I had two friends send this to me within five minutes of each other and it is funny
so I had to share it. Reads about right to me!
BROKEN
2 months ago
Saturday, October 4, 2008
Financial Crisis - What You Should Know
I have been looking for something in language I could understand to explain what this financial crisis is and what we should know about it. I found this article by Allison Linn, a senior writer for MSNBC and at least I could understand pretty much all that she said, so I thought I'd pass it on with the hope it might help someone else.
Crisis sparks confusion, questions about personal finanace.
While the rescue package is expected to help deal with the financial crisis, experts have warned that tough economic times are likely still ahead. Here’s what else you should know about how the crisis might affect your personal finances.
Checking and savings accountsNews that major banks including Washington Mutual and Wachovia have been pulled down by the crisis has sparked fears about whether Americans should trust their banking institutions to stay solvent.
Most banks are expected to continue functioning normally. Still, it pays to take a few simple steps to protect your assets in the event of a bank failure.
First, make sure that your bank is backed by the Federal Deposit Insurance Corp., better known as the FDIC. Under the changes approved in the bailout package, if your bank is a member of the FDIC then the amount of money insured would increase to $250,000 until at least the end of 2009.
Under previous rules, individual accounts were insured for up to $100,000, and joint accounts were insured for up to $200,000.
If you bank with a credit union, make sure that it is insured under the National Credit Union Insurance Fund, which provides similar protections for credit union account holders.
Retirement investments
The FDIC also provides coverage of up to $250,000 for certain retirement accounts, such as IRAs that are held in FDIC-insured financial institutions. If you have more than $100,000, it pays to check out the FDIC's online deposit insurance estimator.
Brokerage account
While most of us expect to see gains and losses as a result of investing in the stock market, some have raised concerns about what happens if the company that holds your investments runs into trouble.
If you are concerned, check to see whether your firm is a member of the Securities Investor Protection Corp., or SIPC. Created by Congress in 1970, SIPC covers investors for up to $500,000 in the event a brokerage fails or securities are stolen.
It’s important to note that this does NOT protect people whose investment portfolios lose value because of drops in the market or bad investments. That’s because investing in stocks and bonds is considered to be a risky endeavor, with upsides and downsides.
“They’re not guaranteeing the value of the stock,” said Barry Ritholtz, chief executive of the research firm FusionIQ and author of the forthcoming book “Bailout Nation.” “They’re guaranteeing $500,000 against the company going belly up.”
Some brokerage firms also have supplemental insurance for certain investments, should their brokerage fail.
Money markets
Money market funds often have been considered a safe haven for stashing cash that you don’t want in riskier investments, such as stocks. Recent troubles at one large money market fund sparked concerns that even these investments — considered by some to be safe as cash —are not completely secure.
Hoping to quell the anxiety, the Treasury Department recently stepped in to provide guarantees for money market funds, using a Depression-era fund to back them.
Mutual fund firms, also, have taken steps to comfort worried investors, including disclosing money market fund holdings and posting information about their investment decision-making.
Russ Kinnel, director of mutual fund research with Morningstar, said the best way to assure that your money is safe in a money market fund is to choose a relatively large, low-cost fund from a large company. Those steps should make it less likely the fund will make riskier investments, and more likely that the firm itself will make investors whole should the fund “break the buck,” or fall below the target of $1 per share.
Consumer credit
For many Americans, the credit crunch that is a key factor in the current financial crisis has been a relatively abstract idea, affecting mainly large financial institutions. As the crisis unfolds, economists say we could start to see more of an impact on people’s everyday lives.
Consumers who are trying to borrow money for a new car or new home, for example, might find it harder and more expensive to get a loan. Some might find it tougher to get a new credit card, said David Wyss, chief economist with Standard and Poor’s.
People who already have credit cards likely won’t see much change, although Wyss said some credit card companies are starting to reduce credit lines for riskier clients.
“They’re getting tougher on who they lend money to,” he said.
Business credit
Economists are watching closely to see if the credit crunch is going to make it harder for small- and midsized business owners to borrow money.
That, in turn, could crimp their ability to do business, leading to layoffs and affecting related businesses. It also could make it tougher for entrepreneurs to find money for starting new businesses.
Mortgages
The crisis on Wall Street shouldn’t have a direct impact on people who are paying their mortgages on time.
If you are seeking to refinance your mortgage or take out a second mortgage, however, you may find it to be more difficult, if not impossible, because of stricter lending requirements.
Crisis sparks confusion, questions about personal finanace.
While the rescue package is expected to help deal with the financial crisis, experts have warned that tough economic times are likely still ahead. Here’s what else you should know about how the crisis might affect your personal finances.
Checking and savings accountsNews that major banks including Washington Mutual and Wachovia have been pulled down by the crisis has sparked fears about whether Americans should trust their banking institutions to stay solvent.
Most banks are expected to continue functioning normally. Still, it pays to take a few simple steps to protect your assets in the event of a bank failure.
First, make sure that your bank is backed by the Federal Deposit Insurance Corp., better known as the FDIC. Under the changes approved in the bailout package, if your bank is a member of the FDIC then the amount of money insured would increase to $250,000 until at least the end of 2009.
Under previous rules, individual accounts were insured for up to $100,000, and joint accounts were insured for up to $200,000.
