In the flood of platitudes uttered every May to graduates across the country these words actually merit reading and consideration.
Penned by an anonymous community college dean, these few paragraphs are words to embrace.
Remember--culture leads, and the economy is the 'trailing indicator'.
Tuesday, May 12, 2009
Friday, May 8, 2009
So, What Does One Hundred Million Dollars Really Look Like?
One hundred million dollars is a lot of money to most mere mortals.
President Obama and friends are hoping that you never get past that initial emotional reaction.
One hundred million dollars!
That's like winning the Super Lotto five times in a row!
That's three Manny Ramirez salaries--at least when's he's not imbibing in performance-enhancing drugs...
That's, that's...more Ferrari's than can be driven in a lifetime!
But what is it, in proportion to the US Federal budget?
A clever young man has given us the best demonstration of all.
Gruff old Senator Everett Dirksen once growled during a 1960's budget debate, 'A few billion here, a few billion there, and pretty soon, it adds up to real money!'
Indeed it does.
And Obama plans to exponentially expand spending.
We are looking at 50 Trillion (with a T!--that means 'thousand billion') in unfunded obligations, with Medicare, Social Security, and further entitlements. Spending already promised, already in the pipeline.
So, how much is one hundred million dollars?
Just enough to insult our intelligence.
President Obama and friends are hoping that you never get past that initial emotional reaction.
One hundred million dollars!
That's like winning the Super Lotto five times in a row!
That's three Manny Ramirez salaries--at least when's he's not imbibing in performance-enhancing drugs...
That's, that's...more Ferrari's than can be driven in a lifetime!
But what is it, in proportion to the US Federal budget?
A clever young man has given us the best demonstration of all.
Gruff old Senator Everett Dirksen once growled during a 1960's budget debate, 'A few billion here, a few billion there, and pretty soon, it adds up to real money!'
Indeed it does.
And Obama plans to exponentially expand spending.
We are looking at 50 Trillion (with a T!--that means 'thousand billion') in unfunded obligations, with Medicare, Social Security, and further entitlements. Spending already promised, already in the pipeline.
So, how much is one hundred million dollars?
Just enough to insult our intelligence.
Thursday, May 7, 2009
Some Solutions on the Horizon for Health Care
This rolled out by Jeff Immelt at GE this morning.
I caught the first few minutes of the presentation, and it was enough to cheer the heart, at least a bit.
There are solutions to the health-care mess in this country. They are being created in the Third World, and exported back to us.
Now if the Federal Guv'mint will stay out of the way, and allow innovation to proceed.
Immelt made very clear: 'GE is not a charity. We're here to return profit to our investors.' But he also emphasized that countries with good health care in place, and a healthy citizenry, tend to be more wealthy.
He's right!
But, the national health care proposals proposed by Obama and the Congressional Democrats will overwhelm any creation of wealth resulting from improved health care.
We're already looking at 50-something trillion (that's with a 'T') in unfunded obligations at the Federal level. The 'solution' now traveling through Congress will not even be read, much less debated. No one knows, outside of the authors of the legislation, what mischief is contained within those hundreds of pages of numbing prose.
At least in the UK, they held an open debate on the subject, and the discussion continues to this day.
Do we really, really want our health care in the hands of the people who brought us Amtrak, Fannie and Freddie, the TARP, and the current management of both our banking and auto sectors?
Are these people really trustworthy?
I caught the first few minutes of the presentation, and it was enough to cheer the heart, at least a bit.
There are solutions to the health-care mess in this country. They are being created in the Third World, and exported back to us.
Now if the Federal Guv'mint will stay out of the way, and allow innovation to proceed.
Immelt made very clear: 'GE is not a charity. We're here to return profit to our investors.' But he also emphasized that countries with good health care in place, and a healthy citizenry, tend to be more wealthy.
He's right!
But, the national health care proposals proposed by Obama and the Congressional Democrats will overwhelm any creation of wealth resulting from improved health care.
We're already looking at 50-something trillion (that's with a 'T') in unfunded obligations at the Federal level. The 'solution' now traveling through Congress will not even be read, much less debated. No one knows, outside of the authors of the legislation, what mischief is contained within those hundreds of pages of numbing prose.
At least in the UK, they held an open debate on the subject, and the discussion continues to this day.
Do we really, really want our health care in the hands of the people who brought us Amtrak, Fannie and Freddie, the TARP, and the current management of both our banking and auto sectors?
Are these people really trustworthy?
Sunday, May 3, 2009
Mine That Bird and Other Inspirational Competitors
It's moments like this that remind us why the Kentucky Derby is what it is.
