nick.org

I've obviously been spending a lot of time learning about what's going on with the financial markets, the economy, etc. I am certainly no expert, but far more informed then I was a few months ago. I have yet to take the same strong interest in politics...

Flashback to 2002, when I quit my job at InsynQ as a beautiful love interest (Eriko) forced me to realize that it was going nowhere. In doing so, I spent several months unemployed and it has completely impacted and changed my spending habits. Before the unemployment, I spent money like I would always have money - not necessarily in debt, but very little savings.

Since then, I strive to (as my father would say) "save where I can, so I can spend where I want." Eriko prepares my lunch on a daily basis, she cuts my hair, we rarely go out to eat, we drive old cars, and live far from a consumption lifestyle - but we do splurge on things like memberships to the Children's Museum and Zoo for Jerry, trips to Japan and Pennsylvania, and of course - toys for Jerry.

I see the current financial crisis (and the pathetic political situation that has done nothing to abate it) as the trigger for me to be more involved, more engaged, and more educated. Ideally, I'll make better decisions regarding my longer-term financial goals.

In crisis, there is opportunity.

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 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.

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 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?)

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 back to regular blogging about Jerry, my lack of discipline, ... but until we have a reasonable way forward, I've got to stay diligent!

More faxes going out tonight. 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.

Here's a great article that just reinforces the stupidity and immorality of the current bill. You can read the full text here.

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 spending and 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.

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?