We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
Man, do I need an extra-large coffee this morning. Here's Thanking the Puritans.
"Average Joe" Biden and his $4 million Nantucket house. I still believe that Liberals and Leftists love money, and that quasi-Libertarian-Conservatives like me just value free opportunities to do whatever we people want to do. Related: Biden still without portfolio. Makes good sense to me.
Obama on the "urgency" of fixing global warming. What global warming? I think it's a modern-day apocalyptic myth. We humans love such myths to organize and to "give meaning" to our lives...or don't we? I think I need my own life to give meaning to my life. As far as I know for sure, it's the only life I've got.
Jules is thankful for a few things. I am thankful for personal things - that I have a big family, and a decent job, and that I have the chance to live in NYC for a while. It's a darn lively spot this time of year. Inspiring, really, how smart folks are and how hard people work - and how they find ways to have a good time doing it.
" I am the change" I was at my dad's, when I herd that comment. I had to restrain myself, I wanted to shave my head, then put it in my dad's vice. He has a bigger vice than I do. I can't wait for "Him" to walk on water. The only pick he made that I like is Volker. he did a good job in 79 and 80. The man has his work cut out for him this time around.
Meta, you are a rock! I read your post about you and your mom. You are all growed up and you don't even know it. Do you remember when I told you to keep the 5th? Do you know what I ment by it? In my wacky world, when we come full circle, we become parents to our parents. just one of the requirements of being all growed up, methinks. Go easy when you start throwing chairs. You big Alice Cramden! : )
Thanks, Jappy. Yeah, I was meaning that when I said something about that moment when we see our parents as people instead of parents. I've been grown-up since I was little. Luckily for me, my sense of humor keeps me young and happy to toss W. F. Buckley's tomes overboard where they belong.
One time our German maid took us to the playground. I had to go to the bathroom but she kept putting me off because she wanted to gossip with the other maids. I peed my pants and all the other toddlers laughed but I kept on playing. I was very stoic and like, "I'm fine, thank you."
"Inspiring, really, how smart folks are and how hard people work.."
It is inspiring. It's also very telling that you wanted to state that. None of us is immune to the negative press and the gloom and doom that is pervasive everywhere...and I mean everywhere. It's a sad state when one of the best things about us and one of the most stalwart characteristics of Americans is something worth remarking on as if it's something new. It just shows how worn out we are and how susceptible we are to bad news. I'm glad you mentioned it because it is our ethos and damned be he who cries, "Enough!"
Marianne - you have it... Let's lighten up. We like your inspiration.
My husband/daughter were almost in that hotel in Mumbai on the day the bad guys arrived. Fortunately, we had changed their itinerary at the last minute. Makes me reach back for a better time--hope you enjoy the link above.
Okay, so you had to put up the Rove link on Obama's economic team to incite me a bit.
We remain far from "the other side" of this financial crisis. The reason is a simple acronym - CDS.
There are trillion of dollars in CDS outstanding. Some were written to hedge an actual exposure. Some were written to speculate on the probability of default of a particular counterparty. As a result, a default of, let's say GM, would have a much larger impact on the financial system because the notional amount of the hedges are many times the notional amount of the underlying debt obligations.
It is the bailout of the speculative world that is occurring versus the real world.
Now the world of CDSs is very opaque. Who are the holders, who are the writers and who have CDS been written against and in what magnitude is not fully known. There are no exchanges. These are OTC instruments. We do know AIG wrote many CDSs.
My guess is that the speculators have targeted the weakest corporates. I suspect that the post mortem analysis will find a certain amount of manipulation of these instruments. I also think that a portion of the cry to save the Big Three is to avoid another wave of in the financial crisis driven by an unknown magnitude of CDS bets against the Big Three.
Geithner and Summers are smart guys, but I think they are guessing here (as is everyone else). Paulson and Geithner have been in bed in the response by government through out the crisis. I am not sure what change there will be in terms of policy response to the macro economy. It will be more stimulus and much of it will be ineffective and drive the USA deeper into debt.
However, it seems clear that the risk to the world's financial system will not be over until the issue of CDSs is resolved.
The solution may be that all CDSs are canceled unless a direct hedge can be proven. The speculators would scream. CDS will likely become exchange traded instruments.