© Curtis C. Greco June 2009
I'm taken by the number of emails I've received regarding the interruption, over the past few months, in my "blog" entries.
Most importantly, I am amazed at the popularity of the Blog! What began as a simple exploration has grown to an absolutely amazing schedule of Folks numbered in the many multiple of thousands! I'm stunned and humbled! As anyone can see, my commentaries are often more a "rant" equalled in extremes only by my poor grammar and complex sentence structure!
To the point, I have been engaged in two projects which, in addition to the time requirements for running my businesses, have consumed much of my conscious thought and time. The consequence of which has required of me to "back burner" my Blog though I do expect to resume the process with an all new Format sometime in July/August '09.
The most exciting of these (Projects) is a manuscript I've been working on which is nearing completion. My goal is to have it ready for distribution by August '09. It should come as no suprise to hear me assert that it will be a "MUST READ" especially for those, the world over, who cherish the American Ideals perfectly expressed by/in the Preamble to the Declaration of Independence! With that sort of "lead in", how can one resist!
Rest assured, it is not a "Party" bashing expose'! It is however a deliberately specific attempt to draw out and bring attention to issues that threaten the very mortar that has, for 200 plus years, bound this Nation and beamed as a beacon the World Over. It is most certainly NOT a Political discourse but a uniquely Human perspective and I have, sincerely, high hopes that you will secure a copy and encourage everyone to obtain one as well. In doing so, my goal is to create a Nationwide, if not Global, discussion on its content! When you read the material, trust me, you'll understand why!
I will ask of you two things and two things only. (1.) Obtain a copy, and (2.) Invoke the 1 foot rule, i.e., anyone that comes within 1 foot of you, tell them, "...you need to read this book!"
I'm deliberately withholding the Title of the Manuscript until a finalize the "rights" relating to the same. As soon as this issue is resolved, I will be sure that you all are made aware!
It is an exciting time to be alive! True, the days seem to be full of turmoil and uncertainty, yet, there is opportunity just below the surface! And, always, it is a time to begin to reclaim that which has been lost and look to a brighter future which, by the way, can start with your very next thought and breath!
I do not know where this road will take me however I do have a perfectly clear picture as to my intentions and preferences!
In the mean time, I extend to you my very best thoughts and send to each, a Company of Angels to watch over and accompany you as you make your way through each day!
Remember, what you seek defines who you are! So, with one foot in front of the other, move towards that which you define and it will move ever closer to you!
Curtis C. Greco
October 27, 2008
"Money Politics”
Apparently, there are seemingly few moments in the span of a twenty-four hour period when my brain isn’t engaged. Ennui is rarely present. I point this out in a more or less tongue and cheek sort of comment as I’m not necessarily proud of this characterization nor am I completely at ease with confessing it! However, the level of depravity one witnesses in our present day world makes, as a source of commentary, for an extremely target rich environment. There seems so much to be concerned about yet there is so little time spent by the purveyors of social conscious (Media) devising a coherent and constructive query that has any discernable poignancy or prescience!
Point at issue, Money Politics. I could have easily mused as “Money Chasing Influence”, “The Politics of Money” or “The Peddlers of Change”. I’m fascinated by the images these titles animate in my mind particularly the last of the three. Particularly if you consider the use of the word “change” in two distinctly different forms. One being change as to “transform” or, change as to “currency” (coin)! Amusing!
There is so much going on around us and to be relevant, in this writing, I’m electing to provoke you with a series of brief commentaries which I may, for future discussion, reserve as many deserve greater inquiry than space and time permit in this forum. Try these on and see how they fit!
Election: We are nearing the end of the 2008 Presidential Election Cycle and let me just put the speculation to an end. Mr. Obama will be this County’s next President. Sadly, as has been in past Presidential Elections, he will be elected not for his qualifications, not for his vision, nor, for that matter, simply because he is so right! He will, however, be elected because the alternatives are so inadequate or dare I say, loathsome. Some might say that he will be elected to prove we can elect a “Black” for President as if to say, “…see how far we’ve come.” My response of course will be that if this (reason) is in deed the case then, in fact, it shows how much a part of the social equation the issue of race continues to be. Like many aspects of “Money Politics”, Race makes money and until Race can not be sold to the buying Public, it will continue to be that way. Just remember you heard it here first! At the conclusion of Mr. McCain’s concession speech, the fawning and/or “slobbering” love fest will commence. Don’t be concerned with the form it will take, just be sure it will all be about the form and NOT the substance. There will be gold embossed coins and dinner plates for sale and record breaking amounts of money will be spent for the coronation! Yes, most definitely, I am being sarcastic but for reasons you may never understand and if you do, then I’ll have no need to explain them!
Lastly, on this point, Mr. Obama will be my next President and I will offer him, his family and his Administration my constant prayers. I want, as we all should, that he be successful in terms that serve and benefit the People of the Country. He will be the President for Americans not for the World or World Interests and I pray we all, somehow, grasp the significance of this statement.
Economy: This is a tough one! Trying to fit it in so narrow a medium. I’ve got, and as you would expect – knowing my back ground, a great deal to say on this one. It is not that this issue is complex, strangely it is rather straight forward. It is, more so, that to correct the mass of mistakes the solutions are fairly pervasive/invasive and a successful resolution will have to be a series of strategic actions in concert with one another. For now, let us confine this present discourse to the following comments for your consideration and introspection.
The Economy is in its present condition for two primary reasons: Government meddling/micromanaging in the Private Sector (non-Governmental), that is to say, Governments dismal failure at engaging in its lawful and legitimate function. And, the Legal Systems unwillingness to sanction, punitively, predatory practices regardless of what segment of the Economy they may occur. I would target, as an example, the mercenaries of what we’ll simply coral, or otherwise broadly define, as the Financial Markets. The Government, as was clearly understood by our Founders, should NEVER be permitted to engage in Commerce, or better said, the Government should never cross the boundary between its stewardship of the Public Trust and Economic Gain! It’s important to call in to memory one of my favorite Thomas Jefferson’s warnings : “…a Government large enough to give you what you want is large enough to take what you’ve got!”
The Government will attempt to manipulate the Economy, once again, by doing what it only knows how to do which is throw money (Public Money) at the problem and to legislate increasingly insidious measures that further inculcate mediocre policy. It is the final and most pervasive image of sclerotic Government Policy and historically proven to be the equivalent of throwing money on a drowning man. There is not one single piece of Government legislation since 1913 that I can think of that has proven itself worthy of being hailed as a success. Yes, there have been noble ambitions, however I’ll simply refer you back to my Thomas Jefferson quote above.
