Jens 'n' Frens
Idle thoughts of a relatively libertarian Republican in Cambridge, MA, and whomever he invites. Mostly political.

"A strong conviction that something must be done is the parent of many bad measures."
  -- Daniel Webster



Thursday, August 18, 2011 :::
 

S&P has downgraded the investment portfolio of the City of Los Angeles. The City of Los Angeles has subsequently opted not to renew its contract with S&P.
"The market crash that came with the real estate debacle, it happened because folks like S&P rated AAA corporations that were not worth much of anything, corporations that are no longer there today," [interim city treasurer] Ongele said. "The fact that we have the courage to do this, the fact that we are the first city, I think that's a big bragging right."
Eugene Volokh noted a few weeks ago that, in California, the term "white", applied to people, includes Asians and those of Asian ancestry. This excerpt leaves me wondering what the word "courage" means in Los Angeles; that appears to be another word that has a subtly (or possibly completely) different meaning to Ongele than to me.


::: posted by Steven at 12:22 PM


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Idle thoughts of a relatively libertarian Republican in Cambridge, MA, and whomever he invites. Mostly political.


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