The economy, and shit (not mutually exclusive)

I dunno what to write -- maybe this is common to more experienced bloggerss -- but I feel a need to write something.

I'm sorry.

I'm sorry to all those under the age of 40 or so, especially the Americans, but it goes beyond that. I'm sorry that my mixed up, fucked up, peers borrowed more than they should, and spent more than they earned. I'm sorry that my generation has caused yours to have less, and to be less happy, than you would be if your parents hadn't stolen your future earnings.

I'm sorry.

I'm sorry Messrs. Greenberg, Paulsen and Bernanke allowed money to flow too freely, protecting stock owners at the eventual expense or mortgage holders, especially those least likely to survive a downturn. I'm sorry they allowed bank shareholders to receive record dividends right until the facts emerged that they had issued absolute shit loans, and passed them on to others before they started to smell.

I'm sorry.

I'm sorry that my generation allowed lenders, with the knowing and willing support of rating agencies, to lend money to unworking people, for $500k mortgages, which they knew would never be repaid. I'm sorry that they sold these toxic mortgages, knowingly but without disclosing their real value, to third parties. I'm sorry these immoral, criminal bastards are not being punished. I've just spoken to a top executive of a major life insurer, who told me these debts were known to be toxic to the sellers, but they passed them on. Shame on them.

I'm sorry.

I'm sorry that you will be the first generation in centuries who won't be able to expect a higher standard of living than your parents had.

Most of all, I'm sorry, and embarrassed that my peers allowed that moron, George W., to be in a position where he could appoint people to manage the economy. As good as they've been since it started, I wish they'd been half as good at preventing it.

Kids, you've got my savings once I die. Sorry I can't do more.

Dean

American Public Finances

Well, it's been an interesting week...

George W Bush has announced that he's trying to get Congressional approval for a program to give banks money in exchange for bad debts -- in excess of US$ 500 billion. This is a guy who couldn't make a profit running a dockside whorehouse on naval payday, from past experience. Now he's asking -- no, he's requiring -- all Americans to pay $2000 to bank shareholders, to bail them out from past bad decisions. I'm not saying that liquidity in the market is a bad thing, not at all, but it grates that ordinary people are handing money over to bank shareholders. Especially as bank profits, both investment banks and the regular deposit-taking kind, have made bumper profits (from, you guessed it, ordinary people) the last few years.

This just sucks. The Republicans set up an environment where moral hazard is, well, business as usual, then blame the markets when it comes home to roost.

Heck of a way to run a country.

Keegan Leaves NUFC

Probably not the best post to start my new blog with, but how can I write about anything else when I'm gutted?

Kevin Keegan has resigned as manager of the Newcastle United Football Club. The guy who took the team from relegation to almost-champions in his last stint, and turned around a losing season to a mid-table finish last season. The King, the Messiah, King Kev... gone.

Gone but not forgotten by the fans. See www.nufcblog.com, or www.nufc.com for some of the opinion of this change. The ower and management team are not popular, to say the least.

Why on earth would new owner Mike Ashley, who seemed to understand things, have let the situation get to this point? Why are Dennis Wise and Llambias still there? WTF is going on? How, how, how could this have happened?

Newcastle have never been a stable organization, nor the easiest club in the world to support, but this is too much. I hope the fans who could go to the game against Hull, don't. Stay away in droves.

Dean