A Side Note: Let's Put Govt in Charge

CNN reports that the rotovirus vaccine is contaminated with a pig virus. Boy, if govt did it things would work so much better.

Here we go again (treadmill video)

Last night's new legislation, discussed by George Will here:

http://www.washingtonpost.com/wp-dyn/content/article/2010/03/22/AR2010032201528.html

Yeah, what he said. (That piece is a really good example of why Will is considered one of the best writers in the country. Writing, it seems, has gone the way of the dial telephone.)

Reminds me of that treadmill video from OK, Go. It was a YouTube phenom (now that song's a part of Rock Band 2 I think.)

OK, go find it here:http://www.youtube.com/watch?v=dTAAsCNK7RA

In any case, we're now all on the treadmill that is one more entitlement program. Those of you who have insurance now, cherish it. We'll be talking about the good old days soon enough.

I cannot fathom the level of disdain for the working class* in this country that it takes to chain them to a new set of entitlements. What system of morals must one have to bind one's constituents, and their children and grandchildren, to the treadmill of lifetime working to pay for the habits and conveniences of others?

Where is it in "life, liberty and the pursuit of happiness" that taking from me to give to others is OK? (I didn't bring that up -- that's Speaker Pelosi's quote).

Which begs the question: If healthcare is a basic human right, what LEVEL of healthcare is a basic human right? Actually, I'm not willing to concede the first part.

Where does it stop?

Speaker Pelosi said last night that we would now insure 32 million more Americans.

I ask: where does that money come from? Simple question, right? The government answer is "cost efficiencies."

So I'll ask another question: When was the last time government involvement resulted in cost efficiencies? Just name one thing.

If you've ever had to deal with Medicare, you know what's coming down the pike. We're all in for a shock, and the pundits that say it can't be reversed may be right -- once we get an entitlement in place, it's really hard for people to vote against it, no matter what they say to pollsters publicly. After all, we vote behind a curtain.

That, it seems, may be part of the problem rather than part of the solution.



* By working class, I don't mean "unions" but instead those who actually work. There seem to be fewer and fewer of us all the time.

New Banking Regs from the Administration

Thank goodness the current bunch in Washington are on top of things! After all, they had nothing to do with the growth of Freddie and Fannie, right?

Actually, the Obama administration is talking about tougher restrictions on banks trading for themselves, limitations on total deposits (as a percentage of a particular market, or the nation) and limitations on bankers' pay agreements. Most of it sounds familiar. Even so, they'll have a tough time getting it lined up.

http://www.bloomberg.com/apps/news?pid=20601109&sid=a4OwfY2q_e9A

http://www.bloomberg.com/apps/news?pid=20601109&sid=atqWb1rpdvzY

So far, Sec. Geithner has expressed some misgivings, and Rep. Barney Frank (D - Mass.) has suggested that any reform of this type would need a very long time horizon, certainly longer than has been mentioned so far.

And it looks as though Dr. Bernanke is having some trouble getting his reappointment. He might just be the sacrificial lamb after last Tuesday's bloodbath in Massachusetts. Ted Kennedy's Senate seat is now held by a Republican -- unthinkable!

Also, a post here about the Freddie/Fannie audit that's a good read.

http://www.bloomberg.com/apps/news?pid=20601039&sid=asJ4nSY4l9Vg

Southwest Airlines: Volunteering is like Fight Club

The first rule of fight club is --
you don't talk about Fight Club.

The second rule of fight club is --
you don't talk about Fight Club.

I'll say the same about volunteering. I just saw the Southwest Airlines ad that they're running now that highlights their corporate recognition of volunteers. I'm all for it -- but not using it to spotlight the company. That kind of kills the effect if you ask me.

To be sure, in Corporate America you'll get plenty of chances to volunteer for stuff as part of the company's PR. So that's just another part of your career in some respects. I remind my students of this all the time. For those folks without other opportunities to contribute (via church or other organizations), work-related volunteering is a great opportunity.

Rule number one of Volunteering is -- you don't talk about Volunteering. To do so is to make it part of an agenda, something arranged. You volunteer when you can, for as long as you can, for things that you care about. I imagine that most of us have spent significant time volunteering -- it's very worthwhile. But we do it for the same reasons that people join Fight Club.

It helps meet needs that we have, deep down inside, that we can't discuss without making them trivial. Just like Fight Club.

It fills our need to belong to something larger than ourselves. It fills our need to get in touch with our basic human nature. To do something completely outside of ourselves. Same with Fight Club.

So I applaud SouthWest, I love those folks (bags fly free). I have a lot of respect for them as an organization, and all the SW people I've known over the years have been good people.

But the volunteering ad has got to go. My grandmother, if pressed to comment, would have called it "tacky."

Job opportunities for UHCL grads: FDIC getting BIGGER

Just read on Bloomberg that FDIC is getting a lot bigger for FY 2010. Maybe some of our undergrads can spin their FINC 4331 grades into a job!

I've had several students take FDIC positions over the years, and it's a great place to work. Lots of travel for some positions, though, or at least that's how it used to be (same with OCC).

Here's the link.

Maybe We'll Finally Get to use CDSs in Monopoly!!!!!

SEC has announced a new head of investor education, Kathleen M. Floyd, former exec director of the Stock Market Game. More here.

The Stock Market Game helps student math scores!! No kidding. See their info sheet here.

It should be interesting to see what kind of ideas she brings to the task. Investor ed, after all, is one of the most important areas right now. FDIC recently announced that financial literacy and underserved markets are back on the table too. Should be interesting times for educators.

This is the game that pre-college kids play. An interesting note from the article: a little knowledge can be dangerous, because research has found that those who have a little more experience with investments are MORE LIKELY to get scammed.

Who'da thunkit?

Farewell to a dedicated journalist.

Journalism has had its share of troubles lately. Heck, I'd be willing to say that journalism is dead. Over the last couple of decades it seems that fewer and fewer of those who are supposed to "report" are willing to put their names at risk.

Mark Pittman was an activist of sorts at Bloomberg. My blog posts here and here talk about how he confronted the Fed. I didn't agree with the reasons, but I'm glad he had the cojones to ask for the info.

Mr. Pittman was instrumental in blowing the cover off of the subprime crisis and also (ex post) the ratings fiasco of 2001-2003 that doomed the reputations of Moody's and S&P. It is thanks to him that we even know about some of this stuff. He was a reporter, a real journalist in the traditional sense, and we owe him a lot.

Mark Pittman passed away a few days ago, and some of his exploits are detailed here. I hope you'll give it a look when you can.

I think "he was a great man" is used too much these days. We should save it for people like Mark Pittman.

My condolences go out to his wife, family and colleagues. I hope you can see that Mark's work made a difference in this world, and that's all anyone can ask for.

PS Mr. Pittman refers to a Mother Jones piece in his interview that might be of interest to readers. The print version is here.