Not so fast, my friend…

The Facebook message came through pretty early this morning. "I bet you're on cloud nine with the big Republican takeover in last night's elections..."

I responded with a rousing and resounding "meh…"

From what I can tell, in the scheme of things we still haven't seen any proposals for real change. And even if we have seen ideas for meaningful spending cuts and tax reforms from the newly minted House majority, there's no reason given the history of the last few decades to actually believe any meaningful steps will be taken.

I mean, many of the people who voted for Republicans actually think President Obama is solely to blame for "the state of things." But, for example, while Obama definitely had a role in the huge deficit spending stimulus packages that may or may not have had an affect beyond plunging us (and our grandkids) deeper into debt, the whole idea of TARP came about and was passed during the Bush administration.

The problem with campaigning against someone, as the Democrats have found, is that you're not really campaigning for anything in particular.

Of course, the problem with campaigning FOR something these days is that in order to really solve our most pressing national problems, you have to be an advocate of doing stuff that nobody wants to do. Nobody wants drastic, Grecian Formula spending cuts, but that's what we need. Nobody wants major tax and fee increases (certainly not me), but that's what it will take to balance our budget even if we cut spending.

So you get what we have now (which interestingly is frighteningly similar to what the Romans had near the end of their republic). Politicians make promises that, while popular, have little hope of coming to fruition without bankrupting the country. Political expedience makes meaningful reform impossible.

But at least we've got the new season of Dancing With The Stars to entertain us.

tagged: politics, election, Republican, Democrat, spending, budget, Obama

TARPography

The comment from Lodo came, not apropos of the post it was on but certainly an apt continuation of a conversation we've been having here for some time.

The comment was thus:

All that TARP money everyone was harping about has been paid back with interest.

We've been tossing ideas back and forth about the TARP and various government bailouts. My point is that the financial bailouts in toto are a bad idea because of the monetary cost and the long term cost of cultivating a culture reliant upon bailouts instead of sound business judgment.

Lodo's point is that, as a practical matter, the bailouts and stimulus plans are necessary to stabilize the economy. And whatever the risks happen to be, they're better than the certainty of a second Great Depression (I hope I've characterized the point fairly).

So, it's only fair for Lodo to point out that all of the TARP money has been repaid in full, with interest. I assume he's referring to a White House report that was released last month.

Now, I have no reason to think the White House would tell us something that isn't 100 percent true. What motivation, after all, could they have for not being completely forthcoming about a program as popular as TARP has been — especially in this climate where pretty much everyone is strongly in favor of doing all we can as a country to make sure that the poor banking executives make it through this trying time of tumultuous tribulation with their multi-million dollar bonuses intact?

I mean, what could they possibly gain especially since their party is poised to make such great gains during this election season?

But, out of habit I guess, I just had to do some double checking on this claim "fully repaid with interest." So I jumped over to one of the only journalistic enterprises I know of that still has any integrity left. The amazingly awesome website ProPublica.

ProPublica maintains a Bailout Scorecard website, where they track how much taxpayer money has gone to whom and how much has been returned. And incredibly, the numbers they have on their site show that not only has the TARP program NOT been repaid in full with interest, there is still almost $170 Billion in loans/investments outstanding.

I just found this almost impossible to believe. I was shocked, SHOCKED, to learn that there may have been a bit of fibbing going on from the White House.

I just assumed that perhaps the database at ProPublica may not have been quite up to date. So I fired off a quick email to one of the contact email addresses listed on the site…

Hey Paul,

Let me first say how much respect I have for the ProPublica organization. It has become one of the only news sources I really trust. Thank you for your efforts.

My question is about the Bailout Tracker portion of your website (http://bailout.propublica.org/main/summary), specifically the information on TARP. When the White House recently announced that all TARP money had been paid back in full with interest, I thought I should really check with you guys before I believed them.

So I looked at your site and saw that, according to you, there is still quite a bit of TARP left outstanding. I just wanted to check to see if the numbers on your site have been updated recently.

Thanks again for the great work you guys are doing.

Within a few hours, Paul wrote back…

Thanks.

The short version is if you really listen to what the White House is saying, they’re not saying all the money has been paid back. They’re basically saying that they expect the money to be paid back eventually. Our database shows things as they currently stand (and yes, it’s up to date). Even if the administration is right and we’ll be paid back, that won’t happen for years.

Separately, you have to be careful when talking about this stuff whether you’re including Fannie and Freddie or just the TARP. We include Fannie and Freddie in our database because, even though it was a different pot of money, it’s still one of the big bailouts that was started in the fall of 2008. And as you can see from our site, that’s involved nearly as much money as the TARP, and it seems like it won’t be long before there’s more outstanding from that bailout than from the TARP.

