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Wednesday, April 30, 2008

Overwhelming news cycle

The headlines and the tiidbits and the screaming have been overwhelming me the past couple of days, and there are several subjects I really want to dig in to. Hopefully I will have the headspace today. briefly, though:

Daddy Bush, who has been running this country for 7 years, whose majority gave him pretty much whatever he wanted for most of that time, has decided that the congressional democrats are to blame for the worsening economy. Tell me another bedtime story, daddy.

The TV media continues to avoid the latest propaganda expose: admitting that they pushed paid pentagon "message multipiers" is apparently an unfair expectation. Brian Williams has been keeping an enlightening blog, though (earlier this week he announced that Peggy Noonan deserved a Pulitzer). He is sure that he and his staff are above criticism on this issue. Glenzilla reviews, here.

Countrywide has revealed a $893 million loss in this quarter- third consecutive quarterly loss. Meanwhile, Mozillo took home over $20 million in pay last year, plus $121 million in stock options. I've been avoiding the Countrywide story because I have friends over there and they've got enough attention. But really: would anyone like to tell me again how CEOs are paid a lot because they're just that valuable?

I can't even begin to think about Afghanistan and Iraq this morning- way too much there. I'll save it for later. I would like to point out, though, that while Bush rattles on about keeping tankers in the gulf as a "reminder" to Iran, and Hillary blusters irresponsibly about nuking 70 million people there, respected republicans believe we should be talking- to EVERYONE. More on that later.

Also, the Reverand Wright. I have multiple threads running around in my head, and it will take a while to sort them out. But at this point, the screaming has gotten too loud to ignore, so sort it out I will, later.

Tuesday, April 29, 2008

One last thing on Oil

As in "PEAK". Andrew Leonard, quoting NYT's Jad Mouawad:
As oil prices soared to record levels in recent years, basic economics suggested that consumption would fall and supplies would rise as producers drilled for more oil.

But as prices flirt with $120 a barrel, many energy experts are becoming worried that neither seems to be happening. Higher prices have done little to suppress global demand or attract new production, and the resulting mismatch has sent oil prices ever higher.


Aside from the fact that the "basic economics" of supply and demand cannot be blamed entirely for the current price of crude, the idea of peak oil is slowly sinking in to the most sreluctant minds.

ANWR is a dream, predicated on the idea that there will always be plenty to go around. And that just isn't physically possible. And whatever reserves one thinks might be sitting under ANWR, even at the most optimistic estimates, drilling there would not change the fundamental fact that we will run out, and it will be expensive, and we must think bigger about our future than the limiting word "crude".

Oh, and about those gas prices...

Apr 29th, 2008 | LONDON -- BP PLC and Royal Dutch Shell PLC, Europe's two biggest oil producers, posted forecast-busting first-quarter earnings on Tuesday thanks to record crude oil prices that are expected to bolster profits across the industry.

The combined profits of $17 billion reignited calls for a windfall tax on oil profits as consumers struggle to pay for food and fuel.


AP, courtesy Salon.

Strickland

I think the decision to call himself an "alternative energy executive" is going to haunt Tony.

At least, I hope so.

BTW: Strickland and Gallegly have both worked consistantly against higher fuel standards and alternative fuels research and funding.

Gallegly's on fire over ANWR

Elton writes an OpEd today, and gifts us with, among other things, the following notions:
-Democrats have held the majority in the house for tw years, during which time gas prices have continued to rise, and
-Clearly we can solve our problems by cutting gas taxes, drilling in ANWR, and blaming the democrats.
The comments thread, even at this early hour, is long and indignant over at the VC Star.

Elton, dear:

Gas prices are rising because your friends at Exxon are exploiting the opportunity to make historic profits, because OPEC is not playing by the rules, because your president and your party have neglected any proposal that didn't reward the right companies for 7 long years, because oil, too, is being heavily commoditized (is that a word?), and because, frankly, we're too dependant on all of the players at this late date. Cutting 18 cents a gallon off my fill up isn't going to do much except take money out of infrastructure, either.

Trying to blame the democrats is a bit whiny, too.

On this one, I'm giving you stupid 20/ evil 80. Static 80/ signal 20.

