Tuesday, September 30, 2008
Monday, September 29, 2008
Sunday, September 28, 2008
Saturday, September 27, 2008
Friday, September 26, 2008
Thursday, September 25, 2008
Wednesday, September 24, 2008
How We Can Clean Up A Lot of the
Remember Enron, WorldCom, Adelphia, and other companies had artificially put assets on the books? They'd say something was worth $10M when they bought it, but eventually it decreased in value, and they never updated the value in the books. That was part of the fraud. Under current laws at that time, they were all convicted and put in jail for fraud.
Then we got all mad and made all these new laws that are coming out the wazoo called sarbanes oxley. It's a huge, massive law but the idea is that we were going to mandate ethics to corporate America because apparently they didn't have any, according to the Enron failure. It's now a total pain in the butt to execute it in a publicly traded company.
It didn't work because you can't cause ethics to happen. However, it does make each company each day restate what their assets are worth if sold on the market. This accounting procedure is mark to market accounting--you need to remember that. It's a good concept and keeps companies from having loaded balance sheets.
How This Affects Us Today
However, it's part of what's caused this in the news now. Merrill Lynch was sitting with $30 billion tied up in sub-prime loans with houses. Stupid! They get what they deserve for doing that, and I'm with you on that. Those houses didn't become worthless all of a sudden because those people couldn't sell their bonds. Since they couldn't sell them, they basically gave them away for 22 cents on the dollar. Now do you think all those houses lost 80% of their value underneath that deal? No, they didn't, so they gave them away for 22 cents on the dollar (about $6 billion total) because there was no market for them. Nobody wants to buy sub-prime bonds because they suck. They're junk bonds. But at 22 cents on the dollar, it's a bargain because even if you foreclosed on every one of the houses in there, you'd probably get $20 billion back out of $30 billion, and so the company that bought those for $6 billion got a deal! But there's no market for them. That's where these companies are stuck. They can't sell this stuff, but accounting-wise, they've had to mark it down to market and it's frozen the marketplace.
Economist Wesbury is saying that if we change that one rule and don't force them to mark down to market value and just let them hold on to all the stuff, and say just on sub-primes for this period of time you can change that rule -- a temporary change -- that'll free the market up. It's seized right now; it's frozen. This will thaw it out and get it going again. He says that'll solve 60% of the problem ... and I think he's right.
That one accounting rule is what made Merrill Lynch sell out. That one accounting rule is what's driving other ones into the dirt. Would you rather let them change their accounting rule or loan them $700 billion for us to buyout their bad paper?
I'd rather them work their own crap out than change the accounting rule.
I don't like giving them any money or any help with my tax dollars. But I'd rather see that than see the whole thing turn completely upside down in a fruit basket turnover than have a whole meltdown or something and freak out here in the middle of the election season. Why don't we just take the FHA insurance program and extend it across these sub-primes? What that means is that you and I are guaranteeing the lender that they're not going to lose as much or any money on those mortgages. Now I don't like guaranteeing them, but I like it better than buying them. In other words, instead of $700 billion in tax-payer debt going out there to bail out these companies, just extend the insurance out. You could probably do that for less than $40 billion. It's like a 95% savings!
If the government insured those mortgages, they would then be marketable. And could sell them. And the companies would stay afloat. And we, the people, don't have to get into the mortgage business. Now we're going to get in there a little bit because of the insurance on those getting foreclosed on. But foreclosures aren't causing this. This is being caused because these companies are frozen and seized up. We've got to let some of the steam come off and put some oil in there to get this thing moving again. We can do that without going into debt $700 billion.
Here's Your Plan
Call your Congressman. Call your Senator. Tell them to change the mark-to-market accounting law and to extend insurance but extend no loans. If they extend loans - if they borrow the money on the national debt in order for us to all go into the mortgage business a trillion dollars - you're going to fire their butts and send them home.
I've talked with several people today, and it's on the tables in Washington, but it's not something you're going to see on TV. If you'll let your Congressmen know you know about this and that you'll vote against them if they don't vote to change the mark-to-market law and you'll contribute your money to make sure they never serve in office again. That's what you need to tell them early and often.
