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Thoughts From The Frontline

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  • Who's Afraid of a Big, Bad Bailout?

    Flying last Tuesday, overnight from Cape Town in South Africa to London, I read in the Financial Times that Republican Congressman Joe Barton of Texas was quoted as saying (this is from memory so it is not exact) that he had difficulty in voting for a bailout plan when none of his constituents could understand the need to bail out Wall Street, didn't understand the problem, and were against spending $750 billion of taxpayer money to solve a crisis for a bunch of (rich) people who took a lot of risk and created the crisis. That is a sentiment that many of the Republican members of the House share. As it happens, I know Joe. My office is in his congressional district. I sat on the Executive Committee for the Texas Republican party representing much of the same district for eight years. This week, Thoughts from the Frontline will be an open letter to Joe, and through him to Congress telling him what the real financial problem is, how it affects his district and help explains to his constituents the nature of the problem, and why he has to hold his nose with one hand and vote for it with the other. I think this is as good a way to explain the crisis we are facing this weekend. This letter will print out a little longer because there are a lot of charts, but the word length is about the same. Let's jump right in....
  • More Thoughts on the Continuing Crisis

    There is so much that is happening each and every day as the Continuing Crisis moves slowly into month 8, so much news to follow, so many details that need to be followed up that it can get a little overwhelming. Where to begin? Maybe with a "minor" change of the rules on how we value assets, then a look at the proposed changes in regulations...