Thursday, September 25, 2008

A Thursday Thought

In my midweek busy stretch, I sometimes don't have time to write out a long piece or even read others (just to have something to recommend to readers). So, I want to put out something out to think about and discuss, if anyone should desire to do so:

My aim is not to minimize or underplay the current banking crisis in any way, shape, or form. This is a serious crisis, it has been for some time now. But in the scheme of things here, I wonder just how much of this is coming to head now, because of the election year. By this I mean, has the media driven this to near panic levels, when just being gravely concerned would be enough?

Like I said, this is not intended to minimize this situation, not in the least. I just see so much fear in the countenances of people I work with, I just have to wonder if the media isn't trying to drive this election by using the emotions of people, to effect their desired response.

Anyone else wonder about this?


14 comments:

Mustang said...

The media is quick to respond to stimulus, but media did not create solvency problems for any financial institution. I do believe the situation is a financial markets crisis, and while the press is reporting their little fingers to the bone, they are not offering much in an attempt to help citizens understand what’s really going on. And, as with any economic crisis, we should consider these four factors: the real problem, the perceived problem, the real implications, and the psychological impact, real or imagined.

By any definition, financial markets are very complex; most people do not understand them. This is the stuff taught to graduate students in Business Administration. In reality, financial market theory is abstract, and the average journalist has to dumb it down for his own edification, as much as for reader comprehension

The two pressing issues concern (1) what is going on, and (2) how to fix the problem. In his address last night, I think Mr. Bush did a good job explaining the first part, but probably could have done a better job outlining the second.

This morning, we find a number of citizens who think the government is getting ready to bill them for their share of the $700 billion. They are the products of our failed education system. I say, let them worry … it serves them right for not paying attention in economics classes.

People who are worried about their 401K plans should worry if Congress fails to act. People like Teresa Kerry, who own $2 million worth of shares in AIG, should probably not try to sell off those shares any time soon, but in time, she’ll get her money back.

My point is that the government will do what it thinks it needs to do, there is no reason for panic, and most importantly … it’s Miller Time.

Greg said...

it’s Miller Time

I'll drink to that!

Other than that, I don't worry about ups and downs in the financial market. Down markets are full of opportunities, in fact. Good time to buy Bank of America stock, eg.

LASunsett said...

//I do believe the situation is a financial markets crisis, and while the press is reporting their little fingers to the bone, they are not offering much in an attempt to help citizens understand what’s really going on.//

Lou Dobbs, Stuart Varney, and Neil Cavuto are three names that come to mind when trying to determine which economic news journalists know what the hell they are talking about. But, you are right. The rest are just as confused as we are, the difference is they aren;t willing to admit it. Instead, they talk themselves in circles and play the worst possible scenarios, so as to scare the hell out of people that do not have the time to look up and listen to the business news journalists.

LASunsett said...

//it’s Miller Time

I'll drink to that!//


What is with you guys and your domestic beer? Give me some Stella Artois or some Paulaner. If you are out of those, I'll settle for a Heinekin or Amstel Light. Sheesh.

;)

//I don't worry about ups and downs in the financial market. //

The closer you get to retirement. the more you will worry. Trust me on that one.

A.C. McCloud said...

Actually, I think the media has been behind the fear curve on this one. They were too busy being enamored with nonsense, like Palin's library card or some idiot state trooper.

Mustang said...

Someone here drinks "St. Paulie Girl" beer, but I'm not going to mention any la names.

LASunsett said...

//They were too busy being enamored with nonsense, like Palin's library card or some idiot state trooper.//

Polls have consistently said Obama is the stronger candidate on the economy. The Obama media corps knowing this, has tried to put this out front and center, and pressured for a fast deal, for the specific purpose of making him look better.

But, it may backfire. This is especially true if Obama is standing at a podium in Mississippi, while a deal is hammered out.

LASunsett said...

//Someone here drinks "St. Paulie Girl" beer, but I'm not going to mention any la names.//

It is a premium lager beer that dates back to the 12th century. Miller Lite is probably a grand total of 30 years old. Which brewer would you trust to make a better beer?

;)

Mustang said...

Well, I guess we all know who drinks the girlie beer now.

Z said...

For a year now, I've listened to ABC news radio news stories between talk show segments and heard the latest re: the economy; How things were good... BUT.. How this and that happened and those are good things..BUT...
And I started asking myself suddenly "What's the BUT!? WHy the negative? This is scaring investors, scaring buyers, scaring people...why?"