The SEC

OpEd in today's NY Times:
Each of us led the S.E.C. during challenging times — the stock market crash of 1987, the price-fixing scandal at Nasdaq in the 1990s, and the accounting and governance failures and mutual fund scandals of this decade. We are in agreement with Secretary Paulson that the world of finance is changing rapidly, having eclipsed in many areas the regulatory structure put in place, piece by piece, over the past century. Yet we fear that the current conversation about the future of the S.E.C. is getting ahead of itself. Secretary Paulson’s proposals to change the structure and function of the S.E.C., if adopted, risk inflicting serious damage to investors and our capital markets.

Skeptical eyebrow raised. Mack was talking recently about changing the basis for SEC enforcement, wonder what he could tell us about this OpEd?
The current housing and credit troubles do not present a sufficient basis for reforming the entire financial regulatory system. Instead of moving hastily, policymakers need to examine what went wrong, why it went wrong and what the best approaches are for re-establishing the unequaled reputation and performance of the American capital markets.

There is precedent for such an exercise. In 1987, a presidential task force was established to investigate the Black Monday crash. Today, we need a similar exhaustive, bipartisan and impartial examination to explore a series of possible business and regulatory failures.

One thing I'm fairly sure of, and that is that the 1987 presidential task force probably gave us data that we could use today. Like, for instance, the testimony I quoted below.

Ok, two things I'm fairly certain about:
The problem with the S.E.C. today is that it lacks the money, manpower and tools it needs to do its job. The commission’s 2009 enforcement budget does not keep pace with inflation, although it does provide significant increases in the risk-assessment function.


When even Ben Stein is arguing for regulation and enforcement, you know it's gotten pretty bad.

Monday, April 28, 2008

One final update

Get used to seeing the words "Great Porn Dragon" when you're out and about.

In fact, I think I'll just use that for my husband's nick-name from now on.

Sunday, April 27, 2008

Tidbit- extra icky update

Update: Sadly, No! points us to Zirkle's campaign blog.
No, I know: it's not that I'm worried about him being elected. It's that sometimes, words are so weird you can't let them go.

Like "Derringers for Dildos", for instance. I kid you not.

More from Orcinus here.


This was one of the ickier stories from the week. When I start to feel like maybe So Cal isn't really such a bubble, that things can't be that different here, I see a story like this and thank the universe that I live here.

Yes, dismiss him as a fringe freak- by all means. But he was an Indiana State's attorney. He had a job- a respected title. He was... respectable.

Just ick.

Sunday morning atrocities

Yes, I know it's a presidential primary. Yes, I know that the Washington press is much more interested in cocktail chatter than news of importance.

Still, after reading all the stories of interest this morning and follow up on the outrages of the week- masses of Vets committing suicide while the VA dithers, Blackwater accused of shredding documents while congress tries to cobble together new oversite of contractors, more administration memos advocating illegal use of torture- as I sift through all of this, I turn on Russert to hear his bobblehead panel humbly admitting that they failed to follow up on.... the Reverand Wright.

We were asleep on the job, they say. EVEN THOUGH THE RNC KEPT EMAILING US about Wright's craziness, we didn't investigate the story. Oh, the internet, that video really caught us unprepared...

Assholes.

Saturday, April 26, 2008

Economy- macro

Mack has been busy, busy, busy, writing papers and giving talks and fleshing out his analysis of the problems in our speculative economy.

I love to talk with Mack about these things, because while he goes off into concepts and jargon that I am completely unfamiliar with and cannot directly address (securities, commodities, these are his things), we eventually come to places where I feel solid footing, and we tend to agree on end points.

Anyway: we've been talking a lot about structural problems, and I want to get into them in more depth here, but I have to read and think first. My essential position is what I've written about before: betting the proverbial farm on deregulation and rampant speculation, and this is deeply flawed, and we keep acting suprised every time our bets are called and the bank can't pay.

As we autopsied dead savings and loans, we were absolutely amazed by the number of ways thrift rogues were able to circumvent, neuter, and defeat firewalls designed to safeguard the system against self-dealing and abuse. One of the favorite methods was to link up like-minded thrifts in the daisy chains through which they could circulate inflated assets and hide their rotten loans to each other and to each other's customers from regulators.

Banks that need to get money to a troubled securities affiliate will do exactly the same thing. By linking up three or more banks, each with its own securities subsidiary, a daisy chain will facilitate a round robin of reciprocal loans in times of need. Then, the next time we have a Black Monday on Wall Street, this daisy chain will swing into action as a handful of mega-banks try to prop one another's securities subsidiaries and their customers as the market plummets.