A $9500 gelding, driven twenty-one hours from New Mexico by his injured trainer, squeezed at the gate and starting dead last, guided along the rail by the world's most fearless jockey, winning by 6 3/4 lengths(and still accelerating as he crossed the wire).
What makes a moment like this so incredibly special, inspiring and joyful?
Could it be because we saw a real competition unfold before our eyes, in contrast to the endless manipulations of money and power that have so crippled so much of the world, and fertilized and watered our cynicism?
The best horse, guided by the best jockey, ran against the odds (50 to 1) through the mud, straight into our hearts and memories: We'll all remember where we were and who we were with when we saw the 2009 Derby.
Two weeks ago, we saw it unfold in slow motion at the Masters, as Angel Cabrera refused to give up, even when trapped behind a tree, and Kenny Perry came within two inches of the green jacket, only to watch it slide away, just like his first putt on the 72nd hole.
Perry lost the tournament, and won our hearts, as he applauded Cabrera on the putt on the 72nd hole that kept his hopes alive.
It was a real competition, played out in the open, within the strictest rules in sport.
Cabrera took the green jacket home, a most well-deserved prize, the pride of Argentina. (He admitted later in an interview that he checked his closet every day, just to make sure it was still there.)
Kenny Perry returned to Kentucky to a hug from his dad, the admiration of his wife and children, a flood of phone calls and letters, and the realization that at age 48, he's in the middle of his best years as a professional athlete.
That's what real competition does--it creates all sorts of winners, in all sorts of ways.
Please somebody, let Congress, the White House and the Captains of Industry in on the secret...
A $9500 gelding, driven twenty-one hours from New Mexico by his injured trainer, squeezed at the gate and starting dead last, guided along the rail by the world's most fearless jockey, winning by 6 3/4 lengths(and still accelerating as he crossed the wire).
What makes a moment like this so incredibly special, inspiring and joyful?
Could it be because we saw a real competition unfold before our eyes, in contrast to the endless manipulations of money and power that have so crippled so much of the world, and fertilized and watered our cynicism?
The best horse, guided by the best jockey, ran against the odds (50 to 1) through the mud, straight into our hearts and memories: We'll all remember where we were and who we were with when we saw the 2009 Derby.
Two weeks ago, we saw it unfold in slow motion at the Masters, as Angel Cabrera refused to give up, even when trapped behind a tree, and Kenny Perry came within two inches of the green jacket, only to watch it slide away, just like his first putt on the 72nd hole.
Perry lost the tournament, and won our hearts, as he applauded Cabrera on the putt on the 72nd hole that kept his hopes alive.
It was a real competition, played out in the open, within the strictest rules in sport.
Cabrera took the green jacket home, a most well-deserved prize, the pride of Argentina. (He admitted later in an interview that he checked his closet every day, just to make sure it was still there.)
Kenny Perry returned to Kentucky to a hug from his dad, the admiration of his wife and children, a flood of phone calls and letters, and the realization that at age 48, he's in the middle of his best years as a professional athlete.
That's what real competition does--it creates all sorts of winners, in all sorts of ways.
Please somebody, let Congress, the White House and the Captains of Industry in on the secret...
The Chrysler 'Bankruptcy'--It Ain't About Chrysler, Folks
This from Robert Saloman, eminently worth reading.
If you think it's just dry stuff about bankers and lawyers, read it again. It should put a chill up your spine, and cause you to cheer for the creditors who won't allow the Obama White House to subvert the rule of law, and bully them for good measure.
At bottom, the problems with this 'bankruptcy' are ethical:
1. The senior secured lenders are, by law, entitled to stand first in line. There are assets to liquidate (or reorganize and turn into money-makers) to settle their claims. Chrysler certainly holds the rights to thousands of design patents on vehicles, parts, and manufacturing processes. For instance, the mini-van is a very serviceable configuration--millions of moms with kids around the country can't be that wrong. The Dodge pickups, if marketed well, can give the Ford F-150/250/350 lines a real run for their money. Why can't two smaller(NON-UNION!) firms be organized to manufacture and distribute these vehicle lines? Without the horrendous per-vehicle expense added by the UAW's health/pension/work rules/featherbedding, these can be delivered to market profitably. We will always have mommies, farmers, ranchers, building contractors and hunting/fishing enthusiasts who will buy these vehicles. Add in the patents on parts and processes, available to sell or license, and Chrysler looks like a cash orchard awaiting harvest.
