Sunday, September 21, 2008
Desperate Days
Excuse me, but I just have to have another short rant.
The ABC website reports on this ongoing story:
A group of historians is suing Vice-President Dick Cheney for refusing to promise not to destroy his records and documents pertaining to his time in the White House. His defence?
OK. So I guess we learned that all wrong in history class.
It is a pity, because I was actually hoping to learn something of the real chronology of the lead-up to the Afghan-Iraq war.
And I am hoping someone can educate me as to what possible advantage to the average citizen this new bailout of the financial institutions is going to have? The government is basically going to buy the bad debts from the derivatives companies at their face value, not even (as is normal in such cases) at the usual rate of 10-15% of their book value-- which at least would give a reasonable chance of getting some of the money back.
Then of course there will be the almost impossible task of unravelling the infinitely complex mortgage holdings; even the companies owning them don't have a clue what is in them... this aspect alone is going to cost the government billions.
It is desperate days in the White House, let us all pray fervently that the next Administration can re-assert the law of reason and justice in America.
The ABC website reports on this ongoing story:
A group of historians is suing Vice-President Dick Cheney for refusing to promise not to destroy his records and documents pertaining to his time in the White House. His defence?
The lawsuit stems from Cheney's position that his office is not part of the executive branch of government.
OK. So I guess we learned that all wrong in history class.
It is a pity, because I was actually hoping to learn something of the real chronology of the lead-up to the Afghan-Iraq war.
And I am hoping someone can educate me as to what possible advantage to the average citizen this new bailout of the financial institutions is going to have? The government is basically going to buy the bad debts from the derivatives companies at their face value, not even (as is normal in such cases) at the usual rate of 10-15% of their book value-- which at least would give a reasonable chance of getting some of the money back.
Then of course there will be the almost impossible task of unravelling the infinitely complex mortgage holdings; even the companies owning them don't have a clue what is in them... this aspect alone is going to cost the government billions.
It is desperate days in the White House, let us all pray fervently that the next Administration can re-assert the law of reason and justice in America.
# posted by vailian : 10:28 AM
Comments:
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A return to reason and justice in America. Yes. Sorely needed.
The Wall St. bailout will not only have immense short-term consequences. Future historians will refer to it as a watershed in American history.
But will Americans and their leaders draw the right lessons from this major systemic breakdown?
The accumulation of lies, distortions, fantasies, cognitive dissonance, and other such morbid symptoms of disengagement from reality that we have witnessed in recent American history, will, alas, probably continue.
The Wall St. bailout will not only have immense short-term consequences. Future historians will refer to it as a watershed in American history.
But will Americans and their leaders draw the right lessons from this major systemic breakdown?
The accumulation of lies, distortions, fantasies, cognitive dissonance, and other such morbid symptoms of disengagement from reality that we have witnessed in recent American history, will, alas, probably continue.
A perfect example of damned if you do, damned if you don't, I think.
And DEFINITELY another example of failing of the current administration.
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And DEFINITELY another example of failing of the current administration.
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