Long Journey .. Happy Ending

More than enough is being written about "moving forward" economic policies and strategies. Sifting through the expertise and differing philosophies to arrive at decisions with significant impact on institutions and the American worker is the primary, most critical and imminent job of Obama and his administration. It is daunting.

To me, it feels as though we - using John Mayer's lyrics - "are waiting on the world to change"

Waiting On The World To Change
me and all my friends we're all misunderstood
they say we stand for nothing and there's no way we ever could
now we see everything that's going wrong with the world and those who lead it
we just feel like we don't have the means to rise above and beat it
it's not that we don't care,
we just know that the fight ain't fair
so we keep on waiting
waiting on the world to change

When I first heard this song, I didn't like it, because I thought that it was a song about apathy. But I was wrong. The scenario it depicts is closer to a generation waiting actively in the weeds .. until the world is ready for change. Once it presents itself, we aggressively move in to seize the opportunity.

We are now moving in. We will soon be in a position to change America and perhaps in small ways, the world. We are not guaranteed success, but we are in a position to facilitate significant change.

This is profound, because times like these are rare, and are almost always preceded by crises and some degree of suffering. I am sure that many of our astute economists have charted this through history. Krugman surely has a clear vision of this in his head..it would help me if he would draw a graph of it, so that I could visualize it as well. While analyzing crisis and growth in history - worldwide, I would be most interested in the time frames associated with "street level" impact. My instinct is that crises build silently, unnoticed, for a period of time. Once markets are affected, a flurry of change is proposed and perhaps even acted upon, but the systemic change, with long term positive impact - occurs slowly, methodically, and most likely - painfully.

My point is this. People are craving change. Demanding a quick fix. Expecting one or a series of solutions that work, now. We are frantic. We are worried and although we generally can't impact the solution, we sincerely want to participate in it. This is good and economically healthy. But we will be disappointed and frustrated again, if we don't admit to ourselves that the change will not happen to us. We must change individually and collectively. It won't necessarily be fast, easy or painless. Financial healing that leads to prosperity needs to be grounded in a real monetary base, not a maximized credit line.

Its a "way of life" type change, folks. That is what is so hard about it. That is why people are scared.

You know how much we hate to hear our doctor say that, in order to take off those 20 lbs, we have to make some life changes. In order to put your addiction in remission, you have to change how you think, how you process stress, how you live day to day. That is hard to embrace. It has a high rate of failure.

Yes. Deregulation, corporate influence, greed, powerful lobbyists, government for the wealthy - all these were the drug dealers and pushers. We however, stood with our arm outstretched for the fix. We took the line of credit as long as it was offered, and now unfortunately, we're addicted to it.

So buckle in and get ready for the detox. Because, ultimately if we don't stop spending what we don't have we will wither away into an over aided citizen base in a weak economy that is subservient to other markets that were able to show restraint, and prosper long term. I am not of the opinion that this is how America will end this chapter. I firmly believe that as a group, we will make the life changes necessary to turn our family finances, those of our country and our businesses around to a healthy balance of reality and risk. But I caution you to ready yourself for the fight. Instant gratification, quick fix, "bail out" will not find its way into our solution, even though we will be tempted to seek it. As with any addiction, once we get through the detox phase, we will regain our ability to think clearly, fortify, act responsibly, prosper and most importantly, happily survive !

So dig deep. It can be done. The fight is worthy of its outcome. The scars will be transformed into pride and the feeling of accomplishment will be euphoric.

Simplify the solution...

What we have to recognize, now, as urgently as today, is that our government's sole purpose is to protect and serve the people of America. Not the corporations, not the financial institutions, not the commodities markets, but the people...Our government is elected to serve its constituency. This is lost on everyone in public office, it seems. Paulson and Bernanke are buddying up, having dinner with the powerful lobbyists and corporations, making deals that are not in the best interest of the people of this country. The lack of regulation allows them to act in a private, self serving fashion that protects the powerful and wealthy and literally ignores the majority. It is unfathomable that Paulson refuses to address the foreclosure issue with the $700 billion he has easily extracted from the American taxpayer. It is incomprehensible that he is allowed to hand over cash to financial institutions, that have engaged in risk laden investments and cash laundering, to keep them solvent, without regulation on how to deploy it.

Sheila Bair, chair of the Federal Deposit Insurance Corporation, has moved heaven and earth to get Paulson and Bernanke to embrace a massive program to stop the housing foreclosures and take the first step toward ending the chaos. To say that she has had any level of success with these men is an understatement. She has not been able to reach them.