2. Why the **&&@@@@!!!! is the UAW being offered 55% of Chrysler? These clowns are in great part responsible for this train wreck. Remember how they would call a strike on one of the Big Three in order to force it to knuckle under, and then pick off the other two in succession. The only upside is that a majority stake might force them to act like adults for the first time in history. They can't 'stick it to The Man' if they themselves are 'The Man'. But after seven decades of wanton childishness, how optimistically should we await this 'conversion experience', this epiphany, this Damascus Road moment, this change of heart?
3. We the taxpayers have been dragged involuntarily, and under false pretenses, into this mess. We can kiss almost every penny shoveled in Chrysler's direction goodbye. Until today, I didn't know that we were protected by a third priority lien, which means we finish about twenty lengths behind the UAW, which (immorally and erroneously) has been positioned as the defacto holder of the first lien. Those promises made to UAW were premised on the expectation that Chrysler would make profit, from which the health and pension bennies would be paid. No profit, no bennies; and it's not up to us to cough up just because profit wasn't made.
So, when is a senior secured debt not a senior secured debt?
When the UAW is in the room? When the White House(of either party) decides that a bankrupt enterprise is 'too big to fail'?
And, next time, when a pension fund manager looks at buying senior secured debt issued by Corporation Q....(remembering of course that the manager bears fiduciary responsibility for his actions)???
Personally, I hope the senior debt holders raise unshirted Cain in court, and tie up the process for months. There's enough Chrysler inventory out there to keep purchasers happy, so the plants can stay closed into next year, no problem.
This isn't about the survival of Chrysler.
It is about the survival of the rule of law.
It is a question of ethics.
If you think it's just dry stuff about bankers and lawyers, read it again. It should put a chill up your spine, and cause you to cheer for the creditors who won't allow the Obama White House to subvert the rule of law, and bully them for good measure.
At bottom, the problems with this 'bankruptcy' are ethical:
1. The senior secured lenders are, by law, entitled to stand first in line. There are assets to liquidate (or reorganize and turn into money-makers) to settle their claims. Chrysler certainly holds the rights to thousands of design patents on vehicles, parts, and manufacturing processes. For instance, the mini-van is a very serviceable configuration--millions of moms with kids around the country can't be that wrong. The Dodge pickups, if marketed well, can give the Ford F-150/250/350 lines a real run for their money. Why can't two smaller(NON-UNION!) firms be organized to manufacture and distribute these vehicle lines? Without the horrendous per-vehicle expense added by the UAW's health/pension/work rules/featherbedding, these can be delivered to market profitably. We will always have mommies, farmers, ranchers, building contractors and hunting/fishing enthusiasts who will buy these vehicles. Add in the patents on parts and processes, available to sell or license, and Chrysler looks like a cash orchard awaiting harvest.
2. Why the **&&@@@@!!!! is the UAW being offered 55% of Chrysler? These clowns are in great part responsible for this train wreck. Remember how they would call a strike on one of the Big Three in order to force it to knuckle under, and then pick off the other two in succession. The only upside is that a majority stake might force them to act like adults for the first time in history. They can't 'stick it to The Man' if they themselves are 'The Man'. But after seven decades of wanton childishness, how optimistically should we await this 'conversion experience', this epiphany, this Damascus Road moment, this change of heart?
3. We the taxpayers have been dragged involuntarily, and under false pretenses, into this mess. We can kiss almost every penny shoveled in Chrysler's direction goodbye. Until today, I didn't know that we were protected by a third priority lien, which means we finish about twenty lengths behind the UAW, which (immorally and erroneously) has been positioned as the defacto holder of the first lien. Those promises made to UAW were premised on the expectation that Chrysler would make profit, from which the health and pension bennies would be paid. No profit, no bennies; and it's not up to us to cough up just because profit wasn't made.
So, when is a senior secured debt not a senior secured debt?
When the UAW is in the room? When the White House(of either party) decides that a bankrupt enterprise is 'too big to fail'?
And, next time, when a pension fund manager looks at buying senior secured debt issued by Corporation Q....(remembering of course that the manager bears fiduciary responsibility for his actions)???
Personally, I hope the senior debt holders raise unshirted Cain in court, and tie up the process for months. There's enough Chrysler inventory out there to keep purchasers happy, so the plants can stay closed into next year, no problem.
This isn't about the survival of Chrysler.
It is about the survival of the rule of law.
It is a question of ethics.
Sunday, April 26, 2009
Daniel Hannan May Be The Man For Such A Time As This
A new, and extended speech from Dan Hannan, the fearless wordsmith who took Gordon Brown apart in front of the world two or three weeks ago.