If you're pissed, this is the time to step up and do something about it, America! You can stop this! It's being railroaded down your throat, but you can stop them if you call them in mass starting now. READY ... SET ... GO!
Tuesday, September 23, 2008
Monday, September 22, 2008
Sunday, September 21, 2008
Saturday, September 20, 2008
Got home this morning from FD, we had creamed eggs on toast with bacon. After breakfast we went to Lowes so Bridget could pick out the cabinet and trim colors for the kitchen, then to Walmart for groceries, Bridget usually does this but I went with her today. I hate going to Walmart, I think everybody in town was there.
Watched all but the last lap of the Busch race, Directv showed up in time to turn of the satellite to change out the dish from a 3lbn to a 5lbn so we now have HD. When the TV came back on the race had been over and I don't know who won, will have to google it. Then looked on my bill and find out they have been charging me for HD since March 2006 so I called CS and talked with 4 different people, I was hung up on once, hopefully accidental disconnect on their end but finally will be getting a $300 credit. I was in chat when I realized I had not posted for today.
Friday, September 19, 2008
Thursday, September 18, 2008
Wednesday, September 17, 2008
Tuesday, September 16, 2008
Monday, September 15, 2008
Sunday, September 14, 2008
Saturday, September 13, 2008
Bridget talked with her kinfolk in Warren, TX and they were out of power and had 2 windows broken, vinyl siding damage and other minor damage. They are located about 45 miles north of Beaumont.
Hope that our Texas Dreamers made it though Ike without to much damage.
We also had a FD softball tournament which started at 9a and ended at 8p, our team took second place.
See you in chat.
Friday, September 12, 2008
Birthday party for our son and BIL at there home. May not make chat tonight, depends on when we get back, they live out in the county on 5 acres.
Thursday, September 11, 2008
To end my 9/11 post
A Fireman's Prayer
When I am called to duty, God,
Whenever flames may rage;
Give me strength to save some life,
Whatever be its age.
Help me embrace a little child
Before it is too late
Or save an older person
From the horror of that fate.
Enable me to be alert
And hear the weakest shout,
And quickly and efficiently
To put the fire out.
I want to fill my calling
And to give the best in me
To guard my every neighbor
And protect his property.
And if, according to my fate,
I am to lose my life,
Please bless with your protecting
My children and my wife.
- Author Unknown
Wednesday, September 10, 2008
Tuesday, September 9, 2008
The filter pump on the interactive fountain has a leak on the discharge side so the water is being pumped out of the holding tank, this will have to be repaired before we can use the filter pump.
Been reading blogs and Dee reminded me of a birthday party in chat tonight, it is Sandra's birthday, Happy Birthday Sandra.
See you in chat.
Monday, September 8, 2008
I also have another side job, I am an independent Amsoil dealer http://www.lubedealer.com/jhatch/ and spent the afternoon working on setting up a retail account with a business in Brandon. Hope to have that done by Friday.
Have been catching up on blog reading, internetless since last week. See you in chat.
Sunday, September 7, 2008
Got off from FD at 7am and headed to the house. Had grits and toast for breakfast. Hooked the truck and trailer up, finished loading the trailer, loaded the dogs and on the road by 8:15 heading to Tunica. Called Dortha and let them know we were en route. They were at the Audubon RV Park just of I-55. Made it to the office of Sam's Town RV Park and were told your friends got here about 10 minutes ago. Checked it and headed to the site, Mark and Dortha were setting up their beautiful Phaeton. Backed in next to them and set our 5'ver up. After we were both set up, we looked over the new Phaeton (inside and out) what a nice floor plan. They are heading out Sunday to Red Bay to have some minor warranty work done. After chatting a while, Mark came up with a great idea, let's go to Paula Deen's Buffet. It was around 2:30ish and my breakfast was long gone. We all jumped in their Jeep and off we went. I must say if you are in the area, this is a must eat at location. The buffet was kept fresh and the food, all of it, was outstanding. After eating everything I could see, we headed into the casino. My luck would stay the same as always so with in 15 minutes my $20 was gone, I ended up watching Bridget, Mark and Dortha. We got back to the RV park a little after 5 and decided to take a nap. Layed down at 5:20p. We were going back after our nap but I forgot to wake up. I did wake up at 10:20p and watch some Jay Leno, back to bed at 11:20p, I think my 80-90 hour work weeks caught up to me.