Brooksley Born, the chair of the Commodity Futures Trading Commission from 1996 to 1999, foresaw the calamity of self regulation given to financial institutions, and battled to impose regulation on them. She was stopped by Alan Greenspan, Arthur Levitt and Robert Rubin, the major economic figures in the Clinton administration. She has since left her post, undoubtedly due to frustration. She will be a major figure when the history of this great financial failure is chronicled.

We have sound thinkers in government, but apparently they are not in a position to act, only to advise. And when those that are in a position to act have powerful hands in their pockets, they pander to them.

This stinks and it is inflicting great harm on the working class of America.

On January 21, Obama needs to get angry and take significant action. Not only is this entire financial melt down wrong it is debilitating, and criminal.

I am of the opinion that we should not bail out the auto manufacturers. They have mismanaged their businesses, made grave mistakes and missed entire markets due to their greed and arrogance. Aside from being distasteful this is what bankruptcy filings are for. They force a reorganization with the intent to rebuild successfully. Chapter 11 is not a punishment, it is a gift. Bailing out these companies is a crime. It wont correct, it will perpetuate bad business practices and delay the inevitable failure of the current business model.

My suggestion is that we take the $25 billion earmarked for the automakers and loan it to the employees that will be displaced in the event of a bankruptcy filing. Maintain their rate of pay, for a specific period of time, allowing them to find employment in other growth industries. What is so complicated about this strategy? What is wrong with a simple straight forward solution? 3 million people will loose their jobs, or their dealerships as a result of bankruptcy filings among Ford, GM and Chrysler. Could we use 3 million people to establish wind farms across the country to generate energy. Can we use 3 million people to facilitate clean coal initiatives to make current energy resources environmentally friendly? Could we use 3 million people to harvest solar energy ? Why is this so hard to execute? The employees of GM earning $70/hour* should not be punished for taking the wage, that some feel is inflated due to union contracts. Let's re-deploy these people into a role that is worth $70/hour. Currently they are getting paid to flood the market with product we don't want, let's transform their job into one that is critical to the self sufficiency of our energy supply...then their wage will be considered commensurate.

Come on people! Lets think then leap....vs leaping without any clear thought whatsoever....
___________________________
*Correction : Avg per hour wage of an auto worker is $28.50. Print media (NYT Op Ed columnist) quoted $70/hr wage for unionized auto workers. This proved to be an unreliable source. My bright and dear friend Joe set the record straight ... Thanks Joe.
http://wiki.answers.com/Q/How_much_does_a_union_auto_worker_earn

Move away from the disaster please...we need to rescue

In NYT's (Sunday 11-16-08) editorial piece the failings of Henry Paulson are being considered:

The one approach Mr. Paulson stubbornly refuses to consider is using bailout money to help homeowners avoid foreclosure. His reasoning — that the money is to be used to stabilize the financial system — inexplicably ignores the fact that the instability he is seeking to quell is rooted in the housing bust.
Over the next two months, Mr. Paulson must impose some coherence and clarity on the bailout. Otherwise he will only fan anxieties and mistrust, which will undermine the effectiveness of his good decisions and amplify the fallout of his bad ones.

Honestly, I am not aware of any "good" Paulson decisions. I think his actions leading up to and in the wake of this financial crisis are at best incompetent, certainly unethical, and at worst criminal...This guy needs to be cuffed and hauled away.

I am far from a financial expert. In fact, lately I feel like a financial idiot...to have not acknowledged some of this catastrophe looming...

Regardless I have two primary instincts that I cannot seem to shake.

First : Unless the strategy in this fiasco changes direction to provide "bail outs" for the consumer, I think we should change how we refer to this financial disaster. "Bail Out" and everything associated with it makes me angry. It makes me want to vent, throw up my hands in frustration. At a time when we need to come together to find solutions, "bail out" makes me want to fold my arms, plant my feet and blame. It makes me feel powerless to right the wrong and most importantly it makes me wonder if I will ever be solvent enough to retire. Worse, bail out means that there are no consequences for being wrong and acting irresponsibly perhaps illegally. And that leaves me utterly confused.

My suggestion, then is that we refer to this "Bail Out" as FMRP - Financial Market Recovery Program. Once we rename it, I suggest we re-do it. Scrap what we have - completely. Freeze the funds we "gave" to the banks, and start over...quickly.