If you bank with a credit union, make sure that it is insured under the National Credit Union Insurance Fund, which provides similar protections for credit union account holders.
Retirement investments
The FDIC also provides coverage of up to $250,000 for certain retirement accounts, such as IRAs that are held in FDIC-insured financial institutions. If you have more than $100,000, it pays to check out the FDIC's online deposit insurance estimator.
Brokerage account
While most of us expect to see gains and losses as a result of investing in the stock market, some have raised concerns about what happens if the company that holds your investments runs into trouble.
If you are concerned, check to see whether your firm is a member of the Securities Investor Protection Corp., or SIPC. Created by Congress in 1970, SIPC covers investors for up to $500,000 in the event a brokerage fails or securities are stolen.
It’s important to note that this does NOT protect people whose investment portfolios lose value because of drops in the market or bad investments. That’s because investing in stocks and bonds is considered to be a risky endeavor, with upsides and downsides.
“They’re not guaranteeing the value of the stock,” said Barry Ritholtz, chief executive of the research firm FusionIQ and author of the forthcoming book “Bailout Nation.” “They’re guaranteeing $500,000 against the company going belly up.”
Some brokerage firms also have supplemental insurance for certain investments, should their brokerage fail.
Money markets
Money market funds often have been considered a safe haven for stashing cash that you don’t want in riskier investments, such as stocks. Recent troubles at one large money market fund sparked concerns that even these investments — considered by some to be safe as cash —are not completely secure.
Hoping to quell the anxiety, the Treasury Department recently stepped in to provide guarantees for money market funds, using a Depression-era fund to back them.
Mutual fund firms, also, have taken steps to comfort worried investors, including disclosing money market fund holdings and posting information about their investment decision-making.
Russ Kinnel, director of mutual fund research with Morningstar, said the best way to assure that your money is safe in a money market fund is to choose a relatively large, low-cost fund from a large company. Those steps should make it less likely the fund will make riskier investments, and more likely that the firm itself will make investors whole should the fund “break the buck,” or fall below the target of $1 per share.
Consumer credit
For many Americans, the credit crunch that is a key factor in the current financial crisis has been a relatively abstract idea, affecting mainly large financial institutions. As the crisis unfolds, economists say we could start to see more of an impact on people’s everyday lives.
Consumers who are trying to borrow money for a new car or new home, for example, might find it harder and more expensive to get a loan. Some might find it tougher to get a new credit card, said David Wyss, chief economist with Standard and Poor’s.
People who already have credit cards likely won’t see much change, although Wyss said some credit card companies are starting to reduce credit lines for riskier clients.
“They’re getting tougher on who they lend money to,” he said.
Business credit
Economists are watching closely to see if the credit crunch is going to make it harder for small- and midsized business owners to borrow money.
That, in turn, could crimp their ability to do business, leading to layoffs and affecting related businesses. It also could make it tougher for entrepreneurs to find money for starting new businesses.
Mortgages
The crisis on Wall Street shouldn’t have a direct impact on people who are paying their mortgages on time.
If you are seeking to refinance your mortgage or take out a second mortgage, however, you may find it to be more difficult, if not impossible, because of stricter lending requirements.
Friday, October 3, 2008
A Peaceful Retreat to Orcas Island
After such a frustrating week, how about slipping away
to Orcas Island? Beautiful sky, clouds, water and a happy seagull.
These are the things that matter. Time to put all the ugly politics, the
frustrations behind and slip away -- even in our imagination, for a quiet
and beautiful weekend. We all need that time to regroup and focus on what is really
important and those things include our children, grandchildren, families, friends and all the
beautiful things that can and do fill our lives when we are open to receive them.
Time for a Giggle or Two
As those of you who follow my blog know, I can only deal with politics, Republicans, Wall Street,and the anger and frustration that seem to accompany anything having to do with the afore mentioned for just so long -- particularly since it doesn't appear as if the big picture is going to improve anytime soon. So, I turn to the little humorous truths so frequently sent to me by my 84 year old, good friend Fran, who is sharper and funnier than many and she still follows politics! I need to get her recipe. Maybe we can all start with these.
Eight Words with two Meanings
1. THINGY (thing-ee) n.
Female...... Any part under a car's hood.
Male..... The strap fastener on a woman's bra.
2. VULNERABLE (vul-ne-ra-bel) adj.
Female.... Fully opening up one's self emotionally to another.
Male.. Playing hockey without a cup.
3. COMMUNICATION (ko-myoo-ni-kay-shon) n.
Female... The open sharing of thoughts and feelings with one's partner.
Male... Leaving a note before taking off on a fishing trip with the boys.
4. COMMITMENT (ko-mit-ment) n.
Female.... A desire to get married and raise a family.
Male...... Trying not to hit on other women while out with this one.
5. ENTERTAINMENT (en-ter-tayn-ment) n.
Femal e.... A good movie, concert, play or book.
Male...... Anything that can be done while drinking beer.
6. FLATULENCE (flach-u-lens) n.
Female.... An embarrassing byproduct of indigestion.
Male...... A source of entertainment, self-expression, male bonding.
7 MAKING LOVE (may-king luv) n.
Female..... The greatest expression of intimacy a couple can achieve.
Male.. Call it whatever you want, just as long as we do it.
8. REMOTE CONTROL (ri-moht kon-trohl) n.
Female.... A device for changing from one TV channel to another.
Male... A device for scanning through all 375 channels every 5 minutes.
AND --
He said . . . I don't know why you wear a bra; you've got nothing to put in it.
She said . . . You wear pants don't you?
He said . . ..... Shall we try swapping positions tonight?
She said . . ....That's a good idea - you stand by the sink and do the dishes while I sit on the sofa and fart!
He said . ... What have you been doing with all the grocery money I gave you?
She said . .....Turn sideways and look in the mirror!
He said . . How many men does it take to change a roll of toilet paper?
She said . . We don't know; it has never happened.
She said... What do you call a woman who knows where her husband is every night?
He said . . . A widow
He said . .Why are married women heavier than single women?
She said . . Single women come home, see what's in the fridge and go to bed. Married women come home, see what's in bed and go to the fridge.
Eight Words with two Meanings
1. THINGY (thing-ee) n.
Female...... Any part under a car's hood.
Male..... The strap fastener on a woman's bra.
2. VULNERABLE (vul-ne-ra-bel) adj.
Female.... Fully opening up one's self emotionally to another.
Male.. Playing hockey without a cup.
3. COMMUNICATION (ko-myoo-ni-kay-shon) n.
Female... The open sharing of thoughts and feelings with one's partner.
Male... Leaving a note before taking off on a fishing trip with the boys.
4. COMMITMENT (ko-mit-ment) n.
Female.... A desire to get married and raise a family.
Male...... Trying not to hit on other women while out with this one.
5. ENTERTAINMENT (en-ter-tayn-ment) n.
Femal e.... A good movie, concert, play or book.
Male...... Anything that can be done while drinking beer.
6. FLATULENCE (flach-u-lens) n.
Female.... An embarrassing byproduct of indigestion.
Male...... A source of entertainment, self-expression, male bonding.
7 MAKING LOVE (may-king luv) n.
Female..... The greatest expression of intimacy a couple can achieve.
Male.. Call it whatever you want, just as long as we do it.
8. REMOTE CONTROL (ri-moht kon-trohl) n.
Female.... A device for changing from one TV channel to another.
Male... A device for scanning through all 375 channels every 5 minutes.
AND --
He said . . . I don't know why you wear a bra; you've got nothing to put in it.
She said . . . You wear pants don't you?
He said . . ..... Shall we try swapping positions tonight?
She said . . ....That's a good idea - you stand by the sink and do the dishes while I sit on the sofa and fart!
He said . ... What have you been doing with all the grocery money I gave you?
She said . .....Turn sideways and look in the mirror!
He said . . How many men does it take to change a roll of toilet paper?
She said . . We don't know; it has never happened.
She said... What do you call a woman who knows where her husband is every night?
He said . . . A widow
He said . .Why are married women heavier than single women?
She said . . Single women come home, see what's in the fridge and go to bed. Married women come home, see what's in bed and go to the fridge.
What Choices Do We Have? Not many!
I've been disturbed by the very idea of a bailout and, yet, as the days have slipped by more and more of what I have read by those who do know what they're talking about, say it's vital, if for one reason only -- to buy us some more time to work out a better solution. And they are saying this even though they don't like the idea either and see all the trinkets that have been added in order to get the bill passed. Paul Krugman, like Thomas Friedman is saying pretty much the same thing. I posted Friedman's Op-Ed article earlier and here is Krugman's.
October 3, 2008
Op-Ed Columnist
Edge of the Abyss
By PAUL KRUGMAN
As recently as three weeks ago it was still possible to argue that the state of the U.S. economy, while clearly not good, wasn’t disastrous — that the financial system, while under stress, wasn’t in full meltdown and that Wall Street’s troubles weren’t having that much impact on Main Street.
But that was then.
The financial and economic news since the middle of last month has been really, really bad. And what’s truly scary is that we’re entering a period of severe crisis with weak, confused leadership.
The wave of bad news began on Sept. 14. Henry Paulson, the Treasury secretary, thought he could get away with letting Lehman Brothers, the investment bank, fail; he was wrong. The plight of investors trapped by Lehman’s collapse — as an article in The Times put it, Lehman became “the Roach Motel of Wall Street: They checked in, but they can’t check out” — created panic in the financial markets, which has only grown worse as the days go by. Indicators of financial stress have soared to the equivalent of a 107-degree fever, and large parts of the financial system have simply shut down.
There’s growing evidence that the financial crunch is spreading to Main Street, with small businesses having trouble raising money and seeing their credit lines cut. And leading indicators for both employment and industrial production have turned sharply worse, suggesting that even before Lehman’s fall, the economy, which has been sagging since last year, was falling off a cliff.
How bad is it? Normally sober people are sounding apocalyptic. On Thursday, the bond trader and blogger John Jansen declared that current conditions are “the financial equivalent of the Reign of Terror during the French Revolution,” while Joel Prakken of Macroeconomic Advisers says that the economy seems to be on “the edge of the abyss.”
And the people who should be steering us away from that abyss are out to lunch.
The House will probably vote on Friday on the latest version of the $700 billion bailout plan — originally the Paulson plan, then the Paulson-Dodd-Frank plan, and now, I guess, the Paulson-Dodd-Frank-Pork plan (it’s been larded up since the House rejected it on Monday). I hope that it passes, simply because we’re in the middle of a financial panic, and another no vote would make the panic even worse. But that’s just another way of saying that the economy is now hostage to the Treasury Department’s blunders.
For the fact is that the plan on offer is a stinker — and inexcusably so. The financial system has been under severe stress for more than a year, and there should have been carefully thought-out contingency plans ready to roll out in case the markets melted down. Obviously, there weren’t: the Paulson plan was clearly drawn up in haste and confusion. And Treasury officials have yet to offer any clear explanation of how the plan is supposed to work, probably because they themselves have no idea what they’re doing.
Despite this, as I said, I hope the plan passes, because otherwise we’ll probably see even worse panic in the markets. But at best, the plan will buy some time to seek a real solution to the crisis.
And that raises the question: Do we have that time?
A solution to our economic woes will have to start with a much better-conceived rescue of the financial system — one that will almost surely involve the U.S. government taking partial, temporary ownership of that system, the way Sweden’s government did in the early 1990s. Yet it’s hard to imagine the Bush administration taking that step.
We also desperately need an economic stimulus plan to push back against the slump in spending and employment. And this time it had better be a serious plan that doesn’t rely on the magic of tax cuts, but instead spends money where it’s needed. (Aid to cash-strapped state and local governments, which are slashing spending at precisely the worst moment, is also a priority.) Yet it’s hard to imagine the Bush administration, in its final months, overseeing the creation of a new Works Progress Administration.
So we probably have to wait for the next administration, which should be much more inclined to do the right thing — although even that’s by no means a sure thing, given the uncertainty of the election outcome. (I’m not a fan of Mr. Paulson’s, but I’d rather have him at the Treasury than, say, Phil “nation of whiners” Gramm.)
And while the election is only 32 days away, it will be almost four months until the next administration takes office. A lot can — and probably will — go wrong in those four months.
One thing’s for sure: The next administration’s economic team had better be ready to hit the ground running, because from day one it will find itself dealing with the worst financial and economic crisis since the Great Depression.
October 3, 2008
Op-Ed Columnist
Edge of the Abyss
By PAUL KRUGMAN
As recently as three weeks ago it was still possible to argue that the state of the U.S. economy, while clearly not good, wasn’t disastrous — that the financial system, while under stress, wasn’t in full meltdown and that Wall Street’s troubles weren’t having that much impact on Main Street.
But that was then.
The financial and economic news since the middle of last month has been really, really bad. And what’s truly scary is that we’re entering a period of severe crisis with weak, confused leadership.
The wave of bad news began on Sept. 14. Henry Paulson, the Treasury secretary, thought he could get away with letting Lehman Brothers, the investment bank, fail; he was wrong. The plight of investors trapped by Lehman’s collapse — as an article in The Times put it, Lehman became “the Roach Motel of Wall Street: They checked in, but they can’t check out” — created panic in the financial markets, which has only grown worse as the days go by. Indicators of financial stress have soared to the equivalent of a 107-degree fever, and large parts of the financial system have simply shut down.
There’s growing evidence that the financial crunch is spreading to Main Street, with small businesses having trouble raising money and seeing their credit lines cut. And leading indicators for both employment and industrial production have turned sharply worse, suggesting that even before Lehman’s fall, the economy, which has been sagging since last year, was falling off a cliff.
How bad is it? Normally sober people are sounding apocalyptic. On Thursday, the bond trader and blogger John Jansen declared that current conditions are “the financial equivalent of the Reign of Terror during the French Revolution,” while Joel Prakken of Macroeconomic Advisers says that the economy seems to be on “the edge of the abyss.”
And the people who should be steering us away from that abyss are out to lunch.
The House will probably vote on Friday on the latest version of the $700 billion bailout plan — originally the Paulson plan, then the Paulson-Dodd-Frank plan, and now, I guess, the Paulson-Dodd-Frank-Pork plan (it’s been larded up since the House rejected it on Monday). I hope that it passes, simply because we’re in the middle of a financial panic, and another no vote would make the panic even worse. But that’s just another way of saying that the economy is now hostage to the Treasury Department’s blunders.
For the fact is that the plan on offer is a stinker — and inexcusably so. The financial system has been under severe stress for more than a year, and there should have been carefully thought-out contingency plans ready to roll out in case the markets melted down. Obviously, there weren’t: the Paulson plan was clearly drawn up in haste and confusion. And Treasury officials have yet to offer any clear explanation of how the plan is supposed to work, probably because they themselves have no idea what they’re doing.
Despite this, as I said, I hope the plan passes, because otherwise we’ll probably see even worse panic in the markets. But at best, the plan will buy some time to seek a real solution to the crisis.
And that raises the question: Do we have that time?
A solution to our economic woes will have to start with a much better-conceived rescue of the financial system — one that will almost surely involve the U.S. government taking partial, temporary ownership of that system, the way Sweden’s government did in the early 1990s. Yet it’s hard to imagine the Bush administration taking that step.
We also desperately need an economic stimulus plan to push back against the slump in spending and employment. And this time it had better be a serious plan that doesn’t rely on the magic of tax cuts, but instead spends money where it’s needed. (Aid to cash-strapped state and local governments, which are slashing spending at precisely the worst moment, is also a priority.) Yet it’s hard to imagine the Bush administration, in its final months, overseeing the creation of a new Works Progress Administration.
So we probably have to wait for the next administration, which should be much more inclined to do the right thing — although even that’s by no means a sure thing, given the uncertainty of the election outcome. (I’m not a fan of Mr. Paulson’s, but I’d rather have him at the Treasury than, say, Phil “nation of whiners” Gramm.)
And while the election is only 32 days away, it will be almost four months until the next administration takes office. A lot can — and probably will — go wrong in those four months.
One thing’s for sure: The next administration’s economic team had better be ready to hit the ground running, because from day one it will find itself dealing with the worst financial and economic crisis since the Great Depression.
Thursday, October 2, 2008
Sky Watch! Sunset From Our Deck in Seattle
What Is It About Age John McCain Doesn't Understand?
An old friend of mine who lives in California sent this to me this morning and while it's six weeks after McCain's birthday, I thought it brought up some worthwhile thoughts that were worth sharing. All of us who have stepped, jumped, stumbled, limped or crept into our 70s can recognize the things he talks about, but if we "ordinary" folks can recognize how these things affect us and whatever tasks we take on, why is it that John McCain has so much difficulty recognizing them?
Happy Birthday Wishes to John McCain
Dear John,
As we celebrate our respective 72nd birthdays it is apparent that we have a lot in common. You were born on August 29, 1936; I was born two days later on August 31st. While you went to the Naval Academy, I attended Stanford and we both graduated near the bottom of our respective classes. We were commissioned as Naval Officers in 1958 and each of us failed in our first marriages. Luckily, however, we both are now happily married to successful women who each are over 18 years younger than we - quite a challenge to keep up with them, and a real incentive to enjoy life after 72.
While I cannot claim an experience comparable to five years in captivity in Vietnam, it is apparent that our Navy service has substantially affected our lives. You recovered from your captivity to become a lobbyist for the Navy and then a Congressman and Senator. After the Navy, I "grew up," applied myself, headed the University of Chicago Law Review and became a trial lawyer. We both have been life-long Republicans and we both personally knew and were influenced by Barry Goldwater. We both believe in service to our country, but have we learned to recognize our limitations?
Where we differ - John - is that I know that I am too old to be President of the United States. From every indication, you are too.
There is a reason that nobody our age has previously run for the highest office in the land. I am much too old to be a CEO of a major corporation. How many captains of industry have assumed the helm at age 72? And, as you more than I know, by 72 virtually all of the Generals and Admirals have been sent off into retirement. What I absolutely do know John is that I am now too old to run a major law firm or to try a major case as lead counsel. Where I used to bill over 2,000 hours a year and work late into the night and on weekends, now I am awake late at night contemplating my prostrate. It's not a complaint, John - just a fact of life - I just don't have the stamina anymore to work the hours required of a chief executive much less as our nation's President.
While unlike you, I regularly use the internet, I recognize that technology is passing me by and I must rely upon others to do things I used to do well myself. While I have been in good health, exercise strenuously and play hardball in a league with players as young as 30 year olds, I am just not what I used to be when it comes to dealing with a crisis or working long hours. Each morning as I climb out of bed my aching limbs remind me of my age and mortality. Given your POW experience and medical history, I cannot imagine that you are not experiencing the same.
I also find that my memory is slipping. I have always had excellent recall, but now and again I am frustrated by the fact that I am occasionally drawing a blank when seeking to remember a name or event. I can still come up with the information, just not as quickly or as accurately. In that connection, I often find myself either embellishing or confabulating events of my past life. Those old stories just keep getting better and I find myself telling them over and over again to the point of tedium. I also find that I am less diplomatic and more prickly than before, so I fully understand your frustration in dealing with that Time writer who wanted to know your definition of "honor." From observing you throughout this campaign I know that you are sharing my experiences. At 72 we should not have to explain ourselves and we have earned the right to lose it occasionally. That said, however, John I am not sure that approach works in diplomacy or that it is appropriate for the President of the United States.
John, we both have a wealth of experience in our chosen areas of endeavor and we have much to contribute based upon our age and experience-but I know that given our age we both have blind spots in dealing with the challenges of the 21st Century. Our experience can only take us so far - at some point we must pay our respect to father time. That is the reason why, in business, law and politics, age matters.
John, on our 72nd birthdays I wish you well for a long and distinguished career in a role that is appropriate for our age - the United States Senate.
With all best wishes and Happy Birthday,
William A. Wineberg
Stanford, Class of 58
U.S.Navy 1958-61
Attorney at Law
150 Post Street, Suite 742
San Francisco, Ca. 94108
Phone: 415 434 1200
Fax: 415 296 8552
Email: bill@wineberglaw.com
Web: http://www.wineberglaw.com/
Happy Birthday Wishes to John McCain
Dear John,
As we celebrate our respective 72nd birthdays it is apparent that we have a lot in common. You were born on August 29, 1936; I was born two days later on August 31st. While you went to the Naval Academy, I attended Stanford and we both graduated near the bottom of our respective classes. We were commissioned as Naval Officers in 1958 and each of us failed in our first marriages. Luckily, however, we both are now happily married to successful women who each are over 18 years younger than we - quite a challenge to keep up with them, and a real incentive to enjoy life after 72.
While I cannot claim an experience comparable to five years in captivity in Vietnam, it is apparent that our Navy service has substantially affected our lives. You recovered from your captivity to become a lobbyist for the Navy and then a Congressman and Senator. After the Navy, I "grew up," applied myself, headed the University of Chicago Law Review and became a trial lawyer. We both have been life-long Republicans and we both personally knew and were influenced by Barry Goldwater. We both believe in service to our country, but have we learned to recognize our limitations?
Where we differ - John - is that I know that I am too old to be President of the United States. From every indication, you are too.
There is a reason that nobody our age has previously run for the highest office in the land. I am much too old to be a CEO of a major corporation. How many captains of industry have assumed the helm at age 72? And, as you more than I know, by 72 virtually all of the Generals and Admirals have been sent off into retirement. What I absolutely do know John is that I am now too old to run a major law firm or to try a major case as lead counsel. Where I used to bill over 2,000 hours a year and work late into the night and on weekends, now I am awake late at night contemplating my prostrate. It's not a complaint, John - just a fact of life - I just don't have the stamina anymore to work the hours required of a chief executive much less as our nation's President.
While unlike you, I regularly use the internet, I recognize that technology is passing me by and I must rely upon others to do things I used to do well myself. While I have been in good health, exercise strenuously and play hardball in a league with players as young as 30 year olds, I am just not what I used to be when it comes to dealing with a crisis or working long hours. Each morning as I climb out of bed my aching limbs remind me of my age and mortality. Given your POW experience and medical history, I cannot imagine that you are not experiencing the same.
I also find that my memory is slipping. I have always had excellent recall, but now and again I am frustrated by the fact that I am occasionally drawing a blank when seeking to remember a name or event. I can still come up with the information, just not as quickly or as accurately. In that connection, I often find myself either embellishing or confabulating events of my past life. Those old stories just keep getting better and I find myself telling them over and over again to the point of tedium. I also find that I am less diplomatic and more prickly than before, so I fully understand your frustration in dealing with that Time writer who wanted to know your definition of "honor." From observing you throughout this campaign I know that you are sharing my experiences. At 72 we should not have to explain ourselves and we have earned the right to lose it occasionally. That said, however, John I am not sure that approach works in diplomacy or that it is appropriate for the President of the United States.
John, we both have a wealth of experience in our chosen areas of endeavor and we have much to contribute based upon our age and experience-but I know that given our age we both have blind spots in dealing with the challenges of the 21st Century. Our experience can only take us so far - at some point we must pay our respect to father time. That is the reason why, in business, law and politics, age matters.
John, on our 72nd birthdays I wish you well for a long and distinguished career in a role that is appropriate for our age - the United States Senate.
With all best wishes and Happy Birthday,
William A. Wineberg
Stanford, Class of 58
U.S.Navy 1958-61
Attorney at Law
150 Post Street, Suite 742
San Francisco, Ca. 94108
Phone: 415 434 1200
Fax: 415 296 8552
Email: bill@wineberglaw.com
Web: http://www.wineberglaw.com/
Wednesday, October 1, 2008
Kids Are Quick, Maybe We Should Consult Them!
It's been a long day, everyone trying to figure out what's going to happen next -- now that the bailout has been passed by the Senate. Who knows, maybe we should ask these kids, they seem to have an answer for everything.
TEACHER: Maria, go to the map and find North America
MARIA: Here it is.
TEACHER: Correct. Now class, who discovered America ?
CLASS: Maria
TEACHER: John, why are you doing your math multiplication on the floor?
JOHN: You told me to do it without using table.
TEACHER: Glenn, how do you spell 'crocodile?'
GLENN: K-R-O-K-O-D-I-A-L'
TEACHER: No, that's wrong
GLENN: Maybe it is wrong, but you asked me how I spell it.
TEACHER: Donald, what is the chemical formula for water?
DONALD: H I J K L M N O.
TEACHER: What are you talking about?
DONALD: Yesterday you said it's H to O
TEACHER: Winnie, name one important thing we have today that we didn't have ten years ago.
WINNIE: Me!
TEACHER: Glen, why do you always get so dirty?
GLEN: Well, I'm a lot closer to the ground than you are.
TEACHER: George Washington not only chopped down his father's cherry tree, but also admitted it. Now, Louie, do you know why his father didn't punish him?
LOUIS: Because George still had the axe in his hand.
TEACHER: Now, Simon, tell me frankly, do you say prayers before eating?
SIMON: No sir, I don't have to, my Mom is a good cook.
TEACHER: Clyde , your composition on 'My Dog' is exactly the same as your brother's. Did you copy his?
CLYDE : No, sir. It's the same dog.
TEACHER: Harold, what do you call a person who keeps on talking when people no longer interested?
HAROLD: A teacher .
TEACHER: Maria, go to the map and find North America
MARIA: Here it is.
TEACHER: Correct. Now class, who discovered America ?
CLASS: Maria
TEACHER: John, why are you doing your math multiplication on the floor?
JOHN: You told me to do it without using table.
TEACHER: Glenn, how do you spell 'crocodile?'
GLENN: K-R-O-K-O-D-I-A-L'
TEACHER: No, that's wrong
GLENN: Maybe it is wrong, but you asked me how I spell it.
TEACHER: Donald, what is the chemical formula for water?
DONALD: H I J K L M N O.
TEACHER: What are you talking about?
DONALD: Yesterday you said it's H to O
TEACHER: Winnie, name one important thing we have today that we didn't have ten years ago.
WINNIE: Me!