I’ll offer a real world example of this failure. Monetary Policy in this Country operates from the premise that Debt = Growth (Economic Expansion). The Banking system thrives not on currency as a medium of exchange but the creation of debt and the machinations that this System engages in for this to occur. All along the way, the players in this System take their piece of the pie as it progresses through the food chain. For this System, as it is, to thrive, there must be ever increasing Debt whose companion is also an ever increasing Money Supply (Inflation) whose use you pay for. To grasp this concept one must simultaneously understand that the Debt, in this Systems language, is synonymous with Spending whether it be Government or Private. For various reasons, the details of which we’ll save for another time, as this Country’s Economy no longer creates the Wealth to feed this system (Manufacturing, Technological Innovation etc sustained by sound Monetary Policy/System) the only remaining vehicle (then) is Spending and lots of it! It is worth noting that Government spending, regardless of what you may think or have been told, is not Economically Viable. In other words, it is purely consumption spending, it neither creates wealth nor does it fan the flames of wealth creating practices. It is only and completely wealth consumption! It takes wealth away from (You) or out of the System and simply consumes it by redistribution practices and that’s all it does. That leaves the Country, sadly, with only Consumer Spending. The more prosaic example of this in action is the Housing Industry. The Government has manufactured the “one man one house” ideology. Why, well, because as is in the case with “Race”, Housing sells ( creates Political Equity) and quite handsomely. It looks something like this: Government mandates housing as an entitlement and Banks step up to fund (Debt) the development and construction of housing. State and Local Governments join in the fun by mandating absurd and punishing (expensive) requirements which neither truly serve the public but more importantly, actually are divisive and further exacerbate the nascent problem. Creating an explosion in Housing feeds all sorts of industries from timber right on down to your local Home Depot!
The System feeds itself by mandating ever increasing fields from which the harvest of would-be Buyers can be sourced and the stage is set., in effect, allowing them to strategically place their nets in the frenzy. With the increase in demand for housing the cycle of price inflation begins, prices rise funded by increased Debt and as we know, because this is how the System functions, Debt = Economic Expansion all of which is funded by the illusion of Wealth created by the Inflationary Spiral! Introduce, as an added component to Demand the ever present appetite for speculation and you’ve got “yerself” quite a barbeque! I shuttered to think what Consumer Spending, for the last 10 years, would truly have looked like for the most inconspicuous component of all and that is the portion of Consumer Spending that was funded by the Homeowners using home equity that was simply created by this inflationary spiral. You know them, you’ve seen them and wondered! How the dickens are they paying for the swimming pool, that Suburban, that Hummer, etc? Now you know, Debt = Economic Expansion.
There are several problems with this scenario as you can clearly see from looking at the number of foreclosures as well as other systemic financial hardships. What may not (also) be so obvious is the hidden poison and that is, more and more, the components used in the construction of the typical home are no longer (even) sourced from this Country! Timber is increasingly coming in to this Country from Canada, nails from China or Mexico not to mention the effects on the labor pool which is increasingly “undocumented” and the flow of their wages back to their “home” Country. The tragic comedy of this is that the U.S. Economy actually benefits very little from the process but reaps the severest of consequences. The Financial Burden!
What are equation now becomes is Debt = Economic Expansion, then Collapse!
My last comment on this “Economy” discussion and this one my simply cause your brain to turn to Cheetos! This “Cycle” of Debt creation, Inflation and Collapse, I theorize, may actually be deliberate, planned and/or crafted purposefully. The reasoning is vague and may seem wholly inconceivable which I readily acknowledge but for one simple reason and it goes like this: Let’s imagine for the time being that you are a Bank but, NOT just any Bank! You are a Central Bank and being a Central Bank you and you alone are privileged with being able to print all the Currency you want. Your Currency is the very life-blood of the Economy/Nation you serve. Nothing and I mean nothing moves from the extraction of raw material to finished product, from the oil reserve to the local gas station, from the Government to the Citizenry, from the timber stand to the eventual home, from the reservoir of water to the tap in any sink without using YOUR Central Bank’s Currency. It’s important that you master this understanding to this point as nothing I will say further will make sense if you don’t! Read this preamble of this illustration again and again until you do! You are not only the life-blood of the Economy/Nation but you also create the Blood! Now, for all your printing efforts you are entitled with the ability to charge (Interest) your friendly distributor, your local Banks, for the their distribution of YOUR Currency about the Economy/Nation for which they also charge their Patrons for its use all of which is evidenced by some form of Debt Instrument (e.g., Mortgage, Secured/Unsecured Loans etc.). Wait, it gets even better. One of your best Clients is the Government because this entity wants to spend as much as it wants and because Debt = Economic expansion YOUR Bank is only to happy to oblige. So, for your Best Client, you give them all the Currency necessary to suit their delight after all, all you have to do is print it. Right? Yes, but it all has to look legitimate so what you do is create pieces of Paper evidencing the Governments promise to pay YOU back and then turn around and sell them to unsuspecting Investors who actually think, one day, these Instruments will be settled. Now, here’s were it really gets interesting. At some point the Economy/Nation’s ability to advance this cycle of debt creation, for various reasons some of which we illustrated above in the “Housing Industry” discussion, simply becomes unsustainable. What do YOU do, what do YOU do? Well YOU do what every self-respecting Central Banker would do which is you simply allow the system to collapse. The financial markets where Debt is traded (along with other Securities) implode, the Real Estate that you secured by your Debt Instrument submerges and the Economy that is stimulated by it all founders. The Government is, to some degree, off the hook too. How, because the Debt you sold the unsuspecting Investor that funds the Government now becomes nearly worthless. This statement, I know, needs further explanation, but I’ll not bore you further. Just, for now, accept that it does. Lastly, and this is really, really, good news, the stage is now set, once the dust settles, for YOUR Central Bank to start the cycle all over again because you’ll come to the rescue with more Currency! You don’t mind though, all you have to do is load up the printer with paper and ink and start it all over again!
Just know, YOUR Central Bank, in this illustration, is (point of fact) the Federal Reserve Bank of these United States of America.
[Note: I’ve truncated this piece from its original version as formally published. The Balance of the piece had additional commentaries regarding “personal finance” and the “media”. If a reader of the “Blog” would like the Article in its entirety, email me and I will send it to you. For now, I’ll bank your interests for future entries and conclude this entry with the closing summary as original presented.]
To some, it may seem that I’ve unnecessarily traveled a great distance to simply arrive at my ultimate point. Frankly, it wasn’t my intension yet I must confess it seemed an incomplete attempt without doing so. As always, I leave it for you to decide. With this in mind I will close with the following:
For what ever the reason or purpose, our Political System has become the Servant of Interests that neither serve this Republic nor the People whose Interests said Republic is charged with protecting and advancing. It (the Government) has been conscripted to a form of servitude which anesthetizes the Public, selectively, with pabulum as a token gesture and entraps those which it does not..
Money, or should I say, Finance has been driving Politics in this Country for decades while our true Prosperity, whether it be Social, Economic or Spiritual, suffers the consequences of neglect! As I engage in the practice of my Profession as a Realtor, as a Counselor to my Clients, my various business interest and as a Speaker/Comentator in the public forum on various issues many of which you visit whilst reading my various writings, more and more I sense a solemn desperation the likes of which I’ve never witnessed. The essence of what I observe is not so much about what is wrong or even who is responsible, no, it is far worse. It is more a combination of the following: there is not critical thought, there is no moral compass and there is a growing belief that there is no vehicle capable of defining a course to recapture what has been lost! Recently, I was a quest speaker at a small gathering of industry leaders and at the conclusion of the event I was visiting with several who, I got the sense, simply wanted their opinions and concerns heard and I was struck by the imagery illustrated by the words of one of these folks. The comment, as best I can recall, was this: “…it’s as though I’m a passenger on a train traveling through the desert on a moonless night.. The lead locomotive has derailed and I’m one of several passengers who made there way to the front of the train and upon arriving discover the Engineer standing along side the wayward locomotive. We asked him for a status report! The Engineers response is idiotic ‘…well we’ve derailed!!’ The most vocal of the passengers responded with ‘ I can see that for my self, but my question is what are you doing about it?’ The Engineer quipped, “…nothing, I’m an Engineer, I drive ‘em, I don’t fix em!’” I should have kept my mouth shut however I’ve an occasional malady that intermittently surfaces, Tourette syndrome, and as best I can recall I think I said: I wonder if we should appoint a Government Committee to poll suggestions on whether or not someone should appoint an Investigative Committee on the possible uses for the remaining Locomotive? Or, I said, maybe one of you could simply get in and drive on leaving the observers to do just that! Observe!
