The NSA?

If you think the NSA tracking us is a big deal, think about it.

We are so easily and simply traceable, it's not funny.

Between our cell phones, our computers and credit and/or debit cards, if virtually anyone wants to know anything about you, there's no difficulty to it at all.

At all.


Now, get out there and have a great weekend anyway.

And don't be paranoid.

On the US, "heroes" and our non-functioning systems

From yesterday's New York Times Sunday Review section: "As the national narrative shifts from the war on terror to the specter of decline, the uniform performs another psychic function. The military is can-do, the one institution — certainly the one public institution — that still appears to work. The schools, the highways, the post office; Amtrak, FEMA, NASA and the T.S.A. — not to mention the banks, the newspapers, the health care system, and above all, Congress: nothing seems to function anymore, except the armed forces. They’re like our national football team — and undisputed champs, to boot — the one remaining sign of American greatness." --William Deresiewicz, essayist, critic and author of "Solitude and Leadership", an address delivered at West Point in 2009 and widely taught in the armed forces. Link to original post: http://www.nytimes.com/2011/08/21/opinion/sunday/americas-sentimental-regard-for-the-military.html?_r=1&scp=1&sq=our+sentimental+regard+for+soldiers&st=nyt

Unfortunately correct and vindicated

Well, ladies and gentlemen, I was correct.

Do you remember last week I said there was a good possibility that we might see a bank--or two--failing each Friday night for a while?

Let me repeat: I was right.

I wish I weren't, truth be told.

According to the news this morning, a small bank in Florida failed last night. It was taken over by the FDIC, of course, and will be quickly sold. See the full story here: http://www.reuters.com/article/ousiv/idUSN0136691620080802

It was the 8th bank to fail so far this year. (Wouldn't you think Keith Olbermann--or some news junkie--would set up a weekly "bank watch"? Maybe they don't want to give the public reason to panic, since the American public doesn't want to pay attention, by and large).

The good news? It was a relatively small bank. First Priority Bank had "only" $259 million in assets and $227 million in deposits.

The bad news? Its failure will cost the federal fund that insures deposits--read: you and I, the taxpayers--an estimated $72 million.

Chalk it up to our account.

As I also said earlier here, in the 1st quarter of this year, the FDIC had 90 banks on its "watch" list. This article recounts that and states that they also won't tell which 90 banks they are. It's understandable--can you imagine the runs on those banks if they told which 90 they were?

Still, wouldn't you like to know if YOUR bank were, maybe, in trouble?

Once more, I'd like to take a moment to personally thank, with dripping sarcasm, the Republicans, for deregulating the banking industry.

Oh, well, for now, it's the weekend. Go out, work, relax, enjoy, keep cool.

Let's hope there either aren't any more banks that fail (I'm not counting on it) or, that, if they do fail, they are small and few in number.

Cross your fingers.

Fascinating new developments

Fascinating. Really. Are you watching this?

News just out this morning: The Fed is extending 100 more billion dollars to the banks come April, to "combat the effects of a credit crisis." You can see the whole article on Yahoo here:

http://news.yahoo.com/s/ap/20080328/ap_on_bi_ge/fed_credit_crisis

First, of course, is the figure of an additional 100 billion dollars, for its sheer size. But there's much more to it than that.

With all these "fixes", most all of them by the Fed, though one of them, at least, proposed months ago by the private banks, is the fact that these huge amounts of money have to be extended, repeatedly, by the bank to the banks. It's extremely large, let's not pretend otherwise.

What that tells us is that the problems are extremely large, naturally. But, at the same time, I think the Fed and the media, both, are doing a magnificent job of not panicking or suggesting that you and I, the average "Joe" on the street, should be concerned in any way.

Let me say again, fascinating.

They need the situations handled and looked after, of course, but the last thing they want to do is create a "panic for the exits". This is a pretty fantastic balancing act. And since the man on the street isn't really paying attention--yet, anyway--it's been successful. If they can just keep up the preemptive solutions--without breaking the national bank--but also keep people from worrying or over-reacting too much or getting emotional or, worst, getting irrational, then they can bring this broken plane in for a landing.

God, I hope it's a soft one.