Feeds:
Posts
Comments
Rick Santelli rages on CNBC

Rick Santelli rages on CNBC

Rick Santelli, CNBC’s Chicago Mercantile Exchange Correspondent, gained new found fame today when he exploded in rage on live television. (Watch it here) His point was this: the US Government Bailout was rewarding bad behaviour. Too many, he felt, purchased beyond their means and failed to properly account for the risk. Now, instead of facing the consequences of their actions, the government is rushing to save people from the problems they themselves created.

He’s right. Absolutely. Positively. 100% correct-a-mundo! But, that misses the point.

During his tirade, he asked surrounding traders, “How many of you people want to pay for your neighbour’s mortgage that has an extra bathroom and can’t pay their bills?”

Here’s my response…

Even in the most capitalist economy, no one exists as island onto themselves. We are all made interconnected, and more importantly, interdependent through the marketplace. If my neighbour’s bankruptcy makes him unable to purchase my goods, who is affected? If an over abundance of defaults causes my bank to go belly up, who is affected? If a lack of confidence results in credit being frozen, who is affected?

The fact is this: my neighbour’s bad decisions always affect my life. Now in most cases, so long as it is just my neighbour and a few of his deadbeat friends, I don’t notice. However, when my neighbour’s problems turn into my neighbourhood’s problem, then I feel the affects more sharply.  In today’s economy, we are facing our nation’s problems. As a result, indifference is not an option. We have to step forward and provide immediate relief or we risk getting taken down too.

Our best response, after bailing out our neighbour, is to ensure it never happens again. That means regulation. Too many will suggest that regulation is the slippery slope to socialism. As this experience has shown, the lack of regulation has brought us closer to socialism than we have been since the Great Depression. A free market has shown itself too susceptible to greed to properly regulate itself. It has also shown itself unable (unwilling?) to self-correct until it is already stepping off the precipice.

So I ask Rick Santelli and his trading floor friends this question: “Are you willing to let the government stop a company from lending money to your potential neighbours when they obviously can’t afford the house next to you?” If they had said yes to regulation earlier, there wouldn’t be the need for a bailout now.

Super Bowl Ads

Here is an annotated bibliography of Super Bowl Ads….

1. Career Builder Online… signs you might need a new career is very funny (not because it made it clear that I need a new one…) and original. It benefited from a fresh take on a stale topic.

2. Conan O’Brien for Bud Light…. very disappointing. Not particularly funny or original.

3. David Statham for Audi… Cheese through the ages… who can resist?

4. Monster.com… it’s funny because we’ve all worked under an ass at one time!

5. Doritos … because amateurs’ rule!

6. Cars.com… this is “The Royal Tenenbaums” of Super Bowl ads!

7. Pedigree Adoption Drive… okay, this is just funny.

8. Cash 4 Gold … this is just sad, on so many levels.

9. Pepsi… cause retro-mashes are always profound (right?!?!)

10. Coke Zero… this is great not only because it rips on the old mean Joe Green Coke ads, but also because it includes Steeler Troy Polamalu.

11. NBC… I almost laughed my ass off… until I remembered how unfunny NBC’s sitcom line up is (Kath and Kim… please!??!!)

12. Ashely Madison… when divorce is not an option, but being a dirty whore is.

13. Hulu… its great only because its Alec Baldwin. I once said that he could read the phone book and I would enjoy it. This is a test of that theory.

14. Leno… very Jay, very cool, very subtle, terribly effective. Leno is still the man (eat it Conan)!!!

See the rest here.

Perhaps the story that is more interesting than the fact Michael Phelps smoked pot was the attempt by Phelps’ people to get News of the World to drop the story.  They report…

“Spokesman Clifford Bloxham offered us an extraordinary deal not to publish our story, saying Phelps would become our columnist for three years, host events and get his sponsors to advertise with us.”

