On this day 11 years ago, I awoke to images that are the equivalent of Pearl Harbor for many in our generation. At the time I was working for the California State Assembly and immediately made my way to our office to see what if anything needed to be done. I was the only one that made it to work that day. Very shortly afterwards I was contacted by our Chief of Staff and told that after I took care of a couple administrative things I should head home and await further instructions. I provide this background not to suggest anything really, besides the fact that we were all, all in shock. Disbelief, angst, fear, a feeling of a lack of control, etc... were the feelings of the day.
The question that I think merits discussion now 11 years later is where have we come since then? 9/11/2001 was a test of our resolve as a country, a people, a community, and a democracy. Did terrorists and the prospect of terror change us into something entirely different? Did this change make us better or worse? The answers to these questions may seem obvious to some but proposing better alternatives seems harder.
We have Guantanamo and many agree we should close it. What should we do with the prisoners that can't go back to their own country and won't be taken in anywhere else? Obviously it would have been best not to have a Guantanamo in the first place... but in our moment of terrified fervor we didn't think that far ahead.
We went to Afghanistan and again many agree we should completely withdraw. What should we do about the Taliban? Over the last decade we have attempted to dismantle all other military and violent presence in Afghanistan besides our own. Have we eliminated the Taliban or will our withdrawal allow them to fill the large hole of power that is left behind? Again perhaps we shouldn't have gone in, but in our moment of terrified fervor we didn't think that far ahead.
We went to Iraq, Saddam Hussein is dead. Is Iraq, especially it's people any better off today? Our position in Iraq is certainly better, today American and Western oil companies own access to most of the oil in Iraq. Iraq today has higher levels of oil production than before before the war. Is the internal Shia v. Sunni strife any better? Not our problem, I may agree, but over the last few years we have armed, and disarmed one faction or the other as we saw fit. Do we just leave and let them figure out the mess caused by us drawing and redrawing lines to our liking? Yeah there were no weapons of mass destruction, and Al-Qaeda wasn't in Iraq... perhaps we shouldn't have gone in...
I think what we as Americans should take away from that fateful moment 11 years ago as we reflect back is an understanding that reacting in terrified fervor can sometimes have bad results... Should we not react then, I am not sure there is an answer to that inquiry. All I know is that our forefathers created a democracy that has a system of checks and balances that can sometimes make progresses slowly, but arguably that prevents hasty decisions that leave us in a position like we are today: in two of the longest wars in our history, with a prison that we can't seem to close, the list goes on...
9.11.2012
9.07.2012
So everyone's been talking about the Toyota recall. All of a sudden everyone is driving a deathtrap made by Toyota! I find this extremely hard to believe. Yes, there is a recall (time to time manufactures have them). Yes, under rare circumstances it may cause one's to accelerator to accelerate SOMETIMES out of control (most likely you would and should have noticed the gradual lag present in the accelerator). But seriously, why the media frenzy surrounding it? Toyota has been trying to resolve the issue. It's executives have publicly apologized and come up with a resolution and are still attempting to make sure this will completely fix the problem. What more are we looking for here? The media has led us to become some sort of lynch mob. "Off with their heads," we scream.
If your car starts to accelerate switch it into neutral apply the brake. If you can't switch it to neutral turn key to the "ACC" position or hold the "start/stop" button for 3-5 seconds and turn off the engine. This will cause the engine to turn off and along with other electronics in the car so be prepared to apply more effort to turn the steering wheel and apply more pressure to use the brakes. Pull safely over to the side and call Toyota to have the vehicle towed and repaired. DONE!!! Why the "hooplah" and backlashes from customers?
Another Rant
Been a while since I have ranted. Law School tends to keep me a little busy. I have lots to rant about this time around but I think I will stick to one thing that came to my attention this week. Representative Peter King of New York is holding hearings about the increase of radical Muslims in America. What amazes me is the lack of any uproar with this going on. Muslims in America are the new 2nd rate citizen... These hearings at their best reflect a McCarthyism that many thought we had left behind. Antecdotal evidence is being thrown around to link organizations like CAIR to terrorism. I am not saying they may not be linked but this is supposed to be a Congressional hearing you would think some concrete proof would be required,... but who are we kidding this is the Congress in 2011 proof is not their strong suit. Since antecdotal evidence seems to be foray of the day here are a few thoughts of my own. Just some facts 400 of the richest americans have more wealth than the bottom 50% of Americans. Americans spent twice what any other developed nation spends on health care and have the 37th ranked health care system according to the UN. I could go on but I would think even these two simple things require a little more attention than Mr. King's hearings...
3.26.2012
Are republicans watching the same primary?
