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M.E.  2008-10-01 07:05:00

Terrified and heartsick, yes, but not just about the economy. About our country and our future, if, God forbid, The Obama gets elected.



Mrs. IP  2008-09-26 04:56:00

Peter,

For the record, I oppose bailouts. And loans by the government to businesses. So I was delighted to learn that John McCain was working with the House members to design something other than that. I've seen too many incompetent but highly rewarded executives in my career to feel the least sorry for them when they finally come a crupper.

The sad part is that they don't lose. They get exorbitantly fat payouts and go on their merry way. Perhaps someone will be charged with fraud, but not until thousands of others suffer for their arrogance.

And if you have something to say to me in response to what I wrote, have at it. But say it to me.



CP  2008-09-26 04:25:00

Hi there, Peter. Good to hear from you again.

"A bank failure overnight, stock market poised for another plunge, and congress torn between passing a massive bailout package nobody wants and not passing a massive bailout package everyone sort of knows is necessary."

That's a characterization of public opinion, not an endorsement.

I also stand by my last slam at Paul:

"Don't you dare. Ron Paul was never a candidate; he was always only a badly written fictional character, Eugene McCarthy rewritten as a graphic novel for for the solipsistic I-pod set.)"

I don't like the bailout. Philosophically, I oppose it with every fiber of my being. Unfortunately, I also have real world business experience. The single biggest misconception people have about the world of big business and big corporations is that they make decsions rationally. They don't. Every one of them creates a fantasy world in their boardrooms and when the fantasy is dashed, they panic.

We're on the verge of a domino effect that could hurl this country into a very prolonged and deep recession. Don't tell me domino theories are foolish. I watched one unfold after years of derision and ridicule in Indochina.

Does it interest you at all that there are two extreme groups opposing a bailout of some kind? The far right. And the far left. Both are content to see the credit of ordinary Americans disappear along with their savings and other assets in order to drive home a lesson. Different lesson in each case, of course. The left believes in the lesson that capitalism is a failure. The right believes in the lesson that any kind of government intervention in the economy is an invitation to Soviet-style economics. They BOTH want to see blood running down Wall Street.

As do you. Which makes you a kind of fanatic. Here's my position. I'm an American. I'm content to stand back and let the two parties and Wall Street and public opinion and all the static of a political presidential campaign collide in a huge demolition derby, then critique and fine-tune the outcome. I know it's counter-intuitive. But unlike you, I know I'm not smart enough to have all the answers, that no ONE has all the answers. That's when you experience the great freeing humility of remembering that you live in a nation which has figured out more of the right answers through time than any other nation in history.

Actually, I'm just hanging out here. Unlike you, I actually believe -- as I was taught in business school about the concepot of efficient markets -- that all relevant factors will indeed be represented in that outcome.

Sometimes, to be wise, you just have to let go and fly across the uncertain space.

That's where we are right now. I majored in finance and accounting in graduate business school at a pretty good university and *I* don't understand all the ins and outs of what's going on in the financial markets. Which means it's time for me to trust the process. You have the certain convictions of the true believer -- that is, you have your guru and when he utters specifics -- as a medical doctor who dabbles in economics -- he must be right.

Sorry. It just ain't so. Ron Paul is still a lunatic, and the proof is he'd be happy to see America undergo another Great Depression if it would prove him right. That's the test of Solomon. Cut the baby in two or yield to messy reality. I know how you'd decide. But you're getting too old to take such easy philosophical outs.

Would you like to buy a house in the next two or three years? Or are you content to live in a cardboard box heated in winter by the electricity of your convictions?

btw, if you want to fight with Mrs. Ip, go to the post she wrote and take your lumps there. There's no expiration date on this website, and I;m sure she'd be happy to specify anything you regard as an injustice.

Give our best to everyone.



Pete  2008-09-26 03:54:00

I forgot Jim DeMint:

http://rightwingnews.com/mt331/2008/09/an_interview_with_jim_demint_o.php

For the McCain lovers, if McCain is backing off the idea setting up some new department - great. Harry Reid says McCain is screwing the bail-out heist up. If so, even more so if it's intentional, he wins points with me. But will he take a hard position on this now?

I guess we'll see tonight...



Pete  2008-09-26 03:38:00

I take issue with this:

"a massive bailout package everyone sort of knows is necessary."

No, no, no and hell no. Conceding that without a fight - and from a guy so in love with Eastwood movies?

A 'main street' bankers perspective:

http://media.gatewaync.com/wsj/pdfs/2008/09/allison.pdf

A coalition of economists' perspective:

http://faculty.chicagogsb.edu/john.cochrane/research/Papers/mortgage_protest.htm

A scholarly dissection of the entire issue:

http://mises.org/story/3128

Friedrich Hayek's "The Road to Serfdom" in Cartoons:

http://www.mises.org/books/TRTS/

Peter Schiff's been calling it all along:

http://www.europac.net/

Investment guru who asks if the US is more communist than China now:

http://www.youtube.com/results?search_query=jim+rogers

A right-left coalition's attempt to do something about it:

http://nocashfortrash.org/

Investment advice from Weiss Research:

http://moneyandmarkets.com/files/documents/Final-Bailout-White-Paper.pdf

I don't know the details, I just know the bail-out is the wrong thing for the country. You're still a little right, though, Instapunk:

'Don't be depressed.'

Languishing in futile, complacent depression is the worst thing you can do at this moment.

Call Republicans in the House and let them know you have their back if they continue to fight this. If you're going to write, fax your letter since emails are generally not read by staff and letters take really long to reach their offices because of screening for things like Anthrax. If your congressman or senator is a Democrat, inundate them with warnings.

Encourage John Boehner to lead the way.

Stop taking pot-shots at Ron Paul, since, whatever you think of his foreign policy ideas, you must admit he predicted all this long ago and provided solutions to prevent it.

As you may know, the Senate 'Republicans' are, of course, on board with this massive socialist proposal, but the House Republicans can still remember who they are and are putting up a fight. We need this to continue. Give the following list of Senators some encouragement and we just may be able to encourage them to filibuster:

Shelby, Richard C.- (R - AL)

110 HART SENATE OFFICE BUILDING WASHINGTON DC 20510

(202) 224-5744

E-mail: senator@shelby.senate.gov

Bunning, Jim- (R - KY)

316 HART SENATE OFFICE BUILDING WASHINGTON DC 20510

(202) 224-4343

Web Form: http://bunning.senate.gov/public/ind...ct.ContactForm

Kyl, Jon- (R - AZ)

730 HART SENATE OFFICE BUILDING WASHINGTON DC 20510

(202) 224-4521

Web Form: kyl.senate.gov/contact.cfm

I don't know where Tom Coburn is on this, but I'd be surprised if the 'Dr. No' of the Senate would be wanting a bail-out. There may be others.

Hammer the offices of Senator Judd Gregg and Congressman Roy Blunt, for they are supposed to make the Republicans cave.

These things are the least we can do.

If you're going to slam me for 'advertising', Mrs. IP, so be it. Languish if you must, I just see no need to.



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