Plain truth can be hate-speech on Quora

I responded to the following question on Quora.com:

"Why has the free movement of people between Canada, Australia, New Zealand & the UK not been implemented? There are similar population sizes, common language, & social, political, economic, & educational systems are all based on the British model"

I replied:

"Australia and NZ don’t want the blacks — too crime-prone"

Quora deleted my reply on the grounds that it violated their Be  Nice, Be Respectful policy

I wrote in response to them:

"Since when is the truth simply expressed disrespectful? The alternative is BS"

On behalf of Quora, Amelia then replied:

"Thanks for your email. We'll be more than happy to clarify our moderation decision here.

Your content was in violation of our Be Nice, Be Respectful policy. This core Quora principle requires that people treat other people on the site with civility, respect, and consideration.

More specifically, your content contained what we consider to be hate speech:

Users are not allowed to post content or adopt a tone that would be interpreted by a reasonable observer as a form of hate speech, particularly toward a race, gender, religion, nationality, ethnicity, political group, sexual orientation or another similar characteristic. Questions and question details about generalizations in these topics should be phrased as neutrally and respectfully as possible.

Our decision is final, and your content will not be reinstated"

My closing comment:  "I imagine Amelia is just an apparatchik at Quora so shares the current politically correct hysteria about any mention of blacks that fails to praise them -- but her action deprives their questioner of the answer to his question.

Is that what Quora is about?  Is it a cover-up service or an information service?  No American is in any doubt about the black crime-rate so why can it not be mentioned in an objective information context?  I have had many articles published in the academic journals of the social sciences on questions about race and racism but such discussions must be kept from the general public, apparently. So I suppose that this episode is just another example of Leftists having big problems with the truth -- JR. 

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‘I hate everything.’ says Jerry Brown

The Left gives itself away now and then

Nine days into his European trip, Jerry Brown might have been enjoying himself.

The Democratic governor had just wrapped interviews with Japanese and German reporters late Saturday, after holding a climate coalition signing ceremony with Terry McAuliffe, or His Excellency, the honorific used for the governor of Virginia. Oregon Gov. Kate Brown and billionaire environmental activist Tom Steyer were also at the photo op.

That’s when Brown was asked whether he enjoyed it at the UN climate conference.

“No, I hate everything,” he said, allowing the slightest smile. “Why do you ask that silly question?”

I mean it earnestly, the reporter responded.

Brown asked whether, at age 79, he would be running around Europe if he didn’t enjoy it?

Maybe, his interrogator replied.

“Why, because I’m a masochist?” Brown asked.

Brown said he doesn’t think of it as “joy,” but did for some reason say he was glad the conversation had meandered to the subject. An accurate reflection of his existential position is one that is constantly changing, Brown eventually confessed.

“There are certain things you have to do that aren’t as pleasant as other things you have to do, but if it’s something you want to get accomplished, you will do it, and there will be different levels of joy, from zero to 100 percent,” he said

SOURCE

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Covered California Still Spreading Misery

During the heyday of the Affordable Care Act, also known as Obamacare, Emily Bazar of the Center for Health Reporting kept track of how Covered California, the ACA’s wholly owned subsidiary, actually performed. As she noted, Covered California wasted millions on promotion, handed out lucrative deals to cronies, and its $454 million computer system was dysfunctional. Last year Bazar showed how, despite skyrocketing premiums, Covered California dropped 2,000 pregnant women from coverage, causing them to lose their doctors and miss key prenatal appointments.

Earlier this year, Bazar reported that the state’s vaunted health exchange sent incorrect tax information to the health plans, which led to “higher premiums than consumers initially anticipated,” and people also “owed more out of pocket than they originally thought.” Bazar had already charted how Obamacare hiked premiums 13.2 percent, and canceled policies when people reported changes in income. As a result, many Californians did not get the tax credits they they sought. Covered California may have helped “multitudes” apply for health insurance, Bazar wrote, but “it also is responsible for countless glitches and widespread consumer misery.” So how is it performing now?

Emily Bazar, now with Kaiser Health News, warns that Anthem Blue Cross is pulling out of a large swath of California’s individual market, “forcing hundreds of thousands of consumers to find new plans.” Rate hikes average 12.3 percent and “silver-level” plans “will bear an additional 12.4 percent average surcharge.” Doctor’s networks are smaller and smaller all the time, and “if you are in the middle of treatment for a complex medical condition and lose your insurer, you may have options.” But then, you might not have options. So for all its lofty promises, Covered California still works best as a misery index.

