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Jeff Daley
Lived in Redmond, WA
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Jeff Daley

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WANT SKYRIM NOW
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Jeff Daley's profile photoMargaret Matteson's profile photoJim Cartwright's profile photoJason Cross's profile photo
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Gah, I can't stand it. And I have to work this weekend and won't get a crack at it until Sunday.
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Jeff Daley

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I guess I'm a baker now, as well as a cook.

I mean, that's what happens when you get a stand mixer, right?
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I have always thought of a stand mixer as one of those things that signals you actually really use your kitchen. Assuming you didn't buy it as an expensive kitchen ornament, that is.
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Jeff Daley

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New blog post: a speech explaining exactly why banks are such tremendous dicks.
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Good stuff.. What do we expect to happen when all the incentives are for risky behavior?
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Jeff Daley

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Bank of America: Evil genius.


This is going very deep into the weeds, so bear with me. It's an example of just how large banks are exploiting lax regulation to screw us.

Bank of America has a LOT of toxic assets on his hands. Specifically it has instruments called derivatives that may cause it to have to pay out a lot of money very soon. Bank of America isn't actually a bank; it's really a holding company with many different types of institutions beneath it.

Well, knowing that its Merrill Lynch division might get blowed up by these derivative contracts, BoA recently transferred them to a normal deposit-taking institution. You know, the type of place that you and drop our paychecks every couple of weeks.

The reason for this? The bankruptcy reform act passed in 2005 gives the holders of derivative contracts first dibs on a firm's assets in a bankruptcy. What this means is that if these assets blow up, all of the deposits at the institution BoA dropped them off at will be used to pay off the contracts. Of course, as a deposit-taking institution, the depositers will be made whole by the FDIC. That is to say: you and me, the taxpayers.

It's a pretty ingenious scheme. It's also positively evil. BoA has figured out a way to get you and I to pay off Merrill Lynch's bad bets.
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Not that other banks aren't playing similar games but in all of the times I've had exposure to BoA they have been an ethical Black Hole.
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Have him in circles
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Jeff Daley

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New blog post:the political economy problem facing Europe and Greece.
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Something sort of amazing: I'm staring at the screen working on my History midterm (a paper focused around the relative success or failure of Reconstruction after the Civil War). I've idly banged out a couple of paragraphs that I wasn't very happy with while trying to figure out how to approach the essay when BAM! Forty five minutes and four pages later I have one of the best papers I've written in college.
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Writing rough drafts totally changed my perspective. I used to knock out stuff at the last minute in one pass and it was OK, but man. Putting thoughts down and then thinking about rethinking is just amazing.
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Week 7/14 of MCFA complete. 50% done with Fire Academy!
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Founder's Breakfast Stout: lives up to the hype!
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I hate my business statistics professor. She is awful and useless. The entire Ec dept. at Brookdale is a goddamn embarassment to the profession.
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This is a very good discussion that goes to some of the central issues in our politics. Anyone who knows me won't be surprised to discover I come down in Ezra's "structural pessimist" camp.
Ezra Klein originally shared:
 
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Call me an idealist but I'll take pissing in the wind over shitting in my own cornflakes any day of the week.
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Have him in circles
188 people
Joseph websolution's profile photo
Tyler Jenkins's profile photo
Phil Lesnar's profile photo
Paul Warning's profile photo
Roger Grafsrønningen's profile photo
Dan Lawrence's profile photo
swr207's profile photo
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Full time student. Part time superhero.
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Jeff likes beer.
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Redmond, WA - Bothell, WA - Ocean, NJ
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