Nalaka Gunawardene, the well-known Sri Lankan journalist, makes an interesting point as to why every banker should see Mary Poppins, the famous 1964 Walt Disney movie. As he says: "For it holds a very important and fundamental lesson for their profession: the need to win every customer’s trust and confidence... "The movie has many interesting scenes, but one that is … [Read more...] about Mary Poppins & Prudent Banking
The Financial Crisis and the Curse of George W. Bush: Le Figaro
Was President Bush born under an unlucky star? Philippe Gelie of France's Le Figaro ponders the unfortunate record of George W. Bush, and the way that today, at the end of his second term, he has been singularly abandoned by his own supporters, most of whom are up for election in November: "A kind of curse must be following George W. Bush. The president, who began his … [Read more...] about The Financial Crisis and the Curse of George W. Bush: Le Figaro
Economic Apocalypse: What If?
What if the stock market fell from 11,000 to 5,000? What if loose credit evaporated overnight? What if people who took outrageous mortgages and debt were sent back to a reset point? What if people had to rent a place to live and save up until they had a reasonable down payment and mortgage payments they could afford? What if some people lost their highest paying … [Read more...] about Economic Apocalypse: What If?
Bailout Reactions from Obama and McCain Camps
The Guardian contrasts public reactions from the two presidential candidates. The McCain campaign responded the way a lot of politicians responded today—by assigning blame (and taking no responsibility). The response from economic adviser Douglas Holtz-Eakin: From the minute John McCain suspended his campaign and arrived in Washington to address this crisis, he was … [Read more...] about Bailout Reactions from Obama and McCain Camps
Behold: A Watershed in American Civilization – Le Figaro
Has America, 'abandoned all of its prior principles to a pragmatic state centralism based on tax increases'? According to Alexandre Adler of French Newspaper Le Figaro, not only has the Reagan model been effectively abandoned and the embrace of state-capitalism begun, the military phase of the war against terrorism is over - with one notable exception: "America is … [Read more...] about Behold: A Watershed in American Civilization – Le Figaro
Pointing Fingers
Well, fingers are pointing fast and furious about who is to blame for the failure to pass the bailout package. I wanted to pick up on one thing my fellow blogger Patrick Edaburn brought up in a recent post. He was not sympathetic on the reasoning of some Republicans who said they voted against the bailout because of Speaker Nancy Pelosi's speech: But if you see the bill … [Read more...] about Pointing Fingers
Congress Fiddles
Mike Lane, Cagle Cartoons … [Read more...] about Congress Fiddles
Tin Foil Hat in Crazytown: Why the Bailout Failed
You've read the headlines. You've seen the stories. The WHIPs didn't have control and a bailout bill which was supposed to pass failed. Why? Allow me to toss out some breadcrumbs for the masses. Every single poll has shown that the economy, more so than any other issue, is an area where voters seem to rebel against the Republican administration. It hurts McCain and helps … [Read more...] about Tin Foil Hat in Crazytown: Why the Bailout Failed
The Bailout Bill & Playing The Blame Game
It comes as no surprise that there was a steady drumbeat of partisan politics in the drafting of the $700 billion financial bailout plan that was defeated this afternoon largely because of defiant House Republicans. But both parties turned up the vitriol in the wake of the stunning no-confidence vote in President Bush and Treasury Secretary Henry Paulson, and global markets … [Read more...] about The Bailout Bill & Playing The Blame Game
Some Thoughts On Bailout Bill And Disgusting Partisanship
So the big bailout bill has been rejected, at least for now. I do expect to see the bill come up in some revised form over the next few days but the rejection and the stories circulating about it prompted me to write this post. Looking at the bill itself, I must admit to having mixed views on the entire bailout concept. People talk about how, if we don't bail out Wall … [Read more...] about Some Thoughts On Bailout Bill And Disgusting Partisanship
House Votes Down Bailout Bill, Markets Plunge
The House of Representatives a short while ago voted 228 to 205 against the bailout compromise worked out over the weekend. (It needed 218 votes to pass.). As CNN is reporting, "[a]bout 60% of Democrats voted for the measure, but less than a third of Republicans backed it." Quick notes: -- Kucinich was right. -- Bush is apparently "very disappointed" with the result. … [Read more...] about House Votes Down Bailout Bill, Markets Plunge
McCain on Veterans–Fact Check: Update
On September 27, I wrote a story, "McCain on Veterans--Fact Check." In it, I quoted a comment from a "Timr," who claims to be a 100-percent-disabled veteran---a claim we have no reason to doubt. The quote was: Sorry, but when McCain said he supported Veterans, he flat out lied…I am involved in the DAV-Disabled American Veterans(life member) and the VFW(Veterans of … [Read more...] about McCain on Veterans–Fact Check: Update
Guess What?
