The fuzzy bear wouldn't lie to you........
Tuesday, February 19, 2008
Its Nice To Be A Bank
Wouldn't you love to walk into a bank and get an interest rate that is agreeable to you? No fuss, warm handshakes and no car-dealership-esque treatment. Does that sound like what you expect when walking into bank x,y or z...perhaps FannieMae or CountryWide for your home? Well yeah, that doesn't happen for regular people, but it does happen for the banks themselves.
From Reuters:
NEW YORK (Reuters) - Banks in the United States have been quietly borrowing "massive amounts" from the U.S. Federal Reserve in recent weeks, using a new measure the Fed introduced two months ago to help ease the credit crunch, according to a report on the web site of The Financial Times.
The newspaper said the use of the Fed's Term Auction Facility (TAF), which allows banks to borrow at relatively attractive rates against a wide range of their assets, saw borrowing of nearly $50 billion of one-month funds from the Fed by mid-February.
The Financial Times said the move has sparked unease among some analysts about the stress developing in opaque corners of the U.S. banking system and the banks' growing reliance on indirect forms of government support.
O.K. well most of us are generally looking to borrow 0.00001 percent of that for a home or add another 0 to that number for a car. Still, the fact that they get to hit our government up for cash while we can't pay for a national health care system and our treasury goes deeper into debt. It isn't right that we bailout industries that have cast tough times upon themselves through greed and illegitimate (or should be illegitimate) behavior. Perhaps after January 20th of next year raping America wholesale will be considered criminal again.
Finding Patience For Stupidity
So I'm sitting here at the end of Terminal A at Burbank Airport with my girlfriend, waiting for JetBlue's Flight 358 to leave. Of course we are waiting for Flight 359 to come into Burbank and that is three hours behind. Having patience for the flight is a necessity, it isn't like I can hop on my own private jet and head out to New York on a whim. Who do you think I am, Rudy Giuliani? Dealing with a total of four outlets for the entire room, the terminal-wide radio system and the TV that blare at the same time and the too frequent messages about Code Orange, some moron that hasn't gotten on their flight or whatever meaningless piece of information the loudspeaker people want to inform us of.
After more than two hours of this and another hour or so to go, I'm trying to find the internal patience to calmly deal with the situation. I know that plenty of travelers have had to deal with much worse due to weather and whatnot, so a small backache isn't too bad I guess. The worst part is that my honey could be late for work in the morning. So things aren't that bad.
Now having patience for this is a million times harder to find:
This morning on NBC’s Today Show, President Bush denied that the there’s any link between the faltering U.S. economy and $10 billion a month being spent on the Iraq war. In fact, according to Bush, the war is actually helping the economy:
CURRY: You don’t agree with that? It has nothing do with the economy, the war — spending on the war?
BUSH: I don’t think so. I think actually the spending in the war might help with jobs…because we’re buying equipment, and people are working. I think this economy is down because we built too many houses and the economy’s adjusting.
Too many houses? TOO MANY HOUSES??? Are you kidding me, seriously, what planet does our pResident live on? How the hell does anyone with a shred of common sense not see the link between a costly war and our economy that is being drained by the moment. This is something I have no patience for whatsoever. I'd rather wait for the flight that leaves tomorrow, sitting on hot coals than deal with another day of this train wreck named George.
Monday, February 18, 2008
Obama Fights With Fire Against The Flames Of Clinton
One of the things the Clinton camp uses against Obama is that he won't be able to stand up to the vast right wing conspiracy's attack machine...and that Hillary already has. Of course, her "standing up" has resulted in high negatives for the New York Senator that stretch across the political spectrum. Clinton's team doesn't think Obama can be that tough, but he definitely showed it today against Hillary in a pre-taped interview on the Ed Schultz show.
From RawStory:
Schultz asked Obama to "be very direct" on his view of the Clinton campaign's push for delegates from Michigan and Florida to be seated at this summer's Democratic convention. Clinton won uncontested primaries in those states, which were stripped of their delegates after scheduling the contests earlier than party rules allowed.
"I think even a six-year-old understands that you don't change the rules of the game halfway through," Obama said.
An aide then immediately tried to cut in and end the call, but Schultz managed to get out another question, asking if Obama would like a "do-over" in Michigan and Florida.
"I'm sure that we can work something out," he said. "But I think the main thing is just to make sure that the delegate results coming out of two contests that were not contested and were not supposed to count, that they don't somehow start counting now."
Thats right, playing by the rules is important. While the general contest this fall may have rule-breakers involved, they certainly should not come from the Democratic side. If Hillary gets away with Michigan and Florida's delegates counting as they stand now would be outrageous and completely unfair. If a six year old can understand it, so can the voters this fall when they want to choose a candidate that believes in principles and fair play. The nation is sick of a President that skirts rules and laws and we definitely do not need another one.
