chicus.com
have your sliced bread and eat it too.
News and Notes
Sep 29, 2008
Drivers in California may not use cell phones while driving. However, they may drive with dogs (yes, plural) on their laps. So put your call on speaker phone and slide it under the dog's collar. Talk away. Ridiculous.
Kocher was in town this weekend for a funeral. It was a rather low-key weekend with us going our separate ways for a good part of both Saturday and Sunday as she studied and I lived a productive weekend in Boston. The heart of our time together was good conversation about life, politics, and religion. All very good stuff but I'll not get into it here. I did go for my first five-mile run since that fateful train accident 50 weeks ago. It was a jump from my irregularly spaced 2-3 mile runs but my time was pretty good despite the layoff, just a shade over 8 minute miles. My quads were sore as hell today so I might swim tomorrow before trying an AM run on Wednesday. I really want to get in the habit of morning workouts before it gets downright cold and it is 100 times more difficult to get out of bed.
Volunteering was interesting today. I just felt a bit 'off'. I can't pinpoint it 100% but there were a few factors. First off, I was craving a change. I'm actually not sure if that is a symptom of being off or a cause of it. I just wanted something new. It is less strong now, but at the time it was pretty overpowering.
One of the regulars in the kitchen was out so we had a replacement. He was a really nice guy but talked and sang (intentionally) off-key incessantly. Jim, the other regular in the kitchen, had a feeling the new guy might irritate me. Over the course of the 2 hours it went from bearable to beyond irritating to so far beyond irritating that I had to laugh due to how ridiculous it was. I think that started when he sang a song about farting.
At some other point I was taking clean glasses out to the juice bar and a member who is known for giving hugs asked me for a hug. I've been volunteering 18 months and had avoided the experience, this was the first time one had even been solicited of me. He's a very nice man, always has a smile on his face, a joy to be around. However, he is 6' 2" and stocky and his definition of a hug is to give a bear hug and lift the recipient off the ground. I've had limited conversations with him ("Hi" in passing) and frankly I am not big on having a man who is relatively a stranger hug me in such a manner. I think he was a bit surprised at my reaction but so be it.
Anyhow, on to the economy. If I had $50k to gamble away I would buy a lot of stock at 9:30 tomorrow morning. I think a correction is coming. Actually, I probably need much less than that but since I've never bought stock directly I don't feel this is the best time to start. Clearly things are not good but I do think there is an overreaction at this moment. In retrospect, I still generally support the bailout. However, I have major concerns with how it is coming about.
I should mention that all I know about today's events is that it was the Dow's largest 1 day drop in points (but not percent) ever. I have read no more than that. So while I still believe the government should step in I also have major reservations with the government borrowing $700 billion it doesn't have on a plan that was hatched in a week. Something HAS to be done but let's make sure we don't just throw money at it but invest it in a smart way.
I pulled the text for the proposed TARP bill but gave up after about 12 pages. Considering the widening spread between government treasuries and interbank lending rates, the fears about a credit crunch seem warranted. However, I agree that cobbling together a half-assed resolution in the throes of panic seems like the best way to throw good money after bad. Some of the Republicans voting nay indicated a suspension of the capital gains tax would sway their vote. What possible effect could that possibly have whilst stocks are a tumblin'? I support a bailout as well, but only one that is well reasoned and carefully thought out.
The only reasoning I can come to with revoking the capital gains tax is that if people aren't being taxed on income from stocks they will be more inclined to keep their money in the market and prevent some of the larger downswings. I dunno, I could be completely wrong, I am a bit naive to the ways of the market.
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Oh, and I should add one thing to the economy talk, why I think it is wise to step back a second and really figure out the bailout plan. GWB is 100% gung-ho on it. I think there is legitimate that lawmakers sit back and really analyze any plan he wholly supports. I say that 30% in jest but his history gives a very sincere reason to pause.