Second: No taxpayer money should be distributed without lawful regulation, attached to it. And while we are using some of the funds to right the wrong, we should also deploy funds to reward the credit worthy consumer, whom under the current system, is being penalized by having to pay for the correction, while overly leveraged banks, mismanaged businesses and chronically in default consumers are getting all of the relief. Not only is this unfair, it is stupid.

How do we expect to heal the wound if all we do is cover it with dirt?

Foreclosures should be frozen. Home values should be adjusted to current or median market values. Those facing foreclosure should be moved into some kind of "rent to own" scenario, which would allow them to stay in their homes, adjust the home value and pay rent without default over a period of time, say 5 years - in order to gain back "ownership" of their home. Jobs should be created - lots of them. Funds should be funnelled into new businesses that support critical self sufficiency goals in America, i.e. alternative energy sources. Failing businesses should file bankruptcy, re-define their business model and begin again. Employees forced out of their jobs should receive aggressive assistance, retrained and re-employed in energy and/or infrastructure jobs. Credit worthy consumers should be identified and offered tiered interest rate decreases, as an incentive to stay current on debt over time. A national fixed interest rate on all mortgages should be instituted - I suggest 4%.

Critical to recovery, the government needs to spend to stimulate the economy. The growing national deficit should not hinder government stimulus levels. We must spend aggressively to bring about market correction.

Finally, whatever we do to fix this mess, it better make the citizens of America "feel" confident, empowered and positive. It is unproductive, even dangerous to have 78% of the population feeling angry and poor. Americans have resolve and drive. As our government, you'd better stand with us and walk beside us, because if we feel you are stealing from us, limiting our opportunity, and curtailing our freedom - you sure as heck don't want us coming up on you, from behind ...

Hello transition. Please come in !

Obama: Mr. President, please explain what the Colombia Free Trade Agreement has to do with a decision to "bail out" the big three auto manufacturers?

Bush: Coffee and cars - people need em every day.

Obama: ug-huh..ok.. let's look at the financial relevance. Currently we export roughly $8.6 billion to Colombia, and import $9.4 billion. (mostly oil, spices,coffee, tea) A fairly even exchange, neutral to the GDP with no to little impact on the American work force. Passing a free trade agreement will likely increase exports, but not to the point of creating jobs. It's most material impact would be to sell off current excess inventory.

Bush: Ya! That's what I'm talkin' about!

Obama: ug-uhh but why use this particular agreement as a leverage for authorizing aid to one of America's largest industries. Help me with that connection. Help me see the logic. Please George, help me see the relevance.

Bush: Can't help you with the logic, Barack. But you'll soon learn that you can only work with what ya got. And this, is all I got..

Obama: OK. well what America will get without aid to the automotive industry is a catastrophic increase in job loss and unemployment costs if one or all three auto makers go down. 3 million jobs will be lost, translating to a significant hit in tax revenue and roughly $154 billion needed to support unemployment benefits and health care. Not to mention the further deterioration in housing and consumer spending. Does that make you nervous?

Bush: Nope. I'm outta here..

Obama: Right. But what about the legacy you'll leave, if the last thing you do in office is force passage of a Free Trade Agreement with a country that is murdering 1,000's of labor union members, brutally enforcing anti-labor, ignoring international standards for working conditions and trafficking drugs to America?

Bush: oh Barack...I am charmed by your energy and naivety. First of all the Colombia Free Trade thing won't be the last thing I do before I leave office. I'm fixin' to win the war in Iraq and find Bin Laden..we'll sniff him out and we'll deliver him.. I've got 60 days...that's more than enough time. And as for the brutal treatment of labor union members in Colombia, let me say this. I'm from Texas, I don't much like labor unions myself..those suckers should be happy they have a below minimum wage job...but how I feel is unimportant. Colombia needs to define its own democracy. Who am I to tell them how to treat their work force. Who am I to give the order to go in to a foreign country, occupy it, kill its citizens and try to force my ideals on their way of life...
Besides, I'm a Texas oil guy. My family has been friends with those Colombian oil/drug war lords for a long time. Loyalty. That means somethin', don't it?

Obama: Yes sir, it does. Loyalty is often associated with honor, commitment and honesty - which is why you're questioning its meaning. Thank you for the tour today, Mr President. My family and I look forward to returning to this fine house, soon.

Faint, Distant Voices

There sure seems to be a lot of wisdom flowing freely to Obama and his new team regarding fixes for the economy, job creation, recession mitigation, bail out regulation, health care, energy and priority setting.