Clinton's Wolfson Reaches For Low Blows Against Obama
President's Day may be slow for the sake of generating news, but that is no reason to go negative over ridiculous accusations by the Clinton camp. Unfortunately spokesman Howard Wolfson did just that, claiming that Obama plagarized his supporter and Massachusetts' Governor Devall Patrick. Not only is this a non-issue, it is hypocritical of Wolfson to claim that Obama plagarizes by using similar language as Patrick while Hillary frequently rips off words from Barack himself.
From The Huffington Post:
Obama: "Don't tell me words don't matter. 'I have a dream' -- just words? 'We hold these truths to be self-evident, that all men are created equal' -- just words? 'We have nothing to fear but fear itself' -- just words? Just speeches?"
Patrick: "'We hold these truths to be self-evident, that all men are created equal' -- just words? Just words? 'We have nothing to fear but fear itself' -- just words? 'Ask not what your country can do for you, ask what you can do for your country.' Just words? 'I have a dream' -- just words?"The Obama campaign denied anything nefarious, noting that the two men are friends and political supporters of each other and that the line was, in fact, ad-libbed.
The Clinton camp, however, jumped right on the issue arguing that the use of someone else's language was telling for a candidate who leans so heavily on his oratory. The debate - aided, in part, by a relatively slow news day - culminated in dueling conference calls at 11 am on Monday morning.
"The issue whether or not there is approval is immaterial. The public did not know that the words had come from Gov. Patrick," said Clinton's spokesperson Howard Wolfson. We need a president, added Massachussetts Rep. Jim McGovern who is "not just someone who can copy someone's homework."
Moments later, Wolfson, in a separate interview with Politico, described Obama use of Patrick's earlier speech as "plagiarism."
In response to the charges, the Obama camp took a two-prong approach: downplaying the political significance of the language lifting and making the case that Sen. Hillary Clinton, herself, had borrowed lines from Obama.
Again, this is a ridiculous thing for Clinton or any of her people to bring up. Please focus on the issues and pay attention to the voters of Wisconsin and Hawaii. Oh wait, that is, if you are even going to bother staying in the state to listen to tomorrow's voters.
What President Are You Celebrating Today?
Happy President's Day everyone! It may be another day at work, a day off from the job or school or the chance to save some money at one of the many sales around town. Of course the true meaning of the holiday is to pay respect to the Executive branch and the men that have led it. So far we have forty-three white men to look at. To praise or to criticize them or a mixture of both. Most kids are taught a few things about George Washington, Thomas Jefferson, Abraham Lincoln and maybe even Franklin D. Roosevelt.
Google News points us in a few directions this morning/afternoon. What offices are closed in San Diego, perhaps take a quiz, shopping in Seattle and weather forecasts are at the top of the list (at least when I hit the "Search" button. One link though gives us a history of the holiday. It was originally meant for our first President, George Washington.
In the late 1980s, with a push from advertisers, the term Presidents Day began its public appearance. The theme has expanded the focus of the holiday to honor another President born in February, Abraham Lincoln, and often other Presidents of the United States. Although Lincoln's birthday, February 12, was never a federal holiday, approximately a dozen state governments have officially renamed their Washington's Birthday observances as "Presidents Day", "Washington and Lincoln Day", or other such designations. It is also interesting to note that "Presidents Day" is not always an all-inclusive term. In Massachusetts, while the state officially celebrates "Washington's Birthday," state law also prescribes that the governor issue an annual Presidents Day proclamation honoring the presidents that have come from Massachusetts: John Adams, John Quincy Adams, Calvin Coolidge, and John F. Kennedy. (Coolidge, the only one born outside of Massachusetts, spent his entire political career before the vice presidency there. George H.W. Bush, on the other hand, was born in Massachusetts, but has spent most of his life elsewhere.) Alabama uniquely observes the day as "Washington and Jefferson Day," even though Jefferson's birthday was in April. In Connecticut, while Presidents Day is a federal holiday, Abraham Lincoln's birthday is still a state holiday, falling on February 12 regardless of the day of the week.Yep, that pretty much sums it up. Corporate America wanted a special day to sell more crap. So instead of going out to capitalize on some car or furniture sale try to think about some of our former Presidents. You might not believe it, but before George Bush there were men that ascended to the Presidency with dignity, honor and with intent to protect, defend and preserve the Constitution of the United States.....unlike our current Deciderer.
In Washington's home state of Virginia the holiday is legally known as "George Washington Day."
Today, the February holiday has become well-known for being a day in which many stores hold sales. Until the late 1980s, corporate businesses were universally closed on this day, the way they are on (for example) Memorial Day or Christmas Day. With the late 1980s advertising push to rename the holiday, more and more businesses are staying open on the holiday each year, and, as on Veterans Day and Columbus Day, most delivery services outside of the Post Office now offer regular service on the day as well. Some public transit systems have also gone to regular schedules on the day. Various theories exist for this, one accepted reason being to make up for the growing trend of corporations to close in observance of the Birthday of Martin Luther King, Jr. However, when reviewing the Uniform Monday Holiday Bill debate of 1968 in the Congressional Record, one notes that supporters of the Bill were intent on moving federal holidays to Mondays to promote business. Over time, as with many federal holidays, few Americans actually celebrate Presidents Day, and it is mainly known as a day off from work or school, although most non-governmental workers do not get the day off.
Rudy Maybe Out, But Still "Respected"
I was at the Skirball Center here in Los Angeles yesterday while on a bit of a break from chilly warm and stormy New York. After seeing the Dylan exhibit we wandered into another gallery and saw some amazing paintings depicting the Id, Ego and SuperEgo. They were inspired by Freud and a nice touch to end the afternoon over there. I wonder what the artists (and Freud) would think of Rudy Giuliani's battle between his Id, Ego and SuperEgo? Even though he was humiliated out of the Presidential race a month ago, he is still making money off of something he has that is ridiculously inflated.
From Right's Field:
According to the Speakers Bureau’s bio of Rudy, which, I’m betting $911 was written by Rudy himself: “Rudy Giuliani…helped lead New York - and the U.S. - out of the devastation that followed the attacks on 9-11,” because, of course, 9/11 turned Rudy into the President of the United States–er President of 9/11.[...]And “As a candidate for president, he galvanized the national debate,” which is why of course he’s still in the race for president to this day! He’s that galvanizing.
Oh, and Rudy will show ” leaders at all levels how to transform their corporate and organizational cultures—for bottom-line success and results,” by using his own financially solvent presidential campaign as a prime example.
Finally, this paragraph is worth quoting in full:
Hero and Inspiration: As someone who found himself on the frontlines of the War on Terror, Giuliani understands the grave personal price already paid to maintain freedom. Never one to shy away from a battle —at great personal risk, Giuliani almost single-handedly took on organized crime in New York—he reminds audiences that to protect freedom, eternal vigilance is necessary. His presentations become events of international repute and scope where large, enthusiastic crowds are the norm.
Jeez, what a guy.
Sunday, February 17, 2008
The T$unami On The Horizon
Eliot Spitzer went to Congress recently to speak about his state's and specifically Wall Street's impact on the national and global economy. That small street and the industry that surrounds it controls the bond market and the housing slump and mortgage crisis has the potential to create what Spitzer calls a "Financial Tsunami." How bad is it you ask?
Bad, real bad:
In testimony to the US Congress, Spitzer urged lawmakers and regulators to urgently address the bond and credit problems roiling the financial industry which have forced some big firms to writeoff billions of dollars in troubled securities.
"If we do not take effective action, this could be a financial tsunami that causes substantial damage throughout our economy," Spitzer said, according to a transcript.
He said the financial difficulties of bond insurance companies could have a widespread effect because they insure a broad range of bonds and securities such as municipal bonds, college loans and even relate to museum budgets.
Spitzer cautioned that individual investors who own bond portfolios could also sustain losses if the industry faces further losses and writedowns.
The impact from this will affect more than museums and bond portfolios. This will shock everyone and the outcome will not be pretty.
The Significance Of Human Error
People make mistakes all the time, its human nature. Sometimes those mistakes are trivial, like forgetting to get the key ingredient to make dinner while at the market and not realizing it till its time to add it. Then there are other examples where the outcome is incredibly important, like forgetting to count the votes of one candidate versus the other. This happened all across New York City at the beginning of the month and overwhelmingly it was to the detriment of Obama.
From The NY Times:
Black voters are heavily represented in the 94th Election District in Harlem’s 70th Assembly District. Yet according to the unofficial results from the New York Democratic primary last week, not a single vote in the district was cast for Senator Barack Obama.That anomaly was not unique. In fact, a review by The New York Times of the unofficial results reported on primary night found about 80 election districts among the city’s 6,106 where Mr. Obama supposedly did not receive even one vote, including cases where he ran a respectable race in a nearby district.
City election officials this week said that their formal review of the results, which will not be completed for weeks, had confirmed some major discrepancies between the vote totals reported publicly — and unofficially — on primary night and the actual tally on hundreds of voting machines across the city.
Thank god they have a formal review process. Though it isn't as simple as that. See here in New York we are on our last year (supposedly) of using the old lever machines from way back in the last century. Despite the age and problems that comes with these clunkers, it is still possible to count and recount the votes.
When New York changes over for next year's local contests, the system, both human and computerized must be watched with eagle eyes to make sure that we hold the counters accountable and that results come out properly the first time.
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