Baseball91's Weblog

November 27, 2008

American Pie

Filed under: Money,newspapers — baseball91 @ 8:10 PM
Tags: ,

 

“I met a girl.  She sang the blues.  And I asked her for some happy news.  She just smiled and turned away.” 

  

According to Bloomberg News, the federal government has “committed an additional $800 billion to two new loan programs on Tuesday, bringing its cumulative commitment to financial rescue initiatives to a staggering $8.5 trillion.”

 

On a similar note, I was here to ask the question, in the information age, when the newspapers all go under, how can we pay for the information we are all so now used to getting?  A generation is growing up believing in a free news.  A lot of use believed in free lunches.  In schools.  Maybe bought by a lobbyist.  It was the era of the give-aways.  A lot of 3rd world government could pass along the word, the wisdom, that government was insolvent if no one had jobs, if there were no incomes to tax.  The newspapers have all learned this lesson, without no real business model left to make money, bankrupcy was the next step.  Who are these politicians fooling? 

 

With government jumping in to promise the security of the free world, the Department of Defense should be at war with Treasury. 

 

With Bush and the Democratic Congress approving all of this, the $8.5 trillion, the lobbyists pushing the agenda, either Republicans and Democrats think they are greater than market forces, which always have had a mystery of life and death found in the world’s religion, or these politicians are crooks who have changed the laws so that they never are convicted of stealing the cornucopia or are just plain negligent, thinking that common sense did not apply. 

 

The view here is that this huge market correction is a polemic change, like North Americans had become South Americans, as debt is destroyed.  In a bonfire of a storm destroying credits.  Ultimately a world will result where cash is king, with a question whether the fiat money system as we know it survives.  How can the dollar maintain value?  It will all become about saving again.  The social mood will surely shift in a democratic system of government.  Students of history will better appreciate the turmoil in other times that caused revolution.  Mortgages as we know it will not survive the storm. 

There was never this much fear when the Dow was at 798 in August 1981. 

 

The fear came down to 2 things:  Who would survive?  Who would be saved?  First it was companies like AIG, Citibank, while Lehman Brothers vanished.  Darwin and Natural Selection.  No one was talking about rescuing newspapers, whose ownership was compared to the owner of telephone booths in a Verizon world. 

 

Soon it will be a question of who has jobs.  In the insane volatility of equities, credit, commodities and currencies, it will be all about keeping your balance.  There always was a brutality to life, which civilization was trying to tame.  Survival of the fittest.  It was time to announce new rules.  You needed cash.   

 

The Mall of America.  Conspicous consumption was out.  I grew up there before it was a mall.  Speaking of out, the Mall of America had been an outdoor ballpark.  In a world that was then heating a lot less of the world spaces.  Civilization at this time of year had always seemed to be about heating spaces of the world.  The rich always had tried to heat more square feet. 

 

Salvation.  Not for the crows.  Not for your dog.  Not even for companies. It was supposed to be for people.  Who to cut?  When there was no work, these were just employees.  People who you always paid for their work.  Work that had always seemed sacred. 

 

Wealth polarizes.  You learned that traveling in a poor country.  The rich are afraid of the poor.  It had nothing to do with race, color, or creed.  That September 11th event.  Striking Wall Street.  Striking the Pentagon.  It was all based on wealth, if not anger and the fears over hunger….or drought. The desert fear over drought. 

 

Have you sung “American Pie” lately?  The one with a Chevrolet in it.  It seemed an anthem to close 2008.  “Bye bye, Miss America Pie.  Drove my Chevy to the levy.  And the levy was dry.  The good old boys were drinking whisky and rye.  Singing ….” 

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1 Comment »

  1. Comment by baseball91 — December 15, 2014 @ 2:53 PM | Reply


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