All aboard!!!!!
Curtis C. Greco, Realtor/Broker
www.QuantumRealtyServices.com
“Money Politics” Copyright © by Curtis C. Greco 2008 All Rights Reserved
September 30, 2008
“Broken Mirror Politics”
Election Fatigue Syndrome (“EFS”) has effectively metastasized at the cellular level of the Body Politic. The Inveterate Media has once again proven to be an incredibly affective delivery system. The droll, feeble minded masses have, in drone-like obedience, accepted the elixir and having (soon) executed the will of their favorite Peddler, will return to their favorite pastime! Peanuts, Beer? Anyone?
Oh and lest we forget, there will be an October Surprise, only it will likely occur in September! Get ready, I will tell you now, the October Surprise will be a September Delivery and it will be “The Economy”! No, for the benefit of a dear and trusted Friend whom I spar with on a regular basis, it will not be a military move on Iran. At least not by the U.S. By the way, if a move on Iran is made, it will be Israel who strikes the first blow and if they do, it will be surgical. I believe that what you will see is an Economic Battle that is waged by the U.S. and/or Western Banking/Financial Interests. All out war, because of Media Exposure, has become to conspicuous. No, the battle over Iran and the growing unmanageability of Mother Russia (from a Western Influence perspective) will be handled by manipulating Oil. More specifically, the price of a barrel of Crude. I fully expect to see Crude Oil by years end, trading in the sub-$70 a barrel range!
I know, seems unbelievable, you know, the scarcity of oil reserves/supplies and the growing demand of oil by the Chinese! Well that’s what they say and you know, “they” are always right! By the way, did you hear about “Global Warming”? Alfonse Goreleoni (my pet name for Al Gore!!) says we’re in big trouble and that the Sea Levels are rising, the Polar Icecap is melting and our “Carbon Footprint” is out of control! By the way, Alfonse is a key player in the system that arbitrates the market for the newly crafted concept of “Carbon Credits”. You got a love Capitalism! A system that accommodates even the most bizarre and creatively malevolent schemes imaginable. One can sell Ice to Eskimos harvested from a floating “ice shelf” occupied by the very same Eskimos and convince them to do so by insisting that not only are they running out of Ice but that Scientists have, scientifically, proven that they are pretty sure that the cause of the event is that there are just to many people drinking water!
I know, you may be reading this and thinking, this Guy is “punch drunk”! Maybe so, the fodder IS coming at me from SOOOO many directions! But, consider this: Does anyone pay attention to how many Toyota Prius’s have been purchased on/under the same specious notion? Why is Alfonse not chastising Toyota for not advising the Public as to the toxic (Carbon Footprint) nature of the Vehicles Battery Pack! OH, you didn’t know that did you? Toyota’s way ahead of the curve though so don’t be worried, they just extended the Manufacture’s Warranty on the Battery Pack. The way they see it, you’ll not keep the Car long enough to find out! You’ll just do the Environmentally astute thing and, well, pass it along to the Government to accept the “waste” and store it in Yucca Mountain along with all the other Toxic Jewells we’re saving the rest of the World from!
But don’t you worry America! Obama will win because you’ve been told he’ll bring “Change”! You’ve no idea what kind of “Change” that is, but you are thrilled with the idea and well, as my Dear Friend says, “…he deserves a chance…”! Gamble with your Own Future Damn It,…NOT MINE and CERTINLY NOT MY CHILDRENS!
By the way, lest you forget! I’m not a McCain Fan! EITHER!
I’ve crafted this piece in a deliberately fractured form to introduce the concept of “Broken Mirror Politics”! At first glance the image looks complete and consonant. The Patriotic Duty of Every American standing up to be counted after availing themselves of the equally Patriotic Message of their Candidate. Noble and equally Virtuous! But all IS’NT as it seems, is it? On closer inspection, if you’re willing, one finds that with deeper consideration the images become blurred and fractured. The messages become conflicted and incongruent and what your are left with is one single solitary, carefully crafted, iconic image from which to base your ULTIMATE decision. In Mr. Obama’s case, it is “Change”! In Mr. McCain’s, it is “War Hero”!
Yet, the System never engages in what is relevant and the Public has been “tooled” in such a fashion as to, dare I say, not even care to know better!
I’m still waiting for some erudite Newsperson to ask Mr. Obama a question like this: “Mr. Obama, looking at your voting record while in Public Office (both in the Sate of Illinois and at the Federal Level), your proficiency in Business (non-Public) and your Military Career, as a foundation, from which of any or all of these, by example, should the Public find confidence in your ability to affectively discharge the duties held by/in the Office of the President of these Untied States?” For Mr. McCain, I would ask a very similar questions but I would target mostly, his years in the Senate. The question might sound like this: “Mr. McCain, clearly you’ve got the mantle, and well deserved, as a venerated War Hero to which, perhaps, may be sufficient grounds to attest to your Love of Country and I’m humbled by your valor as are we all! I would like to know about your years in Public Office at the Federal Level. Let’s see, you’ve been in Washington since 1982. Impressive Tenure! What I’d like to know, and I’m sure your potential Voters would as well, is the following: what single act, initiated solely by you while in Public Office, can you point to as a seminal moment in your pledge to ‘...defend and protect the Constitution of the United States?’ I’ll take as many as you can give, but I insist on at least ONE! Remember, an action in or as part of the Legislative Process that you and you alone proffered. We would also accept a sponsored Brief tendered to the Supreme Court, requesting their adjudication as to the Constitutionality of existing/proposed Legislation or Presidential Action / Executive Order.”
Relevant answers of significance are not given because equally relevant questions are NEVER asked!
More and more frequently I receive commentary from various corners that has a seemingly increased level of acceptable indifference and this troubles me deeply! I confess a sentiment that is admittedly altruistic and likely out of step with today’s world but I must say that I love this Country dearly! I love this “sea to shining sea”, I love the richness and warmth of its People, I love the IDEA that lies back of the concept “American” and I am more than ever convinced that the principals under and from which this IDEA was crafted are and were Providential! The American Forefathers did everything within their deliberately restricted (self-imposed) powers to leave this unmistakable truth as conspicuous as possible – it is everywhere! Sadly, this image, has become just another shard in “Broken Mirror Politics”.
If you make the broken pieces increasingly small in size, thus increasing their numbers, the image becomes less conspicuous and henceforth, more of an illusion!
“…the once lasting image, having lost the valiant, silently fades and imagines no more.”
“Broken Mirror Politics” Copyright © by Curtis C. Greco 2008 All Rights Reserved
September 15, 2008
"Share Some G Man?” ©
Several months ago I was sitting at my desk working on crafting an outline for a project I’d been engaged to liquidate. It was late, the building and office was quiet, a good time to put my right brain to work sans interruptions of phone, appointments and so on.
