Detail, east Portland photo, courtesy Miles Hochstein / Portland Ground.



For old times' sake
The bojack bumper sticker -- only $1.50!

To order, click here.







Excellent tunes -- free! And on your browser right now. Just click on Radio Bojack!






E-mail us here.

About

This page contains a single entry from the blog posted on September 26, 2008 6:29 AM. The previous post in this blog was Please don't do this to our country. The next post in this blog is Tellin' it like it is. Many more can be found on the main index page or by looking through the archives.

Archives

Links

Law and Taxation
How Appealing
TaxProf Blog
Mauled Again
Tax Appellate Blog
A Taxing Matter
TaxVox
Tax.com
Josh Marquis
Native America, Discovered and Conquered
The Yin Blog
Ernie the Attorney
Conglomerate
Above the Law
The Volokh Conspiracy
Going Concern
Bag and Baggage
Wealth Strategies Journal
Jim Hamilton's World of Securities Regulation
myCorporateResource.com
World of Work
The Faculty Lounge
Lowering the Bar
OrCon Law

Hap'nin' Guys
Tony Pierce
Parkway Rest Stop
Utterly Boring.com
Along the Gradyent
Dwight Jaynes
Bob Borden
Dingleberry Gazette
The Red Electric
Iced Borscht
Jeremy Blachman
Dean's Rhetorical Flourish
Straight White Guy
HinesSight
Onfocus
Jalpuna
Beerdrinker.org
As Time Goes By
Dave Wagner
Jeff Selis
Alas, a Blog
Scott Hendison
Sansego
The View Through the Windshield
Appliance Blog
The Bleat

Hap'nin' Gals
My Whim is Law
Lelo in Nopo
Attorney at Large
Linda Kruschke
The Non-Consumer Advocate
10 Steps to Finding Your Happy Place
A Pig of Success
Attorney at Large
Margaret and Helen
Kimberlee Jaynes
Cornelia Seigneur
Mireio
And Sew It Goes
Mile 73
Rainy Day Thoughts
That Black Girl
Posie Gets Cozy
{AE}
Cat Eyes
Rhi in Pink
Althouse
GirlHacker
Ragwaters, Bitters, and Blue Ruin
Frytopia
Rose City Journal
Type Like the Wind

Portland and Oregon
Isaac Laquedem
StumptownBlogger
Rantings of a [Censored] Bus Driver
Jeff Mapes
Vintage Portland
The Portlander
South Waterfront
Amanda Fritz
O City Hall Reporters
Guilty Carnivore
Old Town by Larry Norton
The Alaunt
Bend Blogs
Lost Oregon
Cafe Unknown
Tin Zeroes
David's Oregon Picayune
Mark Nelsen's Weather Blog
Travel Oregon Blog
Portland Daily Photo
Portland Building Ads
Portland Food and Drink.com
Dave Knows Portland
Idaho's Portugal
Alameda Old House History
MLK in Motion
LoveSalem

Retired from Blogging
Various Observations...
The Daily E-Mail
Saving James
Portland Freelancer
Furious Nads (b!X)
Izzle Pfaff
The Grich
Kevin Allman
AboutItAll - Oregon
Lost in the Details
Worldwide Pablo
Tales from the Stump
Whitman Boys
Misterblue
Two Pennies
This Stony Planet
1221 SW 4th
Twisty
I am a Fish
Here Today
What If...?
Superinky Fixations
Pinktalk
Mellow-Drama
The Rural Bus Route
Another Blogger
Mikeyman's Computer Treehouse
Rosenblog
Portland Housing Blog

Wonderfully Wacky
Dave Barry
Borowitz Report
Blort
Stuff White People Like
Worst of the Web

Valuable Time-Wasters
My Gallery of Jacks
Litterbox, On the Prowl
Litterbox, Bag of Bones
Litterbox, Scratch
Maukie
Ride That Donkey
Singin' Horses
Rally Monkey
Simon Swears
Strong Bad's E-mail

Oregon News
KGW-TV
The Oregonian
Portland Tribune
KOIN
Willamette Week
KATU
The Sentinel
Southeast Examiner
Northwest Examiner
Sellwood Bee
Mid-County Memo
Vancouver Voice
Eugene Register-Guard
OPB
Topix.net - Portland
Salem Statesman-Journal
Oregon Capitol News
Portland Business Journal
Daily Journal of Commerce
Oregon Business
KPTV
Portland Info Net
McMinnville News Register
Lake Oswego Review
The Daily Astorian
Bend Bulletin
Corvallis Gazette-Times
Roseburg News-Review
Medford Mail-Tribune
Ashland Daily Tidings
Newport News-Times
Albany Democrat-Herald
The Eugene Weekly
Portland IndyMedia
The Columbian

