mm505: Could it happen again?

October 1, 2008
© Bo Widerberg | Dreamstime.com

© Bo Widerberg | Dreamstime.com

There’s more at stake in the present Wall Street bailout tsunami than the partisan posturing might lead you to believe.

Conservatives vs. moderates vs. progressives vs. everybody.

In a lifetime of casual reading about the Great Depression of the 1930s, the main cause that stuck in my mind was the wrong-headed protective tariffs established by the Smoot-Hawley act, which caused the economic dominos to topple all over the world.

Economists tell a different story; far less global, and very much local. David Leonhardt, in the NYTimes tells of some disturbing parallels with the current crisis.

Crisis feels altogether too bland a word for what the nation is facing today. Abyss feels more appropriate.

And if I exaggerate, that is a reflection of what I see and hear.

This one has even the normally oblivious shaken.

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8 Comments | Economic depression, Economy, History, Politics | Tagged: , , , , , | Permalink
Posted by mudge

mm454: It’s going to take a liberal quantity of BOLD

July 31, 2008

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© Michaeljung | Dreamstime.com

MUDGE’s Musings

We observe the first anniversary of the tragic collapse of the I-35W bridge in Minneapolis (August 1, 2007) with some sadness, and furious anger.

Sadness due to the thirteen lives lost, and 100+ injured.

Anger because the danger embodied in this country’s aging and dilapidated bridges, highways, levees and schools is criminally no closer to alleviation than 366 days ago.

Meanwhile, the economy is faltering: banks are failing, foreclosures are at record highs (three million empty houses!), the ranks of under- and unemployed growing apace.

What is it going to take to repair this country’s infrastructure osteoporosis?

What is it going to take to kick start the economy, to get people working and once again able to meet their mortgage obligations, perhaps even afford that $4.299/gallon gasoline?

It’s going to take a liberal quantity of bold.

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15 Comments | Afghanistan, Economic depression, Economy, Education, Government, History, Iraq occupation, McCain, Obama, Politics, Presidential election, Recession | Tagged: , , , , , , , , , , , , , , , , , , , , | Permalink
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mm344: Welcome to interesting times

April 11, 2008

MUDGE’s Musings

This is not the Navy related story I expected to write. But, as always, real life changed my plans.

More than many, the MUDGE household has been observing this past week’s American Airlines MD-80 debacle with more than passing interest.

There have been myriad news stories, in print and on line, much television (I’m told – I never watch TV news). It’s a topic that anyone who flies can relate to.

As it happens, we’re headed off on a much needed vacation next week to see the grandMUDGElets in L.A., and, as American most frequently protects that route with this disappointingly tiny (in the context of: traversing 2/3 of the continent), not to speak of disappointingly elderly (in the context of: acquired cheaply when American absorbed what was left of the once proud TWA many years ago), sardine can (in the context of: so small, there’s never been audio entertainment available, much less an in-flight movie. Not that this is much of a hardship, but, it is a 4-hour flight). It’s an awful flight, in the best of circumstances, especially for a somewhat larger than life person such as yr (justifiably) humble svt. You guessed it: we’ve got tickets on an MD-80 flight.

Q: What’s worse than flying an American Airlines MD-80 to Los Angeles?

A: NOT flying an American Airlines MD-80 to Los Angeles because the flight’s among 1,000 that they’ve been forced to cancel due to inadequate maintenance procedures finally catching up to them.

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2 Comments | "War on Terrorism", Air Force, Army, Business, Economic depression, Economy, Marines, Navy | Tagged: , , , , , , , , , | Permalink
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mm337: Dare we trust those who messed up to fix it?

April 3, 2008

MUDGE’s Musings

I can’t help it — our turbulent economic news continues to cause concern.

And, as we’ve pointed out, it’s increasingly top of mind most everywhere.

As a topic, it has appeared here with depressing regularity (depressing topic but lively and insightful commentary, of course!):

“May you live in interesting times”
mm335: Are you prepared for interesting times?
mm334: Rearranging deck chairs
mm333: “Great people shouldn’t have a resume”
mm331: Obama at Cooper Union: Lincoln?
mm328: Today’s economics lesson: Depression 101
mm309: The news Bush really hates you to hear
mm289: Recession: Paying the price for our power
mm285: Mayor Mike tells some hard truths
mm263: This man -so- wants to pull the trigger…
mm257: The R-Word – Not that racy television show
mm256: I don’t hate big corporations, either

Pointed here by American.com here’s a useful analysis that lays out the causes of the financial system’s deep crisis, and you might be surprised at the source: St. Alan Greenspan and the Federal Reserve that, directed by Greenspan’s successor, Ben Bernanke, now is portraying itself as our white knight.

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2 Comments | History, Politics | Tagged: , , , , , , , , , , | Permalink
Posted by mudge

mm335: Are you prepared for interesting times?

April 1, 2008

MUDGE’s Musings

I’d always heard it was a Chinese curse: “May you live in interesting times.” Wikipedia.org is not so sure.

Notwithstanding the source, I think we’re there.

We’ve written increasingly on the recession that has arrived, and the depression that might be lurking. Perhaps it’s time for a nanocorner of the ‘Sphere© link table.

“May you live in interesting times”
mm334: Rearranging deck chairs
mm333: “Great people shouldn’t have a resume”
mm328: Today’s economics lesson: Depression 101
mm309: The news Bush really hates you to hear
mm289: Recession: Paying the price … power
mm285: Mayor Mike tells some hard truths
mm263: This man -so- wants to pull the trigger…
mm257: The R-Word – Not that racy television show
mm256: I don’t hate big corporations, either

Jon Taplin, who always has interesting, big picture points of view, has a big word to teach us.

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1 Comment | Business, Civilization, Economy, Politics | Tagged: , , , , , , | Permalink
Posted by mudge

mm334: Rearranging deck chairs

March 31, 2008

MUDGE’s Musings

Paul Krugman is frequently quoted here in this nanocorner of the ‘Sphere©, because he so frequently cuts through the obfuscation and clarifies economic realities. (See this post, and this one, for example.)

Today, the George III administration announced with great fanfare their latest financial system reforms.

Krugman looked it over. His conclusion: There’s no there, there.

nytimes

The Dilbert Strategy

By PAUL KRUGMAN | Published: March 31, 2008

Anyone who has worked in a large organization — or, for that matter, reads the comic strip “Dilbert” — is familiar with the “org chart” strategy. To hide their lack of any actual ideas about what to do, managers sometimes make a big show of rearranging the boxes and lines that say who reports to whom.

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4 Comments | Economy, Politics | Tagged: , , , , | Permalink
Posted by mudge

mm333: "Great people shouldn’t have a resume"

March 30, 2008

MUDGE’s Musings

Mostly, this nanocorner of the ‘Sphere© looks at the news and opinions of the day, be it political, or sometimes technological, seeking some nugget of value that, out of the information inundation, resolves itself as unique and important to yr (justifiably) humble svt, and hopefully to you, faithful reader.

Today it’s not about what’s new. It’s about each of you.

This won’t take long. But it just might be the most important few words you’ve read this year.

It’s Sunday. The next workweek lurks, its dimensions unknown, its outcomes uncertain, beginning in a mere few hours.

It’s recession in America, and perhaps the world. What’s going to happen to your job this week?

Better start thinking about your next job.

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6 Comments | Career, Economy, Life Lesson | Tagged: , , , , | Permalink
Posted by mudge