Placing thought on paper, my concentration was severed by “…Curtis? Are you in there?” A voice from around the corner of my office, followed by the sound of a closing door. A familiar face appears in the door opening to my office. A fellow tenant in the building, an Attorney, and he has a real estate question. He knows of my experience and he asks for a few minutes of time to discuss an issue he’s dealing with on behalf of a Client. The central focus of his practice is Bankruptcies. Like so many Folks in these troubling economic times, he’s providing counsel to a couple who is suffering severe financial stress/distress. The Client runs a Plumbing and Electrical Contracting business with 12 employees, most of which are home owners. The seismic effects of the economic shakedown are making their way throughout the economic ladder and the Attorney simply asks “…what do I tell them…what options do they have?” He said his Client list is becoming nearly unmanageable as the requests from at risk Individuals mount! From the tenor of his voice and the expression on his face, it is clear that his altruistic approach is becoming quite familiar with the nature of fatigue and exiguous alternatives. “I’ve never seen it like this and I fear this is only the beginning…” he says with an expression in his voice that I equated with the emotion a scuba diver must feel when he/she finds themselves at depth knowing that their tank(s) are about to provide the last of their precious resource!
Sadly, I’ve no arcanum to offer, no magical elixir or wand to waive though I truly wish that I did or could. He and I both know that in the “BK” process the option of a “stay” is available however, in an environment such as the one we find ourselves in, we know that the inevitable is, ultimately, around the corner. I told him, the best option is to get the name of the Lender, contact the “loss mitigation” department and cut a deal. Get a restructuring of the Note and live to fight another day or two. The “Feds” are quietly yet with an urgency I’ve never seen, directing the System to do what they can to curtail the seemingly unending flow of Foreclosures!
We spent a few moments visiting and discussing various issues of the day. He inquired as to my economic prognostications and what I thought about the upcoming Presidential Election. I told him that I felt the financial markets were soon to implode citing, among others, various market indicators and the increasing number of signals coming form the various Investment Firms in New York. The collapse of Countrywide (absorbed by the goliath Band of America), Bear Sterns (absorbed by JP Morgan-Chase) and there’s further indicators that the fledgling Washington Mutual and Wachovia are is next in line! It’s inevitable I told him, sooner or later, a system that feeds on itself and the unsuspecting ultimately runs out of sustenance. As to the Election, I fear that Obama will win. I said, “I know your and Obama supporter and I respect that position. It’s not that I necessarily have an issue with Obama (I do) but more so that he will win because the options (alternatives) are far worse!” By the way, for the record, I don’t for one moment think that McCain is any better! I find myself increasing irritated with listening to Politicians chattering on/about issues to which they have no fundamental understanding nor background to suggest that they do! I’m equally disturbed by a Public that is so willing, despite the evidence to the contrary, to accept what the Politicians say as if it were so! He said, “...you know, I feel the same way, but I’ve got to HOPE that Obama will deliver on his promise even though I know he’s just another Political miscreant!” He paused for a second and before leaving the door to close behind him he asked if I’ve seen our resident vagrant prowling the building! You see, there’s a homeless person that takes cover from the elements (nightly) in an area at the rear of the building. It is a section of the complex that is covered and he’s adopted as his sanctuary from the elements. Occasionally, in cold weather, you might (even) find him asleep in one of the bathrooms and I’ve no idea how he manages to get in the building. Unless you are a night-owl, as is the case with me and a few others, no one would ever know he was there. A few of us simply refer to him as “Bill”. I’ve asked him his name several times, he simply responds “…when you’re a nobody, what’s a name….”
I never see Bill during the day so I’ve no idea where he goes or what he does. I’m not sure that he stays at our building each night either. However, from time to time, I’ll be at a stop light and I’ll look to the right and there he’ll be, standing at the corner looking right at me. He’ll begin to cross in front of my car all the while with his eyes on me. He traverses my position seamlessly reversing his bodies direction and walking backwards all the time with an unbroken focus on me! Then he’s gone! Every few weeks I’ll find him sitting on the curb next to my car. As I come around the rear toward the drivers door, there he is! He looks up at me and says “…share some ‘g’ man?” It was likely three/four encounters before I figured out what “g” was! I would ask him, “you want what?” During our early encounters he would look at me and utter something and then just turn and walk away. Finally at one point, he said, in response to what to him must have been an incredibly obtuse inquiry, “…you know man, green, cabbage, you know, dead presidents!!!” How stupid of me! Yes, I do “…share some ‘g’” with him.
At first glance this offering may appear to be a free-form expose. I don’t intend it to appear that way. It may only be my own inability to compile a cohesive sense about what lingers, to me, just below the surface of my comments represented afore. Consider the frustration and distress of a Couple, not unlike many others, struggling to hold on to what they’ve worked for in a system that they believed in and a man (“Bill”) who lives his life as he does likely because he feels he has neither! I think that, sadly, says it all!
It is not the System that has gone wrong, it is the increasing absence of principle and the medium that has accelerated its excise from the process that is at the core of the issue. Over the years I’ve found that when faced with a problem and in need of a solution I first have to reverse the momentum and retrace the progression back to the point where the anomaly first develops. Hence, the cause can then be identified and a resolution refined.
Without going into a detailed analysis let me just cut to the chase and say this: to much, to little and to late! To MUCH seemingly inconsequential indulgence which has lead to a Pelagian-like indifference, To LITTLE respect for the fundimentals of Natural Law which has lead to the accomadation of the former “indulgence” and the near extinction of what might be thought of as “shame” and To Late it may be as the degree of conviction and courage required to reverse the trend seems to be a sentiment that no longer stirs the Public who, it would appear, seems to have been exhausted by the seemingly endless assault of/by dissiduous ideals!
I’ll close this segment with a quote, as best I can recall, from the movie ‘American President”. The following line was delivered by Martin Sheen and it resonates far beyond what its author could have ever imagined. It goes something like this: “…we don’t just fight the fights that we can win, we fight the fights that need fought!”
At a recent speaking engagement, I left the evening with the following closing comment: “…I am far more grateful than I can express for the opportunity of spending these moments with you and though I may leave this evening and likely not see many of you again, remember this, my being apart from you and you from me is but an illusion. For though we appear to function in distinctly separate corpus we draw from the same well, our hearts find the source of its pulse from the same source and we are defined by that which has created us all! We must resign only to this truth and resolve to resign no further to the impulse that would serve only to lessen what is our best, what is most noble and what is most righteous at our core! It is, after all, our ultimate and most perfect destiny!”
I’m certain, absolutely so, that we’re worth fighting for! How about YOU?
“Share Some G Man?” Copyright © by Curtis C. Greco 2008 All Rights Reserved
August 29, 2008
"Looking Over Your Shoulder”
The mechanics of Life often seem such that decisions of the past never quite seem to remove them selves from ones consciousness. As if they linger simply as a reminder of things to come or, if your really Spartan, to avoid.
I enjoy anecdotal metaphors that mirror life! They seem to say what we can not read or, for the spoken words, we can not see. For instance, Shakespeare’s “What’s past is prologue.” Santayana’s “Those who cannot remember the past are doomed to repeat it.” And , for the record, my own “Lessons unlearned will resurface at the most inopportune moments and often when you’re least prepared to be reminded of your oversight!”
I find, in my own observations of life, that there is a great deal of predictability. We just simply don’t like predictability that runs contrary to our expectations. In other words, I’ve never heard anyone suggest that life is easy, simply, effortless etc. The obverse of this fairytale is thus, and then, what is true! An that, my dear friends, is why life is so predictable! God, or whatever you choose to identify as the source of All That Is, presents His Creation (you and me) with all it needs to accomplish the task of perfecting creation (that is to say, “perfecting” meaning, to take it to a specific intent or intention or outcome) and then sets us loose to do just that. What we end up with is a world that mirrors the vision (or our view/intention) that we hold in our mind/soul. In other words: “…what we sow, so shall we reap….” Again, a predictable outcome!