In such a scenario, billions of federally insured dollars will disappear in the twinkle of a few program trades.

That will happen, not might happen but will happen, and when it does these too-big-to-fail banks will have to be propped up with Federal money. In the smoking aftermath, Congress can stand around and wring its hands and give speeches about how awful it is that these bankers violated the spirit of the law, but once again, the money will be gone, the bill will have come due, and taxpayers will again be required to cough it up.


That was testimony given before congress in 1991 by Stephen Pizzo, and recounted recently by Andrew Leonard on his (very excellent) blog, How the World Works.

If you're looking for some homework and you want to stretch your brain, try some commodities reading. Here's Mack.

I hate Terry



I have no need to go on a Fox News tirade, but I would like to point out that I hate Terry McAuliff.

If the only story you remember from this primary season is that people like TM were not allowed to annoint the candidate before most of us even voted, that story will be worth cherishing.

Ditto the republicans, BTW. If the national parties had their way, I am sure it would have been a Clinto v Giuliani race, cemented months ago.

McAuliff and his ilk have done nothing but sit by whining while elections are lost to really bad candidates with horrible platforms because McAuliffe and friends are dumb and empty and have weilded far too much power over the party.

While they all like to complain about Howard Dean and MoveOn, I like to bask in the memory of Dean's winning 50 state strategy in '06, and in MoveOn's memo to the Democratic party back in '04, "We bought it, we own it, we're taking it back."

Just absolutely no clue

Daddy Bush assures us all that within weeks, we'll be able to head out to the mall and buy ourselves a new hat, which will make us all feel better about the price of gas and our disappearing economic prospects.
"Starting Monday, the effects of the stimulus will begin to reach millions of households across our country," Bush said Friday in remarks on the South Lawn of the White House.
[...]"The money is going to help Americans offset the high prices we're seeing at the gas pump, the grocery store, and also give our economy a boost to help us pull out of this economic slowdown," Bush said.


Hm. The husband's gas bill last month was over $400. Our little piece of the "stimulus" pie might cover that for a bit. No new hat for me, though.

This is roiling in my brain along with John McCain's pronouncements on labor: like women need more training, not fair pay legislation, and his challenge to construction workers last year that they couldn't handle picking lettuce for $50 an hour.

I was at the legislative conference when McCain lost his cool and began this tirade. Your readers are correct, his assertion was that no American would be willing to do this work for $50.00 an hour. There are those who will argue that offering such a wage to American workers would not be adequate incentive, but clearly to an audience of construction workers this is not the case. Our president was behind him on stage when he made this asinine comment in response to the public outcry he received because of his very vocal support of comprehensive immigration reform, Our president(and myself since I worked in the field as well) was struck dumb because our members(not unlike those of the other trades represented in the crowd) work 8-12 hours each day in the heat throughout the country bending over and laying 80 lb concrete blocks, heavy stone & marble, brick, and working in hellish conditions worse than the Arizona summer.


Yes, I know it's a messy stew of only marginally related muck turning over in my head, but it just takes me to the THEY HAVE NO CLUE WHAT THEY'RE TALKING ABOUT refrain.

If either of them ever had to work for wages a day in their lives...

Anyway. Stimulus checks. Big fucking deal.

Flunking the budget rally

Story in the local paper here.

My son and I were there for 30 minutes. I must say that it seemed like a good turn-out, and lots and lots of postcards were filled out for delivery to McClintock, Governator, et al. I liked seeing soccer moms hit the street with passion. More actions are planned for the upcoming weeks.

Friday, April 25, 2008

More armchair activism

I really like Ballon Juice. I really like it because John Cole's a smart guy, a conservative guy, who is a member of the Pajamas Media network, and who realized that his party had gone batshit crazy, and so he left it. Changed his voter registration and keeps writing for PJM, supporting our side now.

He set up an ActBlue page to support Obama, and if you've been considering sending Barrack a few bucks, do it through Balloon Juice, because I like the idea of Blue Money coming through a Pajamas Media site.

Balloons for Obama here.

