Another day another bankrupcy… that seems to be the way things go these days… and now there’s this whole debate about what needs to be done… well, in this entry, i’ll talk a little bit about what should’ve been done, what could still be done and who’s to blame… i’ll also jump into this week’s football games and some more of the fall season television shows… i should be watching the debate, but who watches things in real time anymore?

off we go…

THE BAIL OUT

to the tune of Collapse – Mute Math

So we’re in some real trouble now, right?… i’m no expert on economy, but i did stay awake in enough macro and micro classes to have a decent opinion… a while back i mentioned the possibility of an ’08 Depression and it looks like Wall Street is trying to get there… gas, houses, banks, everything is out of control and now the powers that be remind me of Dwight in the video above (by the way, hulu is awesome)… 700 Billion Dollars… Say yes… do it… do it now… 5…. 4… now… now … NOW!… i say back up for a second…

haste makes waste… it’s pretty obvious that decisions made under duress are rarely the wisest decisions made… in fact, it’s probably safe to say that if so may people hadn’t have made decisions overnight – decisions to make big investments, including homes – that we’d be in much better shape overall… so regardless of whether or not this bailout plan will work, the haste that it’s being thrown together and pushed on us gives me reason to wonder…

in America, there is the famous “separation of church and state”… contrary to popular opinion though, it was designed to protect the church from being run by the government and thereby tainting the religion… similarly, the free market needs to be able to work with as little government intervention as possible… this plan, while perhaps necessary at this point, breaches that divide… and it takes what has become one of the firmest foundations of the American Dream in the last few decades… rewarding bad behavior…

what should have happened… back when the housing market started collapsing and the lenders started to realize that they were racking up foreclosures left and right, they should have acted of their own volition to resolve this issue… at least six months ago, i pondered out loud that the lenders needed to reassess the values of all the properties involved and, based on the declining values and the rising inability of their clients to make payments, they should have written down the loans…

now, i know, this sounds like we’re rewarding the people who bought houses that they shouldn’t have – that they couldn’t afford, but, while i would propose that the loan amount be written down, i would also propose, as a penalty, that the loan would garner a higher interest rate, a flag would be placed on the owner’s credit report, and, perhaps, the term would be extended to adjust the monthly payment down to something that is affordable… with the higher interest rate, the banks would recoup a lot of the cost of the write down in the long run and neither owner nor banker would be filing chapter 11…

i got scoffed at by some people when i mentioned this back then, but now it seems like that’s what the government is trying to do… except now that they’re involved, the banks are bankrupt, the owners are already in a world of hurt and both are getting rewarded for their bad behavior… and, since the government is involved, banks that are still hanging on have little motivation (other than establishing a reputation of a business with fair and reasonable practices, on the off chance that they care about that) to try and work with their clients because big brother is going to step in and “save the day”…

i’m running short on time, so i’ll move on, but in case that plan sounds at all familiar to you, perhaps it’s because it’s somewhat based on Luke 16

THE BALL OUT

to the tune of Quiet Storm – Smokey Robinson

So i know you’re all wondering if i did better with my picks this week than last week… but first i’ll mention that my fantasy league teeter-totter has officially begun… similar to last year, i’m alternating between leagues winning in one and losing in the other… so, i’m now 1-2 in both leagues… as far as picks, 10-6, 8-7, and this week… 10-6… i still feel pretty good about my chances though, since there were quite a few last minute wins and surprises…

this week, the winners are as follows…

Falcons, Bengals, Jaguars, Broncos
49ers, Jets, Packers, Vikings
Chargers, Bills, Redskins, Eagles and… Steelers

three less games this week as the bye weeks officially begin… if you get to choose from all the games to watch, Flacons and Panthers should be a hot one for the early game, with the Jets/Cards matchup a strong runner up and the Skins vs Cowboys is always one to watch… Sunday night’s game (Bears/Eagles) could be entertaining, but the Steelers and Ravens on MNF just doesn’t look at all interesting…

ALL OUT

my time has evaporated and i’ve got to keep moving… i’ll get to more of the fall television schedule later… for now, there’s a new Left to Write up on the front page as well as a long overdue album review of Chris Sligh’s debut

peace… love… bdg…