Friday, December 19, 2008

Blog Dump

Ok, lots of things that I've been meaning to blog about, but didn't, and now have.

The Minnesota Senate race just gets more and more interesting. Out of millions cast, Coleman now leads Franken by two votes. And this is before the improperly rejected absentee ballots are counted. I say 'improperly rejected' because everyone acknowledges that they're valid votes, but Coleman, for whatever reason, doesn't think that they should be counted.

I'm cautiously in favor of the proposed compromise on the auto bailout, which is to provide gov't funding for the Big 3 while they go into bankruptcy. What a lot of people don't realize is that Chapter 11 bankruptcy, ie classic bankruptcy that would allow the firms to operate as their operations are sold off to other firms, isn't an option this time because the credit markets that support Chap11 aren't available. This would result in a Chapter 9 bankruptcy, where all the workers are laid off, assets are sold in a simple liquidity exercise, and everyone loses. Not good. If we can use the bailout money to make bankruptcy work like it's supposed to, that's good.

Rick Warren. Don't know exactly what to think. One the one hand it's symbolic. On the other, it's a symbolic slap in the face. Hmph.

Paying executives' bonuses with the toxic assets they helped create actually seems like pretty poetic justice to me. Since people don't have margin calls, if the assets are ok then the execs are rich, if not then they suffer with the rest of us.

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