Monday, October 6, 2008

Monday Morning Quick Thoughts

The Emergency Economic Stabilization Act Passed!!!

Yay!!!!

This will allow us taxpayers to prop up those financial institutions in our society that are unsound for 3 more months, before they inevitably fail anyway. Yay!!!

At only $700 Billion, with 90 million actual US taxpayers, that's about $7,777 per taxpayer.

Such a deal!

For you good, simple, small town Republican folks, this is what's known as "throwing good money after bad."

For you gamblers in Vegas, this is called "doubling down."

For you financial wheeler dealers, this is called a "golden opportunity" to grab some free money.

For you folks who actually pay taxes, this is called "getting screwed."
But thank goodness the crisis is over!

Wednesday, October 1, 2008

Pajama Man's Random Thoughts and Vocabulary

Nothing about Wall Street here today!

Sarah Palin and I differ in at least one important respect. I almost never read newspapers anymore. I read newspaper websites. Mostly the New York Times, because it's free, and because I like their columnists. "Like" may be a strong word for some of them, especially Kristol.
But, I must give props to the San Jose Mercury News, which was one of the very first newspapers to have a free on-line edition back in the mid 90's. It's hard to realize now that the internet used to be largely free of business sites and advertising.

Back to the NYT, it is with the NYT columnists or pundits or whatever they call themselves these days that I sort of enjoy a love-annoyance relationship because of their obvious, intentional affection for injecting esoteric words into their columns. Love, because it is fun to look up words and learn something. Sometimes it's a word that I've heard for years and maybe even used myself, without knowing exactly what it really meant. Other times it's something completely new. Annoyance, because having to stop and look up a word interrupts the flow of reading the column and the thought process of absorbing it.

I look them up on Merriam-Webster.com, because it, also, is free.

Here are some recent samples. First, from David Brooks, yesterday, describing members of Congress who voted No on you-know-what.

nihilist - a doctrine or belief that conditions in the social organization are so bad as to make destruction desirable for its own sake independent of any constructive program or possibility

And here's one from Moe Dowd, describing William F. Buckley, a brilliant and gentlemanly conservative that liberals, like me, could not help but like.

sesquipedalian - given to or characterized by the use of long words

William F. Buckley - 1965

Moving on - Fall is Here!

Reflections on the water like shadows in my mind
Speak to me of passing days and nights and passing time
The falling leaves are whispering winters on its way
I close my eyes remembering the warmth of yesterday
It seems a shame to see September swallowed by the winter
And more than that its oh so sad to see the summer end
And though the changing colors are a lovely thing to see
If it were mine to make the change I'd let it be
But I dont remember hearing anybody asking me

Well it's time to make seasonal adjustments. For me, that means pajamas, aka pyjamas. Which I wear. Almost every night. In the winter I wear flannel pajamas. That's cotton flannel, which I know is technically flannelette, but who really cares. My wife buys me one new pair each year to wear on Christmas Eve. And, since I tend to save my clothes for a very long time, I have about ten pairs of flannel pajamas now. They take up a lot of drawer space. But they never seem to wear out. And boy are they comfortable.

Even in the summer I will wear light weight cotton pajama bottoms with a tee shirt. Often the tee shirt is an actual undershirt. I favor white V-necks, slightly large and loose fitting.

Growing up in the 1970's I rarely wore pajamas. They were viewed as goofily out of style. Reminiscent of Fred MacMurray in a full robe and slippers get-up, smoking a pipe or heating a glass of pre-bedtime warm milk on the stove. Nothing so stuffy for us cool kids at the tail end of 60's hipness or the dawning blow-dried 70's. PJ's were out. They did not seem to be something that real people, or at least real men, really wore.

So, what did one wear to bed? Ann Landers famously pronounced that it was perfectly respectable to sleep in the nude. She further delared that wearing underwear beneath pajamas was silly. So, sleeping au naturel became a cool, albeit private, fashion statement to publicly declare, whether true or not. It conveyed a sense, not of a tight clothing budget or questionable hygeine or a lack of air conditioning, but rather a sense of sophistication and self confidence that one was comfortable in their own skin. And not afraid to be seen in it.

Me, I dressed for comfort. During the high energy costs of the late 70's and early 80's I slept in as little as possible in my un-air conditioned, sweltering quarters during the hot months, and bundled up in sweat pants, turtle necks, and wool socks during the cold winter months. Now, with oil DOWN to $95 a barrel today, those days of bundling up may just be coming back.

Flannel Pajamas are almost always plaid

Really, those days weren't so bad. We managed to have a lot of fun. And snuggling up in a warm bed on a cold day can feel positively luxurious.

Grammer question for today: Is the plural of pair "pairs" or "pair?"

Tuesday, September 30, 2008

Running on Empty

I am against the Bail Out.

And I'll tell you why. If somebody asks me for $700 Billion they better be able to articulate to me why they need it, what they are going to do with it, how they are going to pay it back, and (very importantly) why they are asking ME.

I have been paying as much attention to this fiasco as any other average citizen, and I have not heard a rational explanation of why this . . . whatever it is . . . is necessary.

No explanation = no money.

What I am able to glean is that over the past several years our financial system has veered into excessive risk taking through 2 channels, i) lowering standards for evaluating borrower's creditworthiness, and ii) lenders using imprudently high leverage to increase profits. So, now that the chickens have come home to roost (ha ha), we are seeing the 2 inevitable results, i) bad borrowers defaulting on their loans, and ii) over-leveraged lenders unable to withstand rising defaults on their portfolios because of their paper thin balance sheets.

I know it's more complicated than that. But I'm not a PhD and I don't have the time, or the ability, to spend trying to educate myself now when Hank Paulson and Ben Bernanke are screaming that they need this money like yesterday. The hurry! hurry! hurry! of it all reminds me of being on a sales tour at a timeshare resort. So my instinct is to keep my wallet in my pants. (That's good advice generally, btw.)

Well, I found a smart guy who has articulated my feelings on the matter, Jeffrey A. Miron, an economist at Harvard. He explains why he's against the Bail Out in a short and easily readable opinion piece HERE at CNN.com.

NO BAIL OUT!!!

Lehman's Brother - Cooper Lehman

Meanwhile, back on Main Street:

Wall Street may be out of money, but Atlanta is out of gas.


At least we all get along here

There is no gas here. All of the gas stations have plastic bags over the handles of their pumps to signal that they are empty. Why? Because Texas had a big storm. Sighhhhhhh. Put two oil geniuses in the White House and what do we get? No redundancy in our vital infrastructure. Rumor is that the Port Arthur refinery is still not working because there is no electrical power to it. Can that be true? A refinery that doesn't have it's own generators? Talk about poor defense planning.

In the category of counting the glass half full, having no gas has gotten people to stop complaining about how much it costs once they are able to find some.

Meantime,

Of course, we Georgians are still running out of drinking water, but we've suspended our fretting about that to deal with this more imminent crisis of not being able to get to the grocery store.

Lake Lanier - Atlanta's Water Supply

I can't wait for the weekend.