Interestingly, almost nothing I have read, in the few days after the election, vigorously addresses military strategy. As people loose their jobs and their homes, the war in Iraq, seems almost too much to handle, and thus has fallen a few notches on the "what's important to me" scale. This is unsettling to me, as it uncovers an inward focus vs a broad perspective, but given the real pain and mounting worry people are feeling, I guess it is understandable.

I was equally surprised and disappointed to see very few reports on the reaction of our American soldiers in Iraq and Afghanistan, to the election, and Obama's victory. I would have liked to hear more from our troops on the front line...Their perspective is pretty important. I would hate to have our military volunteers feel unnoticed or insignificant while they are risking their lives, following orders and potentially not fully understanding their purpose in this "war". Their voices should be heard just as loudly and as clearly as those in Grant Park. While I was watching the election coverage, I did not see one split screen depicting the reaction of Americans in a war zone along side the reaction of Americans in their comfort zone - standing on American soil. It is profoundly important to feel proud and protected as a citizen of America, especially when you are away from your country. These kids, fighting in this ridiculous war, are vessels of American patriotism. We should be checking in with them, while our new commander in chief is being elected.

Its a small but powerful gesture that I think we failed to make.

I hope and urge one of our news organizations to get back to covering this, it needs to be elevated again.

Making our win personal ...

Still basking in the glow ... Yes. Well. Kind of.

What a great moment in our history... I am very grateful to be a part of the "Obama circle of repair, renewal and compassion". It is invigorating to feel the power of a civil liberty, passionately won.

I was born in 1959.. I "just" missed, but long for, the chaos of the 60's. As the youngest of 7 kids, and really close to 10 cousins..I lived with quite a bit of chaos in my own home, and in their homes. There were so many of us co mingling, that each of our parents- graciously provided "sleeping porches" with a bunch of bunk beds for us and our friends to rest. I vividly remember my brothers (2) ,sisters(4), and cousins/friends (can't keep count) caring about stuff. They, were stubborn, righteous and boisterously - caring about stuff.

What could be more beautiful? Completely un-choreographed, but melodic.

Irish Catholic. Growing up in a quaint little suburb of Chicago, my family (intended and extended) lived a life, day to day, as dysfunctional, well maybe slightly more - than each "behind closed doors dysfunctional life of our neighbors". Jews lived right next door to us. We were friendly with them, openly. What a scandal! Archie Bunker lived a few doors down. He was unhappily our plumber. We gave him a lot of work as we had 9 people cohabiting with 2 bathrooms...one of which was designated for my parents...which meant no entry for us(the 7 kids). So we probably paid his entire mortgage month to month - but then again we dined with the "Jews". So he was conflicted. My "best" friend's father, 3 doors down, was taken away one morning in a police van...for tax evasion... See ya! Unfortunately no hiding for this family...we were in the suburbs, remember...local newspapers ate this up!

Mafia lived on the corner! What a mystery ! The Panteleno's (inflection on the "s"). I was always told to take the wide turn when passing their house. But, while learning to ride my 2 wheeler, the wide turn proved too hard for me to navigate. With my erratic front tire, I ran over one (of 4) of the miniature poodle puppies, out for a walk that day with "Grandma Mafia" I Killed it ! My god ! My father was visibly shaken. Truthfully, he was scared - out of his wits... My oldest sister, she is lovely - entered the convent, then left the convent...Ughh can you imagine the scorn in the parish of St Giles! By this time, (she entered when I was 5, she left when I was 13) I was coming into my own, and caused nothing less than "hell" for my parents. Vociferous complaints about me flipping off (in a very lady like manner), all of the nuns who ridiculed me and my family, led to me being kicked out of the Catholic school. Forcing me into the "public" school! Can you imagine the shame !

All of this and so much more, for which I am eternally grateful. I am sure you can relate.

The point is .. We can prevail and even prosper through "junk".

No one I have met, to date, can claim a better childhood than my own...My family, gave me a safe, crazy, loving space. An appreciation for humor, a passion for fighting for what is right, and a confidence and energy to seek, recognize and embrace the stuff that matters.

I guess that is why I love Barack Obama. He reminds me of those feelings. A safe place in a chaotic neighborhood. My family taught me how to be comfortable in that neighborhood. Obama brought me back to it...

So all of this is good. I will gravitate to the good and not be afraid of the "junk" I have to pass through to get there...

Dear Red States

I wish I had written this, but I am grateful to have read it.