Music-Related
The Beatles
Bruce Springsteen
Seal
Sting
Joni Mitchell
Ella Fitzgerald
Steve Earle
Joe Ely
Stevie Wonder
Lou Rawls

E-mail, Feeds, 'n' Stuff

Friday, September 26, 2008

Whistling past the graveyard

Just as the Iraq War is a million miles away from many of us, so too the financial crisis. Yesterday the bank in which my kids and I have a fair amount of money failed. My paycheck is supposed to be deposited in there next week. There's no crowd outside the defunct bank -- another bank is buying it. And even if another bank didn't, there is still, at least for the moment, enough money in the federal deposit insurance fund to cover all of us depositors at that particular savings institution.

So it's just another Friday, at least on the surface.

Deep down, though, I'm ready to get clubbed by a baseball bat. This country has lived in an obscene fantasy world these last seven years, and in just a moment the soft, seductive lights of that illusion are going to go out. Some pretty harsh fluorescent lights are about to be turned on in their place.

Tax cuts during wartime -- yeah, that worked.

Comments (23)

BILL CLINTON: I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.

"BILL CLINTON: I think the responsibility the Democrats have, may rest more in resisting any efforts by Republicans in the Congress, or by me when I was President; to put some standards and tighten up a little, on Fannie Mae and Freddie Mac."

Bill O'Reilly said: "Walk away from these liars -- these right-wing liars."

[ via MediaMatters .ORG ] From the September 25 broadcast of Westwood One's The Radio Factor with Bill O'Reilly:

O'REILLY: And all of these ideologues, it gets me angry. I do talk radio and most of talk radio is conservative-dominated ideologues, Kool-Aid-drinking idiots -- idiots -- screaming at you, "This is socialism," this is this, this is that, "It's Clinton's fault." "It's Clinton's fault." "It's Clinton's fault"? Clinton hasn't been in office in eight years.

It's Bush's fault. It happened on Bush's watch. You know, Bush could've prevented this. He could've gone in easily and said, "Merrill Lynch is dealing in bad paper." He could have said that. "Merrill Lynch is dealing in bad paper." "Fannie Mae, Freddie Mac -- they're dealing in bad paper," so you, the investor, don't invest in those companies. ....

"they" win; 'we loose'
"They" get to sail off in their 200+ foot yachts, the bilges loaded up with gold bullion, and 'we' get stuck trying to live in a house, hoping to feed our kids something besides beans and rice and praying we stay healthy enough to provide some stability for our families in a broken society.
Welcome to the new third world order.

Ironic that the most vociferous resistance to this "bailout of the rich" is coming from republicans. Pelosi, Reid, Schumer, Dodd and the rest of the democratic fold were quite willing to bend over and take it. The democratic party is joke. They no longer know what they stand for. The apathy and banality of the democratic party played as much a role in this mess as the cynical randian malice of the republicans. You cannot have one without the other.

You can point your fingers at both parties and the financial institutions for who is at fault for this one. A few people did stand up and say their was a problem but no one stood there beating the drum in warning. That's the point O'Reilly was making and I fully agree with him.

An article from Reuters jumped out at me this morning. Here's the beginning:

"U.S. banks and money managers borrowed a record amount from the Federal Reserve in the latest week, nearly $188 billion a day on average, showing the central bank went to extremes to keep the banking system afloat amid the biggest financial crisis since the Great Depression."

188 billion a day? Now granted this is not the same as the bailout, but still...that's more than 700 billion in 4 days.

By the way, anyone who thinks this isn't the Republicans fault is either on the talking points payroll - people assigned to flood radio stations and blogs with spin - or is simply delusional.

Maybe they share President Bush's messianic trait - if they say it's true, it becomes true.

And Jack, as I told the worried checker at Zupan's, it may be smart to be in a bank that fails early rather than later when things get really weird.

Thats absolute poppycock, Darrin. There were plenty of individuals beating the drum. Shiller, Schiff, Roubini, and even Krugman and Stiglitz come to mind.

The problem was that the public wanted their credit bubble and there was no way the the shills in the media were going to disabuse them of the notion that one can get money and chicks for free.

The average american is the dumbest citizen on this planet.

"Born and bred dopes"
Jas Jain

Oh come ON. To play like this is all Bush and your democrats were champions in all of this is too much BS. Even for an election year.

