I’ve been joking with a co-worker this afternoon that, given what happened today with the economic bailout package, and Wall Street’s reaction, we need to get to the grocery store to buy canned goods and ammo. Unfortunately, that may not be too far from reality. Most of the Republicans, and enough Democrats voted against the bail out plan that it failed and the Dow Jones Industrial Average nose-dived over 777 points. That’s the largest one day drop ever.
Read moreI know you can hardly wait for my take on the current economic crisis. I’ll be the first to admit, that like John McCain has said, I’m no expert on the economy. Certainly there are a lot of “financial products” out there I don’t have a clue about, but there are some things about the market and the politics around it I do understand. Any plan needs to come at this current economic problem from at least two directions. One direction must work on the consumer side to reduce the number of defaults and bad loans. This will help the economy and reduce the total cost of any bailout. On the other side, perhaps purchasing some percentage of an institutions bad debt is acceptable, but that institution has to absorb a portion of their bad decisions. This goes to trust and accountability.
Read moreCNet News is reporting that the Electronic Frontier Foundation has filed suit against the NSA, George Bush, Dick Cheney, and Alberto Gonzales on behalf of AT&T customers in order to try to halt what EFF calls “massive illegal” warrant-less surveillance of Americans.
Read moreI seem to recall that George Bush was all in favor of privatizing Social Security and having us all put all of our retirement funds in the stock market. I have a 401K at work. Unfortunately the company doesn’t contribute to it, but that’s not what this post is about. I checked yesterday, and my annual rate of return on it so far this year is -24%. (Yes, that’s a minus…negative in front of it.) So where would people be who depend solely on Social Security if their accounts had suddenly taken a 24% hit.
Read moreThe New York Times is reporting that military trainers who came to Guantanamo Bay in December 2002 based an interrogation class on a chart showing various “coercive” techniques for use on prisoners. What the trainers did not reveal, and may not have known, was that their chart had been copied an Air Force study of Chinese Communist techniques used during the Korean War to obtain false confessions from American prisoners. Whoohoo, we’re on a roll now.
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