September 23rd, 2008

Senate suffers fools sourly / McPalin suffering /
New York to suffer

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The reception for Boom Boom and Hammerin’ Hank before the Senate Banking Committee today went from cool to frosty to hostile.

Chairman Dodd of Connecticutt concluded that the big bailout plan was “not acceptable”, and ranking GOPher Shelby of Alabama told the departing big brains that all options remained on the table.

The markets wandered up and down, ending up down hard — but then some green was generated by a post-bell item about Warren Buffet buying into Goldman Sachs for a nickel.

($5 billion)

I wondered over the weekend if the big bailout was really necessary.  Today in the air was the notion that things have already gone so far wrong, for so long, that Bernanke’s opening demand that something big be done immediately was ill founded, or, at least, absurd.

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Personal income in New York City is going to be pressured for years because of this, beginning in the investment banks and their law firms, and spreading through the services that serve them.

Perhaps, however, the city might benefit. Culturally.  Might trend a bit toward sleepy and philosphical. Even, in time, affordable …

But it’s the current homeowners who will pay for that adornment, and today the mayor announced the notion of a 7% property tax hike for January.

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???

The only good news is that the crisis seems to be hurting McCain-Palin, as the odor of gross incompetence in high places begins to overwhelm Sarah’s rustic charms.

And here we have another late news item — that McCain’s campaign manager has been getting a $15,000 monthly stipend from Freddie Mac, and doing nothing in return.  Payments discontinued only this past month.  Guess the bloke’ll resign before the opening bell.

Might the pain of what’s happening be compensated, then, by a spectacular victory for the Donkeys in November?

Not so fast — a trader I know has been worrying since the weekend that a “catalyzing event” may occur in the city before Election Day to get people panicked about National Security again instead.

Oh but that’s so 2004 …

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4 comments

  1. Ilidas says:

    Your speculation of an ultimate “cultural” benefit from this cataclysm bespeaks the sort of reflective notes sounded here on NC’s Conversation. But on the point: this cultural benefit, if indeed it crystallizes into something like a recognizable phenomenon, may be just the silver lining that NYC needs. An effective halt to the overbuilding of the town (ending the gluttonous feasting of the developers and building trades) and perhaps also something less tangible: the fading of this second gilded age and some of its crassitude with it.

    September 24th, 2008 at 6:22 am

  2. ed says:

    Yes, that’s what I had in mind. Ever been to Baltimore? There’s a sleepiness to it, which combined with all the things most people like about cities, makes for a happy home.

    But, again. The pain likely to be suffered locally as NY makes its way that way is likely to be … painful. Destructive of many family plans.

    September 24th, 2008 at 8:49 am

  3. Ilidas says:

    Never been to Baltimore. Your praise thereof reminds me of similar paeans to that town from other NYC-ers who long ago became disgusted with the transformation of their hometown into a gilded colony during this Bloomberg-Giuliani era. What a concept, that of the old mid- to late-20th century American city as a place for a cross section of folks to make a life, build communities — all the while inspiring each other in gentle social ferment.

    Great pics, by the way.

    September 24th, 2008 at 2:22 pm

  4. ed says:

    Holy Cow, now the National Inquirer has outted Sarah’s lover. Her hubbie’s business partner.

    Find the full story at grocery checkouts nationwide.

    And here she is receiving annoitments and cantations from a preacher to protect her from the devil and “buck her up.”

    How can Obama lose?

    Well let’s see …

    September 24th, 2008 at 8:23 pm

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