Erin Burnett. In fact, she gave one of the best explanations of the need for the rescue on the Today Show this morning. If the President had explained it this way, the plan would already be i effect.
Tuesday, September 30, 2008
Yet another reason to bailout/rescue Wall Street . . .
Erin Burnett. In fact, she gave one of the best explanations of the need for the rescue on the Today Show this morning. If the President had explained it this way, the plan would already be i effect.
Monday, September 29, 2008
On Sex Tapes, Snakes and Barney
Hard to believe that Britney’s paparazzi ex is peddling a sex tape. What is it about celebrities and sex tapes? Can’t they use their camcorders to film sights like the Grand Canyon like normal people do? Certain celebs get “caught on tape” so many times that you wonder if this is a plank, and a desperate one at that, in their publicity campaign. I wonder if Lynne Spears addresses her daughter’s proclivity for sex tapes in her book on parenting?
Barney turns 20 this year (you never thought you would have that type of segue, right?). Unfortunately for me, I have been a captive audience for many of those 20 years, first with my nieces and nephews and now my son. Plain and simple – Barney is irritating and honestly I do not know what he teaches kids other than being happy that dinosaurs are extinct.
Finally, apparently the new massage trend is a snake massage. The massage consists of placing a variety of snakes on your body. The larger snakes provide more of a deep tissue massage; the smaller ones a more fingerlike massage. I know you will all be racing out to try this; remember do not try this at home because you need nonvenomous snakes. Consider yourselves forewarned.
Barney turns 20 this year (you never thought you would have that type of segue, right?). Unfortunately for me, I have been a captive audience for many of those 20 years, first with my nieces and nephews and now my son. Plain and simple – Barney is irritating and honestly I do not know what he teaches kids other than being happy that dinosaurs are extinct.
Finally, apparently the new massage trend is a snake massage. The massage consists of placing a variety of snakes on your body. The larger snakes provide more of a deep tissue massage; the smaller ones a more fingerlike massage. I know you will all be racing out to try this; remember do not try this at home because you need nonvenomous snakes. Consider yourselves forewarned.
Did any side really want this plan?
It is ludicrous to pin the blame on Pelosi as the WA Post noted:
It's too early to know whether Pelosi's speech, which laid much of the blame for the whole financial crisis at the foot of the Bush administration, really made much of a difference. But if several House Republicans actually did switch their votes on a momentous piece of legislation just because they were irritated by a speech, what does that say about them? As Rep. Barney Frank (D-Mass.) mockingly characterized the GOP's argument: "Somebody hurt my feelings, so I'm going to punish the country."
Clearly the Stealth 12 Republicans were looking for any reason to vote "Nay". But DailyKos suggests that Rep. Van Hollen may have been advising any Dem in a tight race not to vote for it. I guess he was counting on enough GOP votes to push it over the top.
It's too early to know whether Pelosi's speech, which laid much of the blame for the whole financial crisis at the foot of the Bush administration, really made much of a difference. But if several House Republicans actually did switch their votes on a momentous piece of legislation just because they were irritated by a speech, what does that say about them? As Rep. Barney Frank (D-Mass.) mockingly characterized the GOP's argument: "Somebody hurt my feelings, so I'm going to punish the country."
Clearly the Stealth 12 Republicans were looking for any reason to vote "Nay". But DailyKos suggests that Rep. Van Hollen may have been advising any Dem in a tight race not to vote for it. I guess he was counting on enough GOP votes to push it over the top.
I Don't Know What to Think Anymore . . .
. . . from the Daily Kos:
Maybe so. That’s the safest route.
But the defeat offers the Democrats a chance to rethink this whole shebang, to look at some of the ideas from people who got ignored the first time around. This is something I urged last week to no avail.
One of those so far unlistened to is economist Brad DeLong. Although he reluctantly supported the bailout version we saw go down today, as did Paul Krugman, he’s all along thought the 1992 Swedish plan makes more sense, as does Krugman.
Here’s what he had to say on the subject today:
Nationalization has the best chance of avoiding large losses and possibly even making money for the taxpayer. And it is the best way to deal with the moral hazard problem.
It might work like this. Congress:
• grants the Federal Reserve Board the power to take any financial firm whatsoever with liabilities and capital of more than $25 billion that is not well capitalized into conservatorship
• requires the Federal Reserve Board to liquidate any financial firm in its conservatorship when it judges that the firm is insolvent paying off in full or not paying off in full the liabilities of the firm at its discretion, unless
• the Federal Reserve Board finds that preservation as a going concern is in the interest of the taxpayer, in which case Congress
• grants the Federal Reserve Board the power to transform equity stakes in the firm into junior preferred stock at par value and then transfer ownership and custody of the firm to the Treasury
• requires the Federal Reserve to terminate conservatorship if the firm becomes well-capitalized once again.
Someone else who should get some face time among the Democrats is economist Nouriel Roubini.
On Sunday, he explained that any systemic banking crisis requires recapitalization to avoid a massive contraction in credit. "But, purchasing toxic/illiquid assets of the financial system is not the most effective and efficient way to recapitalize the banking system." He points out that a recent study by the International Monetary Fund of 42 banking crises found that in only seven instances did the governments in question buy the toxic assets.
In the Scandinavian banking crises (Sweden, Norway, Finland) that are a model of how a banking crisis should be resolved there was not government purchase of bad assets; most of the recapitalization occurred through various injections of public capital in the banking system. ...
Thus the claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification. This way of recapitalizing financial institutions is a total rip-off that will mostly benefit – at a huge expense for the US taxpayer - the common and preferred shareholders and even unsecured creditors of the banks.
He calls the now-defeated bailout "socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners."
Roubini has proposed HOME (Home Owners’ Mortgage Enterprise): A 10 Step Plan to Resolve the Financial Crisis. There are other ideas, too, like those of James K. Galbraith, Dean Baker and Doug Henwood, who said months before we were brought to this impasse:
The public should get something in return: that means different kinds of financial institutions emerging from this crisis: community, nonprofit organizations – cooperative institutions that would provide basic financial services at low fees to lower and middle-income people, and stay out of speculative markets. This would create a much less speculative and profit-driven financial sector.
It would be interesting to see what effect that would have in competition with the big banks. These new institutions could conceivably offer basic financial services at lower cost than the big guys do. People are paying fees through the nose for basic financial services now. If there were some competition coming from public or cooperative institutions, that would be an interesting use of market competition to promote the public welfare.
Henwood, of course, is talking the long term. But there is no reason an alternative plan for solvency can’t at least lay one or two blocks of a foundation for future reforms.
Maybe so. That’s the safest route.
But the defeat offers the Democrats a chance to rethink this whole shebang, to look at some of the ideas from people who got ignored the first time around. This is something I urged last week to no avail.
One of those so far unlistened to is economist Brad DeLong. Although he reluctantly supported the bailout version we saw go down today, as did Paul Krugman, he’s all along thought the 1992 Swedish plan makes more sense, as does Krugman.
Here’s what he had to say on the subject today:
Nationalization has the best chance of avoiding large losses and possibly even making money for the taxpayer. And it is the best way to deal with the moral hazard problem.
It might work like this. Congress:
• grants the Federal Reserve Board the power to take any financial firm whatsoever with liabilities and capital of more than $25 billion that is not well capitalized into conservatorship
• requires the Federal Reserve Board to liquidate any financial firm in its conservatorship when it judges that the firm is insolvent paying off in full or not paying off in full the liabilities of the firm at its discretion, unless
• the Federal Reserve Board finds that preservation as a going concern is in the interest of the taxpayer, in which case Congress
• grants the Federal Reserve Board the power to transform equity stakes in the firm into junior preferred stock at par value and then transfer ownership and custody of the firm to the Treasury
• requires the Federal Reserve to terminate conservatorship if the firm becomes well-capitalized once again.
Someone else who should get some face time among the Democrats is economist Nouriel Roubini.
On Sunday, he explained that any systemic banking crisis requires recapitalization to avoid a massive contraction in credit. "But, purchasing toxic/illiquid assets of the financial system is not the most effective and efficient way to recapitalize the banking system." He points out that a recent study by the International Monetary Fund of 42 banking crises found that in only seven instances did the governments in question buy the toxic assets.
In the Scandinavian banking crises (Sweden, Norway, Finland) that are a model of how a banking crisis should be resolved there was not government purchase of bad assets; most of the recapitalization occurred through various injections of public capital in the banking system. ...