TEACHER: Glen, why do you always get so dirty?
GLEN: Well, I'm a lot closer to the ground than you are.
TEACHER: George Washington not only chopped down his father's cherry tree, but also admitted it. Now, Louie, do you know why his father didn't punish him?
LOUIS: Because George still had the axe in his hand.
TEACHER: Now, Simon, tell me frankly, do you say prayers before eating?
SIMON: No sir, I don't have to, my Mom is a good cook.
TEACHER: Clyde , your composition on 'My Dog' is exactly the same as your brother's. Did you copy his?
CLYDE : No, sir. It's the same dog.
TEACHER: Harold, what do you call a person who keeps on talking when people no longer interested?
HAROLD: A teacher .
Taking a Deeper Look
Like almost everyone else I know, I've been outraged by the idea of bailing out Wall Street. But then I began to realize that there was a whole lot that I didn't know or understand. The more I have read over the past couple of days, the more I've come to realize there's a great deal more to all of this than immediately meets the eye. This country is angry and bitter and outraged at the antics of the White House and Wall Street and it is only natural that the idea of handing them even more money was asking to get screwed again. And yet I kept hearing people that I have great respect for saying things that just didn't jibe with the general reaction. I'm still not totally sure just what I believe or what I feel the answer is, but I did begin to see a different side that made sense to me when I read Thomas Friedman's OP-ED piece today. I'm not going to quote from it because I'm not sure I would do it justice, so I'm including the whole piece here. I do hope you will take the time to read it and think about it.
October 1, 2008
Op-Ed Columnist
Rescue the Rescue
By THOMAS L. FRIEDMAN
I was channel surfing on Monday, following the stock market’s nearly 800-point collapse, when a commentator on CNBC caught my attention. He was being asked to give advice to viewers as to what were the best positions to be in to ride out the market storm. Without missing a beat, he answered: “Cash and fetal.”
I’m in both — because I know an unprecedented moment when I see one. I’ve been frightened for my country only a few times in my life: In 1962, when, even as a boy of 9, I followed the tension of the Cuban missile crisis; in 1963, with the assassination of J.F.K.; on Sept. 11, 2001; and on Monday, when the House Republicans brought down the bipartisan rescue package.
But this moment is the scariest of all for me because the previous three were all driven by real or potential attacks on the U.S. system by outsiders. This time, we are doing it to ourselves. This time, it’s our own failure to regulate our own financial system and to legislate the proper remedy that is doing us in.
I’ve always believed that America’s government was a unique political system — one designed by geniuses so that it could be run by idiots. I was wrong. No system can be smart enough to survive this level of incompetence and recklessness by the people charged to run it.
This is dangerous. We have House members, many of whom I suspect can’t balance their own checkbooks, rejecting a complex rescue package because some voters, whom I fear also don’t understand, swamped them with phone calls. I appreciate the popular anger against Wall Street, but you can’t deal with this crisis this way.
This is a credit crisis. It’s all about confidence. What you can’t see is how bank A will no longer lend to good company B or mortgage company C. Because no one is sure the other guy’s assets and collateral are worth anything, which is why the government needs to come in and put a floor under them. Otherwise, the system will be choked of credit, like a body being choked of oxygen and turning blue.
Well, you say, “I don’t own any stocks — let those greedy monsters on Wall Street suffer.” You may not own any stocks, but your pension fund owned some Lehman Brothers commercial paper and your regional bank held subprime mortgage bonds, which is why you were able refinance your house two years ago. And your local airport was insured by A.I.G., and your local municipality sold municipal bonds on Wall Street to finance your street’s new sewer system, and your local car company depended on the credit markets to finance your auto loan — and now that the credit market has dried up, Wachovia bank went bust and your neighbor lost her secretarial job there.
We’re all connected. As others have pointed out, you can’t save Main Street and punish Wall Street anymore than you can be in a rowboat with someone you hate and think that the leak in the bottom of the boat at his end is not going to sink you, too. The world really is flat. We’re all connected. “Decoupling” is pure fantasy.
I totally understand the resentment against Wall Street titans bringing home $60 million bonuses. But when the credit system is imperiled, as it is now, you have to focus on saving the system, even if it means bailing out people who don’t deserve it. Otherwise, you’re saying: I’m going to hold my breath until that Wall Street fat cat turns blue. But he’s not going to turn blue; you are, or we all are. We have to get this right.
My rabbi told this story at Rosh Hashana services on Tuesday: A frail 80-year-old mother is celebrating her birthday and her three sons each give her a present. Harry gives her a new house. Harvey gives her a new car and driver. And Bernie gives her a huge parrot that can recite the entire Torah. A week later, she calls her three sons together and says: “Harry, thanks for the nice house, but I only live in one room. Harvey, thanks for the nice car, but I can’t stand the driver. Bernie, thanks for giving your mother something she could really enjoy. That chicken was delicious.”
Message to Congress: Don’t get cute. Don’t give us something we don’t need. Don’t give us something designed to solve your political problems. Yes, Hank Paulson and Ben Bernanke need to accept strict oversights and the taxpayer must be guaranteed a share in the upside profits from all rescued banks. But other than that, give them the capital and the flexibility to put out this fire.