Outgoing Israeli PM Ehud Olmert says in an interview that Israel must withdraw from nearly all the West Bank and East Jerusalem in order to achieve peace, and says that the focus on maintaining control over particular "strategic" chunks of land as more important than reaching a permanent peace deal is misguided. … [Read more...] about Guess What?
House REJECTS Bailout Bill
In a major upset, the US House of Representatives has voted against passage of the $700 billion bailout bill. The vote was 228-205 against. Democrats voted 141-94 in favor of the measure while Republicans voted 131-67 in opposition to the proposal. There are now discussions as to whether or not a new vote sometime later today. Reacting to the news, the Dow Jones is down by a … [Read more...] about House REJECTS Bailout Bill
McCain Suggests We’ve Been in a Recession
Are the recession deniers - some of whom have claimed that saying that the country is in a recession is just a push by the liberal media to elect Barack Obama - going to have a cow? From the AP: [During a campaign stop in Columbus, Ohio] McCain unleashed a blistering attack on his opponent as he resumed campaigning, saying Obama favors policies that "will deepen the … [Read more...] about McCain Suggests We’ve Been in a Recession
Repositioning Palin
Most provocative quotes of the day: "It's time to let Palin be Palin--and let it all hang out." --Scott Reed, a Republican strategist, in the Wall Street Journal. "McCain needs to liberate his running mate from the former Bush aides brought in to handle her--aides who seem to have succeeded in importing to the Palin campaign the trademark defensive crouch of the Bush … [Read more...] about Repositioning Palin
Corruption, Cronyism, and the Politics of Sarah Palin
An AP investigation has found that "[t]hough Sarah Palin depicts herself as a pit bull fighting good-old-boy politics, in her years as mayor she and her friends received special benefits more typical of small-town politics as usual." There are simply too many examples of corruption and cronyism to repeat here. Many of them are fairly small-time, but they fit in with the … [Read more...] about Corruption, Cronyism, and the Politics of Sarah Palin
Just Tax the Churches and Get It Over With
I see that once again, regular as a four year clock, the barbarians are at the gate of the separation of church and state. The latest assault, though, carries the novelty of being a widely organized attack in the form of 33 different pastors supported by the Alliance Defense Fund. While the attack is being monitored by the Internal Revenue Service and may not prove any more or … [Read more...] about Just Tax the Churches and Get It Over With
Lehrer’s Question to Obama, McCain: Learning from Arnold
If you watched the presidential debate Friday night or read the post-debate coverage, you probably recall both candidates’ refusal to straight-up answer Moderator Jim Lehrer’s question about how a $700 billion bailout of ailing financial institutions could crimp the candidates’ bold (and expensive) plans for the nation. Granted, Lehrer’s is a tough question to answer, and … [Read more...] about Lehrer’s Question to Obama, McCain: Learning from Arnold
Bailout Likely To Pass – But Is It Enough?
The negotiations over the bailout of America's financial services industry have taken several turns over the last week: from hopeful, to morose, to comical, to exasperated, to resolved. It looks like the bill will pass at this point. And I tend to think it's a good thing. The amendments have made the bill stronger than before, and there is less taxpayer risk than with the … [Read more...] about Bailout Likely To Pass – But Is It Enough?