Thus the claim by the Fed and Treasury that spending $700 billion of public money is the best way to recapitalize banks has absolutely no factual basis or justification. This way of recapitalizing financial institutions is a total rip-off that will mostly benefit – at a huge expense for the US taxpayer - the common and preferred shareholders and even unsecured creditors of the banks.
He calls the now-defeated bailout "socialism for the rich, the well-connected and Wall Street. And it is a scandal that even Congressional Democrats have fallen for this Treasury scam that does little to resolve the debt burden of millions of distressed home owners."
Roubini has proposed HOME (Home Owners’ Mortgage Enterprise): A 10 Step Plan to Resolve the Financial Crisis. There are other ideas, too, like those of James K. Galbraith, Dean Baker and Doug Henwood, who said months before we were brought to this impasse:
The public should get something in return: that means different kinds of financial institutions emerging from this crisis: community, nonprofit organizations – cooperative institutions that would provide basic financial services at low fees to lower and middle-income people, and stay out of speculative markets. This would create a much less speculative and profit-driven financial sector.
It would be interesting to see what effect that would have in competition with the big banks. These new institutions could conceivably offer basic financial services at lower cost than the big guys do. People are paying fees through the nose for basic financial services now. If there were some competition coming from public or cooperative institutions, that would be an interesting use of market competition to promote the public welfare.
Henwood, of course, is talking the long term. But there is no reason an alternative plan for solvency can’t at least lay one or two blocks of a foundation for future reforms.
Sunday, September 28, 2008
Keep Elle in your Prayers
On a more serious note, the Non-Blonde Elle, former ACME and FTC intern, and very bright law student at CU was hit by a truck as she was crossing a cross walk at Boulder. She is out of the hospital now, but she has a fractured skull. So pray for a speedy and complete recovery for her.
A Corn Maze is Not a Landfill
I did the corn maze at Denver Botanic Gardens -- Chatfield for the first time. I took my son even though he was fearful of being lost in the maze forever -- and he hasn't even watched Children of the Corn. After entering the maze, I soon learned that any preconceived notions of trying to trace a route based on the map of the maze is impossible. So we did the next best thing, find some people who look like they have a clue and follow them. So we did make it through in fairly quick time. But what saddened me are the numerous shortcut "paths" created by trampling through the corn. And the plastic bottles and food strewn in the maze. They must have had a recent "GOP Day" at the maze or teenagers view this as yet another way to fight the "man that is keeping them down."
A Sad Day
A sad day as Scarlett gets married to Ryan Reynolds, a Canadian no less! Who would have thought you would ever hear, "Canada has it all"? But now they have a better economy, better Curling, and now Scarlett. Shouldn't this marriage have been required to go through CFIUS?
Saturday, September 27, 2008
Anatomy of a Meltdown, Volume I
Crisis begets irrationality. Or is it the other way around? Or is it both? The financial meltdown has led to so many fanciful causation statements that I have decided to make it my quest to find truth, or at least as close as I can get to it, about the causes of the crisis we are experiencing. I do feel it is important to figure the causes, because as Sen. Obama astutely said last night, we need to know the causes to craft the best solution. But it is pointless to engage in the blame game because contrary to what some would like us to believe there is no single cause.
Let me start by saying what the “cause” is not. The cause is not: 1) Barney Frank – for most of the relevant time period, Rep. Frank was at best the ranking minority member of the Financial Services Committee. Only in the last two years did he garner Chairmanship of that committee. So unlike say a President who controls the ultimate decision on such issues as waging war in Iraq; Barney Frank is not, nor has he ever been, “The Decider”. Positions he advocates require the support of other legislators in not only the House, but the Senate, and ultimately the White House (perhaps some of us need a refresher on the classic Schoolhouse Rock ditty, “I’m Just a Bill”). 2) Low Income Housing Loans – When you hear this, or its corresponding phrase, “personal responsibility,” cited it is nothing but a racist and classist dig at the ideal of promoting home ownership to lower income individuals. First, this subset of loans, in and of itself, could never bring down the financial markets simply because the banks would have factored in the failure of these loans right from the start. In fact, these loans were structured as such to fail. They were laden with duplicative and exorbitant closing costs, and infused with predatory lending terms. If the mortgagees were able to make it a year under these mortgages it would have been a miracle. The loans were front-ended so the banks, or the entity that ultimately purchased the mortgage, could recover not only its costs, but a premium, prior to the inevitable foreclosure. Even with all this I am sure there are still some “responsible” individuals doing all they can to remain current on the mortgages. And banks were not forced to make these loans. This was reparation for decades of redlining where they refused to lend to low income areas without even looking at an individual’s credit. Coupled with redlining was a credit rating system that was not designed to judge credit worthiness but credit marketability, i.e., which individuals could banks make money off of. Banks did not want people with no credit, who paid their bills every month. They wanted people who would take out multiple lines of credit and only pay a portion of it, because they make their money through confiscatory interest rates (and don’t get me started on how they can ramp up rates if your payment is a day late, but other companies, such as ACME, can’t even raise rates without a full blown regulatory proceeding). Banks lapped up the invitation to low income areas because they knew now they had the backing of the government, and lax regulatory oversight, so they could make loans that were destined to line their coffers, and leave the mortgagees vulnerable. 3) House flipping and speculation – Read the papers. They are filled with tales of con artists who would have 20-30 outstanding mortgages at a time and finance one mortgage off another. And the banks and credit agencies that should have been aware of this apparently turned a blind eye to it. These mortgages were literally a house of cards; once one failed, the others failed, and not just the house crumbled. 4) Lax oversight – while Sen McCain was rash in his “firing” statement about SEC Chairman Cox, he is correct about letting the hens guard the henhouse. Today’s WSJ reports how the SEC knew two years ago that Bear Stearns was ripe for collapse, yet they did not intervene at all. They had enforcement weapons at their arsenal, but did nothing. Because, that is the theory of the free market, right? Let Adam Smith’s invisible hand guide it. But what happens when that hand is hand-cuffed.
More to come . . .
Let me start by saying what the “cause” is not. The cause is not: 1) Barney Frank – for most of the relevant time period, Rep. Frank was at best the ranking minority member of the Financial Services Committee. Only in the last two years did he garner Chairmanship of that committee. So unlike say a President who controls the ultimate decision on such issues as waging war in Iraq; Barney Frank is not, nor has he ever been, “The Decider”. Positions he advocates require the support of other legislators in not only the House, but the Senate, and ultimately the White House (perhaps some of us need a refresher on the classic Schoolhouse Rock ditty, “I’m Just a Bill”). 2) Low Income Housing Loans – When you hear this, or its corresponding phrase, “personal responsibility,” cited it is nothing but a racist and classist dig at the ideal of promoting home ownership to lower income individuals. First, this subset of loans, in and of itself, could never bring down the financial markets simply because the banks would have factored in the failure of these loans right from the start. In fact, these loans were structured as such to fail. They were laden with duplicative and exorbitant closing costs, and infused with predatory lending terms. If the mortgagees were able to make it a year under these mortgages it would have been a miracle. The loans were front-ended so the banks, or the entity that ultimately purchased the mortgage, could recover not only its costs, but a premium, prior to the inevitable foreclosure. Even with all this I am sure there are still some “responsible” individuals doing all they can to remain current on the mortgages. And banks were not forced to make these loans. This was reparation for decades of redlining where they refused to lend to low income areas without even looking at an individual’s credit. Coupled with redlining was a credit rating system that was not designed to judge credit worthiness but credit marketability, i.e., which individuals could banks make money off of. Banks did not want people with no credit, who paid their bills every month. They wanted people who would take out multiple lines of credit and only pay a portion of it, because they make their money through confiscatory interest rates (and don’t get me started on how they can ramp up rates if your payment is a day late, but other companies, such as ACME, can’t even raise rates without a full blown regulatory proceeding). Banks lapped up the invitation to low income areas because they knew now they had the backing of the government, and lax regulatory oversight, so they could make loans that were destined to line their coffers, and leave the mortgagees vulnerable. 3) House flipping and speculation – Read the papers. They are filled with tales of con artists who would have 20-30 outstanding mortgages at a time and finance one mortgage off another. And the banks and credit agencies that should have been aware of this apparently turned a blind eye to it. These mortgages were literally a house of cards; once one failed, the others failed, and not just the house crumbled. 4) Lax oversight – while Sen McCain was rash in his “firing” statement about SEC Chairman Cox, he is correct about letting the hens guard the henhouse. Today’s WSJ reports how the SEC knew two years ago that Bear Stearns was ripe for collapse, yet they did not intervene at all. They had enforcement weapons at their arsenal, but did nothing. Because, that is the theory of the free market, right? Let Adam Smith’s invisible hand guide it. But what happens when that hand is hand-cuffed.
