I’d Much Rather be wrong while guided by my principles than right using someone else’s.
I have thought this particular thought a thousand times while conversing with a variety of people over the years for a variety of reasons. Sometimes because I was struck with how wrong they were, how blind to what others have seen and gone through, sometimes because I’ve gotten the feeling that the person I was speaking to just seemed out of touch, or just plain stupid. There is a reason I put this in here. Let’s watch together and listen to Tom DeLay, being…well…Tom DeLay.
Tom is silly. He seems to think that the Government doing it’s job is taking responsibility for your actions. Maybe it’s me, but it sounds to me like Tom really meant “Government wants to make my billionaire banker buddies more responsible for their actions and I don’t like that”. He called the president a hypocrite for finding two trillion dollars to cut out of the budget, when he signed a bill that spends 787 billion dollars. Yeah, because jump starting the economy when the entire crux of the move is to JUMP START THE ECONOMY is somehow hypocritical. Yes i know he was going in a different direction then that, but It does not matter, The move was designed to help the economy, not Tom DeLay and his texas billionaire buddies. He still seems to think that cutting taxes to the point of starving the government so his friends can make money by the shovel full regardless of the effect on the economy is a good thing.
Ya Know, looking back at that first sentence, it looks like Tom thinks the same thing. The only issue is the man doesn’t actually have principles, he has partisan wants that he thinks are American, when they in actuality are the personification of greed, both on a personal and political level.
I’d much rather vote while guided by my principles that pick a winner just because he looks like one.
Ken Mitchell looked for all the world like the person who would win the City Council seat here on Staten Island’s north shore. But i decided to read what each of the candidates had in mind. After reading the thoughts and ideas of several people running in a special election yesterday, I picked the apparently almost entirely unheard of Donald Pagano. Of the slightly more than 10,000 people who voted yesterday, I was one of 383 people who voted for this man. 3% of the people voted for him. Ken Mitchell, who garnered 40% of the vote, looks to have won the race by 241 votes, but the second place finisher Debi Rose who got 38%, (whom i almost voted for) refuses to concede.
Most everyone in this race talked of transportation, health care, and education. The thing that pushed me to vote for Mister Pagano is that he is the only one who spoke of getting a state funded hospital for Staten Island, the only borough in the city of New York without one. The other major candidates did not speak to this issue. As a matter of fact, it was Debi Rose’s lack of any coherent plan on this front that pushed me away from voting for her.
I could have voted for either of these two, but went with who I thought was the best candidate. He lsot and that sucks, but I’m glad i gave him my vote. I’d frankly like to see whoever is declared the winner take up the fight for a state funded hospital here on Staten Island.
I’d much rather not watch the Financial markets fall apart. I don’t think I’m alone here.
I was looking at the plan for the stress tests for the Banks today. For those who don’t know, part of the test is as follows. Put the banks books through the following test. The test will see how the banks will respond if the Nation’s GDP losses 2% this year and recovers that 2% next year.
Wow. That seems very optimistic. If this is the stress test, it would, to my mind be a mess to use this, due to extreme and undue optimism of viewpoint not borne out by current trends. Most people’s projections up to this point have been badly off. No one, at the beginning of last year, thought we would be where we are now. No one thought the market would be near 7,000. Most projections I saw from that point saw a DJIA nearer to 11 or 12 thousand for end of 2008. No one thought unemployment would be over 7%. No one thought we would see a run on money market accounts to the tune of ½ trillion dollars in one day last September.
Now, to be truthful, I simply do not have enough information to know whether the banks stress test numbers are realistic projections, or if it is hopelessly optimistic, or what. Luckily, there is a second test which takes a more negative tack, with a loss of 3.3% of GDP this year and little to no recovery of that next year. The tests should be as negative as possible, to make sure we aren’t setting them up for failure due to an unrealistic optimism for our future. Negative viewpoints here can help to point out who is weaker than they think. If you asked each of these banks, they would tell you they are fine….right until they implode. Why do you think so many banks have had to be taken over this year, because they are doing well? They were weaker than they let on, and we the people, through the auspices of the Treasury department, need to make sure that the Bigger banks won’t do the same.
OK. Id’ much rather go hang out with my wife. Just a quick Viddy a few quotes and I’m done, and I can go hang.
Bill Isaac, President of the Financial consulting company Secura Group and former FDIC Chairman, talking about Stress Tests on Bloomberg tv this morning.
That’s it for me. Later!
Today’s Nuggets, by Robert A. Heinlein, Via Wikiquote: Political tags — such as royalist, communist, democrat, populist, fascist, liberal, conservative, and so forth — are never basic criteria. The human race divides politically into those who want people to be controlled and those who have no such desire. The former are idealists acting from highest motives for the greatest good of the greatest number. The latter are surly curmudgeons, suspicious and lacking in altruism. But they are more comfortable neighbors than the other sort.
Taxes are not levied for the benefit of the taxed.