Today's top story informs us that Wall Street has roared back and that major firms have gone on something of a hiring spree. So, relax everyone: Manufacturing and construction continue to flag, state budget deficits necessitate slashes in all manner of public services from education to environmental protection to public safety, and even LeBron James had to accept a pay cut to relocate to South Florida--but the investment banks who brought you the great recession seem to be doing just fine.
Which may or may not come as consolation to politicians from both parties who voted for the Troubled Asset Relief Program (TARP) who now find themselves targeted for their largesse. Both Democratic and Republican congressional candidates are on the defensive as constituents express anger at their votes to bail out the banks. Interestingly, according to most economists, the TARP legislation did exactly what it was supposed to do: It stabilized the financial system. Furthermore, in the end, the government didn't have to spend all the money it has earmarked for the program, and the money that was disbursed has since been repaid with interest.
We had no great enthusiasm for the program. It seems, however, odd to punish politicians for taking a largely successful action, one which--since the money has been repaid--seems to have had no lasting ill effects. What troubles us is not that people are angry about the fact that fatcats received bailouts--that we can understand. We worry, though, when abstract anger is whipped into moblike frenzy. If you think the bailout was wrong on principle, then by all means, throw the bastards out--but make sure you do it for principle and not because the end result was bad. It seems like it wasn't.
How about a bailout for Haiti? Half a year has passed since a massive earthquake devastated Port-au-Prince, and just a small fraction of the displaced have settled into permanent housing. A line of tents has been erected on a highway median--to reach the latrines requires dodging through traffic. But remember: Goldman Sachs is doing OK.
On the lighter side of the news, we can look forward to the day when flesh and blood teachers will be obsolete. Researchers in the field of artificial intelligence are making great strides in the realm of education. The big breakthrough has come at UC San Diego, where a teacherbot named RUBI conducts Finnish lessons for elementary school children. We don't know why the programmers opted for Finnish as the language of choice--maybe because it has a lot of 'K' sounds, and K's are funny. Still, if you hear of any jobs that might be good for technologically-displaced writing instructors, keep us in mind.
Finally, we were pleased to read that black South Africans hold no grudges when it comes to soccer. Many of those formerly subject to apartheid were willing to put aside years of racism, repression, and violence in order to root for the Dutch national team in today's World Cup final. It seems that sports can build bridges that history may have torn down. It gives us hope that Cleveland and Miami may one day be able to coexist peacefully. We can dream, can't we?
Showing posts with label Federal Bailouts. Show all posts
Showing posts with label Federal Bailouts. Show all posts
Sunday, July 11, 2010
Thursday, June 11, 2009
Notes on Commerce--Corporate, Gay, and Just Plain Silly
Talk about a thankless job! How'd you like to be a "Special Master for Compensation." Sure, it sounds like a title for the payroll clerk at an S&M club. But it's nothing so exciting.
A "Special Master for Compensation" (SMC) decides who gets what. For the executives of several bailed-out businesses (including GM and Citigroup, among others), the SMC is Kenneth R. Feinberg. He has been appointed (to an unpaid position) by the White House to decide on fair compensation for chief executives and the 25 highest paid employees at these companies. Considering that one of Mr. Feinberg's previous jobs was SMC for 9/11 victims, he probably considers his new position a comparative cakewalk.
We would like to wish Mr. Feinberg luck--he'll need it. If, however, he wants any assistance, the Solipsist would like to offer his services; YNSHC would relish the opportunity to dictate salaries to humbled CEO's.
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More reassurance on the eventual legality of same-sex marriage:
One thing on which conservatives of virtually all creeds and colors agree is that, to quote Calvin Coolidge, the business of America is business. And same-sex marriage is good for business. Since Connecticut legalized same-sex unions last year, the ultra-WASP haven of Greenwich has become a hotbed (so to speak) of gay marriages. It's the first town over the border from New York, and over 140 gay and lesbian weddings have been held there so far. And how does the horsey set feel about this veritable inundation by wild-eyed, passion-filled homosexuals? Well, as of this writing, the Hyatt Regency Greenwich has "only" two same-sex weddings scheduled for this summer, but their general manager, Thomas C. Delaney, says "We'd like to have a lot more." Peter J. Crumbine, a Greenwich town selectman (whatever that is) says that his little hamlet is "happy to be of service" to the gay community.
In the long run, when intolerance meets the profit motive, greed will out. God bless America!
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The Mr. Irrelevant News Story of the Day
In many ways, this has been a traumatic year. The United States is bogged down in conflicts in Iraq and Afghanistan; there is turmoil in Pakistan and nuclear brinkmanship in North Korea; the American economy, once the envy of the world, continues to teeter on the edge of the abyss; every day brings reports of layoffs, foreclosures, and the struggles of the ordinary people to make ends meet. And through it all, one question gnaws at the Solipsist, consuming his waking hours and troubling his dreams:
What's up with circular sunglasses?
Now, finally, we have an answer. Apparently, round sunglasses are "in." So say designers and fashionistas. Why? Well. . . .uh. . . just 'cause. The intrepid reporter Eric Wilson has discussed the issue with various industry participants. One explanation is a sudden enthusiasm for the work of Malian photographer Malick Sidibe, whose work was showcased at the Venice Biennale a couple of years ago: His portraits from the 195o's and 1960's, showing round-rimmed-bespectacled Africans celebrating the end of colonialism proved inspiring for today's designers. Or perhaps it's a new interest in John Lennon, featured in an exhibit at New York's Rock and Roll Hall of Fame Annex. Or maybe it's the Broadway revival of "Hair."
We will never understand the fashion world nor the people who try to explain it. People wear what they are told to wear, and they are told to wear what those "in the know" deem trendyat any given moment. Now it's round sunglasses, next it will be bonnets or bell bottoms or leather chaps.
Why ask why?
Undrafted Articles
(Image from Swisseduc.ch)
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