More to come . . .
Thursday, September 25, 2008
$25K for Sarah or $30K for Jessica?
Apparently if you spend $25,000.00 you can have coffee with Sarah Palin. I don’t know who you have to pay – the McCain/Palin campaign, the RNC, eBay, the Bailout Bush’s Disasters Fund, the Alaska Secessionist Party, or even Big Head Todd himself. All I can say is that if I had that kind of spare money, I would direct it to someone far more worthy; a Colorado native, in fact. A couple of years ago, they had a charity auction in which you could bid to win a dinner with Jessica Biel. The winner bid $30,000. Far more worth it I say; and you get a full meal to boot.
Wednesday, September 24, 2008
Major admission from former AI runner up
American Idol runner-up, Justin Guarani, admits that he can neither sing nor act; but he maintains the hair was real.
Oh my goodness
Bright On has discovered that there is actually a Curling Today blog. I do apologize to the authors of that blog. Rest assured that my blog was a homage to curling and was actually created in response to some elitist contentions that curling is not a sport. I will find a new name for my Curling Today reports. Viva la curling!
Tuesday, September 23, 2008
Musique
I heard the new Killers song last night. It is called “Human”. I am a Killers fan because they created one of the best half-albums ever (in the days of vinyl it was the “A” side) where they channeled my fave band – New Order. On Side B, they ran into an indentity crisis where they tried the indie rock road. And on their following album they tried to be U2/James/Simple Minds. “Human” was good, if somewhat operatic at times. It is hard to discern which direction they are headed because this song was penned two years ago. Their new album drops at the end of the year so time will tell. Right now spinning on my proverbial turntable:
The Verve (f/k/a The Verve UK due to copyright issues) – Love Is Noise, Love Is Pain (how true).
So. Rakkas Crew – If you are into dancehall, this is the band
Ladyhawke – Stevie Nicks reformulated for this decade.
Biffy Clyro – For those about to rock, we salute you
Ting Tings
MGMT -- Go Brooklyn!
Jack White and Alicia Keys duet on the new Bond theme – and yes it is a manic fusion, but one that works.
Touring bands recommendation – Tegan and Sara – the best opening line to a song from 2007.
NKOTB – but only if Cheech and Chong opens for them and medicates the crowd.
The Verve (f/k/a The Verve UK due to copyright issues) – Love Is Noise, Love Is Pain (how true).
So. Rakkas Crew – If you are into dancehall, this is the band
Ladyhawke – Stevie Nicks reformulated for this decade.
Biffy Clyro – For those about to rock, we salute you
Ting Tings
MGMT -- Go Brooklyn!
Jack White and Alicia Keys duet on the new Bond theme – and yes it is a manic fusion, but one that works.
Touring bands recommendation – Tegan and Sara – the best opening line to a song from 2007.
NKOTB – but only if Cheech and Chong opens for them and medicates the crowd.
On Emmy and Grammy
In the hierarchy of award shows, the Oscars stand above the rest (yes, even the VMAs and ESPYs). Quibble if you will over the final award winners, but they are generally on the mark with the nominees. For the Grammys and Emmys, however, head-scratching is definitely the norm not the exception. Yes, Kelsey Grammer is a good actor but did he deserve so many awards for essentially playing the same character for years. And yes, David Kelly is a great writer/producer (and lucky hubby of Michelle Pfeiffer – THE CATWOMAN), but Boston Legal stretches beyond its orbit far too much to mandate a yearly nomination. And don’t get me started with the Grammys which seem to follow neither critical nor popular acclaim. The latter two award shows did some tweaking in the past to ensure their nominations were at least in the correct ballpark. But perhaps some further fine tuning is needed. For instance, it is a crime that neither Veronica Mars nor Buffy the Vampire Slayer won Best Drama and/or Best Actress awards. The same slight seems to be the destiny of G-Squared. So I offer up the following awards:Best Mischa Barton Imitation – Blake Lively in Gossip Girl.
Best Seth/Ryan Fusion – Penn Badgley in Gossip Girl
Best Non-commercial Voice Over – Kirsten Bell in Gossip Girl
Best Cougar – Madchen Amick in Gossip Girl
Best Future Cougar – Leighton Meester in Gossip Girl
Best Show to Follow in the Footsteps of G-Squared Which Followed in the Footsteps of The OC Which Followed in the Footsteps of Beverly Hills 90210 – 90210
Last Good Thing(s) Alaska Gave the Mainland -- Northern Exposure and Oil.
By the way, I was going to start a “Save West Beverly” campaign when news hit that its ratings plunged 30% in its second week, but CW picked it up for a full season so the shows writers can focus on their character expositions.
And finally, one last award, Worst Show to Watch When You Get Up in the Middle of the Night and You Are Unable to Go Back to Sleep – Heroes (you really need to be alert for that one).
OK, one more award, Best Reason to Look Forward to January – the return of Lost and 24.
Monday, September 22, 2008
The Most Comprehensive Emmy Coverage Ever
Normally Curling Today sends a fleet of reporters to cover big entertainment events like the Emmys. Unfortunately, CT was anticipating a major curling announcement which never materialized so no reporters were deployed. What is worse, no one at CT watched the Emmys. But does one really need to watch the Emmys to analyze them? Here are the salient details:
Best Drama -- Mad Men. Good choice. A transcendental show is one that not only contains excellent writing and acting, but defines or redefines the genre. It is not that MM harkens back to the 60s, but how it shows a side of that decade that had not been explored. And it grounds some of the nostalgia for that era in a less attractive reality.
Best Comedy – 30 Rock. I do not watch this nearly as much as I should, but it is well-deserving.
Best Actress/Drama – Anyone who saw the riveting Damages knows that there was really no other choice for this one.
Best Actor/Drama – Nice to see a totally left field choice even though I never watched the show.
Best Dressed/Worst Dressed – Some dressed well; others did not; and one looked like a swan (not a good thing).
Best Drama -- Mad Men. Good choice. A transcendental show is one that not only contains excellent writing and acting, but defines or redefines the genre. It is not that MM harkens back to the 60s, but how it shows a side of that decade that had not been explored. And it grounds some of the nostalgia for that era in a less attractive reality.
Best Comedy – 30 Rock. I do not watch this nearly as much as I should, but it is well-deserving.
Best Actress/Drama – Anyone who saw the riveting Damages knows that there was really no other choice for this one.
Best Actor/Drama – Nice to see a totally left field choice even though I never watched the show.
Best Dressed/Worst Dressed – Some dressed well; others did not; and one looked like a swan (not a good thing).
Sunday, September 21, 2008
We Still Need the Dream II
A troubling survey just came out that corroborates our worst fears about racism being a major factor in this election. Here is a link to the article:
http://news.yahoo.com/page/election-2008-political-pulse-obama-race
As the article makes clear, it is hard to draw definitive conclusions in this area, but the perceptions themselves suggest that people are letting their racial predilections cloud their decision-making.
What set me off on the article on the housing crisis was its not-so-subtle racial and class presumptions. Any time you hear the term "personal responsibility" the person is attempting to use neutral language to mark his/her true pejorative intent. The notion is that certain races and income classes do not take, or are incapable of taking, responsibility for their actions, and the rest of society has to pay. It is as brilliant a mask as the derivative financial instruments that "responsible" people created, but ultimately as dangerous and valueless as the truth they hide.
http://news.yahoo.com/page/election-2008-political-pulse-obama-race
As the article makes clear, it is hard to draw definitive conclusions in this area, but the perceptions themselves suggest that people are letting their racial predilections cloud their decision-making.
What set me off on the article on the housing crisis was its not-so-subtle racial and class presumptions. Any time you hear the term "personal responsibility" the person is attempting to use neutral language to mark his/her true pejorative intent. The notion is that certain races and income classes do not take, or are incapable of taking, responsibility for their actions, and the rest of society has to pay. It is as brilliant a mask as the derivative financial instruments that "responsible" people created, but ultimately as dangerous and valueless as the truth they hide.
Friday, September 19, 2008
We Still Need the Dream
A Republican friend of mine sent this to me:
Only, the risk-taking was her idea — and the idea of all the other Democrats, along with a handful of Republicans, who over the past 30 years have demonized lenders as racist and passed regulation after regulation pressuring them to make more loans to unqualified borrowers in the name of diversity.