Enjoy this letter from "NoDecafPlz"

Dear Red States:

If you manage to steal this election too, we've decided we're leaving.
We intend to form our own country, and we're taking the other Blue States with us. In case you aren't aware, that includes California,Hawaii, Oregon, Washington, Minnesota, Wisconsin, Michigan, Illinois and all the Northeast. We believe this split will be beneficial to the nation, and especially to the people of the new country of NewCalifornia.

To sum up briefly:

You get Texas, Oklahoma and all the slave states.
We get stem cell research and the best beaches.
We get the Statue of Liberty. You get Dollywood.
We get Intel and Microsoft. You get WorldCom.
We get Harvard. You get Ole' Miss.
We get 85% of America's venture capital and entrepreneurs. You get Alabama.
We get two-thirds of the tax revenue, you get to make the red states pay their fair share.
Since our aggregate divorce rate is 22% lower than that of the Christian Coalition's, we get a bunch of happy families. You get a bunch of single moms.
Please be aware that Nuevo California will be pro-choice and anti-war, and we're going to want all our citizens back from Iraq at once.

If you need people to fight, ask your evangelicals. They have kids they're apparently willing to send to their deaths for no purpose, and they don't care if you don't show pictures of their children's caskets coming home. We do wish you success in Iraq , and hope that the WMDs turn up, but we're not willing to spend our resources in Bush's Quagmire.

With the Blue States in hand, we will have firm control of 80% of the country's fresh water, more than 90% of the pineapple and lettuce, 92% of the nation's fresh fruit, 95% of America's quality wines, 90% of all cheese, 90% of the high tech industry, 95% of the corn and soybeans (thanks Iowa!), most of the U.S. low-sulfur coal, all living redwoods, sequoias and condors, all the Ivy and Seven Sister schools plus Stanford, Cal Tech and MIT.

With the Red States, on the other hand, you will have to cope with 88% of all obese Americans (and their projected health care costs), 92% of all U.S. mosquitoes, nearly 100% of the tornadoes, 90% of the hurricanes, 99% of all Southern Baptists, virtually 100% of all televangelists, Rush Limbaugh, Bob Jones University, Clemson and the University of Georgia.

We get Hollywood and Yosemite, thank you.

Additionally, 38% of those in the Red states believe Jonah was actually swallowed by a whale, 62% believe life is sacred unless we're discussing the war, the death penalty or gun laws, 44% say that evolution is only a theory, 53% that Saddam was involved in 9/11 and 61% of you crazy bastards believe you are people with higher morals then we lefties.

Finally, we're taking the good pot, too. You can have that dirt weed they grow in Mexico. Peace out --

Fondly,
The Blue States

Toot

A moment of silence for Toot ...

Long overdue, but significant...

11/4/08 is a big day!

There are many things significant about this election. Clearly the need for wholesale change in almost every level of government is being demanded by the electorate, regardless of party affiliation. What is most encouraging to me, on the eve of what I believe will be the turning point in America with the election of Barack Obama to President, is that the heart and soul of the American people, although battered, is still strong enough to prevail over greed, injustice, and narrow democracy. Outside of the staggering set backs we are enduring - two wars, financial strain, global ridicule, individual loss, and overwhelming distrust - in this election - we have shown fortitude in something quite remarkable in our history.

A breakdown of racial and sex discrimination.

We are nowhere near overcoming the ignorance that leads to discrimination, but over the next 4 years, as we are forced to listen to the brilliance of a black man, I am hopeful that as a nation we will swiftly move to a color blindness.

It is unfortunate and incomprehensible that we STILL have to consider these factors in 2008, but lets face it .. A black man on the democratic ticket and a women on the republican ticket - is progress. In addition to picking the wrong man, the Republicans picked the wrong woman. But neither gender nor race should enter into the consideration set, at any level, when individuals are electing a civil servant, or for that matter, doing anything at all in everyday life (other than having sex, in which case a gender preference would be an acceptable consideration)- but it does and it has.

Neither ticket in this election has offered a safe place for the bigot. That is a sweet, enduring one two punch for these narrow minded people. On 11/4/08, they have to face their bigotry and choose which of these two; a woman in power or a black man - is less vile to them. They will cast a vote to support one of these inferior human beings - or they will cast no vote. Either way their life is about to be impacted by someone they have, in the past felt comfortable demeaning. This, for me, is a solid and important victory - long overdue, but hugely significant. It puts racism and sexism exactly where it belongs...tearing the dignity out of those ignorant closed minded individuals who feel superior. As it marks a milestone for those who have felt and lived with discrimination for decades.

