nick.org tag:www.nick.org,2008://1 2008-10-09T16:28:00Z Movable Type Publishing Platform 4.01 We're broke! tag:www.nick.org,2008://1.1042 2008-10-09T16:26:32Z 2008-10-09T16:28:00Z National Debt Clock Runs Out of Digits We should all be dissapointed that we've allowed our government to run up a 10 trillion dollar debt. That's roughly $33k for each US citizen. Boy, Jerry can't afford that. On closer thought,... National Debt Clock Runs Out of Digits We should all be dissapointed that we've allowed our government to run up a 10 trillion dollar debt. That's roughly $33k for each US citizen. Boy, Jerry can't afford that. On closer thought, neither can I...]]> Ah... TARP... yet another sad move by a sad president. tag:www.nick.org,2008://1.1041 2008-10-06T04:55:57Z 2008-10-06T05:08:32Z I'll just say "I told you so" in advance. Here's another opinion. That said, maybe I can move onto something else less controversial... like politics! I'm slowing coming to accept that politics is really a popularity contest. Democracy (at least... opinion. That said, maybe I can move onto something else less controversial... like politics! I'm slowing coming to accept that politics is really a popularity contest. Democracy (at least in the US) is an extension of playground rules - say whatever you want, make as many promises as you can, because when the popularity vote happens the winner will get his/her day in the sun. It doesn't matter how far you stretch the truth, or how much you sell your soul to get those votes - the only potential accountability is that you won't win the contest again. But who cares - you won it once, and that's more than almost everyone else. Plus, you'll have plenty of opportunities to punish the doubters and reward your fans. Unfortunately, this is not a contest for who goes to the prom - this is a contest for who holds the keys to the United States's 10,000 nuclear warheads. Weapons of Mass Destruction? How about checking the backyard. Of course, my disgust in the sensibility of the American voter doesn't have far to go. I only have to look at myself. Stay tuned as I put together my priority list for America.]]> The campaign continues... tag:www.nick.org,2008://1.1040 2008-10-03T03:39:56Z 2008-10-03T03:47:18Z Today, I faxed the House Republicans who originally voted NO, urging them to stand their ground. Sadly, the Senate bill includes pathetic amounts of pork targeted specifically at those representatives.... I've also begun faxing the Blue Dog Coalition. Mish lined... specifically at those representatives.... I've also begun faxing the Blue Dog Coalition. Mish lined up the fax numbers in a nice easy format for my faxing program, but coincidentally I discovered the Blue Dogs yesterday before his post (how about them apples?)]]> Bill is rejected - but its not over yet... tag:www.nick.org,2008://1.1039 2008-09-30T03:17:30Z 2008-09-30T03:21:43Z I hope that Congress will put this awful Paulson bill behind them and focus on creating a better plan. By this time, there have been many alternatives created and there are many other models to follow. I'd like to get... A thank you note to the 228 house members who voted against the bill and more opposition to the 205 who didn't, along with the Senate.]]> Don't vote no, vote "hell no." tag:www.nick.org,2008://1.1038 2008-09-28T23:59:56Z 2008-09-29T00:04:52Z Here's a great article that just reinforces the stupidity and immorality of the current bill. You can read the full text here.... great article that just reinforces the stupidity and immorality of the current bill. You can read the full text here. ]]> A disgrace - take 15 minutes and tell Congress. tag:www.nick.org,2008://1.1037 2008-09-28T22:15:14Z 2008-09-28T22:30:04Z The Treasury plan also does not explicitly include an HOLC-style program to reduce across the board the debt burden of the distressed household sector; without such a component the debt overhang of the household sector will continue to depress consumption... will exacerbate the current economic recession. Thus, the Treasury plan is a disgrace: a bailout of reckless bankers, lenders and investors that provides little direct debt relief to borrowers and financially stressed households and that will come at a very high cost to the US taxpayer. And the plan does nothing to resolve the severe stress in money markets and interbank markets that are now close to a systemic meltdown. It is pathetic that Congress did not consult any of the many professional economists that have presented - many on the RGE Monitor Finance blog forum - alternative plans that were more fair and efficient and less costly ways to resolve this crisis. This is again a case of privatizing the gains and socializing the losses; a bailout and socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners. From Roubini. Emphasis mine.
Take 15 minutes.
All it takes is a phone call - you don't have to leave your house, your don't have to pledge allegiance. Push pause on the DVR. Delay the gardening. This is a representative democracy - if we don't do anything, then we CANNOT blame our government. We must blame OURSELVES. This country did nothing to stop the invasion of Iraq, whereas around the world huge protests were held. Are we once again going to go quietly into the night?]]> STOP! tag:www.nick.org,2008://1.1036 2008-09-28T21:47:45Z 2008-09-28T21:50:25Z STOP!THIS BAILOUT IS WRONG!“Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? No! It is Rather a Disgrace and Rip-Off Benefitting only the Shareholders and Unsecured Creditors of Banks”Nouriel RoubiniYOU ARE DESTROYING OUR FUTURE... STOP!