They were the ones who screamed — "REDLINING!" — and sent banks scurrying for cover in low-income neighborhoods, where they have been forced to lower long-held industry standards for judging creditworthiness to make the subprime loans.
If they don't comply, they are threatened with stiff penalties under the Community Reinvestment Act, or CRA, a law that forces banks to make home loans to people with poor credit risks.
No fewer than four federal banking regulatory agencies are responsible for enforcing the law. They subject lenders to racial litmus tests and issue regular report cards, the industry's dreaded "CRA rating."
The more branches that lenders put in poor neighborhoods, and the more loans they make there, the better their rating. Those lenders with low ratings can not only be fined, but also blocked from mergers and other business transactions needed to expand.
The regulation grew to monstrous proportions during the Clinton administration, obsessed as it was with multiculturalism. Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.
The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama.
HUD, in turn, pressured Fannie Mae and Freddie Mac to purchase more subprime mortgages, and Fannie and Freddie, in turn, donated to the campaigns of leading Democrats like Barney Frank and Pelosi who throttled investigations into fraud at the agencies.
Soon, investment banks such as Bear Stearns were aggressively hawking the securities as "guaranteed." Wall Street's pitch was that MBSs were as safe as Treasuries, but with a higher yield.
But they weren't safe. Everyone in the subprime business — from brokers to lenders to banks to investment houses — absolved themselves of responsibility for ensuring the high-risk loans were good.
The mortgage lenders didn't care, because they were going to sell the loans to other banks. The banks didn't care, because they were going to repackage the loans as MBSs. The investors and traders didn't care, because the MBSs were backed by Fannie and Freddie and their implicit government guarantees.
In other words, nobody up and down the line — from the branch office on main street to the high-rise on Wall Street — analyzed the risk of such ill-advised loans. But why should they? Everybody was just doing what the regulators in Washington wanted them to do.
Here is my response:
It is interesting that there is one point of consensus between McCain and Obama and that is this is a crisis of regulation, or lack thereof. The Bush line is that it is not our fault, we have no control over this, and that this is due to a lack of personal responsibility. This editorial goes a bit further and pins the blame on regulators, ostensibly Congress, and community organizations led by people like Obama, for pushing banks to go into poorer areas. Lets not conflate the virtuous goal of bringing the dream of home ownership to poorer areas (after all if we want them to be self-sustaining isn't home ownership part and parcel of that?) with banks seeking a quid pro quo of predatory lending practices for going into these areas (and lets not forget the practice of redlining that precipitated the need to eliminate discriminatory lending practices). There are legions of stories of banks moving into these areas not out of the goodness of their hearts but to exploit the situation as an untapped market with lack of government oversight. The price of getting these loans for those with poor credit (and lest we not forget that the whole notion of credit rating is slanted to encourage indebtedness, e.g., you need to have credit, and you need to have available credit to raise your score, as opposed to zeroing your expenses every month) were supracompetitive rates and exorbitant and duplicative loan fees and closing costs. Give the banks an opportunity to exploit and they will (see credit card lending terms). So the real problem is not the lack of personal responsibility of the poor but these derivative financial instruments that were impossible to value and impossible to discern the fundamentals of this product. And not just the banks that did the literal lending in those markets, but the investment banks that lapped up those mortgage-backed securities and palmed them off on their clients because this was a way to demonstrate revenue building.
Also let’s not kid ourselves that the consumers who over-extended themselves were those in poor areas or the lower middle class. This overextension pervades all segments of society -- there are million dollar homes going into foreclosure as well.
The above exchange, if nothing else, demonstrates that there is still so much more to be done in terms of bridging gaps of race and class. It also exposes the fallacy of the Supreme Court’s reasoning that a discriminatory animus needs to be showed against the particular individual. This socially-pervasive discrimination, cloaked under the argument of “free market principles,” is as invidious and insidious a form of discrimination as any other.
Only, the risk-taking was her idea — and the idea of all the other Democrats, along with a handful of Republicans, who over the past 30 years have demonized lenders as racist and passed regulation after regulation pressuring them to make more loans to unqualified borrowers in the name of diversity.
They were the ones who screamed — "REDLINING!" — and sent banks scurrying for cover in low-income neighborhoods, where they have been forced to lower long-held industry standards for judging creditworthiness to make the subprime loans.
If they don't comply, they are threatened with stiff penalties under the Community Reinvestment Act, or CRA, a law that forces banks to make home loans to people with poor credit risks.
No fewer than four federal banking regulatory agencies are responsible for enforcing the law. They subject lenders to racial litmus tests and issue regular report cards, the industry's dreaded "CRA rating."
The more branches that lenders put in poor neighborhoods, and the more loans they make there, the better their rating. Those lenders with low ratings can not only be fined, but also blocked from mergers and other business transactions needed to expand.
The regulation grew to monstrous proportions during the Clinton administration, obsessed as it was with multiculturalism. Amendments to the CRA in the mid-1990s dramatically raised the amount of home loans to otherwise unqualified low-income borrowers.
The revisions also allowed for the first time the securitization of CRA-regulated loans containing subprime mortgages. The changes came as radical "housing rights" groups led by ACORN lobbied for such loans. ACORN at the time was represented by a young public-interest lawyer in Chicago by the name of Barack Obama.
HUD, in turn, pressured Fannie Mae and Freddie Mac to purchase more subprime mortgages, and Fannie and Freddie, in turn, donated to the campaigns of leading Democrats like Barney Frank and Pelosi who throttled investigations into fraud at the agencies.
Soon, investment banks such as Bear Stearns were aggressively hawking the securities as "guaranteed." Wall Street's pitch was that MBSs were as safe as Treasuries, but with a higher yield.
But they weren't safe. Everyone in the subprime business — from brokers to lenders to banks to investment houses — absolved themselves of responsibility for ensuring the high-risk loans were good.
The mortgage lenders didn't care, because they were going to sell the loans to other banks. The banks didn't care, because they were going to repackage the loans as MBSs. The investors and traders didn't care, because the MBSs were backed by Fannie and Freddie and their implicit government guarantees.
In other words, nobody up and down the line — from the branch office on main street to the high-rise on Wall Street — analyzed the risk of such ill-advised loans. But why should they? Everybody was just doing what the regulators in Washington wanted them to do.
Here is my response:
It is interesting that there is one point of consensus between McCain and Obama and that is this is a crisis of regulation, or lack thereof. The Bush line is that it is not our fault, we have no control over this, and that this is due to a lack of personal responsibility. This editorial goes a bit further and pins the blame on regulators, ostensibly Congress, and community organizations led by people like Obama, for pushing banks to go into poorer areas. Lets not conflate the virtuous goal of bringing the dream of home ownership to poorer areas (after all if we want them to be self-sustaining isn't home ownership part and parcel of that?) with banks seeking a quid pro quo of predatory lending practices for going into these areas (and lets not forget the practice of redlining that precipitated the need to eliminate discriminatory lending practices). There are legions of stories of banks moving into these areas not out of the goodness of their hearts but to exploit the situation as an untapped market with lack of government oversight. The price of getting these loans for those with poor credit (and lest we not forget that the whole notion of credit rating is slanted to encourage indebtedness, e.g., you need to have credit, and you need to have available credit to raise your score, as opposed to zeroing your expenses every month) were supracompetitive rates and exorbitant and duplicative loan fees and closing costs. Give the banks an opportunity to exploit and they will (see credit card lending terms). So the real problem is not the lack of personal responsibility of the poor but these derivative financial instruments that were impossible to value and impossible to discern the fundamentals of this product. And not just the banks that did the literal lending in those markets, but the investment banks that lapped up those mortgage-backed securities and palmed them off on their clients because this was a way to demonstrate revenue building.
Also let’s not kid ourselves that the consumers who over-extended themselves were those in poor areas or the lower middle class. This overextension pervades all segments of society -- there are million dollar homes going into foreclosure as well.
The above exchange, if nothing else, demonstrates that there is still so much more to be done in terms of bridging gaps of race and class. It also exposes the fallacy of the Supreme Court’s reasoning that a discriminatory animus needs to be showed against the particular individual. This socially-pervasive discrimination, cloaked under the argument of “free market principles,” is as invidious and insidious a form of discrimination as any other.
Thursday, September 18, 2008
What is wrong with this picture?
