Farewell. The Flying Pig Has Left The Building.

Steve Hynd, August 16, 2012

After four years on the Typepad site, eight years total blogging, Newshoggers is closing it's doors today. We've been coasting the last year or so, with many of us moving on to bigger projects (Hey, Eric!) or simply running out of blogging enthusiasm, and it's time to give the old flying pig a rest.

We've done okay over those eight years, although never being quite PC enough to gain wider acceptance from the partisan "party right or wrong" crowds. We like to think we moved political conversations a little, on the ever-present wish to rush to war with Iran, on the need for a real Left that isn't licking corporatist Dem boots every cycle, on America's foreign misadventures in Afghanistan and Iraq. We like to think we made a small difference while writing under that flying pig banner. We did pretty good for a bunch with no ties to big-party apparatuses or think tanks.

Those eight years of blogging will still exist. Because we're ending this typepad account, we've been archiving the typepad blog here. And the original blogger archive is still here. There will still be new content from the old 'hoggers crew too. Ron writes for The Moderate Voice, I post at The Agonist and Eric Martin's lucid foreign policy thoughts can be read at Democracy Arsenal.

I'd like to thank all our regular commenters, readers and the other bloggers who regularly linked to our posts over the years to agree or disagree. You all made writing for 'hoggers an amazingly fun and stimulating experience.

Thank you very much.

Note: This is an archive copy of Newshoggers. Most of the pictures are gone but the words are all here. There may be some occasional new content, John may do some posts and Ron will cross post some of his contributions to The Moderate Voice so check back.


Wednesday, July 6, 2011

Failure is an attractive option

By Dave Anderson:

Time to make the bankers' failures their own problem.

John Lanchester in the London Review of Books on the Greek cram-down plan of austerity, higher taxes and keeping the French and German banks whole:

The Greeks know they are being lent money just so they can work very hard for lower wages and higher taxes in order to pay it back at great cost. This arrangement is in place because of the second thing the Indignati know well, the fact that the outstanding Greek debt is mainly owned by French and German banks. This is why the Western European governments are especially keen on the �bailout�: it�s helping to keep their banks solvent. The Indignati do not find that a compelling reason to embrace a decade or so of abject misery. They want the Greek government to default, and the banks to accept losses for loans they shouldn�t have made in the first place.

The fundamental job of a bank is simple. A bank is supposed to accurately assess and price risk of borrowers before lending them money.

The major European banks failed at that job. The major European bankers failed in their jobs. Let them take their losses --- or is responsibility and consequences only for the peons.


  1. That's what bugs the hell out of me - everyone talks about bailing out Greece, they are not. They are screwing Greece and bailing out the banks.

  2. Agree.
    I linked this by Bernard Avishai a couple days ago but it's worth repeating.
    Hmm. You devalue, you become more competitive. The ideal of European unity cannot trump this macroeconomic axiom, one that economists as different as Paul Krugman and Martin Feldstein take for granted and increasingly resentful Greeks have a right to embrace. Once--so the argument goes--countries in Greece's position would not have been forced to deflate, radically cut budgets (hence, services) or engender widespread anger from the poor and unemployed. They could have cheapened their currency and counted on cheaper exports to jump-start growth. The euro, however, is a kind of hammerlock rich European countries like Germany now have on them, a kind of IMF scold sitting on their shoulder, and advantaging--wait for it!--German exports.
    Other countries have Greece by the balls in more ways than one. Over the last few days Greece has been proxy for the US, Israel and other interests cutting the legs from under the Free Gaza Flotilla 2 before the boats could leave the harbors.