Armchair activism

Doing a bit of research before heading out to McClintock's office for the 'Flunk The Budget' rally. There's quite a few tools and links at the CA PTA website, for your use and interest.
Of particualr interest to me is the California Budget Project website. Our state budget isn't in the red because times are tough, our state budget is in the red because of structural problems that just get worse every cycle. Corporations don't pay their fair share, personal income tax rates are regressive, and one of the unintended (I think) by-products of prop 13 is that Sacramento controls quite a bit of what used to be local money. And I don't think Sacramento's been doing it very efficiently.

Anyway. Go write a letter.

Friday morning

From the comments:
The only person I dislike more than the Stricklands is Gallegly. I have seriously thought about standing on a corner during the next election with a sign that says, "Anybody but Elton."


I'd put Elton's stupid/evil rating at 60/40, and his static/signal at 50/50.

I'd give Tony strickland a higher evil rate, and a higher static rate.

Gallegly is, in my mind, a remnant from Pete Wilson's California, when state GOP strength was built almost entirely on scapegoating and resentment. If you visit his website and check his "issues" page, you'll see three items: illegal immigration, terrorism, and crime. Nothing about health care, education, economy, etc. I think he's probably pretty honestly presenting the items that matter to him. That still has resonance with a sadly sizable chunk of Californians, but I'm not sure Gallegly weilds much power. He's another vote for Bush in the house, but he's not a big effective battering ram.

Strickland is building a network of influence in the state. He and Audra and their supporters have taken over the local GOP, disaffecting moderate republicans and building the strenght of the crazies. They actively support the taking over of school boards and the county board of education by religious anti-teacher wingnuts. They shift power structures. I don't know that Elton Gallegly has been doing much of that.

So the Stricklands freak me out, and they always have.

Thursday, April 24, 2008

The revolution can start now

After the senate GOP blocked passage of the Ledbetter legislation, Senator Barbara Mikulski had this call to action:
"Women of America: Put your lipstick on, square your shoulders, suit up" and get ready to fight, Sen. Barbara Mikulski, D-Md., said moments after the bill's opponents denied supporters the 60 votes needed to proceed to full debate and a vote on passage. "The revolution starts tonight."


The F word

Feminist

Aside from the fact that I consider people of my gender to be...people, there are still palenty of social/legal reasons to continue loudly proclaiming myself a feminist. St. McCain provides us a primer:
NEW ORLEANS — Republican Sen. John McCain, campaigning through poverty-stricken cities and towns, said Wednesday he opposes a Senate bill that seeks equal pay for women because it would lead to more lawsuits.

FIRST OF ALL: the legislation in question does not "seek equal pay for women". The legislation in question seeks to clarify filing rules so that women who have been discriminated against can seek legal recourse according to existing law.

Lilly Ledbetter was almost 60 years old and on the verge of retiring when she first caught on that she was being shortchanged at work by what her lawyer called a "good old boys" network.

An anonymous letter turned up out of the blue and revealed to Ledbetter she was making substantially less money than male co-workers at the Goodyear tire plant where she worked.

A federal jury would later find she was owed almost $225,000 in back-pay over her 19-year career.

The Supremes decided last year- breaking with what has been a standard application of the law- that Lilly Ledbetter had waited too long to file a complaint against her employer.
Ledbetter filed a discrimination charge with the Equal Employment Opportunity Commission less than a month after receiving the letter, but it was already too late. Title VII of the 1964 Civil Rights imposes a six-month limitations period on discriminatory acts, preventing her from even bringing the claim to court.


So, unless your employer tells you up front that he pays you less because you're a woman, what are the odds you'll be able to seek recourse within the 6 month limitations period? And note: the 6 months starts the day that the discriminatory practice is engaged in- in Ledbetter's case, that would be back in 1979.

If you're a staffer, how does your employer feel about you sharing salary info with your colleagues? I'd bet there are rules against that sort of behavior, no? Companies I've worked for have all had such rules.

So the Ledbetter legislation attempts to fix the limitation period. That's all.

St McCain thinks women just need more training. That's what he said today.

Clearly, if we all inherited beer fortunes so that we could support the careers of our illogical husbands, this legislation wouldn't matter so much. But we don't. We have to work. And we have to work trusting that we're being paid equitably with our male colleagues.

Thursday

Still waiting for coffee to kick in. I have many things percolating in my brain, but they all require more COFFEE.