I hate to dwell, but you know I am a dweller. Miley gets everything wrong in the picture. When a "hip" person gives a hand signal it is meant to give props to someone; the direction is supposed to be targeted to the propee, and the amount of fingers represents the amount of people being "propped". So unless there are two imaginary people on the other side of Miley, or she is trying to intend it as a diss of her guy, she is about as hip as Billy Ray (which may explain a lot).
Cougars
Let me applaud G-Squared for tackling another “elephant in the room” social malady, i.e., the increasingly bold and predatory nature of cougars. Cougars have been leaving their natural habitat and moving into heretofore safe areas. The latest area to fall prey is elite prep-school Upper East Side Manhattan. The tale is becoming increasingly common, prep school boy, scion of elite family, falls for seductive cougar. When he attempts to leave to have a relationship with someone of his own pack (although given the fact that the cougar in question is Madchen Amick makes the tale somewhat incredulous), the cougar tightens her grip. Stay tuned as G-Squared grapples with the implication of “Cougars Gone Wild”.
The Miley
There have been some vicious rumors going around that The Blog a/k/a Bright On is a fan of the Miley.
Let me clarify for the record (who keeps the proverbial "record"?) that I am not. I do not know any of her songs, I have not watched an episode of Hannah Montana, and I am slightly turned off by her misuse of faux gang symbols above. But if she makes a transformation like one Hillary Duff did (see below) I may become a FOTM (Fan of The Miley).
Jumping the Shark
As a connoisseur of fine TV, let me share with you a guiding principle that separates classic TV, like The OC, from the rest of the middling pack. It is maintaining continuity and credibility in regard to the core premise of the show. Let us call it the Ross and Rachel Principle. As we went through the dance of cast negotiations over renewal every year, there was one reassuring constant – that no matter when and how the show ended, Ross and Rachel would be together. I tolerated that whole Joey and Rachel thing with gritted teeth knowing that the writers would ultimately do the right thing. Same with The OC, Seth and Summer ended up back together. But for a second time, 90210 has eviscerated this concept. First it was the pairing of Dylan and Kelly at the end of the original run, and now it is the news that Dylan is the father of Dylan’s child. As any 90210-er would know, the show was about Dylan-Brenda which naturally meant Kelly was with Brandon. Just because Brenda’s alter ego, Shannen Doherty, ended up being a prima donna who loved to claw at her female co-workers and ultimately left the show so she could engage in a series of two week marriages does not give writers creative license to deviate from the premise of the show. There were other less invasive options – such as bringing in a new actress, such as Fran Dreschler, and pretending that we did not notice, or having Brenda appear in flashbacks and/or as a ghost. But no – the writers had to take the convenient way out and exchange partners like they were trading cards. Through their actions, they have imperiled their place in my top ten list of favorite shows.
Fringe
Who would have thought that Pacey from the Creek would become a genius? Or that a major character would pee in his pants in the first episode? Such is the intrigue of the best new show of the season – Fringe. JJ Abrams is channeling genius again, although he only worked on the Pilot episode as he has to try and recreate the Star Trek franchise. And the writers he left behind are freely cribbing from some of his other shows. But who cares? It is a wild ride, and I have no clue where it is heading, but I suspect it will not involve Dawson and Joey.
Air Quality Warning
EPA and Denver officials have taken the rare step of issuing an air quality warning -- three months in advance. The officials anticipate air quality to be at record low levels and visibility extremely limited due to the appearance of:
Wednesday, September 17, 2008
Nobel Peace Prize
The Nobel Prizes will be awarded soon. In order to determine if I should book a flight to Geneva, buy a tux, and check with Miley if she is free, Serena/Dagwood, did you submit my nomination for the Hilltop/Mayfair Accord?
A Huge Endorsement for Obama
Actually it is a non-endorsement, as Trump endorsed McCain primarily becuase the wealthy will be "harmed" under the Obama tax plan.
"Well, I'll tell you, the people that create the jobs and the people that really create a lot of things in the country, they're going to be taxed into oblivion."
"Well, I'll tell you, the people that create the jobs and the people that really create a lot of things in the country, they're going to be taxed into oblivion."
Another Brick In the Wall
Updated price of Border Wall: $27.5 billion
Cost of Humoring Xenophobic Whims of Tom Tancredo: Priceless (literally)
Name to describe GOP Plan of Throwing Money Down
Bottomless Pit to Placate the Right: "Strategy without a Plan"
Cost of Humoring Xenophobic Whims of Tom Tancredo: Priceless (literally)
Name to describe GOP Plan of Throwing Money Down
Bottomless Pit to Placate the Right: "Strategy without a Plan"
Tuesday, September 16, 2008
HSM
I have managed to get my hands on the much coveted script for High School Musical IV. Yes, just like Peter Jackson did with the Lord of the Rings movies, they shot multiple movies at the same time. Here is what I found:
********************SPOILER ALERT************************************
The name of the movie is High School Musical IV: Get Real, Kids, Life Is Not A Musical! HSM IV finds Troy and Gabriela both expelled for exchanging nude pictures of each other over the Internet. And Ryan and Sharpay have been suspended for failing to generate enough star power to keep the series going. As a result, the school misses the cutoff for the Utah Basic Skills Competency Test and is shut down. After a ten minute dance interlude fails to convince the Utah State Office of Education to rescind its decertification, the kids grapple between forming a religious cult where they worship Walt Disney and going to work at a local Wal-Mart. They opt for the latter. Yes, that can only mean one thing . . . Wal-Mart Musical I where the kids must use music and dancing to alleviate a severe shortage of Charmin toilet paper.
********************SPOILER ALERT************************************
The name of the movie is High School Musical IV: Get Real, Kids, Life Is Not A Musical! HSM IV finds Troy and Gabriela both expelled for exchanging nude pictures of each other over the Internet. And Ryan and Sharpay have been suspended for failing to generate enough star power to keep the series going. As a result, the school misses the cutoff for the Utah Basic Skills Competency Test and is shut down. After a ten minute dance interlude fails to convince the Utah State Office of Education to rescind its decertification, the kids grapple between forming a religious cult where they worship Walt Disney and going to work at a local Wal-Mart. They opt for the latter. Yes, that can only mean one thing . . . Wal-Mart Musical I where the kids must use music and dancing to alleviate a severe shortage of Charmin toilet paper.
It Was a Sad Night on the CWTV Part Deux
Dan and Serena broke up – for the fourth time (they are either channeling Richard Burton and Liz Taylor or Ryan and Marissa from The OC). They love each other, but Dan has a tough time dealing with the fact that Serena is rich and therefore can have any problem solved with a snap of a finger. Apparently Dan has not heard of the concept of a sugar mama, and a hot one at that. Meanwhile, Blair loves the Duke’s son (royalty not John Wayne and not Coach K) but fears their relationship may be sexless as many royal relationships are. Conveniently there is a blackout in NYC, so she whispers in the Duke’s ear for him to meet her in the boudoir. Instead the slimy Chuck goes up there and sports a horrible English accent fooling her into believing he is the Duke. Or is she fooled? The passions flow and conveniently enough the lights come back on and there are Chuck and Blair going at it like prairie dogs in NoBo, and, of course, the Duke walks in. Meanwhile Nate must choose between Vanessa, the gal from Brooklyn, or the Duchess who has been his sugar mama. I guess Manhattan has the highest per capita sugar mama population.
Then on One Tree Hill, the hill loses a tree. Not literally, mind you, otherwise there would be no trees on the hill. One of the characters is gunned down, and his death allows CWTV to feature every melancholy song released in the last six months. And all the Hillers continue to think Brooke got her two black eyes, sunken eye sockets, and bruises over her arms and back from a bumping into a door. Meanwhile psycho woman holds psycho grandfather hostage in hope she can kidnap the grandfather’s cute grandson to make up for the death of her child.
Then on One Tree Hill, the hill loses a tree. Not literally, mind you, otherwise there would be no trees on the hill. One of the characters is gunned down, and his death allows CWTV to feature every melancholy song released in the last six months. And all the Hillers continue to think Brooke got her two black eyes, sunken eye sockets, and bruises over her arms and back from a bumping into a door. Meanwhile psycho woman holds psycho grandfather hostage in hope she can kidnap the grandfather’s cute grandson to make up for the death of her child.
STAY TUNED.