THIS BAILOUT IS WRONG!

“Is Purchasing $700 billion of Toxic Assets the Best Way to Recapitalize the Financial System? No! It is Rather a Disgrace and Rip-Off Benefitting only the Shareholders and Unsecured Creditors of Banks”

Nouriel Roubini

YOU ARE DESTROYING OUR FUTURE WITH YOUR RECKLESS RUSH TO PASS A FLAWED BILL!

I WILL VOTE YOU OUT OF OFFICE IF YOU VOTE FOR THIS BILL AND I WILL TELL EVERYONE I KNOW.
]]> If this is a liquidity problem, why is the Funds Rate at 2%? tag:www.nick.org,2008://1.1035 2008-09-26T16:25:16Z 2008-09-26T16:30:10Z "The Effective Fed Funds rate has been trading 50 basis points or more below the 2% target for five straight days now, and for the last two days, it has traded 75 basis points under." (Don't take Karl's word for... The Effective Fed Funds rate has been trading 50 basis points or more below the 2% target for five straight days now, and for the last two days, it has traded 75 basis points under." (Don't take Karl's word for it, here's the official data.)

What is Ben Bernanke doing?

Why did WAMU fail on a Thursday instead of a Friday (like the other 6 banks?)

Hank Paulson was the CEO of Goldman Sach's. Do you think he has the best interests of Main Street or Wall Street in mind?

The Paulson plan, and any plan which forces US taxpayers to pay for the excesses of Wall Street, must be STOPPED.

The real economy will be hurt by the continued investor confidence issue which is exacerbated by government intervention - Fannie, Freddie, AIG, restrictions on short selling... and lack of meaningful legislation aimed at the root of the problem, not symptoms.

Listen to alternatives. Good ones are not hard to find.