It doesn't take a significant mental leap to see how these words can be addressed to/about Obama, Pelosi, Reid, Barney Frank, Hank Paulson, Tim Geithner, etc, etc.
Hannan made a temporary splash, just breaking over the radar here.
He needs to be heard at length.
And, he writes with equal eloquence, as evidenced in his regular contributions to the Telegraph here.
It doesn't take a significant mental leap to see how these words can be addressed to/about Obama, Pelosi, Reid, Barney Frank, Hank Paulson, Tim Geithner, etc, etc.
Hannan made a temporary splash, just breaking over the radar here.
He needs to be heard at length.
And, he writes with equal eloquence, as evidenced in his regular contributions to the Telegraph here.
Thursday, April 23, 2009
Gomer Pyle, Second Stanza
Sargeant Carter!! Sargeant Carter!! You'll never guess what just happened!!
GM will default, and finally do what should have been done long ago--head to bankruptcy court.
Now, how much money did the politicians hand these clowns in the effort to avoid the obvious?
Remember December, when Senator Corker tried to negotiate a deal that looked like bankruptcy, with the taxpayer playing a 'debtor-in-posession' role?
Remember how the head of the UAW, Gettlefinger, arrogantly rejected the deal, vilifying Corker in the process? Remember how he demanded to see the books of Toyota before he would consider a deal for GM?
When the press begins the crocodile tears, remember how GM got here. Remember the decades of shabby cars, rip-off financing, dealerships that made their fortunes with inflated prices on cars, parts, service, bogus fees, and general rank dishonesty.
They weren't too big to fail. They were too stupid and greedy to succeed.
GM will default, and finally do what should have been done long ago--head to bankruptcy court.
Now, how much money did the politicians hand these clowns in the effort to avoid the obvious?
Remember December, when Senator Corker tried to negotiate a deal that looked like bankruptcy, with the taxpayer playing a 'debtor-in-posession' role?
Remember how the head of the UAW, Gettlefinger, arrogantly rejected the deal, vilifying Corker in the process? Remember how he demanded to see the books of Toyota before he would consider a deal for GM?
When the press begins the crocodile tears, remember how GM got here. Remember the decades of shabby cars, rip-off financing, dealerships that made their fortunes with inflated prices on cars, parts, service, bogus fees, and general rank dishonesty.
They weren't too big to fail. They were too stupid and greedy to succeed.
Monday, April 20, 2009
France in 1938--encore
Martin also covers in detail the quandry faced by the French leadership in the late 1930's: The Great War had decimated a great portion of a generation, creating a demographic 'hole' that ensued in 1935. Even had they had the wisdom and will to go toe-to-toe with Hitler (and they had neither), they didn't have enough young people to staff the armed forces. Which explains in great part why my mother's best friend was sent from a small town in Kentucky to die on a beach in Normandy.
Now consider this, a brilliant post from Bearwatch.
Life is sacred, period.
It's a truth, not just a fond sentiment.
Now consider this, a brilliant post from Bearwatch.
Life is sacred, period.
It's a truth, not just a fond sentiment.
Chilling Words from an Historian
Several long-overdue days spent at the beach at a friend's apartment last week.
The second-best thing there (just behind the beach view) is his well-stocked bookshelf.
Tucked away between the big volumes was one of the best books I've encountered in years:
Benjamin Martin's France in 1938.
It truly is a page turner, because morbid curiosity compels the reader to read on to the next page's folly, enacted by a ridiculous cast of characters. And the thought kept occurring throughout: 'My mother's best friend died on the beach in Normandy, in great part to rescue these clowns from themselves. Mention the boy's name, and at age 83, she still breaks into tears...relieved to know she'll never truly know what transpired before poor Tom was sent to his death.'
Two cogent moments to share: Martin recalls the story of a search committee for a university presidency interviewing the final three candidates. Three candidates--a mathemetician, an economist, and a lawyer. One question--'How much is 2+2?'
The mathematician says: 'Four'.
The economist says: 'Maybe three, maybe five, it depends...'.
The lawyer says: 'What do YOU want the sum to be?'
(The lawyer gets the job.)
And, he reminds us of the cynical proverb: 'You don't always get what you pay for, but you always pay for what you get.'
Words to keep in mind, considering the economists and lawyers presently in control of our country...
The second-best thing there (just behind the beach view) is his well-stocked bookshelf.
Tucked away between the big volumes was one of the best books I've encountered in years:
Benjamin Martin's France in 1938.