Years ago, during the Savings & Loan fiasco I had an extraordinary opportunity to witness the actions (legislative) that lead up to the crisis, the convergence of interests that produced the crisis and the actions the were employed to resolve the crisis.
I admit, in advance, that what follows is a complete and unadulterated over simplification of the events however, I illustrate key points which will serve to illustrate an interesting point that is keenly relevant to our current financial pendulum. One that is swinging straight for us. Consider the following points:
This should sound very familiar, we’ve seen it before, we see it now and sadly, we have the makings of seeing it again in another 10-15 years. However, in concert with our current state of affairs one could be Looking Over Your Shoulder for the source of the sounds of weeping, wailing and gnashing of teethe! Are you wondering why?
As a brief sidebar I note with much displeasure B. Obama’s comments about “deregulation” as he assails J. McCain for culpability! What a train wreck of an argument. He is deliberate in his use of the terms as most of his adoring audience is ignorant to the facts and McCain is simply to benign an individual to retrieve this rhetoric and toss it right back at him,…in flames! IDIOTS! AROGANT IDIOTS!
Not to wax crystal ball like however, looking at the foreclosure rates one doesn’t need to be particularly clairvoyant to know that we’re headed straight for chaos, big time chaos. The makings of the same style of implosion were set in motion in 1977 (Carter Administration) with the passage of the CRA (Community Reinvestment Act). By the way, made progressively more unmanageable and unwieldy by five/six subsequent legislative and/or regulatory actions. All, including the original act, authored/sponsored and heavily supported by Democratic power brokers. A summary of the CRA, its initial intent and subsequent misadventures follows:
In my opinion, the time is not to far off were the net affect of all of this is going to come crashing down. The weight of the dead or dying Loans, on the financial markets, is of such massive proportions that market liquidity will simply not be able to handle it. It is worth noting that the contemporary equivalent of a Ponzi Scheme, known as the Collateralized Debt Instrument(s) and/or the Derivative(s) markets, is the great unknown! Which is to say, there is really no easy way of knowing just how deep the debt-equivalent burden is contained within these unregulated segments of the financial markets.
Make no mistake, it IS going to collapse. Just how deeply the pendulum will cut, frankly, is anyone guess! If you are a “One Worlder” wanabee then you couldn’t ask for a better opportunity to open the pearly gates to Global Monetary Policy!
Another interesting thought too! This could be a fabulous opportunity to incinerate massive quantities of U.S. Dollars in circulation around the world! Hmmm,…very interesting! Strangely, it could shore up the Dollar vs. the Euro and cause Crude to drop in to the sub $100/bl territory!
In closing. I reference Democratic crafting of the legislations mentioned above not as a way of impaling the Party but more to illustrate the hypocrisy of the notion that deregulation is an effect and the cause is Republican. Clearly not the case, AT ALL!!!
Government, our Government, was given specific tasks, each enumerated by/in the Constitution. Why? Because the Founding Fathers understood human tendencies in positions of power and influence and went to great lengths to keep these tendencies from masquerading themselves in the from of Policy, Government Policy! Whether Government, as the “few”, or the “few” imposing themselves by/through the Government, we can safely say that this has and will forever be, the source of our individual hardship! So long as we engage in the permissive use of Government, either willfully or by oversight abstinence, of this type of meddling in the affairs of the People, we will never, NEVER, gain our full potential as a People, as a Nation, as a benchmark from which we can exceed!
Keep Looking Over Your Shoulder for signs of the future! In the mean time, remember, don’t hold your breath, just breathe and wear a smile! It will make people wonder about you!
“Looking Over Your Shoulder” Copyright © by Curtis C. Greco 2008 All Rights Reserved
July 30, 2008
“It’s a Do Over"
Several years ago I fulfilled a childhood dream of becoming a Pilot. While completing the various requirements I had the occasion to attend a seminar on “risk avoidance”. I’ve forgotten much of the details of that day although, one ascendant message of that course has become inveterate to my life compass.
The course spoke to risk avoidance by reviewing some of the more tragic aircraft accidents in U.S. Aviation history. Tracing each of the final outcomes to one single trigger event that, if preemptively/properly addressed, the nascent tragedy would/could have been avoided.
We’ve all heard the common anecdotal references to cause and effect and that every action has an equal and opposite reaction etc., but for some reason, this particular fundamental precept (from the “risk avoidance” seminar) struck me as profound! Perhaps it was due to the “loss of life” component that made it so, well, lasting.
Life rarely offers a chance at “do over” as the consequent effect of our choices is, all to often, permanent. Once the idea breaks the ethereal boundary of thought, the maturation processes of action takes hold and takes over! In effect, it becomes a bridge that once crossed, can never be traversed again for the first time!
A curious preamble to a dialogue that will ultimately carouse about a discussion of economics and the inevitable political commentary but as my growing “wing” of followers have learned, it always leads to a “wrap” that nicely ties it all together. However, before moving on, I must address a comment that came from the “field” recently whilst (I love that word) speaking at a gathering. “…it must be easy being a Monday morning quarterback…” of which I summarily dispensed with this deciduous intellectual by simply saying, “…I’m neither a quarterback nor a calendar and I find that commenting on the obvious is neither second guessing nor evidence of a thallic mind,…when mistakes are made particularly with the prescient advantage of history as a guide, should we not ask the obvious question, why?” Shouldn’t we collectively call a time out, if providence will allow, and say ‘it’s a do over’ ?” It may be that what I should have said was, shouldn’t we INSIST on a “do over”!
I’ve written economic/financial commentaries many times before. I’ve studied economic history with equal vigor. With this perspective as a ballast I can tell you that there are no economic unknowns. There are however, economic fundamentals that have a habit of rearing their “I told you so” banners at the most inopportune times. Then we witness the inevitable gaggle of Reporters with an “…oh so tempered brow and erudite way…” quizzing the various Officials with banal questions which yield equally weak responses.
Look at it this way. Present day economics is a case study in Marketing on many levels. Granted, I’ve greatly simplified the analysis however, I’m confident the essence of the message is not diluted by/through the absence of details. So, here goes:
Accept for the moment (I’m narrowing the discussion to refine the point) that demand is created by culturing a hunger for (largely) product that add no value nor function, still, successfully, we’re compelled to buy. These products are made in another Country with/at slave-wage levels. From the Social Engineering stand point, the Government enters in to the Marketing Plan by introducing its own Vote Mining process by creating it’s own form of implied demand and that is through the elixir of Entitlement. In other words, it creates the presumption of demand by mandating/legislating it. “Affordable Housing”, “Fuel Efficiency Mandates”, “Farm Subsidies”, “Taxes” and the list goes on and on. And, don’t think for a minute that these have no affect on the Financial Markets! (2.) The Government (abdicating its Constitutional Mandate) through its accomplice, the Federal Reserve (the “System”), creates money (literally out of thin air) which it funnels through the Banking System. This currency/banking system is known as a Fiat system as the Paper Currency has neither a fundamental or supported value (other than the Makers “good faith and credit”). (3.) With each stroke of a Pen that creates each subsequent and seemingly unending supply of Paper, those that have gone before it become worth less. This result forces the printing of even more Paper as the System attempts to maintain a sufficient supply of Currency to offset its diminishing purchasing power (also known as systemic Inflation forces). I’ll offer you a mental image. Picture a dog chasing a progressively smaller tail! (4.) Now, the unfortunate Consumer is placed in a uniquely precarious position. Due to the fact that combined with a decreasing wage base and purchasing power, the Individual, if they are going to play the Consumer Game, is forced to borrow money from the System for which they pay (interest).
