Happy Easter...and Passover... A Few Insights from Bloggers... Showdown with Banks and Regulators...

First and foremost, I would like to wish readers a blessed Easter and Passover. While we are confronted with a world that does not always make sense to us, we should remember our faith. At the end of the day, it is our faith that will pull us through.

A Few Insights from Bloggers...
FiddlerOnTheRoof said...
For the sake of this country, and the sake of the world, I sincerely hope that this recession will not end this year, and that an ensuing depression occurs. There is evidence to suggest that this will happen: http://counterpunch.com/whitney04102009.html
I am not hoping for this due to a desire to see people, families, and the world over suffer. Rather, it's because of the precise reasons cited here: a return to normal too soon will result in a sloshing back into the hum-drum of everyday, placated, greedy existence. Those who laughed then must weep long and hard. Lessons are learned over time, upon reflection, remorse, and a desire to change their lives for the better. America has learned that it has been at the mercy of mortgage brokers, hedge fund managers, and global financiers for at least a decade, driving up home prices, bringing stocks to soaring heights only to crash them. Americans are justly outraged. But, if given the chance, and knowing what we know, would we choose to live in the world of knowledge, or return to the 2007 level of gluttony? My guess is that people would go right back. Because we have not seen enough hardship. Because we have not recognized our own culpability. And because we have ceased to be an America that stands for justice. The harder we fall, the stronger we rise.
There is no recovery without rebirth.

Pam said...
FiddlerOnTheRoof, I hope what you state is not true. I hope people have started to come to their senses about what is most important in life. That owning the best and the most "objects" you can is not what makes you happy or successful. I left my job of 17 years in the fall of 2006 because I came to the realization that all the money I was bringing into the household was going out for Child Care, foolish "things" and expensive convenience foods (because neither me or my husband had the energy or was too stressed at the end of our work days to prepare home cooked meals). Nothing was really being saved for a rainy day. When I quit, it was scary at first. We went outside and took long walks, which really help ease the stress. We took it one day at a time and now we are the happiest we have been in years, we have great fun together. My husband is my hero. I am here for my him when he comes home, instead of both of us stressed and staring at the wall, I can now hear what he has to say about his day and I support him 100%. The children don't want me to go back to work. We all appreciate so much more now and to have a little extra something here and there is indeed a real treat. It's great. As long as we can still pay for the basics needed, I may just stay unemployed and let someone, who has to support their family with the basics, have a job.

Hi Pam,
Your story inspires me. I hope I'm wrong too (if I'm being a little too hyperbolic, it's only for a dramatic flair). I truly believe that your example is precisely the one this country needs, and the message we need to hear repeatedly: how living with less makes us better people, better in our relationships, and ultimately, better Americans.
The only emotion stronger than my fear of our return to the narcissism of the past is the hope that we are a nation of caring, loving, and self-sacrificing individuals. I wish everyone's family the best who have learned to live better, and I read on a daily basis the kinds of struggles working Americans are going through, such as health care costs: http://online.wsj.com/article/SB123620847691933901.html
Or people whose standards of living has altered drastically: http://www.nytimes.com/2009/03/01/us/01survival.html?pagewanted=1&_r=1&emc=eta1
And many more like them.
America has been moved from one big sensational story to the next, anywhere from 9/11 to Hurricane Katrina. The longer we have to respond and reflect on how we arrived here, the firmer the footsteps that we take will be when we move toward a better country and a better world.
So, once again, I am humbled by your story and stories like yours. Thank you.
http://www.etfdigest.com/members/davesdaily/davesdaily040909_files/image002.jpg

Showdown
While it appears to more of a family squabble than a showdown, the New York Times is reporting a tenuous week ahead for financial markets. I expect:
1. A response to failed stress tests to be kept quiet... while successful stress tests to be leaked...
2. GS stock sale... I believe GS will benefit from a renewed interest in its stock sale to raise more funds.
3. FASB relaxed standards has simply moved the Dooms Day Ticker back a bit further for the financials.

As far as a showdown goes, you can read the article and be the judge...

http://www.nytimes.com/2009/04/11/business/economy/11bank.html?_r=1&partner=rss&emc=rss