One man’s pork is another man’s infrastructure redevelopment program. The President was good last night. One of the things I like best about him is his patience. He handled the lack of bipartisan support issue very well by pointing out that it will require a long-term effort, and that we have just started the journey. I’d still only give him a “C” on selling the stimulus plan. He was overly focused on convincing people that a stimulus plan is necessary (which I believe most people are willing to accept, even if they aren’t really sure), rather than selling the benefits of this particular plan.
I’ve come to believe that we need to act, and that it has to be big. And while I’d prefer that Nancy Pelosi and Harry Reid be prohibited from having any input at all, that isn’t how the system works. As the President has said, “Of course this is a spending bill. What else do you think a stimulus is?” Pretty much any spending will stimulate something. The bill won’t be anybody’s idea of perfection. In fact, the fact that so many people are taking shots at it gives me a little hope that it might be the right plan.
Now let’s see what’s in store for Wall Street. Geithner talks in a few minutes. Tomorrow the CEOs of the big banks appear before Congress. Read Ross Sorkins’ recommended questions for a good laugh (or cry).
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12 comments:
Well, Wall St. couldn't be happier. Only down 300 points since Geithner's speech. Classic "sell the news" strategy. These guys are real geniuses. Master of the Universe? I think not. They're more like the weasily pussies we used to give swirlies to in middle school. They should suffer the same fate now.
Bird there is no sense in getting testy. Imagine the shame and embarassment these fellows are living through these days. As the attached link suggests, no self respecting Wall Street tycoon can muddle through on a mere $500K a year. http://www.nytimes.com/2009/02/08/fashion/08halfmill.html?em
Why a personal trainer alone cost $12K a year.
Shame and Embarassment, kg? Surely you jest. Yes, I know you jest. There is no room in the dna of MotU for those emotions. I'm confident they're irate they've been called out. They feel truly entitled to what they 'earn'.
The devil's in the details and Geithner didn't provide enough of them. He just made things more opaque.
I'm tired of hearing, "Citibank, et al are too big to fail." Bullshit!!! Capitalism means some make it; some don't. We keep chasing our own tail!!
Lehman was "allowed" to fail and look at it now. It's the hot place that up and coming MotU are racing to.
With another blood letting on Wall Street today, I don't know if my 401K can handle another government spending package.
Investors are not going to endorse the Obama plan without more details. That only works in elections. When Obama/Geithner get down to the details, the markets will react positively or negatively. Today's presentations gave the impression that an effective strategy had not been developed. The result was a 5% drop in equities, the largest decrease since December.
That was not a good showing yesterday by Geithner. They'd have been better off postponing.
I never used to like Barney Frank, but I'm hoping that the bank CEOs, who will appear before his committee today, leave in tears.
Let’s get back to the root cause of our economic collapse, shall we? The poster sow for our malaise is Octomommy. Anyone witness that mouse-voiced psychotic on last night’s Dateline? A deranged, selfish cretin gaming the system to support her horrific, fecund fantasies.
She is penniless, yet sported a snappy French manicure and collagen-bloated lips. Her caption should be “Only In America,” for only here will our Nanny State subsidize such madness. Nanny State was at the root of the mortgage meltdown, relaxing lending regs so indolent ne’er do wells like her could buy housing. (She’s already defaulted on two mortgages, y’know)
She needs to be deposited in a Detroit gutter-- now, before the spring thaw. A lamp post-mounted web cam should stream video of her plight around the world as a warning to other similarly minded nuts.
Her test-tube kids should be put up for adoption. They are all victims. Her victims.
The medical monster that facilitated her fantasy should be stripped of his license and required to mop toilets – with his tongue.
Of course, Octomommy has a website. It’s beyond sick. http://www.thenadyasulemanfamily.com/
Fisty – you are certainly correct that over-spending stupidity is a root cause of our problems, but until a few years ago that kind of behavior could only get you into a fairly manageable amount of trouble. Then the bankers ran out of dot com dumbbells to bilk and started looking around for new opportunities. They recognized the special American need to spend more than you make and began to create products, specially-designed, to take advantage of this weakness.
As the housing bubble began to rise the next concentric circle of consumers – let’s call them the naive rather than the stupid – began to take advantage of zero down and interest only “financial products.” Then – or maybe they were first – came the out-in-out crooks who turned liar’s loan applications into their personal keys to the vault.
Finally, fundamentally conservative people, who just needed a place to live while watching RE prices rise like a Viagra-infused line graph, started asking themselves, “if we don’t jump in now how will we ever be able to afford a home of our own?”
Then it all came tumbling down.
The people who bought houses they couldn’t afford fall into a lot of categories – not all of them deserve scorn. The bankers who exploited and pillaged an industry that was formerly known for little other than its inherent conservatism are reprehensible and the real villains of this story.
Fisty, Nothing to say of the Sperm donating droan? There has to be some snaggle toothed yahoo lawyer who will will contest that he also bears the financial reponsibilty. But then again whats 100x0 ZERO. The tax payor will pick up because you cannot legislate morality.
You have to wonder why they trotted the ole tax cheater out to give that presentation. He was so vague and so unimpressive...if this is the best and the brightest we are all screwed.
I need to see a direct connection between receiving money & hiring. I need full reporting of who, what, where & how. I'm against giving any money to companies who give bonuses & report losses. I'd like corporate tax rates linked to the number of employees in this country.Last, I'd like some of the dough for myself.
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