Anagram: Systemic Risk/ Misery Sticks

      

    I am watching an absolutely fascinating show.  Frontline “Inside the Meltdown”  An amazing and strong look at how wall street collapsed last year.  If you dislike Henry Paulson, this show gives you more reason to.  It points the finger directly at him for the failure of Lehman, which in turn caused all types of issues.  including a run on money markets.  The most important words here are “Moral Hazard”  And I will say only three more words about this show.

     Watch this program.

    The Stimulus was signed today with much fanfare, and I am pleased to see that work with money from the Stimulus has already begun. 

    But there are more money woes out there, the big three needing up to $39,000,000,000, The market saw the stim signing, and the auto news, and  all the other things going on around the world, and decided that today was a good day to sell.  The DJIA dropped almost 300 points, and the S&P dropped below 800 points.  Things now are almost as bad as they were in November.

    This is going to be a short blog tonight, I am laid up on the couch, unable to get to the computer i normally use.  I really have no capacity to get to it, put on my back by the injury to my right ball…. which may be a hernia, but may also be an infection.  I’ll find out on Friday. The pain was excruciating, and has since somewhat calmed.

    I’m not pushing it though. 

       A second viddy, a few quotes and I am done.

     The viddy, from Bloomberg TV this morning, with Delphi Management President Scott Black.

    

     That’s it for me.  Later!

Today’s Nuggets, By Benjamin Franklin, via Wikiquote:  As we enjoy great advantages from the inventions of others, we should be glad of an opportunity to serve others by any invention of ours; and this we should do freely and generously.

Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes.

Anagram: I Foresee Untruth/ There Is No Future

     Before I begin, a beautiful rant, from a few years ago, but strong and true nonetheless.  The Man Himself, Henry Rollins, speaking on Strength of Action, Freedom, and the Internet’s role in both. If this is too strong for you, you are too weak.

   

   Having a “Happy Henry” love filled rant under your belt, it’s now time for some news.

    The Big three are back, well, two of them anyway, and it doesn’t look good for them.  Sales are plummeting.  GM has tried to sell both Hummer and Saab without success, and The Fiat Chrysler alliance seems less than a certainty, enough so that Chrysler is making alternate plans, should the deal fall through.   The UAW has made concessions, lowering new workers pay to near subsistence levels, and there is talk of further concessions, and both Chrysler and GM are offering Buyout options to long time employees.

    And it may not be enough.  Both companies may need Billions more.  We knew it would come to this, the only question is now, what price do we pay to save the American auto makers? It looks like they will ask for about $21,000,000,000 , with most of that, 18 billion dollars of it going to GM. 

     I don’t know what the cost to Americans will be if these car-makers fall through the cracks.  I am all for the marketplace dictating what businesses live and which ones die, but I don’t know that America can sustain what economic future it has without them, and the millions of jobs that are based around them.  It would undo the good that is the job creation of the stimulus package in one fell swoop if the American auto industry went the way of the dodo. 

   I Would ask congressional republicans to put away the partisan hats you wore, and the partisan axes you swung so deftly against the stimulus package for the sake of the American economy and it’s people.  I would ask that the incredibly harsh questioning you threw at the auto industry be put aside this time, just like you put it aside for your friends on wall street last week.  Yes, a few of you read them the riot act, but 3 people in a room of 30+ legislators is not throwing the book at wall street, it’s a show. 

     We don’t need a show.  We need vital help for a vital industry.  Politics be damned, save those Jobs. Don’t Be Republican.  Don’t be Democrats.  Don’t be Conservative.  Don’t be Liberal.  Rise above all that, and be American.

  In Other news, the Stimulus package will be signed into law tomorrow in Denver.  The lack of confidence in the stimulus package, and the auto industry mess i just spoke of are adding up to a bad wall street open for tomorrow.  The Futures market is down 100 points at this point. 

   Two videos, music this time, a few quotes and I am done. First up, The Sex Pistols, God Save the Queen.

      

      More Love for you? Sure Thing!  Love from the man Himself, Henry Rollins.

   

That’s it for me.  Later.

Today’s Nuggets, From the Man Himself, Henry Rollins, Via Wikiquote:  It is no surprise to me that hardly anyone tells the truth about how they feel. The smart ones keep themselves to themselves for good reason. Why would you want to tell anyone anything that’s dear to you? Even when you like them and want nothing more than to be closer than close to them? It’s so painful to be next to someone you feel strongly about and know you can’t say the things you want to.

My pen knows what to do. I close my eyes and I see this girl who glows. A girl who radiates. When she smiles, she beams. She warms my heart. I open my eyes with a feeling of floating past all the garbage around me. I will emerge unscathed because I will not endeavor to hide myself from whatever is coming. Bring on the worst. I welcome it with open arms.