I always said to myself: Our government is so broken that it can only work in response to a huge crisis. But now we’ve had a huge crisis, and the system still doesn’t seem to work. Our leaders, Republicans and Democrats, have gotten so out of practice of working together that even in the face of this system-threatening meltdown they could not agree on a rescue package, as if they lived on Mars and were just visiting us for the week, with no stake in the outcome.
The story cannot end here. If it does, assume the fetal position.
http://www.nytimes.com/2008/10/01/opinion/01friedman.html?th&emc=th
October 1, 2008
Op-Ed Columnist
Rescue the Rescue
By THOMAS L. FRIEDMAN
I was channel surfing on Monday, following the stock market’s nearly 800-point collapse, when a commentator on CNBC caught my attention. He was being asked to give advice to viewers as to what were the best positions to be in to ride out the market storm. Without missing a beat, he answered: “Cash and fetal.”
I’m in both — because I know an unprecedented moment when I see one. I’ve been frightened for my country only a few times in my life: In 1962, when, even as a boy of 9, I followed the tension of the Cuban missile crisis; in 1963, with the assassination of J.F.K.; on Sept. 11, 2001; and on Monday, when the House Republicans brought down the bipartisan rescue package.
But this moment is the scariest of all for me because the previous three were all driven by real or potential attacks on the U.S. system by outsiders. This time, we are doing it to ourselves. This time, it’s our own failure to regulate our own financial system and to legislate the proper remedy that is doing us in.
I’ve always believed that America’s government was a unique political system — one designed by geniuses so that it could be run by idiots. I was wrong. No system can be smart enough to survive this level of incompetence and recklessness by the people charged to run it.
This is dangerous. We have House members, many of whom I suspect can’t balance their own checkbooks, rejecting a complex rescue package because some voters, whom I fear also don’t understand, swamped them with phone calls. I appreciate the popular anger against Wall Street, but you can’t deal with this crisis this way.
This is a credit crisis. It’s all about confidence. What you can’t see is how bank A will no longer lend to good company B or mortgage company C. Because no one is sure the other guy’s assets and collateral are worth anything, which is why the government needs to come in and put a floor under them. Otherwise, the system will be choked of credit, like a body being choked of oxygen and turning blue.
Well, you say, “I don’t own any stocks — let those greedy monsters on Wall Street suffer.” You may not own any stocks, but your pension fund owned some Lehman Brothers commercial paper and your regional bank held subprime mortgage bonds, which is why you were able refinance your house two years ago. And your local airport was insured by A.I.G., and your local municipality sold municipal bonds on Wall Street to finance your street’s new sewer system, and your local car company depended on the credit markets to finance your auto loan — and now that the credit market has dried up, Wachovia bank went bust and your neighbor lost her secretarial job there.
We’re all connected. As others have pointed out, you can’t save Main Street and punish Wall Street anymore than you can be in a rowboat with someone you hate and think that the leak in the bottom of the boat at his end is not going to sink you, too. The world really is flat. We’re all connected. “Decoupling” is pure fantasy.
I totally understand the resentment against Wall Street titans bringing home $60 million bonuses. But when the credit system is imperiled, as it is now, you have to focus on saving the system, even if it means bailing out people who don’t deserve it. Otherwise, you’re saying: I’m going to hold my breath until that Wall Street fat cat turns blue. But he’s not going to turn blue; you are, or we all are. We have to get this right.
My rabbi told this story at Rosh Hashana services on Tuesday: A frail 80-year-old mother is celebrating her birthday and her three sons each give her a present. Harry gives her a new house. Harvey gives her a new car and driver. And Bernie gives her a huge parrot that can recite the entire Torah. A week later, she calls her three sons together and says: “Harry, thanks for the nice house, but I only live in one room. Harvey, thanks for the nice car, but I can’t stand the driver. Bernie, thanks for giving your mother something she could really enjoy. That chicken was delicious.”
Message to Congress: Don’t get cute. Don’t give us something we don’t need. Don’t give us something designed to solve your political problems. Yes, Hank Paulson and Ben Bernanke need to accept strict oversights and the taxpayer must be guaranteed a share in the upside profits from all rescued banks. But other than that, give them the capital and the flexibility to put out this fire.
I always said to myself: Our government is so broken that it can only work in response to a huge crisis. But now we’ve had a huge crisis, and the system still doesn’t seem to work. Our leaders, Republicans and Democrats, have gotten so out of practice of working together that even in the face of this system-threatening meltdown they could not agree on a rescue package, as if they lived on Mars and were just visiting us for the week, with no stake in the outcome.
The story cannot end here. If it does, assume the fetal position.
http://www.nytimes.com/2008/10/01/opinion/01friedman.html?th&emc=th
A Toast to Paul Newman
I was and am a big fan of Paul Newman, who died this past week of cancer, not just because he was drop dead gorgeous and a great actor, but because he was first and foremost a great humanitarian. He raised huge sums of money for worthwhile causes with his Newman's Own dressings -- which I also love. He had a marvelous sense of humor and a great view of the world.
Maureen Dowd wrote a piece about him today in the New York Times. It's worth the read whether you were a fan or not.
http://www.nytimes.com/2008/10/01/opinion/01dowd.html?_r=1&th&emc=th&oref=slogin
Maureen Dowd wrote a piece about him today in the New York Times. It's worth the read whether you were a fan or not.
http://www.nytimes.com/2008/10/01/opinion/01dowd.html?_r=1&th&emc=th&oref=slogin
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