Then I thought ELECTION. It's not good to have things going smoothly for the Republicans when the Left's suddenly losing on the war because of the surge, the man-made global warming thing's about burned itself out, etc.....got to get THE ECONOMY and make it look like it's all the Reps fault and OBAMA will save the day!!

I'm not saying that we didn't have REALLY bad things going on (started by Clinton who insisted more minorities and/or lower middle class Americans start owning homes, whether they could afford them or not), and I'm not saying Bush's people, or congress in general, handled any of this weel, but I have felt the media's involvement can't be ignored in this crisis.

I personally believe the McCain thing was a bit theatrical; who the heck thinks HE is single handedly going to help the situation? (except my friend Rich Galen has a good column I just posted on my blog that did put shed some positive light on McCain's parachuting into the problem).....

Anyway.....I think you're right. I guess I could have just saved everyone the grief and just said THAT, but......!!!

LASunsett said...

//Well, I guess we all know who drinks the girlie beer now.//

Mustang, I thought you LIKED girls!!

(LA wondering if he should cancel his trip)

LASunsett said...

//Anyway.....I think you're right. I guess I could have just saved everyone the grief and just said THAT...//

Z, you are on your way, coming to grips with that is half the battle.

;)

L'Amerloque said...

Hello LAS !


Speaking of food for thought ... (grin)


The other night this absolutely vile "Katie Couric" person (rebroadcast on Sky News, UK --- Mrs Amerloque wonders if she is for real --grin--)) asked Mssrs Obama and McCain what their favorite films were.


McCain, to Amerloque's immediate and vast surprise, said "Viva Zapata, with Marlon Brando, by Elia Kazan". He then went on to detail just why: Zapata gave up everything for an ideal. He was lyrical (and Amlerloque hadn't partaken of any Normandy cider, either). A real revelation.


Obama, the "Harvard-educated" Philistine that he is, said that he liked "The Godfather".


Amerloque burst into laughter, and explained to Mme A that there was a famous scene in the film (at least in English). A movie review in the NYT sums it up:


///…/… Thus, at the crucial meeting of Mafia families, when the decision is made to take over the hard drug market, one old don argues in favor, saying he would keep the trade confined to blacks—"they are animals anyway."…/… ///


Amerloque wonders if Obama is even familiar with the film. (grin)


It is clear to Amerloque that Obama sadly lacks American roots and education.


The other day in the Evening News (MSNBC ? CBS ? Sky News ? BBC ? Anyway, off a satellite out in Normandy …) there was some kind of brouhaha about the "old boy network". It was clear that Obama hadn't the faintest conception of the difference between the "old boy network" and a putative "old boys network".



Sarah P. spoke of the "old boy network", and Obama quikly derided the "old boys network". Was the error deliberate ?


Amerloque, laughing fit to bust, had to stop peeling apples and explain to Mme A what the "old boy network" is (i.e., the alumni of a prep school, university or fraternity) http://tinyurl.com/4xtu9p . The French have the same thing, or course: "les anciens eleves".



He then had to detail just what "old boys"" really meant, beginning with "good ol' boys" down South. The week previously, he had already spent several hours explaining (fortunately) to Mme the myriad cultural referents within the song "American Pie" by Don McLean: "I drove my Chevy to the levee but the levee was dry, Them good ol' boys were drinkin' whiskey and rye Singing "This'll be the day that I die, This'll be the day that I die."



Mme A was thus well up to speed on "good ol' boys".



But is Obama up to speed on the "old boy network" ? (grin)



Both Mme and M Amerloque are absolutely fascinated by the blossoming of Sarah Palin. Every day she seems to gain more confidence, strength, and knowledge. "Elle ne se laisse pas faire", as they say over here. (grin) Amerloque has even had several campaign buttons ("Sarah Barracuda")sent over for Mme. (grin). It is clear – at least from over here, for the moment – that Sarah would make a great VP.



For the very first time in his life it looks like Amerloque will be voting Republican. The wheel has come full circle. Out here in the real world, Vlad Putin and the Chinese will run rings around Community Organizer Obama if he is elected. The United States of America simply can't afford to elect Obama.



Best,
L'Amerloque

LASunsett said...

Hi Amerloque,

Katie Couric is one of those elitist woman that shows love and deference when she interviews Hillary or some other woman that is perceived to be strong, and a champion of women's causes. But in the interview with Palin, she succumbed to the pressure of playing the Charlie Gibson "gotcha" game, so as to make Palin look weak, inexperienced, and just plain stupid.

Really, it's all they have on her.