“In return, he asked that we kill Phelps’ bong picture. Bloxham said: “It’s seeing if something potentially very negative for Michael could turn into something very positive for the News of the World.””

Who would have expected to find an example of journalism ethics in this tawdry tabloid tale? Read all about it.

Michael Ignatieff

Michael Ignatieff

Canadians should count themselves lucky that Michael Ignatieff walks among us suggests a New York Times profile of the Liberal Leader. The Time’s Eric Konigsberg writes effusively about the “glamorous” Mr. Ignatieff who tossed away his high profile life as a public intellectual for the “hurly-burly of politics and returning, after a long exile, to his native country…” The story reports that Ignatieff now tell his friends that he’s “stuck in the pedestrian life of a freshman civil servant — in Canada no less.”

Oh the selfless Iggy, who gracess us with his presence and forgoes the fois gras in order to dirty his hands in Canadian politics.  Learn more about his trials in public life and why you should eagerly await his eminate ascent to 24 Sussex by reading the article.

Blago’s Pluck

c/o The New York Times (Jonathan Kirshner/European Pressphoto Agency)

c/o The New York Times (Jonathan Kirshner/European Pressphoto Agency)

You’ve got to admire Rob Blagojevich’s pluck. His honesty and his veracity remain to be seen, but his testicular fortitude is available for all to view.

His dishonour has been a visceral and emotional experience.  Our disgust in hearing the charges against this man were profound and deeply felt. However, his spirited self-defence has elicited – at least within this writer – pity and… possibly… sympathy.

Make no mistake, I think he is guilty. He did it. He knew he did it. And given the chance, he would do it again. Yet his moxie in standing in the face of overwhelming evidence to the contrary in order to proclaim his innocence shows astonishing bravado.

Perhaps it’s his hair that provides his source of strength. Or instead, it`s his lack of morality that makes his bold-faced lies possible. But either way, I believe Rob Blagojevich to be one of the greatest performers ever to step on to the political stage.

If you doubt me, watch the 45-minute monologue he delivered in the Illinois senate today. If you have ever performed in a play, you know the difficulty of a five minute monologue, never mind 45-minutes. Yet, every minute of his wandering tirade through the charges against him was compelling and well delivered. He made O`Toole`s Hamlet seem tired by comparison.

Plus, his inspiring defence of drugs from Canada made my little maple leaf heart proud. If you criticize him for seeking cheaper drugs from Canada, then take down Rahm Emanuel too. Because, says Blago, it was all his idea! Sing it with me now: OH CAN-A-DA!

Despite one of the best political performances in a generation, Blago was impeached. While those who appreciate politics mostly for its performance may be disappointed. To the rest, and especially the people of Illinois, they will be glad of this result. Yet I can only hope this frees Rod from his official obligations in order to peruse a career in theatre!

PUSSY* Politics

After a November economic update that ignored that the economy was tanking, the Tories presented a budget today that promises $40-billion in new spending and adds $85-billion to the national debt between now and 2012-13. They may be conservatives, but not of the fiscal variety.

c/o Globe and Mail: www.theglobeandmail.com

This response is a result of political shock therapy provide by the opposition. The Liberals, NDP and Bloc banded together to topple Stephen Harper after November’s weak response. In response, Harper turned to the Governor General to seek reprise from democratic vengeance and prorogued Parliament. Unfortunately for Canada, the Liberals toppled their own leader (Stephane Dion) before they had a chance to topple Harper.

And so we come upon this scene of political intrigue in our wintery capital; a place where conservatives are acting like drunken socialists and where the New Democrats act like, well New Democrats (by which I mean whiney and contrarian). So again it falls to the Liberals, who hold the balance of power.

Oh, the Liberals: once the natural governing party of our fair land. Now they are a fair party at best largely notable for their lack of internal governance.

Fresh from his unchallenged coronation, new leader Michael Ignatieff has asked for the night to sleep on it before rendering judgement on the budget. Sleepy is the head that wears the crown.