It Was a Sad Night on the CWTV
Speaking of which, is this not where the Palins belong? on a weekly sitcom? You have Big Head Todd who not only earns $100k per year for a few weeks of oil work, but apparently can help balance the budget; the state budget that is. He can also engage in intricate and delicate state negotiations while at the same time being his wife’s heavy if needed. He can also cook a mean salmon filet. Then there is wife, Sara, a small town girl with slightly larger town ambitions. She is going to be President one day, because after all, isn’t that what every small town gal dreams of? Yup, she can bring home the bacon, fry it up in a pan, and never let Todd forget he is a man. Her administration is sort of like The Facts of Life (“you take the good, you take the bad, and there you have – the Facts of Life, the Facts of Life”) in which she is able to hire her school chums to take on executive positions in her administration, because after all, anyone who loves cows as a child should be the head of the Department of Agriculture. And best yet, one of her friends can become an Executive Assistant a/k/a Alaska’s Chief Babysitter a/k/a Mrs. Garret. We have not even begun to discuss the children who help make this the best family show on tv since Seventh Heaven.
Sunday, September 14, 2008
Bed Bath & Beyond
I made my first trip to Bed Bath & Beyond in nearly three years. This is one of the advantages of being a man about Lone Tree. But I was stunned how a store that pitches organizing your house, among other things, barely gives you any walking room. And with women chatting away right in front of where you need to go, how does anyone get out of there? Is the “beyond” being trapped overnight in the store because it is impossible to get out of the tiled jungle? Someone stop by the Park Meadows BB&B – I may still be in there.
Bronco Fans . . .
. . . don’t get too excited. San Diego was robbed in that game. And you still have to beat someone outside your division.
Another Indictment of Palin
"I have had a strong and a long relationship on national security, I've been involved in every national crisis that this nation has faced since Beirut, I understand the issues, I understand and appreciate the enormity of the challenge we face from radical Islamic extremism," the Senator declared. "I am prepared. I am prepared. I need no on-the-job training. I wasn't a mayor for a short period of time. I wasn't a governor for a short period of time."
Ironically, the Senator quoted above was none other than Sen. McCain. The statement was uttered during the primaries as he was running against Gov. Romney and former Mayor Guiliani. Little did he know that he would be nominating a candidate whose experience he sullied.
Ironically, the Senator quoted above was none other than Sen. McCain. The statement was uttered during the primaries as he was running against Gov. Romney and former Mayor Guiliani. Little did he know that he would be nominating a candidate whose experience he sullied.
Thursday, September 11, 2008
The Lone Tree Lone Tree
Given the inelastic supply of trees in Lone Tree, and the high demand to participate in the Lone Tree Lone Tree, the Blog (note no operative alias at this time) could charge supracompetitive rates for entry, but being the Democrat that the Blog is, he has tried to meet the demand by scheduling a second one in the Fall. The Fall Lone Tree Lone Tree with Falling Leaves was held this past weekend and the winner was The Blog. Once again, he beat Penelope Pitstop. Being from England, where they not only drive on the wrong side of the road, but they go in the wrong direction around a circle, the Blog lapped Penelope Pitstop. This was the first time in history that a participant was lapped on the one lap Lone Tree Lone Tree.Wednesday, September 10, 2008
Alias II
I thought this was self-evident, but apparently some people require further clarification, i.e., Beautiful Disaster, who as we speak is hiding in the closet of the NKOTB’s hotel suite. My first alias will commence on Sunday. Currently, I am not Bright, or to clarify, my Bright is not On. This, however, does not make Bright Off, nor am I Lone even though I am alone and I am not a loner but I am not yet a tree hugger. Got it?!
My Silent Tragedy
I don’t know how exactly to say this except to come right out and say it . . . my son is a McCain supporter. He thinks McCain is cool and that Obama “takes money for free” which apparently equates to the notion of taxes. Who do I blame? His friends who have communicated such nonsense to him. The parents of the friends who have communicated these lies to their kids. The teachers who have failed to intervene to stop the moral and ethical decay of our future. His mother who did a poor job of explaining to him the difference between a Republican and a Democrat – she told him that Republicans generally have more money and they like to hold on to it. His retort was that he has no money, so he would like to hold on to that. Obviously she did not follow up and say that well if you have no money the Democrats will give some to you. What will I do? Nothing for now. He is a smart kid and will eventually come to know the difference between right and wrong. Until then I will try and show him the value the Democrats add to his life. For instance, his favorite TV network is PBS Kids Sprout and so I told him if it was left to Republicans there would be no PBS; instead he would be watching shows on abstinence. These are just passing fancies. He also likes the Broncos and Rockies. Eventually he will learn the path that will lead him to happiness and the path that will lead him on the road to nowhere.
Alias
In the past, I used to take on aliases if for no other reason that it was fun to do, and believe me when your name is so long some time it is nice to have a shorter moniker such as “Almost-Slim Thug.” Plus it is just like getting a makeover without the cost. So here is the tentative schedule for my aliases for the next few weeks.
Week of Sept. 14-20 Bright On (In honor of my third favorite city in Colorado).
Week of Sept. 21-27 Bright Off
Week of Sept. 28-October 4 Bright
Week of Oct. 5-11 Lone Tree
Week of Oct. 12-18 Lone
Week of Oct. 19-25 Tree
Week of Oct. 26-Nov. 1 Loner
Week of Nov. 2-Nov. 9 Tree Hugger
Week of Sept. 14-20 Bright On (In honor of my third favorite city in Colorado).
Week of Sept. 21-27 Bright Off
Week of Sept. 28-October 4 Bright
Week of Oct. 5-11 Lone Tree
Week of Oct. 12-18 Lone
Week of Oct. 19-25 Tree
Week of Oct. 26-Nov. 1 Loner
Week of Nov. 2-Nov. 9 Tree Hugger
Tuesday, September 9, 2008
Does anyone have a copy of . . .
High School Musical 2: The Dance Edition? I hear the choreography in that is amazing!!! Imagine if New Kids on the Block (hereinafter referred to as NKOTB or Beautiful Disaster's favorite band) was on the next HSM? I have never done shrooms but I imagine that NKOTB HSM would blow that experience away.
Humor from Down Under
A friend of mine forwarded to me this very funny joke:
A long haired surfer walked into the local Centrelink office to pick up his dole cheque.
He marched straight up to the counter and said,
'Hi. You know, I just HATE drawing the dole. I'd really rather have a job.'
The Centrelink girl behind the counter said, ' Your timing is excellent, Sir.'
'We have just received a job opening from a very wealthy old man who wants a
chauffeur and bodyguard for his beautiful daughter. You'll have to drive around
in his 2008 Mercedes-Benz CL, and he will supply all of your clothes.
Because of the long hours, meals will be provided. You'll also be expected to
escort the daughter on her overseas holiday trips. This is rather awkward to
say but you will also have as part of your job assignment to satisfy her
sexual urges as the daughter is in her mid-20's and has a rather strong sex drive,
at least twice a day.
A two-bedroom loft type apartment with plasma TV, stereo, bar, etc.
located above the garage will be designated for your sole use and the salary
is $200,000 a year. '
The surfer, plain wide-eyed, said, ' You're bullshitin' me! '
The Centrelink worker replied, ' Yeah, well . . you started it.'
A long haired surfer walked into the local Centrelink office to pick up his dole cheque.
He marched straight up to the counter and said,
'Hi. You know, I just HATE drawing the dole. I'd really rather have a job.'
The Centrelink girl behind the counter said, ' Your timing is excellent, Sir.'
'We have just received a job opening from a very wealthy old man who wants a
chauffeur and bodyguard for his beautiful daughter. You'll have to drive around
in his 2008 Mercedes-Benz CL, and he will supply all of your clothes.
Because of the long hours, meals will be provided. You'll also be expected to
escort the daughter on her overseas holiday trips. This is rather awkward to
say but you will also have as part of your job assignment to satisfy her
sexual urges as the daughter is in her mid-20's and has a rather strong sex drive,
at least twice a day.
A two-bedroom loft type apartment with plasma TV, stereo, bar, etc.
located above the garage will be designated for your sole use and the salary
is $200,000 a year. '
The surfer, plain wide-eyed, said, ' You're bullshitin' me! '
The Centrelink worker replied, ' Yeah, well . . you started it.'
Can you feel it?
