tag:blogger.com,1999:blog-31246093.post5351907589006865739..comments2024-03-21T14:41:14.622-07:00Comments on Graphic Firing Table: Interesting TimesFDChiefhttp://www.blogger.com/profile/10607785969510234092noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-31246093.post-65416184688990949762008-09-22T15:02:00.000-07:002008-09-22T15:02:00.000-07:00Chief,I do not believe I am the masher, m'dear (!)...Chief,<BR/><BR/>I do not believe I am the masher, m'dear (!) I mean the compliment sincerely, though I shall await a photo of an earlier incarnation.<BR/><BR/>How such a powerful body as Congress has become largely de-fanged is stunning to me. As you say, the folks get pretty hot and heavy about who gets knocked off of what television competition and why. Like Chauncey Gardener in "Being There," t.v. is become real life.Lisahttps://www.blogger.com/profile/08839236994990699117noreply@blogger.comtag:blogger.com,1999:blog-31246093.post-67936768045761782742008-09-22T10:22:00.000-07:002008-09-22T10:22:00.000-07:00Pluto: You're right, with the caveat that the Paul...Pluto: You're right, with the caveat that the Paulson plan requires that the UST "buy" these shitpile securities at the "lowest price <I>that the holder will accept"</I>. That doesn't sound like Wall Street taking a bath. Chris Dodd has counterproposed some sensible restrictions to the original plan, and we'll just have to see if the loathesome Congressional Dems can hold their principled stand or get railroaded like they usually do.<BR/><BR/>And your primary point stands as critical - where the HELL is all this money coming from?<BR/><BR/>Lisa: I am deeply sensible of the compliment (you turn my head, you masher, you!) I only wish it were true. I'll post a younger picture to show that, alas, I am the victim of the whirligig of time bringing in its revenges.<BR/><BR/>And I would say that the fall of Congressional power may well turn out to be the big story of the last half of the 20th Century when historians get enough distance to see the forest from the trees. Our Congresscritters have been seduced by largesse and power into compliance, and the nation is the worse for it. Would that we could work up as much rage at the abdication of Constitutional power in the Legislative branch as we do the process of elemination on "Project Runway".FDChiefhttps://www.blogger.com/profile/10607785969510234092noreply@blogger.comtag:blogger.com,1999:blog-31246093.post-31524860322262314042008-09-21T20:11:00.000-07:002008-09-21T20:11:00.000-07:00p.s.: I do agree, "the Congress is no longer primu...p.s.: I do agree, "the Congress is no longer primus inter pares. We no longer have three branches of government, separate but coequal."<BR/><BR/>How did this happen? Tsuris all 'round, and it doesn't seem to mean bupkis to anyone. (Civics is no longer a required course in middle school.)Lisahttps://www.blogger.com/profile/08839236994990699117noreply@blogger.comtag:blogger.com,1999:blog-31246093.post-29152689185081780052008-09-20T15:07:00.000-07:002008-09-20T15:07:00.000-07:00Chief,I skimmed this the other night, and am I cor...Chief,<BR/><BR/>I skimmed this the other night, and am I correct you had a photo of yourself ca. 1980 in which you teased you looked like a Lebanese taxi driver?!<BR/><BR/>Well, I just wanted to say that you are one of those fortunate men who grow more handsome with age, IMHO.Lisahttps://www.blogger.com/profile/08839236994990699117noreply@blogger.comtag:blogger.com,1999:blog-31246093.post-26989516798556967892008-09-20T07:38:00.000-07:002008-09-20T07:38:00.000-07:00I've given the latest bailout some thought and hav...I've given the latest bailout some thought and have surprised myself by coming to the conclusion that the current plan has some chance for success and is even somewhat morally justifiable.<BR/><BR/>The US government (which includes we, the people) created this mess by holding interest rates too low for too long and deregulating everything in sight. Therefore the US government has the moral responsibility to clean up the mess. They also have the responsibility to punish those who got rich off of this.<BR/><BR/>Furthermore, the US government is the only institution in the world that MIGHT be big enough to buy the bad debt (at seriously reduced prices, of course) without sinking itself.<BR/><BR/>The only two flies in the ointment that I can see are:<BR/>1) Foreign investors are going to have to buy into the concept of sending good money after bad in a REAL big way. Bush and Paulson are talking about the US government spending about $1 trillion. That's a LOT of T-Bills especially considering how much of the debt is totally worthless and how long the investors are going to have to wait to get their money back (if they can get it back).<BR/><BR/>2) There is no way that the US government is going to buy the debt from the banks at full value. They will probably be talking about buying it at 25-30 cents on the dollar. The banks are going to have to eat the rest. That's asking a LOT from a banker who has been in denial about how bad the situation truly is.<BR/><BR/>3) A side-effect of this plan is that interest rates on T-Bills is going to have to go up dramatically (probably doubling and possibly tripling) in order for investors to feel like they are getting a good deal for their money. That's going to ripple through to what we call the "real world" in the form of economy-crippling interest rates.<BR/><BR/>Side-notes:<BR/>1. McCain was stumping in Minnesota and Wisconsin yesterday with a speech that said that "people like Obama are playing the market rather than solving the problem." <BR/><BR/>That is the single least effective slur I've seen the Republicans throw at anybody in the last 20 years. Obviously the Republicans are really rattled by the crisis and Obama MIGHT win after all if he can capitalize on situation while looking Presidential.<BR/><BR/>2. Next crisis? The Credit Card bubble! Credit card balances are expanding at an annual pace of about 40% and since there is virtually NO regulation on credit cards, this is an opportunity for the forces of greed and chaos to go hog-wild. Watch this space for further details.Anonymousnoreply@blogger.com