I am up early. Still dark outside. When you live on the water, there are no lights out on the ocean to be seen. So dark is black. Black black!
The nice thing is I can hear the water. My desk is next to an open window on the second floor. Even though there is nothing to see, the sound of the running water is delightful!
I spent yesterday glued to the TV. This banking crisis intrigues me. It also scares me.
I cannot claim to totally understand it. Or even closely understand it. But obviously we appear in deep shit trouble! And time is being portrayed as of the essence!
A couple of random thoughts I would like to share.
The written 3 page instrument submitted by Secretary Paulson and the administration provided for no oversight and no accountability. A good deal for the Bush crew who permitted this problem to occur and develop.
My problem is that Paulson in his oral remarks stated clearly that he wanted oversight, etc. What a dramatic turn around!
I spent 46 years practicing law. If I ever dramatically deviated from the printed word in a court room, the judge would been all over me. But apparently not in government. Write one thing today and articulate another tomorrow. And no one deficates on you!
Strange. Especially where $700 billion dollars is involved.
Another concern is the quality of the security. These defaulted properties are described as “toxic.” Which means they suck! I wish I could go to the bank with lousy security and borrow money! All I ever heard in my banking experiences was what do you have for security and how good is it.
Maybe I was not borrowing enough money. It seems the more you want to borrow, the riskier the security can be!
Every one loves to spread blame. We are hearing words like greed and irresponsibility. Perhaps so. No, probably so. However it appears that what was done in making these loans was legal. The rules were lessened over the years. Deregulation became popular.
However when there is a problem of major concern, some one has to pay the peddler. Some one has to be responsible. So now the FBI is investigating AIG, Bear Stearns and the other companies involved. The witch hunt is on! Get the bastreds responsible! Some will be indicted. Many will be investigated. Persons and their familirs will live in fear. Lives will be destroyed.
And why? Because in our culture some one has to be responsible. After the fact, that is.
And that is what I do not like. Every one has a skeleton or two in the closet. Look long and hard enough and they will be found. And some one will pay.
But are they really the ones who should pay? I have no objection to pursuing and punishing those flagrantly wrong. However I do cry out that it is wrong to chase those who just happened to be there doing their jobs. And doing them properly under then existing laws.
However some one must swing from the gallows! Because that is the way it is.
I prefer just voting the actual wrongdoers out of office! Bring in new people. We need a breath of fresh air in Washington!
One last thing bothering me. This haste factor. Hurry up and pass this proposed legislation in a week. For that kind of money!
If any of us ran our businesses that way, we would never have succeeded in business. It sometimes scares me how government is run.
My primary concern again is this immediacy factor. Cheny was before the Republican members of Congress yesterday pushing them to support the legislation. The last time Cheny did that was when Bush wanted approval to invade Iraq. Remember, weapons of mass destruction!
I do not know the answer. But I hope Congress is not fooled again. They get paid to make the big decisions. I hope the right one is made, no matter what it is.
And now I have more important things to think about. It is Wednesday. The golf course awaits.