Also, here’s a recent roundup post we did on the 2 year anniversary of the TARP: http://www.propublica.org/article/the-bailout-yearbook-the-stars-and-the-slackers

Best,
Paul

So, there you have it. Don't take my word for it, I'm just a cave man. Take the word of someone who tracks this stuff for a living and who doesn't have a political interest in trying to make everyone feel like hope and change will get us out of this mess.

tagged: bailout, hope, change, TARP, ProPublica, White House, Goldman Sachs

YouTube Tuesday: Special Halloween Edition

Have a safe and happy Halloween you guys. Go easy on the Krackle and Jack Daniels.



tagged: movies, Halloween, video, Dawn of the Ted, humor, YouTube, Tuesday

3AM Poll: Ad nauseating

In case you haven't noticed, there have been a lot of campaign ads on the television box lately. I was tempted to write that there have been a lot of classless campaign ads, but I like to avoid redundancies where possible.

Anyway, its easy to see that the entire commercial television industry is being kept financially afloat in these trying economic times by political advertisements and ads for erectile dysfunction remedies — both of which make me reach for the DVR fast forward button quicker than Larry Moore reaches for his jumbo bottle of Geritol.

But that may be just me. What do you think?


tagged: politics, campaign, advertising, media, erectile dysfunction, poll, vote

YouTube Tuesday: The sunny side of The Force

Imagine this scenario: A crazed evil dictator has seized control of your government and killed all but a handful of your religious order. You're left to go into hiding on a small desert moon in the outer rim, but you still have to find some way to make ends meet.

So, you change your name to Ben and hang out a shingle as a private dick.



tagged: YouTube, Tuesday, video, humor, Star Wars, Ben Kenobi, movie

YouTube Tuesday: Ripped from the headlines

The headline today of a 300-pound chimp loose and rampaging in Kansas City brought to mind my favorite outlaw virtual simian technopunk hip-hop quintet, Gorillaz.

Here to commemorate the occasion, one of their recent releases, Stylo...



tagged: YouTube Tuesday, Gorillaz, music, video, Stylo, Chimpanzee, Kansas City

Random Photo XXXIX: Steamy autumn

Air and temperature conditions this week have been perfect for creating these romantic mists on the ponds in local parks. Just one of the many reasons I love this time of year in KC.


tagged: Random Photo, Kansas City, mist, morning, fall, autumn, weather

YouTube Tuesday: Shut your festering gob, you tit!

Today's edition of YouTube Tuesday comes to you in honor of the original first-air date of Monty Python's Flying Circus on BBC television on October 5, 1969.

Yes, 41 years ago today national audiences (in Great Britain) were introduced to the genius of a comedy troupe that predicted nearly half a century in advance what the state of political discourse would be like in the United States.



tagged: YouTube, Tuesday, Monty Python, video, movie, argue, abuse

Woohoo! Road trip!

A cool new headline in the old feed reader this morning read: US scientists find potentially habitable planet near Earth".

It turns out that planet Gliese 581g (orbiting the Red Dwarf star Gliese 581 — only 20 light years away) may have areas that would support human life.

The planet… is orbiting in the middle of the "habitable zone" of the red dwarf star Gliese 581, which means it could have water on its surface.

Liquid water and an atmosphere are necessary for a planet to possibly sustain life, even if it might not be a great place to live, the scientists said.

The planet… has a mass three to four times that of Earth and an orbital period of just under 37 days. Its mass indicates that it is probably a rocky planet and has enough gravity to hold on to an atmosphere…

Given the close proximity of Gliese 581g to Earth, it seems a road trip is definitely in order. But before you pack your bags, there are a few things you might want to keep in mind.

First, scientists say the planet is "tidally locked" to it's star, meaning it's always daytime on one side and always night on the other. The planet is theoretically habitable in the "twilight zone" where it's perpetually evening (or morning, depending on your perspective).

This isn't terrible, given that you potentially would have a nice romantic sunset all day long. Unfortunately in that habitable area, temperatures are thought to range from -24 to 10 degrees Fahrenheit — much like North Dakota.

The other hitch is that the planet is three to four times more massive that Earth. This is good, since it means that it can hold an atmosphere, which is nice if you plan on breathing.

But you'd better be in some pretty good physical shape by the time you get there. If you weigh in at a svelte 180 pounds on Earth, you'll have to lug around a 720 pound body on Gliese 581g. And that Quarter Pounder with Cheese that you packed for a snack just became a One Pounder with cheese.

Still, it may be cold, rocky, and dark, and it may make your butt look fat in those jeans, but I bet Gliese 581g is still ten times nicer than Uranus.

tagged: science, astronomy, planet, Gliese 581g, twilight zone, North Dakota, Uranus

YouTube Tuesday: The adventures of Dot

Today's edition of YouTube Tuesday is a cute little stop-motion animation in it's own right. But even more interesting, it was filmed with a cell phone camera using an attachment called a CellScope…

Professor Fletcher's invention of the CellScope, which is a Nokia device with a microscope attachment, was the inspiration for a teeny-tiny film created by Sumo Science at Aardman. It stars a 9mm girl called Dot as she struggles through a microscopic world. All the minuscule detail was shot using CellScope technology and a Nokia N8, with its 12 megapixel camera and Carl Zeiss optics.

tagged: YouTube, Tuesday, video, movie, stop motion, animation, Nokia, CellScope