Wall Street should pay for Wall Street's mess. Not me. ]]> Hooray for House Republicans! tag:www.nick.org,2008://1.1034 2008-09-26T13:33:52Z 2008-09-26T13:38:33Z House Republicans "have tried to fashion an alternative plan that, instead of relying heavily on taxpayer money, could let banks buy insurance for the troubled assets weighing down their books." Say it again! A plan that doesn't rely on taxpayer... have tried to fashion an alternative plan that, instead of relying heavily on taxpayer money, could let banks buy insurance for the troubled assets weighing down their books." Say it again! A plan that doesn't rely on taxpayer money! A plan that has Wall Street banks who took extreme risk paying for those decisions instead of me! I pray our elected officials can withstand the temptation to "do something" and instead, do the right thing.]]> 403 fax pages sent, more to come tag:www.nick.org,2008://1.1033 2008-09-26T02:12:07Z 2008-09-26T02:27:40Z I even called my two senators (Murray and Cantwell) today. Most of the faxes were campaigns thanks to Mish, but I've also been urged on by Jesse, Karl, and others - and I've even authored a few originals. It helps... Mish, but I've also been urged on by Jesse, Karl, and others - and I've even authored a few originals. It helps that I was able to script the delivery of a single letter to multiple senators using some Python and MetroFax.]]> Haste Makes Waste tag:www.nick.org,2008://1.1032 2008-09-24T10:51:37Z 2008-09-24T10:55:03Z Admittedly, sending faxes from your house isn't much work for political activism. Nontheless, few things have compelled me to action as much as the recent fear mongering and insanity aimed at bailing out the rich few on the backs of... Admittedly, sending faxes from your house isn't much work for political activism. Nontheless, few things have compelled me to action as much as the recent fear mongering and insanity aimed at bailing out the rich few on the backs of the ordinary. Senator, Haste Makes Waste. The American economy is strong and resilient. The key to that strength is the creativity, flexibility, and hard labor of American citizens. The key to that strength is the belief that tomorrow is a new opportunity to improve and prosper and that opportunity is unburdened by the sins of the past. Average citizens are they key. Citizens who wake up with a dream to do something different and start a new company. Citizens who decide they want to help their community and become doctors and teachers. Citizens who decide they want to serve their country in the military or through public service. Citizens like me. Please do not saddle us with more debt. Please do not saddle our children and our grandchildren due to fear and panic. Please do not burden the future for all due to the sins of the past - sins of the few who knowingly took risks. There are alternatives to the Paulson bill. Take the time to do it right. Even if it you must wait for a recess. Please. My child's future depends on it. Nicholas Kirsch A middle-class father of one. Senators, Block This Bill! tag:www.nick.org,2008://1.1031 2008-09-24T01:51:13Z 2008-09-24T02:53:42Z The following text was reproduced with permission from Mish. If this compels you, this should also. Act now! This was the fastest way to spread the word. I have faxed my senators (and those below). I encourage you to do... also. Act now! This was the fastest way to spread the word. I have faxed my senators (and those below). I encourage you to do the same. Fate May Rest With Shelby CNBC is reporting Fate of Bailout May Rest With Republican Sen. Shelby. Many members of the U.S. Senate blasted the Bush administration's Wall Street bailout plan Tuesday, but no senator has come forward so far with an explicit pledge to kill the $700 billion proposal. The rules of the Senate, unlike the House, give individual lawmakers substantial power to delay or halt legislation, but three Senate aides said there were no clear signs yet of that power being exercised. As the Senate Banking Committee held a hearing on the plan put forward by the Treasury Department, aides said much would depend on Alabama Sen. Richard Shelby, the committee's top Republican, who was sharply critical at the hearing. The outlook for Treasury's plan would dim greatly if Shelby were to move to block the bill that is expected to emerge soon from congressional debate over the plan, the aides said. Other senators, including Republicans Jim Bunning of Kentucky and Jim DeMint of South Carolina, have expressed strong concerns. But the aides said these lawmakers also have stopped short of warning they would work to block the bill. Another Fax Needed Fax Title "Senator Shelby, Block This Bill" Senator Shelby You are correct when you say the crisis was created by "sloppy underwriting and reckless disregard for the risks they were creating, taking, or passing on to others." Most importantly you are correct when you state "There are no credible assurances that this plan will work. We could very well spend $700 billion and not resolve the crisis." Senator, the odds of failure are 100%. The Paulson plan will not create any jobs or help homeowners pay their bills. Instead it diverts $700 billion of taxpayer funds to failed banks that took excessive risks. The sheer size of the bailout will cause interest rates to rise, further adding to taxpayer woes. Robbing taxpayers to pay failed banks cannot possibly work! Printing money and giving it away cannot work either. If it did work, Zimbabwe would be the most prosperous nation in the world. Senator Shelby, our prayers are with you that you have the courage to stand up for what you know you must do: Block This Bill. I ask that you approach fellow Senators Jim Bunning, Chuck Grassley, and Jim DeMint in hope that one or more will have the courage to join you to in preventing what is still a preventable disaster. Your Name Your Phone Number Fax For Bunning, Grassley, DeMint, Ensign, Reid Dear Senator Earlier today I asked Senator Richard Shelby to have the courage to stand alone, if necessary, block the Paulson proposal. Senator Shelby is correct when he states "There are no credible assurances that this plan will work. We could very well spend $700 billion and not resolve the crisis." Senator, the odds of failure are 100%. The Paulson plan will not create any jobs or help homeowners pay their bills. Instead it diverts $700 billion of taxpayer funds to failed banks that took excessive risks. The sheer size of the bailout will cause interest rates to rise, further adding to taxpayer woes. Robbing taxpayers to pay failed banks cannot possibly work! Printing money and giving it away cannot work either. If it did work, Zimbabwe would be the most prosperous nation in the world. Senator, our prayers are with you that you have the courage to stand up with Senator Shelby and do what you know you must do: Block This Bill. Your Name Your Phone Number Sen. Richard Shelby (R) 202-224-3416 or 202-224-5137 (both seem to work, I fax both) Sen. John Ensign (R) 202-228-2193 Jim DeMint (R) 202-228-5143 Sen. Jim Bunning (R) 202-228-1373 Sen. Chuck Grassley (R) 202-224-6020 Sen. Harry Reid (D) 202-224-7327 The Odds Of Success Improve With Every Fax! Your Fax Counts. This is a critical Juncture, please act now. Pass this email to 10 others and have them do the same.]]> On Tour tag:www.nick.org,2008://1.1030 2008-09-20T02:22:15Z 2008-09-20T02:34:11Z My co-worker Chris and I just finished our 3-country press and analyst tour. We were in Hong Kong for 5 days, Tokyo for 2 and Seoul for 2. It was my first press tour and a good experience. The last... Our shepherd, Hedy, who helped us brave Hong Kong. Explaining OneFS 5.0 and Accelerator-x to a reporter. The two studs.]]> "looming financial catastrophe" tag:www.nick.org,2008://1.1028 2008-09-02T11:34:06Z 2008-09-02T11:45:15Z Somehow, I happened on the blog of Michael "Mish" Shedlock - everything must be taken with a grain of salt, of course, but I think a lot of his analysis is spot on. I've also started following some articles on... Michael "Mish" Shedlock - everything must be taken with a grain of salt, of course, but I think a lot of his analysis is spot on. I've also started following some articles on http://seekingalpha.com/ as I try to make sense of the current investment climate. Being in the middle-class, capital preservation is very important in volatile times - otherwise there will be nothing to invest when the market rebounds. Mish often talks of deflation and an "L"-shaped recession (or depression). Him and others (i.e. this article) has me very nervous... are we screwed? This above picture linked from here. ]]> picture and biography (proposed) tag:www.nick.org,2008://1.1027 2008-08-22T14:09:29Z 2008-08-23T23:13:08Z This is for the Hong Kong press and analysts: Nick Kirsch has over 9 years experience designing and building distributed systems. Nick joined Isilon in 2002 as an engineer and participated in the development of version 1.0 of the Isilon... View image]]>