Have you noticed a certain calm in the air; a sense of the world reaching a rare equilibrium? It is true. There has been an extremely rare confluence of events the significance of which remains uncertain. In the entertainment realm, the triumvirate of Britney, Lindsay and Paris all seem to be at peace – much to the chagrin of Dr. Phil. Brit has discovered God, LiLo has found true love, and Paris is searching for a new BFF. Even Xtina is dazzling these days a far cry from her “Dirty” days. In sports, three Chicago teams are in first place at the same time? And in Boston, the Evil Empire now seems merely ordinary. In politics, the GOP is back at what they do best – hypocrisy and negativity while the Dems serve as a hopeful beacon. In reality tv, Flavor Flav and New York are thankfully still single and Survivor is going green. In tv, 90210 is back.
So, enjoy this rare oasis, one and all, and hope it is not as fleeting as Palin’s experience.
So, enjoy this rare oasis, one and all, and hope it is not as fleeting as Palin’s experience.
Monday, September 8, 2008
VMA Recap
The 25th Annual VMAs returned to its traditional format (last year they used a four room format hosted by different acts). The show was hosted by Russell Brand, a Brit, who is somewhat of an acquired taste, but very popular across the pond. Thoughts:
Britney is back to the “hot” Britney. She did not sing and appeared either scared of the microphone or was ready to swallow it whole depending on the moment. She had quite a good night awards-wise.
Demi Moore does not look liked she has aged a day in the last 25 years. She looked buff and amazing. Note to self: Make a trip to Idaho to stalk her. Note to self: Avoid Rumer at all costs.
Rihanna had the most scintillating musical performance(s); yes, she got a rare two-fer. She did the coveted opening number with what seemed like extras from Dawn of the Dead (except they could dance). I want to get costumes like that for my dance crew. Note to self: Ask Beautiful Disaster or RTD Rider if they can sew.
Paris Hilton will be having a new reality show to find a new BFF to replace Nicole. I wonder why I was not considered? Note to Self: After Idaho, find Paris.
There was a rumor MTV would try to get Lindsay Lohan to kiss Katy “I Kissed A Girl” Perry. From the part I saw, I guess Lindsay declined. Probably a good thing since Katy based her lyrics on Scarlett Johanson’s lips. Then again Scarlett and Lindsay could be sisters. Lindsay looked fantastic as usual in a Tuxedo vest without the shirt (or a bra for that matter).
Lil Wayne looked like he was about to have a wardrobe malfunction. I don’t know how he kept his pants up. He is a real “low rida.” Polo Ralph Lauren got a good plug for its underwear. Thank goodness he was not sporting a thong. I guess wardrobe malfunctions are no longer illegal so he may have been ok if gravity pulled his pants down.
Xtina has certainly evolved from her Disney days; I have not been following her career, but her new stuff seems very good.
Well that is all that pops to mind at the moment.
Britney is back to the “hot” Britney. She did not sing and appeared either scared of the microphone or was ready to swallow it whole depending on the moment. She had quite a good night awards-wise.
Demi Moore does not look liked she has aged a day in the last 25 years. She looked buff and amazing. Note to self: Make a trip to Idaho to stalk her. Note to self: Avoid Rumer at all costs.
Rihanna had the most scintillating musical performance(s); yes, she got a rare two-fer. She did the coveted opening number with what seemed like extras from Dawn of the Dead (except they could dance). I want to get costumes like that for my dance crew. Note to self: Ask Beautiful Disaster or RTD Rider if they can sew.
Paris Hilton will be having a new reality show to find a new BFF to replace Nicole. I wonder why I was not considered? Note to Self: After Idaho, find Paris.
There was a rumor MTV would try to get Lindsay Lohan to kiss Katy “I Kissed A Girl” Perry. From the part I saw, I guess Lindsay declined. Probably a good thing since Katy based her lyrics on Scarlett Johanson’s lips. Then again Scarlett and Lindsay could be sisters. Lindsay looked fantastic as usual in a Tuxedo vest without the shirt (or a bra for that matter).
Lil Wayne looked like he was about to have a wardrobe malfunction. I don’t know how he kept his pants up. He is a real “low rida.” Polo Ralph Lauren got a good plug for its underwear. Thank goodness he was not sporting a thong. I guess wardrobe malfunctions are no longer illegal so he may have been ok if gravity pulled his pants down.
Xtina has certainly evolved from her Disney days; I have not been following her career, but her new stuff seems very good.
Well that is all that pops to mind at the moment.
Sunday, September 7, 2008
The Blonde Principle II
Apparently the advantages of being a blonde are rooted in history:
During the Renaissance, blondes definitely had more fun. Blond hair for women became so much de rigueur in Venice that a brunette was not to be seen except among the working classes. Venetian women spent hours dyeing and burnishing their hair until they achieved the harsh metallic glitter that was considered a necessity.
During the Renaissance, blondes definitely had more fun. Blond hair for women became so much de rigueur in Venice that a brunette was not to be seen except among the working classes. Venetian women spent hours dyeing and burnishing their hair until they achieved the harsh metallic glitter that was considered a necessity.
So who is Samantha Ronson . . .
. . . apart from being one of the luckiest people in the world to be dating Lindsay Lohan? And yes, their romance appears to be the real thing. Prior to all the LiLo hype, I was a "friend" on Samantha's MySpace page. I discovered her through her brother, Mark Ronson, who is one of the hottest DJs and Producers around, and an artist in his own right. Samantha is a DJ and a very accomplished musician in her own right as well. Her songs have appeared on some of my mix-CDs. They are both step-children of a guitarist from Foreigner and Samantha's twin, Charlotte, is a very trendy designer. Considering the men Lindsay has dated, Samantha is definitely a step up and she does not appear to try to be cashing in on LiLo as her parents do. Above is a picture of the happy couple (and, yes, Lindsay send sweet love notes to Samantha on her blog page).
Saturday, September 6, 2008
I Love Money
Imagine the crushing disappointment of not being chose then soul mate for life (or for a week) for Flavor Flav or New York? Well never say that MTV is not the media conglomerate that cares. Their show “I Love Money” invites the losers (and I mean that literally) on the Flavor of Love and I Love New York competitions a chance to compete for $250,000. I know that can never make up for the irreparable loss of the opportunity for conjugal relations with Flav or New York. With the election season and new tv season I have not been following this nearly as much as I should but I can tell you The Entertainer is still in it.
I also lament the fact that I did not get a chance to join “I Want to Work for Diddy” where you can compete for a chance to be Diddy’s personal assistant. The first challenge was completing 30 tasks in Manhattan in 24 hours. Apparently Diddy never sleeps so his assistants are not allowed to sleep either. And at times he may give you a list of 100 things to do and he has a photographic memory so you cannot mess up. No wonder VH1/MTV devotes so many shows to him.
Wednesday, September 3, 2008
90210
OK, back to the important stuff. The return of “90210”. My snapshot poll response? Thumbs up. Thoughts on cast? Babealicious – a sign of a good casting director is when they reel in actors/actresses who generated buzz in small character roles on other series. “90210” features two such actresses from Nip/Tuck and Reaper. And yes for you women, I would say there is probably sufficient eye candy for you as well. Premise? Based on the original one but with a few twists – the Brandon character is adopted and an African-American male (huge stride here because as I recall in the original the only recurring African American male character at West Beverly was a computer geek who Steve used to hack into the school computer). The parents are not adorably dorky, but sophisticated and hot. And there is a grandmother who evokes memories of the matriarch from “Arrested Development” because she is played by the same actress. And they are from Kansas. By the way, how did Kansas become the embodiment of Hicksville and how did it beat out places like Arkansas, Louisiana, and West Virginia? Is Judy Garland to blame? Opening scene? A fellatrix performing fellatio on the star lax player. This is not your 90s 90210. Yes, lacrosse seems to replace b-ball as the 90210 sport. Plot? Too many threads to mention them all, but here are some. The lax player’s fellatrix was not his girlfriend – he is “complex” and growing apart from his girlfriend – his prime line, “I am not quitting you, I am quitting us.” A blog, of course, there would be a blog, written by an outsider who is Kelly’s half-sister and who bears a grudge against the popular chick. The Kansas kids are children of the principal – which creates many issues of drawing the principal/father line. Also turns out the principal fathered a child with the popular chick’s mother who is now hot for principal. Nate is back and so is the Peach Pit which is now a coffee house, but Nate is no barista. There is also a club – not sure if it is the Peach Pit After Dark. Seeds for drug addiction story already laid – the actress in the school musical is on uppers. And yes, you High School Musical fans, there will be a school musical – but kudos on the choice of “Spring Awakening” – a Tony award winning musical which is transforming the genre much in the way “Rent” did. And guess who is directing the play – famed British actress, Brenda Walsh. Brenda and Kelly get along swimmingly – and are trying to do so off the set as well – apparently they were kids back then and are now adults. But they claim there will be no fighting over a guy anymore. At its core, though, the Spelling-esque themes pervade: how will the Kansans fit in? will anyone ever understand the suffering of the silver spooners? Apple or peach pie? Who is the father of Kelly’s child (who seems to look like neither Brandon nor Dylan but Steve)? And, you know, that is fine with me – 90210 is comfort food in a glossy package.