This is classic “inflationary forces” at work!
OH,…it gets even better!
Let us examine the “what happens if” scenario should the Consumer want to Purchase a Home. (1.) Well we already know that inflation (due to the explosion in the amount of currency in circulation) is forcing prices upwards. (2.) The System has massive demands from the Government, Consumer Lending/Banking, Industry etc. to continue the supply of Paper Currency and it is clearly aware of the consequent effect of its practices. Accordingly, it attempts a measured response to these Demands. (3.) The Mortgage Lending Industry, in order to accommodate the limitations of the Systems ability to provide an unending supply of Paper for Mortgage purposes created its own sort of Fiat paper System with the willing accommodation of the Government and the silent acquiescence of the System. In effect, what it couldn’t get from the System it obtained from the markets by compiling a group of Mortgages into various “units”. The Units became known as Instruments and sold to Investors through the various Financial Markets. The proceeds of these sales went back in to the system to fund more Mortgages and the process repeats itself. (4.) However, the cycling of the Instruments doesn’t stop there. There’s a second tier and here’s were the multiplier effect comes in. Investors, in this first tier, are Fannie Mae & Freddie Mac (Government Sponsored Agencies) and various other Investment Firms, e.g. Shearson Lehman, Bear Sterns, created funds that held these Instruments. These Funds became known as “derivatives” shares of which were then sold to other Investors. These Investors are typically Foreign Owned Commercial Banks, Foreign Central Banks (similar in stature the Federal Reserve) and Private Equity Funds are just a few examples. These Private Equity Funds are particularly interesting as often they represent tremendous wealth as they are likely fronts for wealthy Middle Eastern Oil Interests (e.g., The Saudi’s) or Governments Directly ( The Chinese Communist Government/Party). Again, as before, this money flows back in to the pool of funds available to the Mortgage Industry and the process, yes in deed, starts all over again. What makes these examples so potentially volatile is that they are “derivatives” of the actual Mortgage Instruments and not the actual Security. They are only fractionally secured by the Mortgage Instrument which is already pledged to the original Investor who bought it in the first place. In other words, a house of cards a “ponzi scheme”!
As a side note, there is also another component of the Mortgage Markets that continues to fly under the radar. It is the single largest dirty little secret of all. It is the, de facto “off the book” lending of Fed Funds to Banks. These practices funded massive amounts of money in to the Mortgage Markets simply by the use of a slight of hand accounting method. Banks are required to maintain statutorily established reserves. The amount of money they are able to borrow is controlled by these limits which are based on liquidity as a function or ratio of the aggregate loan balances. Clearly, the Banks are suffering from very low reserve levels which, in turn, affect the amount of money the can borrow from the Fed. So, you ask, how do they get more money? They simply take large blocks of “debt”, typically those they’ve already borrowed from the Fed, and simply take these “off the Books”. Anyone wonder why Bank of America quietly stepped in and took over Countrywide? Better still, ask from were did Countrywide obtained much of their funding commitments. I’ll drop this particular subject for now, I trust you’ve got the point.
It’s not that I have a crystal ball. I don’t! I am certain however that the very same triggers that have occurred several times before are in play once again. We’ve already had one round of bailouts that I said would occur (11/07) and they are not over. The real problem that I see in our present situation is that the trail has migrated around the World. The interconnectivity of the Markets and their Investors have reach very influential parties. This time, it will be seen that the Government will have no choice but to intervene, albeit selectively, but it will have to none the less. Not doing so will likely send the Dollar to irretrievable depths and the U.S. Economy and Financial standing to the level of a third rate Nation.
Whatever the outcome. This Nation needs a Financial System “DO OVER”! Let’s have a frank and honest discussion about the Financial/Money System. Let us, at the least, be clear why the System is the way it is! One reason and One reason only. A fiat money system exists to enable the creation of dept unchecked by the need for fundamental and secure collateral. It, in effect, allows the Government to spend as it pleases to fund any/all programs it pleases and the consequent effect of which is to straddle the People with the eternal/life long burden of DEBT! And because you’ve been convinced that the Government is serving you by doing so, you are blinded by the very poison that is killing you and those that follow! The Federal Reserve was created in 1913 and has now survived nearly three generations. It’s ideologies have blended so effectively in to the financial culture of this Country that even those who should know better no longer see the damage it causes. Pay close attention to the Presidential Politics of the season,…not a word it mentioned! NOT A WORD!
DO OVER? Yes, LONG OVER DUE!
“It’s a Do Over” Copyright © by Curtis C. Greco 2008 All Rights Reserved
May 18, 2008
"100 Calorie Pack World”
Does anyone really enjoy flying Commercial anymore? Off handed question I know and ultimately I will get to the point of the “100 Calorie Pack World”, however I frequently find that peculiar queries appear and I simply have to engage the target! Consider a more colorful description: a few years ago I was sitting in the San Francisco Airport Terminal waiting for a flight to Los Angeles and next to me, a Individual who suddenly broke in to an uncontrolled laughter! Curiosity being the impetus for discovery I had to ask! What’s so funny? He looked at me with a smile and said “…sometimes I just think funny things!” That’s all I have to say about that!
Back to Commercial Flying. First, let me say, I am a Private Pilot so flying is, has always been and will likely forever be a complete and perfect joy! A single point, for me, where I am engaged in a process where I have complete control of the elements of cause and effect. The pure thrill of defying human physical limitations, being completely free and seemingly unencumbered! A truly splendid experience!
I’ll cut to the chase! After all, there’s always a connection (somewhere) to what may initially appear as miscellaneous ramblings! Airport Security! There’s got to be a better way to accomplish this function! I’m stuck on the idea (perverse humor) that to shoot your non-milk producing bovine just doesn’t quite make sense particularly when you discover that you can’t milk a Bull! A degree of misinformation, misdirection, or a Magoo-like blunder! You choose!
During a recent cross country flight (and return), I endured the blunder. I witnessed the horrific treatment of an 85 year old wheel chair bound Woman and the simultaneous Gestapo-like treatment of her 84 year old Husband who objected to the truculent efficiency of the Security Detail. For me, when I asked two of the complicit thugs if this was necessary, I was leveled with a threatening “…back off…”! I will conclude this particular narrative with the following; bureaucracy should never be let out of its cage and should only be assigned tasks that require no conscience or thought! To expect a thallic organism to craft a cogent and efficient response to any circumstance is reckless at best!
Have you noticed that we’ve seemingly devolved in to a peculiar state of mindlessness? Resolve has given way to convenience. Virtue has surrendered to the vacuum of nihilism. The acuity of discerning/discriminating thought has give way to tolerance. Public Service has ossified to a form of piracy. ( Trust me, I have more of these soliloquies!)
To be sure these are my personal observations and perhaps (just) if you greet these narratives with a bit of suspicion and/or contempt then you may very well have just confirmed my observation(s). If you are nodding in the affirmative, then you’re already in the choir!
