AS ADVERTISED

The Suit popped up in front of Barney today extolling the virtues of this new joint proposal to fix the world's finances. Our Hero has been a bit over the top lately but today he was damn near messianic. Oh well...

Chairman Barney then started the show off with a paean to Barney, announcing how, against all odds and despite the attempts of the other side of the aisle Freddie and fanny were now fixed through brilliant legislative intervention and oversight. It took his allotted five minutes to get it all in. Right on cue I said to myself and set up very nicely. Now, if this monstrosity doesn't get through, Barney's home and dry. He fixed what was broke and if we have problems in the future, don't blame him. Leaving aside all of the facts surrounding Fanny and Freddie, and the fact that they have cost the taxpayers a trillion, and the fact that they are broke, and the fact that there is no reason for their continued existence at this point in time, it remains All About Barney. On top of all that what struck me as being a real hoot is the fact that what Barney and the boys didn't do in any manner of fashion was exactly those steps which are outlined as action points in the proposed legislation. He never oversaw the two mortgage lenders; he never identified the problem; he never took remedial action when they were exposed; he never took them over and he never wound them up. Well, maybe it isn't so funny but I sure think so.

I was also surprised to see the degree of concern expressed at this early date by members of the committee and some of the talking heads on tv as to the extent of the truly breathtaking power grab on behalf of the executive branch that this proposed legislation represents. Good for all of them but why the surprise as this has been the modus operandi with The Leader's mob since the git-go. I though we would all be used to it by now but apparently residual concern remains in some precincts which is a hopeful sign...I hope.

Also raised was the question of whether any of this worked if the entire world wasn't on board with all of the provisions of the plan. The Suit acknowledged that that was a serious concern but that he and his guys were working diligently with their counterparts to insure universal acceptance.

I am constantly amazed in the faith these guys put in good faith negotiations and an appreciation of the other guy's position, feelings, etc. In foreign relations, play nice-nice to Ivan and they will help with Iran. Not yet. Ditto for the Chinese: surely you jest. All of Switzerland is a bank; their views on banking matters might differ somewhat from out own as they have been once or twice in the past. The Swiss, when it comes to banking, don't like level playing fields. Anyway, I'm sure that they believe that the innate goodness of the world's bankers will out.

Anyway, that's a bit of the view from 50,000 feet in the fly-over zone. The nuts and bolts stuff in this grand scheme are the subject for another day...if I can figure them out. Still looking for comments, but I'll be working this weekend. Lousy football.