In the meantime, head over to kos and visit old friend Angry Mouse. Here's a good one to start with.

Wednesday, April 23, 2008

Ratios

Roy Edroso of Village voice has given us this helpful guide to the right-wing blogosphere. If nothing else, it'll make Sadly, No! a much funnier daily read if you're new to the depradations of wingnuttia.

Edroso also gives us a helpful tool for rating the shit we read every day: the Stupid-to-Evil ratio. For instance, when discussing Tony Strickland's campaign designation, we would show
Stupid: 10/ Evil: 90
"Stupid" representing the part of his lying soul that probably remains convinced he's telling the truth, "Evil" representing his lying soul and his manipulations of meaning.

Tim prefers a Static-to-Signal ratio. In Tony's case, we would see
Static: 90/ Signal: 10
with "signal" representing the facts one can actually pull from his biography, illustrating the true nature of his intentions, and his lying soul.

I like these tools very much. I must remember to use them.

Book Review


Buy the book

Twelve Books released The Commission in January, I think. My friend Jess lent it to me and I just finished it. And I'm so glad I did.
Shenon doesn't write like a guy with an agenda, though I'm sure some will choose to believe he has one. His sources go deep and wide, and the story he tells, of the forming of the commission, it's research, it's battles, it's final product, are compelling to the end.

The final report is, of course, the best thing produced by a blue-ribbon commision, maybe, ever. It was written in the hope that people would actually read it, rather than hearing some of the conclusions on the news, with the final document gathering dust, awaiting the eyes of the occaisional historian.

When the report was realeased, it was clear that one had to read the facts as presented and follow them to one's own conclusions as regards fault or accountability. The bi-partisan structure of the committee, as well as it's tug-of-war with officials over access and declassification, meant that fingures could not be expressly pointed.

But the facts are there, and the story of how they were gathered and edited is riveting. And more: Shenon offers a perspective which allows for human frailty, rather than demonization.

An example: Shortly after the release of the Commission's report, it was noted that it seemed VP Cheney had issued a shoot-down order without the president's directive. He's not allowed to do that, the Constitution does not give the VP a role in the military chain of command.

The Veep was not happy with the sequence of events presented in the report, as it is impossible to read without understanding that Cheney made an order that was not his to make. Politically, this could imply that the POTUS wasn't really in control that day, or that the VEEP has actually been puppetmaster since the morning of 9/11/01.

Personally, I had/ have no problem with either of those conclusions. If they don't accurately reflect every minute of that morning, they at least serve as a primer on how I think the WH has functioned over the past 7 years.

I have to say, though, after reading Shenon's account, I have more sympathy with the people who were sitting in the Situation Room that day. I have little but contempt for any of them as people, but picture the table: the VEEP's on the phone, an airplane is maybe heading for the WH or the Capitol dome, everyone with him taking notes as fast as they can to preserve a record of what is happening. And the VEEP says to the phone, "Shoot." And then realizes he'd better call the POTUS and make sure he knows the order's been given.

Somehow he seems a lot less arogant and evil in that moment than maybe he seemed before I read Shenon's book.

Of course, there's plenty of opportunity to renew your disgust over some of the more stupid talking points the right seized on back then. Remember all of the hollering about Jamie Gorelick's 1996 DOJ memo on interagency communication? Gorelick lived through months of death threats, and Ashcroft may well have remained at the AG's desk if the committee hadn't finally had enough of his tactics.

Didn't make sense then, doesn't make sense now, hurts to remember it. First, the rules Gorelick's memo addressed came from the post-watergate '70s reforms, and her memo didn't do anything to change them. More importantly, though: as regards intelligence prior to 9/11/01, the glaring failures weren't between agencies. The FBI wasn't talking to... the FBI. And does anyone believe that memo affected cabinet-level communications? Because Norm Pineta, the Transporation Secretary, had no knowledge of warnings that al Qaeda might be planning to hijack commercial aircraft within the US. Might've helped if he could have told the FAA to watch for that.

Michael Dobbs of WAPO dismissed the book as "revisionist" in his review, but Dobbs missed the point.

The point is this: the commission was made of human beings, trying to decode and record an immense human tragedy. They all had faults and frailties, but they had to work together. They produced a very important and highly respected work.

And that work should be read, must be read with the understanding that you will have to weigh the evidence and draw your own conclusions if you would like to know who should be held accountable.