I’ll draw, for you, a few examples (in no particular order) from the reclamation pond They may appear terse and somewhat myopic in scope however, I’m of the summary observation that you’ll recognize the intended metaphor and then, splice your own sentiments!
Low Flush Toilets (need I say more)
Mandatory Seat Belt Laws
No-Smoking Laws
Sensitivity Training
Government Oversight (a truly hopeless ambition)
Public/Civil Service Unions
Non-Performance Based Compensation.
Absent Public Oversight of Public/Civil Service Compensation/Benefits.
(go ahead, give yourself a raise and send the bill to your neighbor).
“Eco” anything.
Global Warming.
Pharmaceutical pandering in any media outlet.
Tenure in any profession/occupation.
Global anything (particularly economics).
Military intervention for Economic Interests.
Exempting Toyota Prius Drivers from carpool lane rules.
Failed (not failing) Education System on any levels.
Oh and there are so many more…..!
I’m going to excise one specifically entertaining piece! I’ve picked up on a particularly parasitic advertising trend. Perhaps you’ve seen the commercial/advertisement for the 100 Calorie (Diet!!!) Snack Pack? No need to name the Brand(s). Apparently, they’ve become quite a hit! But I’ve got to ask what should be an obvious question and it sounds like this! If you’re not going to keep the person from buying more than one package of their choice 100 Calorie Snack Pack, then, what’s that difference! Can you just picture the scene, you’re standing in line with a person (I’m being sensitive so I won’t use the word “overweight”) who’s just plunked down two boxes ( 25 count each) of 100 Calorie Snack Pack(s)! Perhaps it’s just me that “…sometimes just thinks funny things!”
If one takes a moment and really dissects the scenario (might I also suggest one review the soliloquies above as well) you’ll discover that this very type of vacuity occurs in so many areas/aspects of our daily lives and on an ever increasing frequency!
I’ll offer up just a few last comments. I’ve an acquaintance who works for the Fire Department. His annual salary, not including benefits, is $145,000 (yes, ONE HUNDRED FORTY-FIVE THOUSAND DOLLARS)!!! He can retire in three years at 100% of his pre-retirement income with, I might add, full benefits (both he and his spouse) for LIFE! We had an interesting exchange, my disbelief met head on with his sense of entitlement! The summary of the dialogue can best be summarized by the following when he replied “…well you know Curtis, it’s a very dangerous and stressful occupation…” to which I responded, “… you didn’t know this when you took the job?” I don’t know, maybe it’s me, but shouldn’t the term “fireman” have been an indicator of things to come?
Last one! Three days ago I was a guest speaker at a luncheon. At the conclusion of my presentation there was time for an “open” dialogue, a sort of free wheeling Q & A. I was asked “…as a Realtor, don’t you feel awful for the people loosing their homes and what do you think the Government should do to protect these unfortunate families?” Not to be flippant though I admit unfortunately sometimes my responses are quick and they appear sardonic. I truly don’t mean it that way though (well not always). I said “…your asking that the Government should protect it from itself then! After all, the Government is largely to blame for the mess! But to your point, yes, I feel terribly for anyone in an adverse situation particularly when the cause of such is beyond their direct control. However, in many cases, I see individuals loosing homes that were obtained with 100% financing. In other words, they had nothing out of their pocket. So what exactly are we going to rescue them from? Are you suggesting free housing?”
I’ve just concluded writing a commentary for a an online periodical. The subject is correspondent in nature and worth noting. I’ve inserted, following, a portion of the same.
“Earlier today I read a news release that appeared on a major media outlets website. Paraphrasing, it said something like this: "...FannaeMae/Freddie Mac looses Billions of dollars on REO Portfolios..." and goes on to site an example of a property in Flint, Michigan that 18 months ago sold for $110,000. This home is on the market for $6500 with no takers and the Real Estate Agent was entertaining the idea of reducing the price to $5,500 in order to entice a sale. The Agents explanation for the lack of activity was that there were “…just to many homes on the market.” My head hurts when I hear these kinds of explanations! It’s the equivalent of saying something as mindless as “gee there’s just to much competition”, the child that’s suffering through a desert of creativity says “…I just can’t find anything to do…” and my favorite “…the water is to wet!” What’s going on here, are these homes propagating on their own? NO! What we are witnessing is the fundamental flaw in an adopted Economic Policy that simply cannot and will not work! We will continue down this road of effect until we return to functional economic truths! No! We don’t have to many homes on the market, we have to few people truly capable of purchasing and sustain their ownership! It is worth looking in to this premise a bit further but first a few points to establish a foundation. Economic progress, like all life forms, has it’s cycles! Unavoidable! Expansion and contraction is a fact of this life cycle. It is simply not possible to have sustained economic growth, it is however possible to have predictable economic cycles that trend along a growth trajectory. The fundamentals of this principle is that economic vitality is not a “top down” model, it is, in fact, a “bottom up” reality. It’s not that our system of capitalism can accommodate this, it is, after all the foundation of it’s root principle. It is, I fear, that the arbiters of Government/Finance just simply don’t grasp the concept as they simply ride the momentum of the passing boats wake representing the fabulous track record of past successes. Sadly, this momentum has been exhausted and the current economic environment exhibits this fact with a painful clarity!”
“There is always hope! It lies in the torment of sleepless nights!”
Don’t just play through, play on and on and on!
“100 Calorie Pack World” Copyright © by Curtis C. Greco 2008 All Rights Reserved
April 30, 2008
"Peddling a Cycle”
The world we live in today is awash with a flood of information seemingly targeting ones senses at an intoxicating rate. I say this because I acknowledge that my brain is a sponge at the buffet table of data and I must say that all to often by the time the morsel of info surfaces from the recesses of my data storage unit I’ve not the slightest idea where it came from! Well it must have been worthy otherwise I would not have retained it…so it would appear!
I love words and the comical way they can be combined to create an image in ones mind. Take for instance, the current identifier “Peddling a Cycle”! Crafts a unique image in my mind. A combination of a cartoon character (Mr. Fudd) peddling about in a surreal environment in the more humorous portion of my minds eye. Quaint music playing the background, birds chirping, blue sky and colorful flowers, he’s happy, carefree, seemingly unaware of the reality of the three dimensional world. He’s not at all concerned about Carbon Footprints, Hybrid Vehicles, Trade Imbalances, Commodity Speculation ($4 / Gallon Fuel) or a Mortgage/Financial Crisis. In his world, couldn’t matter less! In the words of the creator of “Roger Rabbit”, “…I’m not bad, I’m just drawn that way….”
I don’t want to disappoint any particular group or ingratiate myself to another by identify who Mr. Fudd’s “3-D” counterpart is nor will I give up a clue to whom it might be. Let’s just say he represents an Ideal of the incongruent wanderlust in many!
I’m in the process of reading, for the third time, Mr. Greenspan’s writings and I’m trying to make sense of it. Oh I’m getting the clinical message of macro/microeconomics (been there done that) and world currency flows and destructive capitalism et cetera, et cetera, et cetera (for those of you who remember Yul Brenner in the “King and I”)! No, there’s much more to the message and it lies just below the surface of the printed word!
Several, to me, relevant points have surfaced from the material that sting with a most consonant dissonance! On the academic level they appear harmonious yet they sting with incongruence when attempting to find there true form in “3D”. A sort of sclerotic intelligence! I’m simultaneously stunned by his grasp of the details and his ability to recite them however I’m numbed by the seemingly odd resolve to the outcome. As if to say, we’ve got all the information there is to obtain and we can point to the trends that are compatible with the data however we don’t know why the trend is evolving and the patterns that they demonstrate! In other words a thallic form of economic prognostication!