The republicans grossly underestimated the depth of the American voter. The democrats, not only recognized it, we celebrate it and nurture it, by supporting an individual with leadership who is compassionate, serious, contemplative, bright and inclusive. We looked beyond the color of his skin, in fact, it went unnoticed. More importantly, we have been successful in helping others do the same. That is progress, America.

I am hopeful much more progress is ahead. Cheers !

Financial Banter...

The G.D.P. revealed today that consumer spending is down. Ya think!

3.1% decline in Q3. Real spending on durable goods (TV's, dishwashers etc) fell at an annual rate of 14%. This, prior, to the Lehman Brothers bankruptcy in October and its subsequent domino affect.

We have not seen a drop like this since 1980.

Paul Krugman points out in his NYT Opinion column that " To appreciate the significance of these numbers, you need to know that American consumers almost never cut spending." He goes on to point out that, even in the 2001 recession, consumers continued to spend...

Well we were not as fatigued and wounded then. I guess. We are exhausted now...but, in my view, if we are buying less...we are smarter.

ya know we really shouldn't be spending money we don't have...but I am the first to admit..life is no fun living - that way...

In practice, if consumers were to cut back in spending, the Fed would respond by slashing interest rates, which is supposed to help the economy avoid recession and lead to a rise in investment. Well I've got news for you...the Fed is not going to cut interest rates on things that matter.. like home loans, and they are not going to raise interest rates on savings accounts...Generally speaking, free market capitalism demands consumer spending, to thrive. Saving money at the individual CD level, and getting rewarded for it with small rates of interest is a cost of doing business for banks. Think of it as a loss leader in any retail environment .Gee - I have to attract consumers to my credit lines so I can charge them interest on the money I lend them...but since those interest rates are somewhat regulated...limiting my point of difference as a business....I will create a "savings" rate to attract them to my suite of more profitable lending products. Consumers save far less as a percentage of their income (2% annual savings rate on earnings is the current rate) than they are willing to buy on credit.

This works well for the banks. It is not rocket science...

Banks are in the business of contractually binding you to something you think you can accomplish...they sell you - confidence. But - if you or they miscalculate - the banks share none of the risk...It is entirely your fault and your problem. That is not all bad. We as consumers need to be responsible for our personal financial decisions. We need to be able to discern if the confidence that the bank is willing to sell us, is in fact reasonable. We own the mark whether or not we hit it or miss it. Period. Just like you own the shoes, once you wear them, even if they make your feet hurt.

So...contrary to all of the experts, I am celebrating the drop in G.D.P.
At its very least, this measure is honest. At its best, it is corrective. It is not fun...but in my view it is necessary and dare I say, it is good.

People. Until we stop buying what we can't afford...the free market will continue to over produce, over price and perpetuate the dysfunction. I love that car lots are full of cars...because one day soon, the manager is going to say....I gotta move this inventory...he will look at his margin and knock a few points off of it, until he can sell the damn thing....I don't expect him to sell it at a loss, but I don't expect him to skip to the cash register either. I work for my money, just as hard as he works for his. If we are fair, we can all eat.

Am I nuts? Am I stupid? Or am I just enraged? One thing is for sure..I am confused...but I am trying to understand.

What the Fed needs to do now...right now.. is hold off on kicking people out of their homes, and engage in some kind of market value rent to own type of scenario..so those facing foreclosure, can over time, work to preserve their mortgage at a reasonable - not inflated market value. We need to create jobs ! We need to stop importing products from overseas that we can make here...and put to work in these factories, all of the people that have been displaced from factories that have closed because they made too much product they can't sell. We will not solve the reduction in spending problem until we create jobs and price goods at a fair market value. We are doing NONE of this now...

Finally, I will say this. I am very disturbed that the stock market fluctuations are so deeply tied to blind confidence. This is not a new thing. But I have come to realize that "confidence" does not mean the same thing as calculated risk. In today's unregulated and [outright deceitful] environment , confidence means feeling comfortable that the paper I am investing in is immaterial...but I am "confident" that somebody will be hoodwinked into buying it for a higher price than I paid. What is that?

I don't know what that is, honestly. So I will not be investing...sorry Fed. You got us into this mess, I have little confidence that you can get us out of it. I will manage my own little, dwindling financial fiefdom - Thank you ! Mostly by trying to save it, vs risk it in an investment game I don't understand. I will manage it, on my own! Not for power ego or even pride...but for survival...