The Toronto Start reports:

“Ignatieff emerged to say the budget contained “some positive elements that were unthinkable” before the political pressure brought to bear on the government before Christmas.

But he added there also ‘negative aspects.’”

If this is an example of the decisive leadership that will be offered by Liberals, I am not optimistic.

Liberal Leader Michael Ignatieff

The Globe and Mail tells us that that the Liberal chief will be reflecting on three questions tonight:

1. Have the Tories underestimated the severity of the financial crisis;

2. Have the Tories done enough for the unemployed through proposed changes to employment insurance; and.

3. How quickly will Ottawa spend the new infrastructure money?

Really?!?! These are the most important questions? How about these three questions:

  1. Were the Tories able to recognition an economic crisis when Canada entered it? (Hint: the answer is no)
  2. Is a government that has shown itself indifferent to the manufacturing sector and that provided no assistance to natural resource industries the best managers of a national economy largely based on natural resources and manufacturing? (Hint: the answer is no)
  3. Do the Canadian people have confidence in the Tories to manage us through these challenging economic times? (Hint: the answer is no)

The largest challenge faced is that the Liberals, even under another leader, are weak and unwilling to challenge the status quo. They are unwilling to take bold action, face risk or be decisive. Instead, they hope to realize success in the margins. One small riding gained, no ridings lost – this is their formula for success.

When one glances south, we can see a successful example of a political candidate willing to challenge standard assumptions and take a (small) measure of risk. In the process, Barack Obama stands ready to dominate not just his supporters, but the American political process.

Can this example not inspire a spine in the Liberals? We will have to wait until tomorrow at 11 a.m. when Ripvan-Ignatieff wakes from his slumber to issue his “Yea” or “Ney” to the Tory budget.

* (Post-Urgent Suddenly Sympathetic Yardstick)

It’s very rare that you know in advance the time and place where history will be made. Often it’s only the reflective individual who can see the significance of an event in hindsight or the clairvoyant who can predict it.

Last Tuesday’s inauguration of Barack Obama as the 44th President of the United States of America was one of those rare exceptions. I knew that by standing on the west side of the U.S. Capital building at noon that day, I would be witnessing history as the first African-American was sworn in to the nation’s highest office. It was an opportunity too great and a moment too important to watch on television. It was something to be experienced in person.

This realization came to me Monday at lunch. With less than 24-hours until the oath was to be administered, I hastily made my arrangements.  I agreed to depart with some of my hard-earned frequent-flyer miles and forgo sleep in order to get 12 ½ hours on the ground in Washington.

My view on the National Mall

My view on the National Mall

Once I arrived in Washington, and with roads shut down across the city, I depended upon public transit to get me to the ceremony.  As I boarded the bus at Dulles International Airport, there was a common sense of purpose amongst the passengers. We were all here to see the inauguration.

Aboard Metrorail, Washington’s subway system, spirits were high as we lurched slowly towards downtown D.C.  We traded personal space and comfort zones for the promise that we would reach the National Mall. I exited the train at Foggy Bottom and headed south towards the Lincoln Memorial along 23rd Street. At each intersection, I passed squads of Army men and women who were deployed across the city to reinforce the more traditional law enforcement agencies. Security was tight and ever-present, but it did not overwhelm.

As I reached the Mall, teams of volunteers were on hand to act as people-greeters. “Welcome to the inauguration,” chirped one. “Thank you for coming,” says another. Handshakes and high-fives abound. I headed east along the Mall before finding a comfortable spot at the north-west corner of the Washington Monument, which is two kilometres from Capital Hill. To my left was the White House where a large white moving truck was parked in front of the South Portico while marching bands practice their manoeuvres for the upcoming parade on The Ellipse. I had no direct view of the Capitol’s west side, but a large Jumbotron in front of me allows me to see the ceremony.