Woke up at 8:20a, 14 hours of needed sleep. Got up, showered and got ready for the day. Took the truck down to fill with diesel and grab a bite. Ended up at Krystal located in the gas station, this is not the place to eat. Back at the trailer we meet up with M&D, headed over to the River Museum then over to the outlet mall. I bought a wallet and Bridget bought a purse from the leather shop. Lunch was at Church's Fried Chicken then back to the trailer and watched a football game on the outside TV. The weather was nice, a little on the cool side but great football watching weather. Mark grilled pork chops and Dortha cooked up a rice and a vegetable dish. A wonderful meal with friends. The show we were going to see started at 7pm so after eating we got ready to head over to the casino. Roddy Carington was a great show with the exception of the drunk sitting behind us that kept talking. Security was called to remove them along with their camera, no photography allowed. After the show we meet up with M&D in the casino. Bridget ended up giving them the rest of her $20 so we ended up watching M&D. In bed at 11:20p.
Meet up with M&D at 8:15a for the breakfast buffet at Sam's Town. After overeating we walked back to the RV park and said goodbye's. M&D were heading to Red Bay to Tiffin Motorhomes for repair work, nothing major. Bridget and I headed back at noon.
After arriving back home and unloading the trailer I was getting online but Internet was still down. I called AT&T and after about an hour with them on the phone I ended up reconfiguring my entire PC, now everything works again.
We had a good time this weekend and enjoyed spending it with Mark and Dortha. Look forward to meeting up with them in the future.
See you in chat.
Thursday, September 4, 2008
Rained all day again, worked at the mall til 3pm. When I got home I hooked the trailer up to pull it out so it could be loaded for our trip this weekend. This was done in the rain, did I mention it rained all day. After I get that done I go inside and say to myself, self, it's hot in here. 82 degrees inside, 76 degrees outside and the A/C is set on 74 degrees. I'm thinking this can not be good, all the inside stuff is working properly so I go outside in the rain and check the outside unit, fan is not running. The fan motor is so hot I can't touch it, this is actually a good thing. I remove the electrical cover and energize the contact switch, compressor comes on fan does not. That is why it was a good thing. Fan motor $60, new outside unit $4,000. To late for a fan motor so we opened some of the windows for the night. My plan was to replace it on Monday after we get back from Tunica. The boss spoke up and said it will be fixed tomorrow, I said "yes dear". Had a little rain blow in through one of the windows, 6pm weather said rain was going to stop around 8pm.
At FD today, like most FD's the guys have side jobs. Mike Bullock is getting off at 8am, care to guess what his side job is? I asked him if he was doing anything today and he said no, what you got. Which I replied with the fan motor on my condensor is out. He said no problem so as of noon the boss has A/C again.
Usual calls today, EMS and fire alarms. For some crazy reason yet to be determined, one of the six tornado sirens decided it would activate so we had to turn the breaker off to it, repairman will be out as soon as possible.
Bridget will load the trailer this evening and we will leave out between 8-9am for our 2-3 hour drive to Tunica. We will be meeting up with Mark and Dortha http://rvingwithpoppa.blogspot.com/ for the weekend. They have their new 40' Phaeton they are checking out for any problems. Hopefully there will not be any. They are staying around this area for a short while so if needed can return to the dealer for adjustments or whatever.
Sun came out for a little while then clouds again, see you in chat.
Tuesday, September 2, 2008
Monday, September 1, 2008
I have the morning off and will go in and work the 3p-11p shift at the mall tomorrow.