The ACA was essentially a statist coup camouflaged in a white coat. In this plan, you get only the health care the government wants you to have. The same is true for the so-called “single player” scheme, better known as government monopoly health care.

SOURCE

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Hollowed-out blue chips are the next subprime

Subprime mortgages caused much of the 2008 financial crisis by defaulting in much greater concentrations than the experts expected. The next financial crisis is likely to be caused by a similar disaster that surprises the experts. I have an excellent candidate: Fortune 500 companies that have been repurchasing their shares like maniacs for a decade, and in many cases have left themselves with negative net worth. In a major recession, when their business drops off and their cash flow turns negative, they will only need a breath of adverse wind to default. Like the subprime mortgages, once a few major companies default, the rest, with fragile credit structures, will fall like dominoes.

There are two mechanisms by which the balance sheets of major companies have been hollowed out: overpriced acquisitions and share repurchases. Both are products of a decade of interest rates held far below their natural level, which have abominably skewed the economy’s allocation of resources.

In the case of overpriced acquisitions, even companies that make a low return appear attractive purchases if you can borrow at a negative real cost to finance their acquisition. Share repurchases meanwhile are more attractive than dividends because they goose the value of management’s stock options. If long term money can be borrowed at 3% on a tax-deductible basis, then it makes sense to go on buying the company’s shares up to 33 times earnings, even if there is no earnings growth to be had.

The effect on balance sheets of the two bad practices is significantly different. In the case of acquisitions, the accountants make the acquirer record a “goodwill” item reflecting the difference between the price paid for the company acquired and the value of its- assets. In the 1970s and 1980s, that goodwill item could be taken as reflecting real value. Much of the assets’ value in the books reflected construction and acquisition costs from decades earlier, so in a time of high inflation, when stock prices were not extended, acquirers generally did not pay much more than the true value of assets.

Now the “goodwill” item reflects genuine water, in the nineteenth century sense of that term. Nineteenth century investors, mostly in railroads, were very concerned at promoters “watering” the stock – issuing shares at a price far above net asset value – because they knew that railways could be replicated at the same cost, or even somewhat less (since some survey and other costs might be common). If your competitor had issued less stock than you to construct the same route, he would have lower costs, because he would have to pay fewer dividends and/or less debt interest.

In industrial companies, the “watering” principle does not apply so rigidly; industrial companies often have patented technologies, marketing networks or business relationships that cannot easily be replicated. Nevertheless, if you buy $1 of assets for $2, and finance the $2 by debt, you are still in trouble in a recession. Gold miners have seen this problem recently; a few of them have been bankrupted not by operating losses but by goodwill write-offs that destroyed their balance sheets.

Goodwill at least arguably has some value. However, what remains when you have borrowed money to repurchase stock has no value at all. In that situation, your stockholders’ equity has been eaten away and you have literally nothing to show for it. In good years, earnings per share are increased, because there are fewer shares outstanding. In bad years, if you lack capital you will find it very difficult to finance yourself. If cash flow and earnings falter, potential creditors will take a suddenly skeptical look at the infinitely leveraged balance sheet and shy away.

The Fortune 500’s problem is that the period of funny money and slow growth has lasted so long. For a year or two, if profits look good, you can buy back stock worth 150% of earnings and make some overpriced acquisitions, and the hit to the balance sheet will only be moderate. But if you keep on doing it for close to a decade, you will run out of equity.

The Fortune 500 companies that are in this difficulty (and not all of them are) can be divided into two groups. The acquirers have eaten away their stockholders’ equity through overpriced acquisitions; they still have a positive book net worth, but a negative tangible net worth. Their fate during a deep downturn will be determined by how much of that goodwill must be written off through “impairment of value” and whether net worth remains positive after doing so.

The second group, who have destroyed their shareholders’ equity by repurchasing shares, often worth several times their earnings, will have only moderate amounts of goodwill, and negative net worth even including intangible assets. If their business turns down substantially, they are in trouble from Day 1.

More HERE

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For more blog postings from me, see  TONGUE-TIED, EDUCATION WATCH INTERNATIONAL, GREENIE WATCH,  POLITICAL CORRECTNESS WATCH, AUSTRALIAN POLITICS, and Paralipomena (Occasionally updated),  a Coral reef compendium and an IQ compendium. (Both updated as news items come in).  GUN WATCH is now mainly put together by Dean Weingarten. I also put up occasional updates on my Personal blog and each day I gather together my most substantial current writings on THE PSYCHOLOGIST.

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