Monthly Archives: September 2008

Dollars & Sense: A small plug for a great blog

With everything going on related to the $700 billion bailout, failing banks, stimulus packages, etc., there’s an important blog everyone should go check out. I’ve been a longtime subscriber to “Dollars & Sense” magazine. “Dollars & Sense” is an analytical, easy to read quarterly magazine based in Boston. They provide all kinds of insights, observations, and meaningful coverage in economic issues (albeit from a leftist perspective). “Dollars & Sense” by far had THE best coverage on Hurricane Katrina in their January/February issue. To my knowledge, they were the probably the only periodical focusing on poverty issues post-Katrina. OK… I digress. I’m done selling the magazine. Anyway….

For some of the best coverage related to the country’s ongoing economic mess, go check out The Dollars & Sense blog for some refreshing perspectives. Thanks!

The federal government is incapable of learning anything!

Okay, JP Morgan has just purchased the banking parts of Washington Mutual (WAMU). WAMU is now the single biggest bank failure in our history with $310 billion in assets (I’d like to know what their liabilities were). JP Morgan six months ago picked up investment banker Bear Sterns.

“Too big to fail” just got “too bigger to fail”.

And as the Bear Sterns purchase was done at the behest of and with at least $30 billion from the Federal Reserve, you can bet this recent purchase is looking for plenty of that $700 billion government handout to Wall Street.

Find yourself in a hole?

1) Stop digging.

2) Start digging steps up the side so you can get out.

3) Don’t dig yourself into another one by following the same plan over and over in some insane dance of failed economic policies.

Another musical break

I’ve been having a bit of fun with the music as of late.  After the fold are a few pieces of music I’ve been playing with.

Six-string banjo:

Baritone Guitar:

Standard Acoustic Guitar

Talks Implode; Feds seize Washington Mutual; Sarkozy says “Self -Regulation is finished.”

Good morning early birds.  GMD night owls witnessed an amazing news night, not much of it good.  Happy reading.

Bailout Talks Implode:

http://www.nytimes.com/2008/09/26/business/26bailout.html?hp

Federal Regulators seize Washington Mutual

 http://www.nytimes.com/2008/09/26/business/26wamu.html?hp

Sarkozy calls for worldwide bank regulation.

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092504285.html

 

McCain leaps into a thicket; gets his photo opp in Washington. 

http://www.nytimes.com/2008/09/26/us/politics/26campaign.html?hp

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/25/AR2008092503684.html?hpid=opinionsbox1

Bush: “This sucker could go down.” How presidential.

http://www.nytimes.com/2008/09/26/business/26bailout.html?hp

WASHINGTON — The day began with an agreement that Washington hoped would end the financial crisis that has gripped the nation. It dissolved into a verbal brawl in the Cabinet Room of the White House, urgent warnings from the president and pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.

“If money isn’t loosened up, this sucker could go down,” President Bush declared Thursday as he watched the $700 billion bailout package fall apart before his eyes, according to one person in the room.

 

“This sucker could go down?”  Is this United States President speaking, or is this a clip  from Smokey and the Bandit?

McCain website schizophrenic about debate

John McCain’s campaign website leads with “Remarks on the Economy”


It is time for both parties to come together to solve this problem. We must meet as Americans, not as Democrats or Republicans, and we must meet until this crisis is resolved. I am directing my campaign to work with the Obama campaign and the commission on presidential debates to delay Friday night’s debates until we have taken action to address this crisis.

   

Okay there’s some decisive bold words designed to make the debate commission, Ole Miss, and the Obama campaign look like megalomaniacal celebrities if they don’t stand down and put country first. But then if you go to the “Upcoming events” link, you get

Photobucket

Actually reading the graphic is worthwhile: ‘Straight talk comes to Oxford MS.’ Hilarious. So is the debate between the front page of the website and the “upcoming events” section? I could understand changing the topic from foreign policy to the economy, but debating McCain’s attendance at the debate within the McCain website itself seems excessively meta. Perhaps this is a signal that he is going to show up, perhaps it is a sign that the McCain website can not maintain basic message consistency. Either way, this is a sign that McCain’s latest stunt can be filed under “unmitigated disaster.”  

So maybe we ought to tinfoil hat it and see this debate suspension due to crisis as prepping the American people for election suspension due to crisis. Then maybe some logic emerges. I mean perfectly functional regimes have suspended elections in the past. What makes us think we’re so fancy having elections at a Constitutionally appointed time? What is so special about the first Tuesday in November anyway?

Then again why assume conspiracy when good ole incompetence can explain the Chicken Little strategizing of the Maverick McCain campaign?

crossposted at Dailykos

THE FIRST VERMONT PRESIDENTIAL STRAW POLL (for links to the candidates exploratory committees, refer to the diary on the right-hand column)!!! If the 2008 Vermont Democratic Presidential Primary were

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John McCain Can’t Multi-Task

(Cross posted at Broadsides.org)

You know, sometimes reality is just more entertaining than snarky blogging. And so it is now, as John McCain apparently tries to one-up Ronald Reagan by proving he’s bat-shit-crazy BEFORE being elected to the presidency. Suspend his campaign? Huh? And while you’re at it, John, why don’t you put a big bow on the idea along with a gift note to Obama that says something like: Congratulations, you win – I’m an idiot.

The Obama campaign must have been wetting themselves with excitement when the news of McCain’s latest mental meltdown came rolling in on their Blackberries. High-fives all around, for sure.

Because, as we know, the last piece of the Obama presidency puzzle was the one that seeks to prove that he’s “presidential.” And Obama was well on his way to doing that on his own by bending over for the bailout plan, defending his Wall Street investors (in the name of Main Street, of course – wink, wink), and perfecting that “look” of concern while saying absolutely nothing of substance in the process.

But then along came America’s favorite crazy uncle, Johnny McCain, with the news that he was suspending his campaign, rushing back to Washington and – once again – “putting his country before his campaign.”

In baseball terms, it was what amounted to the biggest, fattest, non-curving curve ball to be served up during a presidential campaign since – oh – Mike Dukakis donned that silly helmet and took a spin in that dopey tank.

Whack! And Obama hit it, easy as it was, by stating the obvious and, most importantly for his campaign, “looking” presidential: “Being president is all about handling many different issues at once.” But that wasn’t the hard part; that came when he had to contain his glee until he got out of eyesight and earshot of the media, whereby he certainly continued the high-fiving and celebration of the McCain gift that just keeps giving.

While the pundits talked themselves blue about the latest McCain weirdness, it was David Letterman who was truly nailing it on his Late Night comedy show. Having been dissed by McCain — as we all certainly know by now – Letterman let his snarky side shine by putting his finger on the real reason for the McCain campaign’s suspension: He can’t tend to his senate responsibilities AND continue to work 24/7 in his efforts to keep his veep candidate, Sarah Palin, absolutely and completely hidden.

Yep, John McCain can’t multi-task. And while he wants us to believe that he’s putting his country before his campaign, it’s the opposite that’s obviously the truth.  Because his campaign can’t take the “risk” of him returning to Washington while Palin takes the reins of the campaign.

Which begs the obvious question: If the McCain campaign can’t take the Palin risk, how can the country risk a potential Palin vice-presidency?  

Letterman shows McCain no mercy

Not sure who saw last night’s “Late Show with David Letterman” but McCain was supposed to be his guest. Low and behold.. he ditched him to go save the economy. Well Dave Letterman didn’t buy that… and boy did he let him know.

Network television late night hosts are known for being court jesters. This time Letterman wasn’t playing that role. Good for him. Enjoy!