Akkam’s Razor

The webcast is due to begin at 10:30 EST.  I can’t justify spending money for a new phone and a bigger data plan ($5.99 T-Zones and a 5-year old Nokia 3650 are fine by me).  Even the appeal of faster 3G connections is not enough.  $0.89 per DRM-free song from Amazon isn’t enough.  I’m just not ready.  I’d rather buy a used iPhone off eBay or wait for the second or third round of gPhones.

I’m prepared to be let down by the gPhone.  The initial leaked specs are a little weak - no video recording?  Really?  Most carriers free phones have video ability!  And no stereo bluetooth?  No inline headphone jack?

First off, the die has been cast. No matter how much money we’ve thrown at the situation, it will simply have the effect of taking your shoes off at the airport - creating an illusion of safety. Post-bailout, we will have $1.3T reasons to feel that all will be well, and that the disaster has passed. But those will be illusions.

Congress was shook to the bone by the Bald Banker and Bearded Professor:

Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.

“When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.

Their reaction calls to mind the reaction to the Bush saber rattling over Iraq as well as this little bit of research:

Make no mistake, it is coming. They are clearly in panic mode [nakedcapitalism via Economist's View]:

“We have lost control,” said Hale, quoting [Federal Reserve Chairman] Bernanke. “We cannot stabilize the dollar. We cannot control commodity prices.”

(Please note that they really could never control it anyway, regardless).

The NYT says:

The head of the Treasury and the Federal Reserve began discussions on Thursday with Congressional leaders on what could become the biggest bailout in United States history. While details remain to be worked out, the plan is likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions. The proposal could result in the most direct commitment of taxpayer funds so far in the financial crisis that Fed and Treasury officials say is the worst they have ever seen.

Conservative pundit, columnist, and Bush #41 veteran Michael Smerconish’s Sunday Inquirer piece advocates for Tom Ridge as McCain’s Choice for Vice President.

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Senator Saint Celebrity BBQ POW McCain is getting increasingly desperate, taking the Sugar Momma Express Low Road Express manufacturing controversy and going negative, and taking damned-if-you-do-damned-if-you-don’t criticism of Obama’s planned visit with the troops.  But by calling out Obama’s ‘celebrity’ and comparing him to Paris Hilton (and Britney Spears), he may have inadvertently alienated a prime GOP financial supporters - namely, the Hiltons!  Paris’ parents Kathy and Rick have been relatively stingy given their wealth, but her grandfather, William Baron Hilton has contributed nearly $400k [cumulative] according to FEC records via Newsmeat.  This excludes any contributions to entitites where disclosure is not required, such as PACs.  Keep in mind that the Hilton’s are one of the 18 hyperwealthy American families who collectively pushed for the repeal of the Estate Tax to protect their family wealth.  I’m not certain I’d want them against me…

I’m sure the nativist and xenophobes are quite upset at the loss of American icon Anheuser-Busch to InBev, but fail to notice the contribution of Conservative monetary and fiscal policy - the Belgians were able to purchase AB for 52 billion EUR.  Based on current exchange rates and the weakened dollar, the 52 billion EUR equates to purchasing power equivalent to $82 billion USD.  That’s the equivalent of a 37% discount.  After accounting for the share premium paid to AB (22%), that is still a currency advantage of 15%.

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