I have been hearing a lot lately about the confidence of Republicans that they can beat Obama. Perhaps they can, but it's the arrogance with which they present their thoughts that strikes me. I mean Romney at this point is the likely candidate, he can't get his own party to like him. I mean here are some reasons why Romney will likely struggle
1. Politicians are not trustworthy, Romney takes the cake he can't tell what his own position is.
2. People vote their religion. Romney is a Mormon, he is closer to a Muslim then Obama.(Mormon's believe in multiple marriages too)
3. People want someone like them. Romney is a rich, 1%er, guy from the northeast that is nothing like them.
4. People at least want to be able to believe what you say. Romney is not sure he believes what he says.
5. People want a job creator. Romney has a track record of slashing and destroying jobs.
6. People like transparency. Romney doesn't, he still has not released more than two years of his taxes.
7. Romney looks good in debates against Bachman, Cain, Perry, Gingrich, Santorum, and Paul. You tell me which one of those candidates seems like the orator that Obama is.
I think Obama is going to have a challenge on his hand because in my opinion it doesn't matter who the candidate is. People blindly vote their team, red or blue. The question is what are the people at the edges going to go for and I for one am not ready to call it a landslide in either direction.
1. Politicians are not trustworthy, Romney takes the cake he can't tell what his own position is.
2. People vote their religion. Romney is a Mormon, he is closer to a Muslim then Obama.(Mormon's believe in multiple marriages too)
3. People want someone like them. Romney is a rich, 1%er, guy from the northeast that is nothing like them.
4. People at least want to be able to believe what you say. Romney is not sure he believes what he says.
5. People want a job creator. Romney has a track record of slashing and destroying jobs.
6. People like transparency. Romney doesn't, he still has not released more than two years of his taxes.
7. Romney looks good in debates against Bachman, Cain, Perry, Gingrich, Santorum, and Paul. You tell me which one of those candidates seems like the orator that Obama is.
I think Obama is going to have a challenge on his hand because in my opinion it doesn't matter who the candidate is. People blindly vote their team, red or blue. The question is what are the people at the edges going to go for and I for one am not ready to call it a landslide in either direction.
11.26.2011
Five Game Boycott
Most people are excited that the NBA is back. I am not going to lie I am happy as well. BUT... and it's a big BUT... there is a bigger point to be made here. Why did it come to this point. Really, it took the dissolution of the Player's Union for there to be concessions made. You know which party is being taken advantage of here... yeah you guessed it the fans,and honestly why not.
The NBA is getting in the habit of short seasons every time there are new CBA negotiations and they don't worry because the fans will come right back. The NBA needs to be reminded that fans are the reasons the players get paid, and owners get rich... simple as that. If you take us for granted we will remind you of that fact. My suggestion a nationwide boycott of the first five games that each team plays this year. I am not saying don't watch the game... simply that you watch it at home.
Five games without people in the seats and someone is bound to notice and get the message, that next time around they may want to come to an agreement before games are lost...
The NBA is getting in the habit of short seasons every time there are new CBA negotiations and they don't worry because the fans will come right back. The NBA needs to be reminded that fans are the reasons the players get paid, and owners get rich... simple as that. If you take us for granted we will remind you of that fact. My suggestion a nationwide boycott of the first five games that each team plays this year. I am not saying don't watch the game... simply that you watch it at home.
Five games without people in the seats and someone is bound to notice and get the message, that next time around they may want to come to an agreement before games are lost...
11.08.2011
The Mortgage Crisis
Finals are coming up so I obviously want to do anything but read for class and prepare for exams. Here is distraction number one for right now. THE MORTGAGE CRISIS, people disagree on how to solve it but most agree the problems in our economy are largely connected to homeowners being upside down. A good number might also agree that we are going to continue to see the problem until we do something about it. I have my own thoughts ... which I am of course going to share now... call it a solution but lucky for some I guess I am not in office and therefore I am not the one making the call.
A brief note on how this I think this mess got started, I think would shed some light on my thoughts and solutions. In the early 2000's prices went up year after year and people kept buying. Prices were going gangbusters and no one regulated anything. Everyone enjoyed the ride. It is not an exaggeration to say that mortgages were issued based on appraisals that were overvalued, income figures that were erroneous, sometimes made up, that the" professionals" were in on it. They were getting rich doing it. (Insert loan officer and CEO figures) What do I mean by professionals, the appraisers, loan officers, banks, loan companies, mortgage security bundlers, underwriters, rating agencies, and on and on... These were the "professionals" which to me means, they were the ones that were responsible for making sure things made sense. Let's issue a mortgage to a couple making 50,000 combined for a property appraised at $625000 based on whatever comps we can find, then lets bundle a whole lot of these mortgages together, bundle them, get Moody's to give them a AAA rating and sell it off to investors. Let me clear I am exagerating, but really am I. The picture was a little more complicated obviously to add to this mess the banks were betting on each other's obligations buying insurance from each other.
AIG was of course one of the largest holders of these "insurance" obligations and when some of the people came knocking it quickly became obvious nobody had thought about the risk that people would not pay. The "professionals" were making money hand over fist and were asleep at the wheel. So what did we do, what most agreed was the sensible thing to do, we bailed out the institutions. Sorry I know it may have seemed like I would opt for the banks just dealing with it on their own, but the risk was systemic and global. So I agree the bailout needed to happen.
