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San Diego schools, parks, safety suffer to pay for the Chargers
Don, I hope you had half as much fun writing those opening paragraphs as I did reading them! - As I get older it never ceases to amaze me that so many of those in positions of power will do anything to hold onto that power. I can't imagine politicians go into a campaign with the idea of screwing over their constituents if they win, but that's what most of them do. It must be peer pressure working its magic. The fact that the US Congress has a 13% "approval" rating says that we don't live in a democracy, but that's not news, is it? Keep up the good work and excellent writing.— December 17, 2010 8:51 a.m.
Police Sorry They Brought Frivolous Lawsuits, Suing Their Lawyer
It was probably on the Obits page where stories die.— December 17, 2010 8:35 a.m.
"Crisis of Unprecedented Proportions" Coming in Commercial Real Estate
I was listening to a BusinessWeek podcast yesterday, where an economist said that the bank "stress tests" that the government did this past year, "did not include commercial mortgages." They totally ignored the fact that banks and especially the smaller (not-too-big-to-fail) banks are carrying these mortgages at par, when the fair market value is much less. - Of course, if we valued banks are their true values and marked assets to market, then the majority would be under capitalized and insolvent. - Let the fiction continue!— November 12, 2009 11:29 a.m.
Paulson's socialistic plan to bail out Wall Street is election year fraud
I totally agree that Paulson & friends are trying to buy the election. And unfortunately, if it succeeds and the voting public is again fooled into voting for what's in the mega-millionaires' best interests, then they (we) deserve their/our fate. - Hey what ever happened to McCain's $0.50/gal gas-tax bribe? -I'd say they called and raised the bet, considerably. Where's the outrage? - Thinking people are so frustrated they must have given up. The only good thing I can think of about this government subsidized, no-fail program for the financial industry, is that it may yet force us out of the middle east due to the costs of fighting both wars, the "war on terrorism" and the war on wall street..— September 19, 2008 8:36 a.m.
Wall Street Collapses of Its Own Hubris, Gambling with Borrowed Funds. Two of Biggest Houses, Merrill Lynch and Lehman, Disappearing
Don: Do I have this right? It looks like our gov't is rewarding a failed betting strategy by the financial industry, which the gov't basically endorsed by their lack of regulatory oversight. Banking & financial execs were allowed to gamble on high-profit-appearing mortgages and their derivatives to boost short term numbers to obtain big bonuses. When the lack of value started to appear (with help from short sellers) the failures became overwhelming and now the government is either bailing out corporations (FNM FRE BSR), or in essence, buying these bad investments by allowing institutions to sell or pledge these assets at inflated values. We, the taxpayers, are now the pawnshop, but without the critical eye to value that a pawnshop owner has to have to assure their survival. Either a miracle will happen with home values shooting up to the heavens, (unlikely) or we are looking at VERY HIGH inflation in the future. Does that make sense to you?— September 15, 2008 9:06 a.m.