It truly is a page turner, because morbid curiosity compels the reader to read on to the next page's folly, enacted by a ridiculous cast of characters. And the thought kept occurring throughout: 'My mother's best friend died on the beach in Normandy, in great part to rescue these clowns from themselves. Mention the boy's name, and at age 83, she still breaks into tears...relieved to know she'll never truly know what transpired before poor Tom was sent to his death.'
Two cogent moments to share: Martin recalls the story of a search committee for a university presidency interviewing the final three candidates. Three candidates--a mathemetician, an economist, and a lawyer. One question--'How much is 2+2?'
The mathematician says: 'Four'.
The economist says: 'Maybe three, maybe five, it depends...'.
The lawyer says: 'What do YOU want the sum to be?'
(The lawyer gets the job.)
And, he reminds us of the cynical proverb: 'You don't always get what you pay for, but you always pay for what you get.'
Words to keep in mind, considering the economists and lawyers presently in control of our country...
Thursday, April 9, 2009
In the running for the FUBAR award-Synovus
Synovus, a Georgia bank services holding company, that provides 'back-office' work for a chain of small (and I suspect badly-managed) banks, including one I have the dubious pleasure of banking at(and a proud recipient of TARP money, besides!).
I was instructed in February to change the password to a business account access page--12 to 24 characters, combine numbers and letters, etc.
I dutifully comply, and all is well. Until today...
I type in the password, and can get no more than 8 characters into the little box.
Hmm...call the bank, get Synovus's phone number, go through their phone tree(of course no person answers--it's a friggin' bank!), leave a voice mail, check my watch(working on deadline, this has burned half an hour), head off to tasks that must be done by end of the business day.
Phone rings at the post office, and Polite Lady finally understands after I explain it to her three or four times(check my watch again), and she explains that the password is only eight characters long, no need to mix letters and numbers, why was I using such a long password?
I explain that all worked well until today, and Polite Lady leaves me an alternate password to work from.
I ask her, 'How was I supposed to find out about this change? I'm not on the telepathic frequency of the folks at Synovus, obviously! Why am I doing my job and yours as well? This is the third time in two months I've wasted hours on Synovus screw-ups. I'd like a call from your manager, please.'
Still waiting for the call.
Head to the bank, make a deposit, tell the branch manager what happened, and she plays Sympathetic Lady, who will never pass the word on that their vendor is screwing their customers.
After all, since the Treasury gives them all the free money they could ever want, why bother with keeping customers? Hell's Bells, we just get in the way!
Of course, the public relations folks have the insincere linguistic drill memorized. Check out the first paragraph for a chuckle.
Shame is, if Congress would just let these clowns fail, other banks run by people who might give a rip could get going.
But we live in a culture where failure is rewarded, and thus guaranteed.
Is this a small matter? Maybe. Multiply it by several thousand similar instances a day, and one wonders how long the road to recovery will be. Geithner can spew cash with a firehose, but until the culture changes, nothing changes.
I was instructed in February to change the password to a business account access page--12 to 24 characters, combine numbers and letters, etc.
I dutifully comply, and all is well. Until today...
I type in the password, and can get no more than 8 characters into the little box.
Hmm...call the bank, get Synovus's phone number, go through their phone tree(of course no person answers--it's a friggin' bank!), leave a voice mail, check my watch(working on deadline, this has burned half an hour), head off to tasks that must be done by end of the business day.
Phone rings at the post office, and Polite Lady finally understands after I explain it to her three or four times(check my watch again), and she explains that the password is only eight characters long, no need to mix letters and numbers, why was I using such a long password?
I explain that all worked well until today, and Polite Lady leaves me an alternate password to work from.
I ask her, 'How was I supposed to find out about this change? I'm not on the telepathic frequency of the folks at Synovus, obviously! Why am I doing my job and yours as well? This is the third time in two months I've wasted hours on Synovus screw-ups. I'd like a call from your manager, please.'
Still waiting for the call.
Head to the bank, make a deposit, tell the branch manager what happened, and she plays Sympathetic Lady, who will never pass the word on that their vendor is screwing their customers.
After all, since the Treasury gives them all the free money they could ever want, why bother with keeping customers? Hell's Bells, we just get in the way!
Of course, the public relations folks have the insincere linguistic drill memorized. Check out the first paragraph for a chuckle.
Shame is, if Congress would just let these clowns fail, other banks run by people who might give a rip could get going.
But we live in a culture where failure is rewarded, and thus guaranteed.
Is this a small matter? Maybe. Multiply it by several thousand similar instances a day, and one wonders how long the road to recovery will be. Geithner can spew cash with a firehose, but until the culture changes, nothing changes.
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