What now... there are millions of homeowners who are upside down, and facing foreclosure. It's simple the "professionals" messed up they weren't doing their jobs they deserve to be punished. The industry must be forced to take write downs on mortgages that are upside down, and so it's fair they should have to do it whether the homeowner is struggling or not... period. They were all complicit they all suffer. What about homeowners that already own their homes outright, yeah they don't get anything concrete, but a stable housing market would be the best thing that ever happened to them. Now comes the dirty word MORAL HAZARD, we are rewarding people that took on more than they could afford... you know you are dam right we are.
You know what is a moral hazard? The shit these guys were doing... lest we forget about what I think led to this and they were on their knees begging for a bailout no bank executives seemed to say anything about Moral Hazard then. They were all going to fail, disappear, someone needs to remind them that they are lucky they exist at all. Yeah right downs would likely decimate some of them and shrink the size of a whole lot of others... well that's the free market at work we don't pick winners and losers. Write offs are the right thing to do and the best way to avoid MORAL HAZARD's in the future. Banking will shrink but those people that got write downs will start spending and other industries will recover. By choosing Banks we are picking winners and losers... The idea so many people are so vehemently against.
A brief note on how this I think this mess got started, I think would shed some light on my thoughts and solutions. In the early 2000's prices went up year after year and people kept buying. Prices were going gangbusters and no one regulated anything. Everyone enjoyed the ride. It is not an exaggeration to say that mortgages were issued based on appraisals that were overvalued, income figures that were erroneous, sometimes made up, that the" professionals" were in on it. They were getting rich doing it. (Insert loan officer and CEO figures) What do I mean by professionals, the appraisers, loan officers, banks, loan companies, mortgage security bundlers, underwriters, rating agencies, and on and on... These were the "professionals" which to me means, they were the ones that were responsible for making sure things made sense. Let's issue a mortgage to a couple making 50,000 combined for a property appraised at $625000 based on whatever comps we can find, then lets bundle a whole lot of these mortgages together, bundle them, get Moody's to give them a AAA rating and sell it off to investors. Let me clear I am exagerating, but really am I. The picture was a little more complicated obviously to add to this mess the banks were betting on each other's obligations buying insurance from each other.
AIG was of course one of the largest holders of these "insurance" obligations and when some of the people came knocking it quickly became obvious nobody had thought about the risk that people would not pay. The "professionals" were making money hand over fist and were asleep at the wheel. So what did we do, what most agreed was the sensible thing to do, we bailed out the institutions. Sorry I know it may have seemed like I would opt for the banks just dealing with it on their own, but the risk was systemic and global. So I agree the bailout needed to happen.
What now... there are millions of homeowners who are upside down, and facing foreclosure. It's simple the "professionals" messed up they weren't doing their jobs they deserve to be punished. The industry must be forced to take write downs on mortgages that are upside down, and so it's fair they should have to do it whether the homeowner is struggling or not... period. They were all complicit they all suffer. What about homeowners that already own their homes outright, yeah they don't get anything concrete, but a stable housing market would be the best thing that ever happened to them. Now comes the dirty word MORAL HAZARD, we are rewarding people that took on more than they could afford... you know you are dam right we are.
You know what is a moral hazard? The shit these guys were doing... lest we forget about what I think led to this and they were on their knees begging for a bailout no bank executives seemed to say anything about Moral Hazard then. They were all going to fail, disappear, someone needs to remind them that they are lucky they exist at all. Yeah right downs would likely decimate some of them and shrink the size of a whole lot of others... well that's the free market at work we don't pick winners and losers. Write offs are the right thing to do and the best way to avoid MORAL HAZARD's in the future. Banking will shrink but those people that got write downs will start spending and other industries will recover. By choosing Banks we are picking winners and losers... The idea so many people are so vehemently against.
11.07.2011
NBA Lockout
Rather than write a whole long rant here are some points.
• The past CBA was a 57/43 split. The players are now offering a 52/48 split, so they are willing to take a pay cut.
• I have heard a lot about the whiny players... they are just negotiating for what they think is fair... again they are making an offer that is lower than the starting point... the current CBA
• Does David Stern seem like he has lost his mind?
• The owners own these franchises ... why don't they seem to be afraid of the brand losing value
• My opinion is that fans are to blame... we make the owners rich by buying tickets and watching the sport...
• A new movement needs to be started... boycott of games once a deal is made. For every game that gets cancelled due to lockout, fans will boycott two games after the season begins.
Hoping this will start some ranting from others... What are you guy's thoughts?
• The past CBA was a 57/43 split. The players are now offering a 52/48 split, so they are willing to take a pay cut.
• I have heard a lot about the whiny players... they are just negotiating for what they think is fair... again they are making an offer that is lower than the starting point... the current CBA
• Does David Stern seem like he has lost his mind?
• The owners own these franchises ... why don't they seem to be afraid of the brand losing value
• My opinion is that fans are to blame... we make the owners rich by buying tickets and watching the sport...
• A new movement needs to be started... boycott of games once a deal is made. For every game that gets cancelled due to lockout, fans will boycott two games after the season begins.
Hoping this will start some ranting from others... What are you guy's thoughts?
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