Image is everything. Or at least 99%, or so it seems.
It obviously worked for Madoff, but the sad truth seems to be that Madoff was just a petty thief compared to our more accomplished operators.
In 2008, September 18, my blog explored the conditions that have eroded our trust in everything, just as the true dimensions of our financial crisis were beginning to manifest. We are now three years down the road from those momentous events. And the echos persist.
Continue reading "It's All Illusion" »
Reading Bernard Weinstein’s letter in the Time’s November 2 edition, I am reminded that we continue to fail to grasp the failure of our supposedly 'free market system' to effectively price key commodities, if that is in fact its intent, and not merely a philosophical mantra. Let us begin with the first sentence of Mr. Weinstein's letter:
“As “Future of Solar and Wind Power May Hinge on Federal Aid” (Energy, special section, Oct. 26) points out, the renewable power industry has become addicted to federal subsidies and probably can’t stand on its own without them.”
We can acknowledge that the renewable energy industry is addicted to federal subsidies at present and for the foreseeable future. But let us apply Mr. Weinstein’s metaphor of addiction fairly. Society is addicted to fossil fuel dependent energy. If we are the junkies, Big Oil and Coal are the pushers.
Continue reading "The False Economics of Fossil Fuels" »
As one of my amusements, I'm a ham operator, N1MVM. Hams, like other hobbyists, tend to have areas of special interest. Mine happens to be public service and emergency communications services during disasters and lesser emergencies. Usually, I participate in low-level events like providing communications support for non-profit fund raising events. Other of my fellow hams have responded to tornadoes, hurricanes and more severe events that invoke the motto of Amateur Radio Emergency Service (ARES): "When all else fails" My call this Friday was to respond to a search and rescue request in eastern Connecticut.
Continue reading "Community" »
This tribute is somewhat unlikely coming from me, but well earned by its recipient, though not for the reasons most obviously stated in the news.
First, I mourn Steve Jobs passing as a human being, apart from his accomplishments, his impacts, the externalities of his existence. He is large and unique in my awareness because of all those trappings, but they should not be primary measure of his meaning and value. Ultimately, he was a human like all of us, born into this life with certain innate abilities and shaped by acquired values that gave those abilities direction and drive. He was most importantly the embodiment of the potential that all of us possess in varying degrees, but rarely exercise to potential.
Continue reading "Reflecting on Jobs... Steve Jobs" »
Obama was right to make health care his number 1.2 priority (along with propping up the financial system long enough for it to a) sort itself out or b) subject it to more responsible regulation (neither of which have occurred to date). I recognize that this flies in the face of conventional wisdom as proffered in the business and political punditry. Whatever.
But if you believe that the strength of the private sector, the preservation of jobs, and the control of the long term trajectory of the public debt at all levels are critical, then I would argue unequivocally that health care was and is the single most proactive strategic initiative that Obama could pursue.
Continue reading "Obama Was Right on Health Care" »
They yearn for Hillary.
" What would Hillary have done ? "
" If only Hillary had won,...."
" Hillary would have..."
Who are 'they'? Democrats, of course. And, interestingly, some Republicans.
But she didn't win. Get over it, and tip-toe back into reality.
And, to help you with that painful exercise, let's take " If only Hillary " out for a test drive and see where we wind up.
Continue reading "Desperately Seeking Hillary" »
Bill Gates gets energy, almost.
In today's Politico, he addresses the need for a concerted long term energy policy. He comes closer to the speech that Obama has yet to give, and has possibly lost the opportunity to give. But Bill, too, has yet to go the distance. He has yet to tell the public what it must know. In the face of dwindling long term supply of fossil fuels and increasing world demand, energy innovation and evolution is not an option but a necessity. Without it, economic and ultimately civil failure is not an option but a probability.
Continue reading "Gates Gets Energy" »
I read an article in the New York Times on the recent East Coast earthquake of 2011, August 23rd. You may remember that it didn't put the big numbers on the board (Magnitude 5.8) that the West Coast typically enjoys, but it had a much larger audience (like most of the eastern seaboard). Its damage was more symbolic than substantive. It put cracks in the Washington Monument and National Cathedral, compromising structures we typically think of as enduring and eternal, perhaps more so than the underlying institutions they symbolize.
Continue reading "Are We on Frack?" »
Dear Mr. Buffett
You don't know me from Adam. I'm utterly inconsequential in the scheme of things. So I hope you'll forgive my audacity in proposing one last mission in the public interest before you depart this existence.
I am emboldened by your prior efforts to encourage your peer group to pledge their wealth to the public good, and more recently to call attention to yourself as a justification for the nation to call upon the rich to carry their fair share of the tax burden. But there is one more mission in which your unique position and skills at unadorned truth-telling might yet have critical impact. Your mission, if you choose to accept it, is to inspire the business and investment titans of the US economy to get off their fear or apathy and earn their money by taking risks on the US economic revival. Only you can do this. No one else in the business community has your stature and ethical capital; and beyond the business community the President and Chairman of the Fed are a distant second and third.
Continue reading "Warren Buffett's Last Mission" »