"And Jack, as I told the worried checker at Zupan's, it may be smart to be in a bank that fails early rather than later when things get really weird."

Actually its better to have your money somewhere where its not being devalued by inflation and currency imbalances. But most americans are clueless about money. They think it grows on trees -- thats its their "manifest destiny" to live beyond your means and not pay for it. The world owes you guys...right?

Darrin, O'Reilly has it wrong again. People have been warning of danger ahead for 3 or more years -- economists like Shiller, Roubini, and so on.

But that was on the upside and no one wanted to listen. As long as the stock market goes up and I can continue treating my house like a piggy bank....who cares?

People did not listen and some went as far as to make fun of those who were beating the drum. O'reilly's position is without merit.

Both parties are a JOKE -- the resistance is coming from a small handful of fiscal conservatives but they are not representative of the Republican party in general. The Republican party is just as rife with spendthrifts as the Democratic party.

We need a Fiscal Conservative/Social Liberal to run our country. But how could such a person get any traction in the current political system?

Jack, you're a smart guy. You mean to tell me you didn't see the writing on the wall weeks ago and pull your money out then? I pulled out of WaMu three weeks ago.

In the largest bank failure ever (measured by assets), there is a mark of redemption. The FDIC managed to help broker a deal for the sale of WaMu that managed to protect customers (accounts will function the same), high-value accounts (over the FDIC limit will be protected) and manage not to pay out (FDIC doesn't pay anything). If the FDIC can manage the largest bank failure without pumping in cash, maybe we should give THEM the money instead of Goldman-Sachs-Paulson.

WaMu was among many banks and public utilities that persisted (inappropriately) in sponsoring major events, public programs, Rose Festival floats, etc.

When, oh when, did banks cease being simply banks?

Good point Chris...today's happenings would seem to take the wind out of Paulson & Bernanke's arguments.

RW, unless you have more than what the FDIC covers, I don't see why you'd need to pull your money out of WaMu.

I pulled out of WaMu three weeks ago.

Where'd you go? My money's probably o.k. at Chase, at least for a while.

I don't see why you'd need to pull your money out of WaMu.

Because the US $ is going to crash.

Where'd you go? My money's probably o.k. at Chase, at least for a while.

Everbank is a good solution for noobs who do not want to deal with forex:
http://www.everbank.com/001Currency.aspx

Mark Cuban of all people has a very interesting solution to the financial crisis here:
http://blogmaverick.com/2008/09/26/my-bailout-solution-im-in-for-at-least-50mm/

Well you know what guys? I bought t-bills, 40 of them and took my deiscount.

Are Everbank forex deposits covered by FDIC? Did you check?

T-bills are close to the point where you're paying them to hold your money for you. Factor in inflation, and there you are.

One fallout from the WaMu takeover is that the TPG Group - those "nice" folks that wanted to take over PGE - lost $7 Billion that they had invested in WaMu.

everbank accounts are protected by the fdic but anyone who actually thinks this is meaningful is naive. this nation is insolvent and, imo, it is only a matter of time before it reneges on its guarantees.


Sponsors


As a lawyer/blogger, I get
to be a member of:

