Rand’s fiction?

Charles Krauthammer puts into perspective the scale of the AIG bonuses which have occasioned such histrionics in Washington. Targeting executives as overpaid is a handy way of diverting the public’s attention from the really significant looting going on at the hands of Congress itself.

A $14 trillion economy hangs by a thread composed of a comically cynical, pitchfork-wielding Congress, a hopelessly understaffed, stumbling Obama administration, and $165 million.

That’s $165 million in bonus money handed out to AIG debt manipulators who may be the only ones who know how to defuse the bomb they themselves built. Now, in the scheme of things, $165 million is a rounding error. It amounts to less than 1/18,500 of the $3.1 trillion federal budget. It’s less than one-tenth of 1 percent of the bailout money given to AIG alone. ...

[A] contract is a contract. The AIG bonuses were agreed to before the government takeover and are perfectly legal. Is the rule now that when public anger is kindled, Congress summarily cancels contracts?

Even worse are the clever schemes now being cooked up in Congress to retrieve the money by means of some retroactive confiscatory tax. The common law is pretty clear about the impermissibility of ex post facto legislation and bills of attainder. They also happen to be specifically prohibited by the Constitution. We’re going to overturn that for $165 million?

Nor has the president behaved much better. He too has been out there trying to lead the mob. ...

It is time for the president to state the obvious: This recession is not caused by excessive executive compensation in government-controlled companies. The economy has been sinking because of a lack of credit, stemming from a general lack of confidence, stemming from the lack of a plan to detoxify the major lending institutions, mainly the banks, which, to paraphrase Willie Sutton, is where the money used to be.

In the American Enterpise Institute’s 2009 Irving Kristol Lecture, Charles Murray argued that the key to preventing America’s descent into European-style permanent class division and economic paralysis beneath the rule of a technocrat bureaucracy must lie in overcoming the provinciality and disloyalty to the American project of the American elite.

American exceptionalism is not just something that Americans claim for themselves. Historically, Americans have been different as a people, even peculiar, and everyone around the world has recognized it. I’m thinking of qualities such as American optimism even when there doesn’t seem to be any good reason for it. That’s quite uncommon among the peoples of the world. There is the striking lack of class envy in America—by and large, Americans celebrate others’ success instead of resenting it. That’s just about unique, certainly compared to European countries, and something that drives European intellectuals crazy. And then there is perhaps the most important symptom of all, the signature of American exceptionalism—the assumption by most Americans that they are in control of their own destinies. It is hard to think of a more inspiriting quality for a population to possess, and the American population still possesses it to an astonishing degree. No other country comes close. ...

The exceptionalism has not been a figment of anyone’s imagination, and it has been wonderful. But it isn’t something in the water that has made us that way. It comes from the cultural capital generated by the system that the Founders laid down, a system that says people must be free to live life as they see fit and to be responsible for the consequences of their actions; that it is not the government’s job to protect people from themselves; that it is not the government’s job to stage-manage how people interact with each other. Discard the system that created the cultural capital, and the qualities we love about Americans can go away. In some circles, they are going away.

Why do I focus on the elites in urging a Great Awakening? Because my sense is that the instincts of middle America remain distinctively American. When I visit the small Iowa town where I grew up in the 1950s, I don’t get a sense that community life has changed all that much since then, and I wonder if it has changed all that much in the working class neighborhoods of Brooklyn or Queens. When I examine the polling data about the values that most Americans prize, not a lot has changed. And while I worry about uncontrolled illegal immigration, I’ve got to say that every immigrant I actually encounter seems as American as apple pie.

The center still holds. It’s the bottom and top of American society where we have a problem. And since it’s the top that has such decisive influence on American culture, economy, and governance, I focus on it. The fact is that American elites have increasingly been withdrawing from American life. It’s not a partisan phenomenon. The elites of all political stripes have increasingly withdrawn to gated communities—”gated” literally or figuratively—where they never interact at an intimate level with people not of their own socioeconomic class.

Haven’t the elites always done this? Not like today. A hundred years ago, the wealth necessary to withdraw was confined to a much smaller percentage of the elites than now. Workplaces where the elites made their livings were much more variegated a hundred years ago than today’s highly specialized workplaces.

Perhaps the most important difference is that, not so long ago, the overwhelming majority of the elites in each generation were drawn from the children of farmers, shopkeepers, and factory workers—and could still remember those worlds after they left them. Over the last half century, it can be demonstrated empirically that the new generation of elites have increasingly spent their entire lives in the upper-middle-class bubble, never even having seen a factory floor, let alone worked on one, never having gone to a grocery store and bought the cheap ketchup instead of the expensive ketchup to meet a budget, never having had a boring job where their feet hurt at the end of the day, and never having had a close friend who hadn’t gotten at least 600 on her SAT verbal. There’s nobody to blame for any of this. These are the natural consequences of successful people looking for pleasant places to live and trying to do the best thing for their children.

But the fact remains: It is the elites who are increasingly separated from the America over which they have so much influence. That is not the America that Tocqueville saw. It is not an America that can remain America. ...

What it comes down to is that America’s elites must once again fall in love with what makes America different. I am not being theoretical. Not everybody in this room shares the beliefs I have been expressing, but a lot of us do. To those of you who do, I say soberly and without hyperbole, that this is the hour. The possibility that irreversible damage will be done to the American project over the next few years is real. And so it is our job to make the case for that reawakening. It won’t happen by appealing to people on the basis of lower marginal tax rates or keeping a health care system that lets them choose their own doctor. The drift toward the European model can be slowed by piecemeal victories on specific items of legislation, but only slowed. It is going to be stopped only when we are all talking again about why America is exceptional, and why it is so important that America remain exceptional. That requires once again seeing the American project for what it is: a different way for people to live together, unique among the nations of the earth, and immeasurably precious.

Read the whole thing.

Samsung promotes its new LED TV using a flock of sheep, some shepherds, some border collies and some LEDs on a hill-side in Wales.

2:45 The Baaa-Studs:”Extreme Shepherding”

From Terrierman via Karen L. Myers.

Milton Friedman, 1912-2006

What a pity he’s not here to comment on the follies of the Bush and Obama administrations.

2:24 video