Slope of Hope Blog Posts
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What is it with Texas politicians and the banking industry?
I thought Texans were supposed to be all about cattle and oil. Yet over the decades it seems like they are first in line, shoving themselves even in front of New Yorkers, to provide whatever aid, assistance, and comfort that big banks require. It’s bizarre.
The most famous example, of course, being the Gramm–Leach–Bliley Act in 1999, championed by this genius:
When public “servants” are whoring themselves out to any particular industry, they couch it in the mask of freedom and progress. This was no exception, as Senator Gramm said at the time: (more…)
As a younger man, I truly believed that those individuals who didn’t have the drive and intellect to hack it in the world of free enterprise were relegated to low-paying, boring jobs in government. Whether city, state, or federal, I figured the dullest among us would wind up with a direct-deposit paycheck from some bureaucracy and just slum their lives away with a steady diet of paperwork, fast food, and watching tee-vee at night.
How wrong I was! The City of Palo Alto makes clear that it’s ME who is the moron and the clerks in city hall that are banking coin! What a fool I was.
And I know we’re all supposed to get misty-eyed at these “civil servants”, especially police officers and firefighters, who
hang out at the station house risk their lives every day on our behalf, but I’m sorry, when a fuckin’ firefighter is getting a third of a million bucks a year, the world’s gone wrong.
As usual, Fed Day gave us quite a ride. The big news was that our friends at the FOMC plan to give us another 3 rate hikes this year instead of 4. Guess how many Fed meetings there are with accompanying press conferences left this year? Three. How about that.
My stomach went into a knot the moment the news came out, because everything – – EVERYTHING – – went against me big time. It didn’t last though. Just imagine how many people were short the utilities and got stopped out, all because of a stupid, multi-second Fed spike.
Well, the world seems to be treating it as a huge surprise that Gary Cohn is ditching the White House, even though he’s been dropping broad hints about it for a while now. Sadly, the marvelous plunge we saw instantly when trading opened Tuesday night has been cut about in half. The markets are still down, sure, but not nearly as much as before.
Numbers, in the modern world, give us privilege. They matter to you, and they matter to me.
For instance, I have a lengthy financial history whose data is measured by various credit bureaus. With my strong credit, I can be assured of having access to any cash I might need. My past behavior has demonstrated that I am financially responsible and can be trusted.
Another government bailout ($3.7 Billion) is need to keep Fannie Mae’s net worth from entering negative territory after reporting a 4Q net loss of $6.5 Billion, as described in this Bloomberg article.