3/23    Oh oh, Krugman on Obama's new plan:
        "If this plan fails -- as it almost surely will -- it's unlikely that
        he'll be able to persuade Congress to come up with more funds to do
        what he should have done in the first place."
        \_ Krugman has never liked Obama.
        \_ Obama is not enough of a socialist, he is trying too hard to
           maintain the current broken status quo.
        \_ the real tragic part is that the Administration is so scared of
           those "one-word accusation" and not doing the right thing.
           There is only one RIGHT thing to do, which is nationalize the
           bank and break them up in pieces and sold them when things are
           better.  Guidner et alli gave that advice and enforce such when
           OTHER NATIONS were in the similar shoes.   The reality is that
           Republicans, aside from yelling "socialist" "nationalizaton"
           "deficit,"  got absolutely nothing to offer, no alternative plans,
           no nothing.  You want free market?  why don't we disband SEC, FDIC
           fuck the child-labor law, let the market to regulate human
           trafficing, get rid of capital requirements on insurance, and
           continue to allow these guys to leverage 30:1
           \_ The banks don't need nationalization. Two banks need
              nationalization and those are BAC and C. BAC would be pissed
              if they were nationalized, b/c the main reason they are
              having problems is that the Feds forced them to go through
              with the Merrill Lynch deal after they wanted out. C is already
              effectively nationalized as the Feds own so much of it.
              \_ Forced?
                 \_ Yes, forced.
                    http://seekingalpha.com/article/115277-how-the-government-forced-bofa-to-marry-merrill-lynch
                    (not pp)
                    \_ wut about cuntrywide?
           \_ These banks weren't free market in the first place. They were
              part of a partially-regulated government banking network.
              Alternative plan: stabilize the money supply and get rid of
              fractional reserve banking.  Let failed banks fail.
              \_ that is effectively what "nationalization" is: let FDIC
                 take over those without enough equity.
                 \_ Well, the problem is ultimately bigger than what the FDIC
                    is set up to handle... the taxpayer is on the hook.
                    I'd prefer a system where there is no need for an FDIC.
                    The FDIC exists as part of the regulation apparatus but
                    obviously it failed.  I don't think it's possible for
                    them to regulate the system adequately... there is no
                    real accountability.  It's too monolithic and central-
                    planning style.
        \_ So I do need to learn Tamil and move to India?
           \_ No, you need to learn how to gut and clean a deer and
              move to Wyoming.
           \_ just join the Tamili Tiger in Sri Lanka :D

3/23    Obama says anger isn't a governing strategy; fair enough. What
        about making people who are owed bonuses creditors of the company
        such that they can collect their bonuses once the government's been
        paid back?
        \_ Obamessiah is very good at making strawmen, like any good politician
           \_ With all due respect, take your politico-bashing and fuck off to
              some other thread. I'm trying to get feedback on an alternative
              to either taxing to death or handing out free money. Thanks.
        \- I dont think that is reasonable ... they will continue to accrue
           these IOUs, they will do NPV calcuclations on them ... and in some
           cases with significant risk the potential upside will have to be
           gigantic ... and then you'll have perverse incentives all over
           again. The govt should threaten to do really serious audits of
           these guys if they dont cooperate, go after them for breach of
           fiduciary resposibility, fraudulent conveyance, what have you ...
           like a DA playing hardball with a criminal to get him to plea
           bargain. That's the mental shift you needs to make ... "treat
           these guys like dogs" ... appeals to do the right thing etc is
           silly. I can go on about this for 5 more pages but I'm trying
           not to do that. --psb

3/23    China announces it will continue buying Treasuries, but on same day,
        also releases its own proposal for an eventual transition from USD to
        SDRs as world's reserve currency
        \_ Url?  What are you spewing about?  Special Drawing Rights?
           http://en.wikipedia.org/wiki/Special_Drawing_Rights
           \_ Pointless trivia: if an airline loses your luggage, the
              limit of their liability is defined in terms of SDRs.
              Unfortunately I have personal knowledge of this.  -tom
              \_ Explain. The contract I read when I flew recently said
                 they will cover up to $3000 and did not mention SDR
                 at all.
                 \_ Depends on the flight (whether it crosses a border or
                    not) and the airline (they can agree to reimburse more
                    than the Montreal Convention requires).  But for most
                    airlines and international travel (including Canada
                    and Mexico), the limit is 1000 SDR.  -tom
                    http://en.wikipedia.org/wiki/Montreal_Convention
           \_ http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html
              \-if you are interested in currency areas and global currency,
                you may be interested in this talk by RMUNDELL (mundell-fleming
                model, optmal currency areas, nobel prize etc)
                http://www.normangirvan.info/wp-content/uploads/2009/03/mundell.pdf
                i like the global currency symbol [the o with the two bars]

3/23    FedEx MD-11 plane bounced, flipped, crashed and exploded in Japan.
        First fatal crash in Narita Airport since it opened in 1978.
        http://www.csua.org/u/ntk
        In the third video shot, the camera was actually following the plane
        as it bounced.  Probably it was a person holding the camera, not a
        security camera.

3/23    My 98 Accord needs a new transmission, how much are we looking
        at for the entire job? $1500? $3000? Also, what's the difference
        between a rebuilt and remanufacturered transmission?
        \_ http://www.edwardstransmissions.com/faqs.htm
        \_ Just curious, what's wrong with your transmission?
           \_ First gear may or may not engage, depending on... luck and
              weather. Cold weather engages well, hot weather... my engine
              just revs.
              \_ I had similar problem with first gear engaging when I start
                 my car first thing in the morning. I got my transmission
                 rebuilt twice and still didn't fix the problem.  Then I told
                 my mechanic to replace the gear solenoid and that fixed it.
                 It was around $2100 to rebuild the transmission I think.
        \_ I don't know about the cost of new, but a lot of tranmission
           repair shops will rebuild an old one for anywhere in the price
           range above.
        \_ Don't buy a new tranmission. Find a transmission expert, go
           to a junk yard, take a transmission off a car of your model year
           for under $300, have the transmission expert install it.
           \_ "take a transmission off a car". Like, with a blow torch? sheesh.
              \_ It is not that hard, you just need some wrenches and a lot
                 of time.

3/23    Not making this up, I swear.
        http://www.telegraph.co.uk/news/newstopics/howaboutthat/5018294/Pub-evacuated-after-Monty-Python-prop-mistaken-for-grenade.html
        \_ Was it the HOLY HAND GRENADE OF ANTIOCH?
           \_ Naw, just a model.

3/23    Hi independent Fed followers:  Treasury and Fed issued a joint
        statement today indicating Fed's Bear Stearns / AIG Maiden Lane
        "assets" would be transferred to Treasury.  Yay!