In Vino Veritas

Gascón, Colosal Red 2013
Cardwell Hill, Pinot Gris 2015
L'Ecole No. 41, Merlot 2013
Della Terra, Anonymus
Willamette Valley, Dijon Clone Chardonnay 2013
Wraith, Cabernet, Eidolon Estate 2012
Januik, Red 2015
Tomassi, Valpolicella, Rafaél, 2014
Sharecropper's Pinot Noir 2013
Helix, Pomatia Red Blend 2013
La Espera, Cabernet 2011
Campo Viejo, Rioja Reserva 2011
Villa Antinori, Toscana 2013
Locations, Spanish Red Wine
Locations, Argentinian Red Wine
La Antigua Clásico, Rioja 2011
Shatter, Grenache, Maury 2012
Argyle, Vintage Brut 2011
Abacela, Vintner's Blend #16 Abacela, Fiesta Tempranillo 2014
Benton Hill, Pinot Gris 2015
Primarius, Pinot Gris 2015
Januik, Merlot 2013
Napa Cellars, Cabernet 2013
J. Bookwalter, Protagonist 2012
LAN, Rioja Edicion Limitada 2011
Beaulieu, Cabernet, Rutherford 2009
Denada Cellars, Cabernet, Maipo Valley 2014
Marchigüe, Cabernet, Colchagua Valley 2013
Oberon, Cabernet 2014
Hedges, Red Mountain 2012
Balboa, Rose of Grenache 2015
Ontañón, Rioja Reserva 2015
Three Horse Ranch, Pinot Gris 2014
Archery Summit, Vireton Pinot Gris 2014
Nelms Road, Merlot 2013
Chateau Ste. Michelle, Pinot Gris 2014
Conn Creek, Cabernet, Napa 2012
Conn Creek, Cabernet, Napa 2013
Villa Maria, Sauvignon Blanc 2015
G3, Cabernet 2013
Chateau Smith, Cabernet, Washington State 2014
Abacela, Vintner's Blend #16
Willamette Valley, Rose of Pinot Noir, Whole Clusters 2015
Albero, Bobal Rose 2015
Ca' del Baio Barbaresco Valgrande 2012
Goodfellow, Reserve Pinot Gris, Clover 2014
Lugana, San Benedetto 2014
Wente, Cabernet, Charles Wetmore 2011
La Espera, Cabernet 2011
King Estate, Pinot Gris 2015
Adelsheim, Pinot Gris 2015
Trader Joe's, Pinot Gris, Willamette Valley 2015
La Vite Lucente, Toscana Red 2013
St. Francis, Cabernet, Sonoma 2013
Kendall-Jackson, Pinot Noir, California 2013
Beaulieu, Cabernet, Napa Valley 2013
Erath, Pinot Noir, Estate Selection 2012
Abbot's Table, Columbia Valley 2014
Intrinsic, Cabernet 2014
Oyster Bay, Pinot Noir 2010
Occhipinti, SP68 Bianco 2014
Layer Cake, Shiraz 2013
Desert Wind, Ruah 2011
WillaKenzie, Pinot Gris 2014
Abacela, Fiesta Tempranillo 2013
Des Amis, Rose 2014
Dunham, Trautina 2012
RoxyAnn, Claret 2012
Del Ri, Claret 2012
Stoppa, Emilia, Red 2004
Primarius, Pinot Noir 2013
Domaines Bunan, Bandol Rose 2015
Albero, Bobal Rose 2015
Deer Creek, Pinot Gris 2015
Beaulieu, Rutherford Cabernet 2013
Archery Summit, Vireton Pinot Gris 2014
King Estate, Pinot Gris, Backbone 2014
Oberon, Napa Cabernet 2013
Apaltagua, Envero Carmenere Gran Reserva 2013
Chateau des Arnauds, Cuvee des Capucins 2012
Nine Hats, Red 2013
Benziger, Cabernet, Sonoma 2012
Roxy Ann, Claret 2012
Januik, Merlot 2012
Conundrum, White 2013
St. Francis, Sonoma Cabernet 2012
Villa Antinori, Toscana 2012
Decoy, Cabernet, Sonoma 2013
Marqués de Murrieta, Reserva Rioja 2010
Kendall-Jackson, Grand Reserve Cabernet 2009
Seven Hills, Merlot 2013
Los Vascos, Grande Reserve Cabernet 2011
Abbot's Table, Columbia Valley 2014
Forlorn Hope, St. Laurent, Ost-Intrigen 2013
Upper Five, Tempranillo 2010 and 2012
The Four Graces, Pinot Gris 2015
Topsail, Syrah 2013
Jim Barry, The Lodge Hill Shiraz 2013
Robert Mondavi, Cabernet, Napa Valley 2012
Adelsheim, Pinot Gris 2014
Boomtown, Cabernet 2013
Boulay, Sauvignon Blanc 2014
Domaine de Durban Muscat 2011
Patricia Green, Estate Pinot Noir 2012
Crios, Cabernet, Mendoza 2011
WillaKenzie, Pinot Gris 2014

The Occasional Book

Peter Carey - True History of the Kelly Gang
Suzanne Collins - The Hunger Games
Amy Stewart - Girl Waits With Gun
Philip Roth - The Plot Against America
Norm Macdonald - Based on a True Story
Christopher Buckley - Boomsday
Ryan Holiday - The Obstacle is the Way
Ruth Sepetys - Between Shades of Gray
Richard Adams - Watership Down
Claire Vaye Watkins - Gold Fame Citrus
Markus Zusak - I am the Messenger
Anthony Doerr - All the Light We Cannot See
James Joyce - Dubliners
Cheryl Strayed - Torch
William Golding - Lord of the Flies
Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 62
At this date last year: 144
Total run in 2016: 155
In 2015: 271
In 2014: 401
In 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269


Clicky Web Analytics