Capitalism: the worst system except for all the others

The New Neo Posted on by

Most of us are knowledgeable about the sort of financial information we need to get along in life okay. For example, how to balance a checkbook. We know what Social Security benefits we might be receiving someday, as well as the basics of the stock market and investments. We know we’re supposed to plan for our retirement because pensions are rare these days, and that we can use credit cards to put ourselves in hock up to a point but that if we get too deeply in debt we may have to declare bankruptcy.

Sometimes even prudent people run into trouble. Continue reading →

Oh oh

The New Neo Posted on by

Stocks tumble, Congress dickers. Vote-switching might be occurring (I’m watching CNBC), and the whole thing might be amended again.

It’s always fun to watch sausage being made.

My question: I thought there was an announcement last night that most were on board. What gives? As the talking head says, “Everyone is in shock.” And I can’t see how this won’t be seen as the fault of Republicans.

Fasten your seat belts, we’re in for a bumpy ride.

And although I suppose it’s not all that important at the moment, I wonder what Congress’s approval rating is right now?

[ADDENDUM: Now the news is that the market’s reaction may cause some vote-switching, and that the bill isn’t really dead in the water.]

[MORE: Barney Frank says Republicans are at fault. Republicans say Pelosi poisoned the well by an incendiary and partisan speech, and say they are working on passing a bill and solving the crisis. It seems to me that just because Pelosi set the bait, did they have to spring at it? I would love to see Pelosi resign as Speaker, she’s been a train wreck. And I would say this if I were still a Democrat.

By the way, a lot of Democrats voted against the bill, too. For different reasons, no doubt.]

For want of a nail: around the world in the financial markets

The New Neo Posted on by

I’ve been thinking lately of this old nursery rhyme, and its idea that there can be complex and far-reaching negative repercussions from lack of timely remedies that would really have been quite simple:

For want of a nail the shoe was lost.
For want of a shoe the horse was lost.
For want of a horse the rider was lost.
For want of a rider the battle was lost.
For want of a battle the kingdom was lost.
And all for the want of a horseshoe nail.

It’s seems axiomatic that lending money to lots of people who can’t repay, doing this on a huge scale, and spreading the risk around to every financial institution so that all are affected by the inevitable default, is a terrible idea. I’m no economics wiz, but even I can see that. The whole thing was predicated on the idea that housing would always rise. But had no one involved ever heard old adages such as “what goes up must come down?” Continue reading →

The financial crisis: why the hush-up about the Democrat role?

The New Neo Posted on by

I was awakened today as usual by my clock radio, which happened to be set on a talk show. Blah, blah, blah about the financial crisis, with some sort of Wall Street “expert” saying that this happened because of a lack of regulation, and that it is historically the Republicans who are against regulation and in favor of unfettered free markets.

That certainly woke me up in a hurry Continue reading →

Post-debate: who are those undecideds, anyway?

The New Neo Posted on by

There’s a general rule of political debates: people tend to think their preferred candidate won. A debater has to be really dreadful for his/her own supporters to concede he/she made a bad showing.

When you think about it, this should be no surprise at all. We filter our perceptions through our preconceived notions, and objectivity is a difficult although worthwhile goal. Continue reading →

That reminds me…boy, if life were only like this!

The New Neo Posted on by

Remember that moment in the movie “Annie Hall” when Woody Allen gets Marshall McLuhan to come out and reprimand a blowhard Allen overhears in a movie line? Here it is (it’s all funny, but the relevant part starts at 1:47):

There was a moment in the debate when Obama quoted Kissinger to defend Obama’s comment about talking to Iran’s leaders without preconditions, and McCain said he was certain Kissinger would agree with him and not Obama on that. Continue reading →

But it’s not about politics. Sure thing.

The New Neo Posted on by

Yesterday I wrote about whether McCain and Obama were playing politics in their responses to the financial crisis and the scheduling of the first debate. My answer was that of course they were, but that there is principle and personality involved, as well.

Now, as we await further word on whether Congress can finally get its act together and agree to a package that will calm Wall Street while simultaneously protecting the American people from having to foot a huge bill (and perhaps, dare we ask, to prevent future crises of a similar nature from getting to the point of needing such heroic measures), we hear that the Presidential debate is on tonight.

Good, fine, whatever. The timing of the debate is a matter of little consequence, IMHO. Continue reading →

The ultimate aphrodisiac…

The New Neo Posted on by

…is power, quoth Henry Kissinger.

An example of the truth of that principle is this photo of Henry K. and Sarah P. hugging (or is it kissing? Is Henry Kissinger kissing her?) last Tuesday:

palinkiss.jpg

Mighty suspicious, I think:

Compared to her 20-minute meeting with Colombian President Alvaro Uribe and 30-minute meeting with Afghan President Hamid Karzai, Palin spent an hour and a half with Kissinger—much longer than scheduled.

Barney Frank says…

The New Neo Posted on by

…”years of irresponsible failure to regulate have led us” to this crisis.

He fails to add the little detail that the “irresponsible failure to regulate” was his own, as Chairman of the House Financial Services Committee, when he was the leader of attempt after successful attempt to block Republican calls for better regulation of Fannie and Freddie.

Fox News points it out, but how many people know? And Frank counts on most of the MSM to cover his sorry butt, just as the Boston Globe does here.

Monica Crowley was also on the minute or two of Fox cable news where I just viewed the hypocritical Frank quote. She was spitting mad, as am I. Crowley said,

“They [Frank and Chris Dodd, his Senate counterpart] should be going around Washington with bags over their heads.”