Now I own AIG...

I woke up this morning to discover that I am the proud owner of an insurance company. I do not recall ever wanting to own an insurance company. For that matter, I do not recall wanting to own a brokerage house or even a mortgage company, but I find that, along with several million of my closest friends, I own them.

Now, I suppose there are some advantages to preventing the financial markets from melting completely but is this the best way to do it? And what happens with these firms next? Does the Federal Government become and insurance company "on the side?" Would this mean that every month, I could elect to have my mortgage, insurance and other bills (especially if this is a new trend in Federal direction) deducted directly from my paycheque as a routine tax deduction like FICA and income tax? Could I have it done in pretext dollars just to make filling in my income tax forms at the end of the year? Maybe this is a good thing. But I do not believe it.

But we are not in a recession....

TOKYO - Asian stock markets plummeted Tuesday as the collapse of Lehman Brothers and takeover of Merrill Lynch spurred fears of an imminent global financial crisis. European markets extended losses in early trading after falling sharply Monday. (Yahoo News)

But a financial crisis is not a recession. Just ask those who were around in 1929.

The cost of Real ID...and the value?

ALBANY -- Starting Tuesday, New Yorkers will be able to purchase enhanced drivers' licenses that may also be used for land or sea travel between the United States and Canada, Mexico and the Caribbean. (PressConnects)

So, it is not, "New Yorkers will be required to acquire" but instead will be available for purchase, despite the fact that you will still need a passport to travel internationally. So unless you only fly across the country, this form if ID will be virtually useless, oh, except as a driver's license. And for this, you will have to shell out almost $100. For the privilege of driving. Someone commented that this is all about money and not about homeland security. I am afraid I have to agree. Especially since this ID is ONLY available for US citizens that are New York residents. What about those that are in the country legally but not citizens? I guess they still have to rely on their passports. Just like citizens of the United States should be doing anyway.

Some good ideas, from North of the border

Our friends in Canada are in the throes of an election just like here in the United States. However, unlike here in the United States, where the election process has been in full swing now for close to four (or eight) years, Canada's election was called last week and will be held in October, a quick sixty days at most (the United States could take lessons).

One set of ideas being put forward by the New Democratic Party is actually quite interesting and, of course, would drive most Americans nuts. The NDP is suggesting that ATM fees be abolished and credit card rates be capped at 5% over prime. I can support both of these. The banking industry, despite the "failures" continues to make huge profits and continues to gig the average user for every hidden fee they can pile on should take note of the general distaste of the banking public for these pointless fees and usury level charges.

Now, if we can figure out some good solutions to these bizarre gas prices, we might begin to move the economy forward.

But don't call it a recession

Markets are skidding across much of the globe as investors absorb the bankruptcy filing at Lehman Brothers Holdings Inc. and Merrill Lynch & Co's's forced sale to Bank of America Corp. for $50 billion in stock. And perhaps most ominously, American International Group Inc. is asking the Federal Reserve for emergency funding. The world's largest insurance company plans to announce a major restructuring Monday. (WTOP)

In yesterday’s Washington Post, there was an editorial from a “respected” economist who put forward the argument that the economy is strong, not heading for a “recession” and in fact has grown by an impressive 3.3 percent in the second quarter. I guess he wrote the article in late August instead of mid-September.

Yes, technically the United States and many other countries are not in an economic recession, which is defined as two quarters in a row of declining GDP. But is that a realistic measure? Some would argue that it is, while those that are not tenured professors and have to deal with the ramifications would argue that the US is at least in the grips of a down turn.

Some examples: Unemployment is up in industries that are “luxuries,” such as restaurant and retail and most retail operations are seeing a downturn in sales. This is a subtle sign of a down turn. IT spending is expected to decline in the third quarter and be stagnant in the fourth, while hiring is expected to go negative in the fourth quarter. Negative. That mean people that keep IT systems running will be put out of work. Very few organizations have enough employees to keep their systems running to “lay off” anyone. Wages are not increasing, despite increasing costs due primarily to fuel. Of course, this mean that inflation is being held in check, at least economically, but at the end of the day, it means people have less to spend, even on things they need, such as gas to get to work. At the end of the day, people spend the day at home instead of going out. This is not a recession.

The final slap in the face is the federal takeover of BearSterns, before they then sold it to someone else, the takeover of Freddie and Fannie and finally this weekend, the failure of two more financial houses. But this is not a recession. The failures of course are blamed on bad loans. Stupid banking practices and an over inflated definition of value of the home and the goods and services therein. But we are not in a recession. How many people are going to lose their jobs over these turnovers? How much less will they be paid? How much more money will be “taken out” of the economy? Major newspapers are cutting staffs at incredible rates, also increasing the amount of money coming out of the economy. But this is not a recession.

If it is not a recession, then please explain to me what it is, because it is not a growing or even a healthy economy.

Don't waste my time

Before you sit down at your PC and either forward me a fake photo of Alaska Gov. Palin or rant about some conspiracy around said photo(s), please take 20 seconds and verify your data. Chances are, it is a FAKE.

http://www.snopes.com/photos/politics/palin.asp

Pay Grade?

"Conservatives see her as a kindred spirit who lives her anti-abortion words in the most profound way: by giving birth to a child she knew would be born with Down syndrome. Gun owners see her as authentically one of them: a hunter with a passion for the outdoors and gun freedom." (Yahoo News)

This is not the first time I have asked this question, and I am sure it certainly will not be the last...actually there are several questions here, but let's go with the obvious one first, that being HOW can you possibly support guns and gun rights and be a parent? The logic just stupefies me. I have listened to the rants and the diatribes. Everything from "if you teach them safety they will know not to pick up a gun" to "if just one person had a gun, the carnage would not have been so bad" (yes, my tongue is only slightly in my cheek).

Let's face it, there are several things wrong with today's society that were not the case when the founding fathers set down the Second Amendment. The first is that there are no wild animals out there stalking your lively hood (in most cases). Yes, there has been the occasional report of a bear in urban areas, but you are not likely to be mauled by one. Secondly, you do not need to kill your food. The bacteria living on it is a different issue, but a gun is not going to help you there. I have also heard the argument that they are necessary "should we ever need to over throw the government." If you feel that strongly, I would not advertise it, especially if you have a security clearance as the folks at both the Department of Defense and Homeland (In)security tend to frown on the citizenry holding that Constitutionally protected (?) position.

The other question that is begged here, and really, truly is a personal one, is the whole medical ethics of bringing a child to life that is genetically flawed. I do not mean a minor glitch but Down Syndrome is Mother Nature's way of saying she goofed. Prior to even the last fifty years, a child with messed up genetics would not have survived. We can arge that "every life is precious" and "if it was your child" but there are some hard, root cause issues that have to be addressed, least of which is the costs involved and the morality and ethics of when life begins.

Obama has it right, it is above his pay grade. It is not a decision for the President of the United States to make. He is just one man. It is a decision for the country, and in this case, all of mankind to make. And anyone who thinks differently has not looked at the issue as anything more than a political statement.