The crowd is eager to show their enthusiastic support for the new administration. Appearances on the Jumbotron by Obama, Joe Biden or their wives elicit large cheers.  Similarly, the crowd is unwilling to let the outgoing administration depart without noting their disapproval with sustained boos. When Marine One whisked overhead with George W. Bush onboard, many chose to salute the former Commander-in-Chief with a single digit.

The collective sense of anticipation peaked as Chief Justice John Roberts called upon Barack Obama to take the Oath of Office. Despite some confusion as to what that oath actually stated, those of us gathered on the Mall erupted in hoots and chants of “O-BA-MA!” at its conclusion.

We all soon fell silent to hear the new President’s inaugural address. His words were somber as he defined the challenges faced by the United States. However, his calls for cooperation and resolve were greeted with unqualified cries of support.  Perhaps the longest and loudest cheer came after Obama said, “As for our common defense, we reject as false the choice between our safety and our ideals. Our Founding Fathers, faced with perils we can scarcely imagine, drafted a charter to assure the rule of law and the rights of man, a charter expanded by the blood of generations. Those ideals still light the world, and we will not give them up for expedience’s sake.”

The Lincoln Memorial earlier in the day

The Lincoln Memorial earlier in the day

With the speech concluded, I left with many others who tried to get a spot on the parade route. They would have little luck as the few spots that didn’t require tickets had been snatched early in the morning. Instead, we choose to wander the city; giving ourselves up to the flow of the crowd in order to soak up the spirit.

The throngs of merchants throughout Washington hawking Obama products should allay the concerns of anyone who feared capitalism might be restrained by an Obama administration. Anything that could bear the image of the new president or his name was sold on street-corners by fast talking men and women.

While I could understand the significance of this moment, as a white Canadian, I am sure I couldn’t fully appreciate what it meant to see an African-American sworn in as the American President. Certainly I felt the rush of history seeing this event occur 146 years after the Emancipation Proclamation was signed by Abraham Lincoln and 45 years after Rev. Martin Luther King Jr.’s “I Have a Dream” speech. I felt a sense of anger that it had taken this long, but relief that the moment was finally arrived.

The inaugural celebration was more than the culmination of a successful political campaign or the start of a new administration. It was more than simply reflecting on the past. It was about articulating the kind of America this generation wants to pass to the next. It was more than history, but prologue.

The Governor General, who I appreciate had a lot to ballance, took the easiest root by allowing Harper a stay of execution. Now it falls to the Canadian people to lead this fight. Demand a better a government! Fight for democracy! Support the coalition!

Stephen Harper’s address to the nation was a sad sight. A prime minister, desperate to hold on to power, stood before the Canadian people and outright lied about his opponents. He offered no new plans. No alternatives. No clear reason to support him. Harper showed why the House had lost faith in him. He seemed to have lost faith in himself.

However, the Liberals provided no better alternative. The tape of Stéphane Dion’s speech arrived late to the networks and with zero production value. It looked like a second-rate video blog. They had the chance to knock it out of the park. Instead, it seemed amateur, disorganized and failed to establish Dion as a strong alternative.

In addition, the coalition spoke with separate voices. Each leader delivered separate speeches. If they wanted to convey a unified coalition capable of governing, they failed miserably. Instead, they all should have stood in the lobby of the House and delivered one unified message.  But they did not do this.

Optics aside, the Liberal-NDP coalition remains the best alternative. The proroguing of Parliament is a dangerous action that would be the real threat to democracy. It would prevent Canada’s elected representatives from passing judgement on the government. It would establish a precedent that would allow any government facing defeat with a shield from the will of the people’s representatives.

Canadian democracy has never seemed so impoverished and so under threat.

It’s clear to me that the Canadian people need to step forward and take action. The voice of the people has never been so critical. When one looks around the world, at nations where people will fight for their democratic rights, the placid reaction of the Canadian people underwhelms. Vox populi, Vox Dei.

So, attend a rally. Sign the petition. Take action!

« Newer Posts - Older Posts »