Is Todd really her guy and is she really the Right's gal?
From Salon:
And while she and the larger GOP leadership spent the day railing against the liberal media, some of the toughest media hits against Palin were scored not by liberals Wednesday, but by conservatives. Wall Street Journal columnist and former Reagan speechwriter/idolator Peggy Noonan and MSNBC analyst Mike Murphy, formerly of the McCain campaign, were caught on an open mic during a commercial break savaging the Palin pick. Noonan called it "political bullshit" and declared it wouldn't work. "It's over," she told Murphy. Murphy called it cynical – even though both of them praised Palin on camera. And while Republicans have been blasting Daily Kos for printing rumors about Palin's last pregnancy and her teenage daughter, Bristol, a worse blow came from the National Review's Byron York, who Wednesday night passed on reporting by the National Enquirer that Palin herself had an affair with her husband Todd's business partner. (The McCain camp denied the story and threatened legal action against the Enquirer.)
And while she and the larger GOP leadership spent the day railing against the liberal media, some of the toughest media hits against Palin were scored not by liberals Wednesday, but by conservatives. Wall Street Journal columnist and former Reagan speechwriter/idolator Peggy Noonan and MSNBC analyst Mike Murphy, formerly of the McCain campaign, were caught on an open mic during a commercial break savaging the Palin pick. Noonan called it "political bullshit" and declared it wouldn't work. "It's over," she told Murphy. Murphy called it cynical – even though both of them praised Palin on camera. And while Republicans have been blasting Daily Kos for printing rumors about Palin's last pregnancy and her teenage daughter, Bristol, a worse blow came from the National Review's Byron York, who Wednesday night passed on reporting by the National Enquirer that Palin herself had an affair with her husband Todd's business partner. (The McCain camp denied the story and threatened legal action against the Enquirer.)
When 90210 Meets 99654
Pettiness, lies, deception, peer pressure – the new reincarnation of “90210”? No, I am referring to the RNC. First, let me start of with Rudy Giuliani. Did the GOP fail to fill him in on the fact that the Iraq War had nothing to with Al Qaeda? Did he nap during the discovery that there was no link between Saddam and Al Qaeda? Has he forgotten that Bin Laden is still alive and that the real roots of Al Qaeda are in Afghanistan and Pakistan; and that in Afghanistan the Taliban is regrouping and in Pakistan they can operate virtually unchecked? Rudy was channeling George and Dick and Don in that speech – the culture of fear that they used to augment their power. And why is it “Islamic terrorism” – what nationality was Richard Reed? If terrorism is Islamic, why the need to tap the phone lines of those who do not bow towards Mecca? The most ironic line was Rudy being a feminist on Gov Palin’s lightning speed return to work. The guy whose wife only found about his filing for divorce via a press conference – this guy is championing feminism? As an aside, it appears that the Palins have found a new babysitter – Cindy McCain; after all she has nothing else to do.
On to Gov. Palin? Have we so lowered the bar for speeches from GOP women that this is considered to be an excellent speech? The first half was droning and unfocused; in the second half she did score a few zingers but then lapsed into the same clichéd redundant remarks she began with. The standard for a great speech for women is not Barbara Bush or Nancy Reagan, and it is not Hillary because Hillary last week transcended the concept of gender – her speech was the equal of Bill and Barack’s. And for all the rhetorical flair supported by reason and logic that Hillary displayed, Sarah Palin paled in comparison. It was a speech devoid of anything positive – no indication of how the GOP who created the mire that is our lives today can redeem itself. It will be well-received by conservatives because it was very Reagan-esque: more rooted in personal diatribes than any substance.
“Taught us fights are won” – funny, I thought we lost the Vietnam War?
“McCain was counted out for his stance on the war” -- who counted him out – it was Giuliani et al.
“Victory [in Iraq] is in sight” – What happened to “Mission Accomplished”?
How did they maneuver to get her son deployed on 9/11?
“Advocate for special needs” – let’s see – she is a full-time Governor; hubby is a fisherman, oilman, and “snowmachine” rider (and also apparently very virile). Who pray tell is looking after the baby? Certainly not Bristol who was “getting jiggy with it.”
She is a champion for farmers and public education --- hmmm, those sound like areas of Democratic support because the GOP could care less about the farmers and public education.
She told us she was going to tell us what she did as mayor that made her more experienced than the “community organizer” – but then never did.
“Leave nation better than we found it” – if this is the standard, she should be voting Democrat – unless she thinks a recession, huge deficit, decimation of the Constitution and a money pit war is better than “we found it.” I hope she never flips homes.
Stood up to oil companies – hmm, sounds like a bit of bait and switch by then innocent oil companies – we will feign competition if you let us drill up North.
Ethics reform? Shouldn’t she have started with the Republican Senator from her own state?
Got rid of the Governor’s luxury jet and chef? I wonder which party her predecessor belonged to? He was a Republican? Who would have thought?
Stop depending on foreign oil – yes, Bush has really set us on a course to stop depending on foreign oil.
Reading rights to Al Qaeda terrorists? Based on the burden of proof, aren’t we required to prove they are terrorists first? And to do that don’t they need a trial? And don’t they need to be apprised of their rights? Funny, I recall the Supreme Court saying something to that effect – she may have been too busy holding off Canada and Russia.
Finally, a fashion note – did you see McCain’s tie? Yes, orange is the new red.
15 minutes to . . .
. . . Contender or Pretender. Do you think ten years from now we will be asking "Where were you when Sarah Palin first addressed the nation?" Or will it be Sarah who?
Tuesday, September 2, 2008
The Sequel to Juno
Let the web parodies begin. By the way, I would like to note for the record that I greatly admire single mothers and teenagers who decide to keep their babies. My whole point with the Hunting Governor is the embodiment of Republican hypocrisy on this issue. She is embraced because she is a white, upper-middle class politico who is on the "right" side of the issues. If she was on the wrong side of the streets would the GOPers even bat an eyelash towards her? Plus I hear the Hunting Guv a/k/a Governor Palin, Hunting Woman chastised Jamie Lynne Spears for being irresponsible for having a teen pregnancy. Why can't the GOP shake the hypocrisy bug?
Monday, September 1, 2008
xoxo
What an exciting night on tv and your ace Curling Today reporter watched it all (ok most of it). First, Gossip Girl returns. And for the moment Dan and Serena are back together – yes, CT is a hopeless romantic. But the bigger story was “The White Party” – the annual party held in the Hamptons where people have the last opportunity to wear white for the year. Yes, Labor Day is here, so put the white in the closet (there are no extensions due to the impact of global warming). And remember orange is the new red.
Then it was the return of “One Tree Hill” – a show I solely watch because it makes me think of Lone Tree. Actually just the title does. Tomorrow brings the return of one of my fave shows ever – 90210. Yes, the Tivo is all set and ready to go.
I am leaving out the biggest news for those who like to watch a certain show on NBC on Monday nights, but I won’t spill the news in case you tivoed it. Unfortunately I missed “Prison Break.” I need to do a better job keeping up with the TV Guide. Now I am watching “Exiled” a show in which MTV sends the most prima donna-eque of its My Super Sweet Sixteen participants to non-luxurious areas like Africa and Thailand.
Thank goodness for the reurn of Fall TV!
Then it was the return of “One Tree Hill” – a show I solely watch because it makes me think of Lone Tree. Actually just the title does. Tomorrow brings the return of one of my fave shows ever – 90210. Yes, the Tivo is all set and ready to go.
I am leaving out the biggest news for those who like to watch a certain show on NBC on Monday nights, but I won’t spill the news in case you tivoed it. Unfortunately I missed “Prison Break.” I need to do a better job keeping up with the TV Guide. Now I am watching “Exiled” a show in which MTV sends the most prima donna-eque of its My Super Sweet Sixteen participants to non-luxurious areas like Africa and Thailand.
Thank goodness for the reurn of Fall TV!
Family Values
Hmmm, out-of-wedlock child to a 17 year old daughter? I thought the GOP frowned on such things? But then again, they live in Alaska, what else is there to do in winter?
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