So I finally wrapped up the wedding tour (link to absurd dancing photos), and came down with the flu this weekend. After sleeping most of the day Sunday I was back in the game for The Beancast and back to work to close out the quarter.
It’s interesting that the Bailout was shot down, talk about Marketing in Action. For my opinion on the bailout, please refer to this article in Time Magazine.
Remember to follow the money to identify the things that people need you to believe:
- The Government can move the economy. That $700 billion (less than a 1 day loss in the market) is enough to move the entire economy. Controlling the economy is much like controlling the weather, if anyone says they can do it, they are lying.
- Â What derivatives die, the 4 Horsemen appear, signalling Armaggeddon. The Time article does a good job at explaining this – the bailout is for some Frankenstein financial instruments – think of it as insurance policies betting on on-time payments from a bunch of people who bought houses that they can not afford, have no savings and have about 10k in credit card debt. If these explode, only the people who thought this was a good idea to get burned (along with the 3 people below them in pyramid scam of resellingÂ this trash). Clarification – we do have another problem though – this balloon filled with crap is so huge and has been treated like cold hard cash, if it pops there’s enough to get some on everyone. Investing in duct tape and payouts to keep the balloon together is no long-term plan.
- Financial Institutions are Too Important to be allowed to fail. Detroit can be decimated, tech bubbles can come and go, manufacturing can be wiped out, big box retailers come and go but there’s the big 3: Banks, Agriculture and Airlines – if these aren’t socialized there will be rioting in the streets and we’ll be selling apples.
- Being an elected official is a full time career – When’s the last time you heard someone running for office talk about a duty to serve? Did I actually hear the word “Rule” during the debate last week? I’ll stack Politician on the shelf right next to Journalist in the “Professions of Make-Believe”.
And then there’s a few ideas behind the curtain that people don’t want you to ask:
- Where did a bailout package that has Main Street bailing out Wall St. come from? Can someone show my why this isn’t elected officials sucking up to the rich?
- Why are their no financial conservatives left?Â Both Presidential Candidates see Legislative spending of citizen’s tax dollars as the solution. As a cranky old man I credit this to budget=power and since we’re dealing with career politicians there’s no incentive not to spend tax dollars.
My friend Steve has been living in LA for more than 10 years and we’ve talked about how difficult it is to buy a home there. The thought of him having to pay tax dollars to bail out some jackasses speculating on crummy mortgages makes me sick. And oh yeah,Â the homeowners out of their financial league still lose their homes, they are not part of the bailout.
Before I return to our regularly scheduled marketing programming I’d like to mention Rep. Ed Markey and staff who were unable to tell me his position on Monday’s vote and even took my email address and said they’d get back to me, no need to bother now, your Aye vote speaks for itself. VoteSmart says this is an election year for you.
I’ll also note Sen. John Kerry’s office that wasn’t answering the phone, and my fax was refused, but I can give him some credit, perhaps things were just too busy today and at least he’s sharp enough to put his opinion up on his blog for everyone to read. In contrast, Rep. Markey’s website’s “Recent Events” section has him being named “Irish Man of the Year” back on March 12th.
The last of my representatives is Sen. Kennedy, regardless of political battles and opinions, I wish him the best with his health.
I can’t wait for election season to pass. Here’s the Beancast if you need some marketing to counteract the politics: