Finally -- someone explained the bailout to me!

Puke warning ....

The firm got a letter from our financial advisor/broker to distribute to our 401(k) participants to let them know they were about to get their 3rd quarter statements.

When you get a letter warning you in advance that the statement is coming, you know the numbers are going to be ugly.

Fannie Mae and Freddie Mac leaders get rewarded for poor performance...hmm.

This just isn't right.

Who bails out the average working Joe when their performance is poor?

The shareholders should throw them in the dungeon.

Bush's Impressive Economic Record

Although you'd never know it from media reports of the last eight years, as today's Wall Street Journal (subscription required) describes, by almost every measure the economy has fared extremely well under President Bush. This despite the recession he inherited, 9/11, and two wars. I would strongly encourage you to read the entire column -- it's well worth it -- but here are a few excerpts:

- The U.S. unemployment rate averaged 4.7% from 2001-2007. This compares with a 5.2% average rate during President Clinton's term of office, and is well below the euro zone average of 8.3% since 2000.

- The average per-capita consumption of the U.S. population (citizens and illegal immigrants combined) was second only to Luxembourg's, out of 146 countries covered in 2005. The U.S. average was $32,045, well above the UK ($25,155), Canada ($23,526), France ($23,027) and Germany ($21,742). China stood at $1,751.

- President Bush will leave to his successor an economy 19% larger than the one he inherited from President Clinton. This U.S. expansion compares with 14% by France, 13% by Japan and just 8% by Italy and Germany over the same period.

You're as well off as you think you are

We've likely all heard about the power of positive thinking. Though often pooh-poohed, there is a certain amount of logic to this belief. After all, whoever heard of someone accomplishing something significant -- the Thirteen Colonies besting the British Empire to create a democracy, Edison inventing the electric light, landing on the moon, without first believing it was possible? Now comes a fascinating Gallup poll that shows more than twice as many Democrats (54%) than Republicans (25%) describe the economy as "poor".

Wealth, it should be noted, is created during times of economic malaise. Therefore, perhaps the difference between the two parties is that where Dems believe the sky is falling, Republicans, with a more positive outlook, see an opportunity to invest in an undervalued economy.

"The world is a fine place and worth the fighting for..."

What do you call a man who recites poetry and Hemingway? Who not only recognizes humanity's flaws, but possesses the compassion to refrain from condemning it? Who was tortured and imprisoned for five years, consciously choosing not to go home ahead of his fellow soldiers despite the opportunity to do so? Who, despite more than 25 years as a member of the House and Senate, is still so down-to-earth as to be described as a "scamp and cut-up" and who loses his temper when an injustice is committed? Who takes responsibility for his faults, most notably blaming the failure of his first marriage -- not on the five-year separation from his wife, nor the emotional scars from his time as a prisoner of war -- but on his own "selfishness and immaturity"? And finally, what do you call a man who has repeatedly risked his political career to pursue -- often with success -- even unpopular issues when he believes them to be right?

We currently call him Senator John McCain. My hope is that we will soon know him as President. Though laudable, I say this least because of his character, and most because of his stand on the issues -- free trade, liberal immigration reform, a tough and realistic approach to foreign policy, including a strong defense, opposition to tax increases, etc. The in-depth Newsweek article that reveals what made John McCain and who he is today, is not to be missed.

Redrawing the Iron Curtain

While Neo spoke, the rest of the world looked east with trepidation to the resurgence of the Russian Empire. Two columns, from the Financial Times and former White House speechwriter Daniel McGroarty, dissect the burgeoning crises.

Go tell it on the mountain!

Josh, we should have done this!

"Look to the clouds!" shouted one worshiper.

"Is he descending yet?" asked another.

"He must descend so we can change," the first one intoned. Then they began singing "O-bam-a" to the tune of Handel's "Messiah."

Sarah Palin?

Let the comments rip....

What Recession? Q2 GDP Revised Up

Perhaps it's fair to say that the economy isn't going gangbusters. That's what happens when wealthy speculators default on second, third and fourth homes, and Congress makes us pay for their overreach.

But things aren't all that bad when second quarter GDP is revised up from the initial report of 1.9% to 3.3%! That's a whopper of an increase! To put it in perspective, during the boom years of 2002-2006, GDP grew an average of 3%.

We're not out of the woods yet (If we were ever in the woods. Maybe we're in the shrubbery). There are plenty of things dragging on the economy (as there always are, even in the best of times). But, the next time someone tells you the sky is falling, tell them yes, it's falling up.

ABC Reporter Arrested in Denver; Researching Ties Between Dems & Big Donors

Freedom of the press apparently didn't make it onto the Democratic Party Platform this year.

Political Smear

It's a given that any article that begins, "Poo and pee dominated..." must: 1) have something to do with Democrats, and 2) is an entertaining and engaging bit of journalism. (Is that a Pulitzer I smell?)

The story explains that the Denver City Council has banned carrying urine and feces for nefarious purposes. (Am I the only one surprised that heretofore it was legal? Are there shiny, happy, benevolent reasons for carrying urine and feces that I've been missing out on?)

It seems the ordinance was passed (ironic word choice), and I quote from the headline here, "With the DNC in mind..." Hmmm.

Is this what they mean by... negative coverage? ...the seedier side of politics? ...yellow journalism? ...politicians run amok? ...a Kinsley gaffe? ...flip-flopping? ...he really stepped in it?

I suppose the Dems are simply learning from past mistakes. After all, had a similar law been enacted during the 2004 election, they might have prevented John Kerry's diarrhea of the mouth.

Political Humor

You may have seen this but I think it's funny!

Political Science for DummiesDEMOCRATIC You have two cows.Your neighbor has none.You feel guilty for being successful.Barbara Streisand sings for you. REPUBLICAN You have two cows.Your neighbor has none.So? SOCIALIST You have two cows.The government takes one and gives it to your neighbor.You form a cooperative to tell him how to manage his cow.
COMMUNIST You have two cows.The government seizes both and provides you with milk.You wait in line for hours to get it.It is expensive and sour. CAPITALISM, AMERICAN STYLE You have two cows.You sell one, buy a bull, and build a herd of cows. BUREAUCRACY, AMERICAN STYLE You have two cows.Under the new farm program the government pays you to shoot one, milk the other, and then pours the milk down the drain. AMERICAN CORPORATION You have two cows.You sell one, lease it back to yourself and do an IPO on the 2nd one. You force the two cows to produce the milk of four cows.You are surprised when one cow drops dead. You spin an announcement to the analysts stating you have downsized and are reducing expenses.Your stock goes up.
FRENCH CORPORATION You have two cows.You go on strike because you want three cows.You go to lunch and drink wine.Life is good.
JAPANESE CORPORATION You have two cows.You redesign them so they are one-tenth the size of an ordinary cow and produce twenty times the milk.They learn to travel on unbelievably crowded trains.Most are at the top of their class at cow school. GERMAN CORPORATION You have two cows.You engineer them so they are all blond, drink lots of beer, give excellent quality milk, and run a hundred miles an hour.
Unfortunately they also demand 13 weeks of vacation per year. ITALIAN CORPORATION You have two cows but you don't know where they are.While ambling around, you see a beautiful woman.You break for lunch.Life is good. RUSSIAN CORPORATION You have two cows.You have some vodka.You count them and learn you have five cows.You have some more vodka.You count them again and learn you have 42 cows.The Mafia shows up and takes over however many cows you really have. TALIBAN CORPORATION You have all the cows in Afghanistan , which are two.You don't milk them because you cannot touch any creature's private parts.You get a $40 million grant from the US government to find alternatives to milk production but use the money to buy weapons. IRAQI CORPORATION You have two cows.They go into hiding.They send radio tapes of their mooing. POLISH CORPORATION You have two bulls.Employees are regularly maimed and killed attempting to milk them. BELGIAN CORPORATION You have one cow.The cow is schizophrenic.Sometimes the cow thinks he's French, other times he's Flemish.The Flemish cow won't share with the French cow.The French cow wants control of the Flemish cow's milk.The cow asks permission to be cut in half.The cow dies happy. FLORIDA CORPORATION You have a black cow and a brown cow.Everyone votes for the best looking one.Some of the people who actually like the brown one best accidentally vote for the black one.Some people vote for both.Some people vote for neither.Some people can't figure out how to vote at all.Finally, a bunch of guys from out-of-state tell you which one you think is the best-looking cow.
CALIFORNIA CORPORATION You have millions of cows.They make real California cheese.Only five speak English.Most are illegals.Arnold likes the ones with the big udders.

Exodus from the Keys....