Of course: we missed the opportunities to hold most of the principles accountable. Bush was reelected, Condi was promoted. Tenet got a medal. Mueller didn't seem to accomplish anything at FBI (do they even have email yet?), and Guliani's lack of preparation in NYC isn't what did in his presidential campaign (if anything, the fact that he's really, really creepy did in his campaign).

But we can learn from our mistakes, no? We can learn the questions to ask, the results to demand, I hope. Because it's not over yet.

Added Bonus Book Recommendation: Twelve will be releasing Jess's first novel in July.


Pre-order Now!

Still more local: Rally on Friday at McClintock's office

The state's budget problems not having been TERMINATED, the governator has threatened extensive budget cuts in the public school system.

Contrary to wing-nut paranoid allegations, California actually isn't a huge spender on administration, according to recent census numbers. Not saying there is absolutely no waste ever, but the problem here is not with "fat-cat school administrators". I know many people who work in local education: teachers, librarians, superintendents, PTA leaders. Not a one of them is looking at next year without a high level of panic.

Friday eve you're invited to gather in front of Tom McClintock's office, 223 East Thousand Oaks Blvd. Flunk The Budget Rally from 4:00 to 5:00 pm.

Make a sign, make a stand. There needs to be a lot of organizing on this issue.

More local: I really don't like Stricklands

Tony Strickland, the no-government-for-poor-people local repub who's never worked outside of government in his life, has decided to let you know that he's really an entrepeneur who's getting rich by protecting the environment.
Former Assemblyman Tony Strickland of Moorpark, who has spent his entire adult life either working in the Legislature or running for political office, has decided to present himself to voters this year wearing the mantle of a newfound vocation: "Alternative Energy Executive."

What earns him this designation? Why,
It refers to his position as vice president and partner in a startup company, founded in June, called GreenWave Energy Solutions. The company has filed applications with the Federal Energy Commission to develop two projects off the California coast.[...] It hopes eventually to produce electricity from a nascent technology that seeks to harness energy from ocean waves. Strickland is one of five partners who each pledged to put up $5,000 to start the company, although Strickland acknowledges he has yet to pay his share.


Cute additional info: Strickland's job with the company will involve "coaching the company on government affairs issues".

Meaning maybe we'll finally be rid of him when he goes to prison for bribery of public officials sometime in the next few years.

Another cute aside:
In addition to the partners, the company has two volunteer employees — Chris Wangsaporn, who is managing Strickland's Senate campaign, and Joel Angeles, chief of staff to Strickland's wife, Assemblywoman Audra Strickland, and a consultant to Tony Strickland's campaign.


Mr and Mrs Club For Growth California are setting up a local version of Haliburton.

I really, really don't like them. Not at all.

Really?

Church Vandalism a Suspected Hate Crime
Ventura County Sheriff's deputies are investigating the recent vandalism of a Moorpark church as a hate crime, authorities said Monday.

I don't want to sound like a wing-nut-glibertarian or anything, but are there organized gangs of satanists trying to scare Prespyterians these days?

Not that the church and its members don't have my sympathies- they do. But hate crime laws aren't really supposed to be used against stupid stoned teenagers with no agenda other than freaking their parents out, are they? Wouldn't your standard property damage/ vandalism laws apply?

Tuesday, April 15, 2008

Retail

Yes, of course, the current financial state of us mall-shoppers and the credit crunch affect the chains,
The surging cost of necessities has led to a national belt-tightening among consumers. Figures released on Monday showed that spending on food and gasoline is crowding out other purchases, leaving people with less to spend on furniture, clothing and electronics. Consequently, chains specializing in those goods are proving vulnerable.

Retailing is a business with big ups and downs during the year, and retailers rely heavily on borrowed money to finance their purchases of merchandise and even to meet payrolls during slow periods. Yet the nation’s banks, struggling with the growing mortgage crisis, have started to balk at extending new loans, effectively cutting up the retail industry’s collective credit cards


But isn't it also true that the growth in dollars from year to year has been, in many cases, due to the opening of new stores? In the post 1990 retail world, promotion and increased square footage has driven quarterly growth, rather than smart buying, great staffing, and practical operations budgets. At some point, this is unsustainable.

Ethanol

Burns durty, costs too much to make, and takes food out of people's mouths.