I believe that Capitalism is a great medium with which to excite economic vitality and it, of all the “isms”, has demonstrated unilaterally its ability to do so. There is one consequent reality of Capitalism and that is that it requires constant expansion in order to sustain itself. Like all things in nature, you are either in motion or you are, likely, DEAD! There is nothing static in the universe and a component of the antithetic concept of static is consistent economic growth, though desirable, is simply not possible. There are Cycles and like the Seasons of the Year, they will continue to occur and it is quite possible to say that they are required. And, that is all there is to say about that!
I believe in the need for the many faces of prosperity and globalizing the concept has a great deal of merit. However, I see no logical foundation to suggest that exporting a Nations Economic Health in search of undeveloped markets without replacing the transplanted Economic Engine with a far more efficient one is nothing short of a recipe for disaster. Look at the plunge in U.S. per capita disposable income (adjusted for inflation) if you doubt my observations.
Mr. Greenspan, I imagine, would respond to my comments by saying that the “cross boarder flow of capital” as a percentage of GDP indicates sustainable growth! And then I would say, remove Government Spending, Military Spending, Farm Spending, Financial/Banking Income and Corporate Income Generated from Foreign Operations and/or their component effects on GDP and then tell me you’ve got sustainable growth! In other words Al, you can’t have the argument both ways. One can’t suggest that you have sustainable growth when your argument is based on the illusion of volume when all you’re doing is making ever smaller pieces from the same over-baked pie! Further, and lastly, there has never been a salient indication that consumer spending, sourced from debt creation, creates economic health. The model works only when the financed acquisition is in an area where the acquired is an integral component of an income producing function. Consumers don’t spend money on income producing systems, the spend, largely, on items of depreciating value that produce no income! In the Real Estate application, this illustration is even more appropriate and I’ll simply put it this way: your debt (Mortgage) doesn’t fluctuate with value, it is constant as most Folks don’t live in a home sufficiently long enough to vacate the debt and when values climb, they’re more inclined (than not) to increase the debt load and the statistic bear that out.
Economics like Politics, in there most vibrant and productive form are always measured (best) from the Bottom Up,…NOT,…the Top Down! An expansion in the disparity of incomes to the point where there is no longer a productive “middle” is a measurement more relevant! Nations with no “middle” litter history with their failures! If this Nation is not careful, it WILL be next!
Mr. Greenspan has my esteem and admiration if for no other reason than his knowledge base is rotund! It may be that his knowledge base is so severe that I’ve not the capacity to comprehend his insights. Acknowledged, humbly!
Yet even IF this were the case, I am still left with the same question. Is, even, Mr. Fudd not aware of the Cycle he’s Peddling? Or is the Peddling (the message) simply all that is required? Analogous to say: here’s one possible explanation for the pain you’re experiencing in your hand whilst ignoring the simple fact that that very hand is in a pot of boiling water! Perhaps we may just be ingnoring the obvious!
The Real Estate/Mortgage Markets, presently, clearly reflect what happens with the “every expanding” model and the hemispherical effect (grossly under reported) of Government meddling in the Real Estate/Financial segment of the Economy. The “Cycle” !!
Lastly and I’ve been storing this one and I’ve got to get it out there as an entre on the Buffet Table of data! With in the last two weeks a highly under reported tidbit of information was leaked and then quickly covered over. “North Dakota Oil Field Dwarfs Middle East Reserves”!! I doubt many picked up on it! Here’s all I’ve got to say: What the heck difference does it make whether you open up Anwar (Alaska) for drilling, the Coast of California or North Dakota for that matter if the oil is going to be shipped to markets other than the U.S.! Nearly 70% of the Oil presently coming through the Alaska Pipeline goes to the Pacific Rim (Japan, etc.)! Oil is just simply another commodity going to the highest bidder!
Just another day in paradise! Just be sure and keep peddling!
Until next time! Be well and good to one another!
“Peddling a Cycle” Copyright © by Curtis C. Greco 2008 All Rights Reserved
March 15, 2008
"A Fix v2" ©
“In the midst of a stellar field lies the anguish of nothingness!”
A most peculiar statement, in the absence of context, which I assure you will not go unnoticed. But for the moment, begging your indulgence, I’ve got to (first) go through a process, a sort of transfiguration in order to set my self right!
The other day I was standing in line to pay for soda. To the right of a checkout stand lay a selection of periodicals/daily newspapers. I noticed that on nearly each of the front pages was some sort of bold commentary about the “Financial Crisis Hits Wall Street”, “Your Portfolio at Risk”, “The Coming of an END?” and so on.
In front of me are two individuals who observed the headlines and were commenting to one an other and, it is to their comments, I find a type of clarity in their cunning ethos.
“…figures, I can barely make my house payment and these guy’s just get richer…” , “…Becky and Rick are loosing their house…” , “…this is why I think we need to make sure Obama wins…” , “…if McCain wins, you know it’s just going to be more of the same…” and, the peace de resistance! “…I just don’t understand how it is possible that in this Country, this can happen, someone’s got to do something about this!”
I found it somewhat comical as I hurriedly tried to write down these comments in a small notebook I carry, I felt like Henry Higgins recording Liza Doolittle’s comments outside the Opera House. The two Folks looked at me curiously and I just smiled at them generously, paid for my soda, and off I went.
I’m finding it more and more clear that the health (or mindset) of a Nation is best observed while waiting in line at a “mini-mart”! I’m also finding it clear that we as a people (Americans) really don’t talk to one another very much! We get our news from the Pundits via the various outlets but I’m caught in a curious discord of a sort. Where, when and how does this “news” get processed? How does it become sorted intellectually? What sort of fundamental thought process is engaged to vet the information and form it in to a thoughtful, relevant and sound precept. Or does it at all?
For example, how did our friends in line (from above) come to the conclusions based on the headlines from the newspapers? Or did they? I don’t know, frankly, that they did or didn’t! I do however suspect that the headlines were more of a trigger for an individual sentiment harbored in the deeper recesses of their consciousness. In short, I’m more convinced that it is at this base level, we all know SOMETHING IS NOT RIGHT! We just don’t feel as though we can talk about it and that, well, no one is going to listen!
I so very much enjoy people and I love to engage in conversation and here is a list of just some of the jewels I’ve learned (in no particular order) from “The People”:
1. They actually want people to get rich!
2. They know when they’re being lied to! For the most part.
3. They’re far more hearty than is considered.
4. They’re far more intelligent than they are give credit for.
5. They are very Spiritual/Faithful.
6. They are fearful of the Government.
7. They do not trust the Political Process.
8. They unilaterally do not trust Politicians.
9. They are fair minded and generally, egalitarian in nature.
10. They want a level playing field and observe the ever increasing appearances of entitlement and elitism. And, lastly, (for the time being)
11. They’ve no one to turn to who can/will employ a “Fix” for the broken System.
Let me repeat the opening line of this commentary!
Is the meaning coming in to focus now? If not, visit item(s) “1.” thru “11.” above paying particular attention to “7.” & “11.”!
We are a Nation at crisis with itself! I’m of the opinion that we insist only on the outcome that requires the least amount of effort and/or self-incrimination! If you doubt this, ask anyone why they’d vote for Obama, or Clinton or McCain. Truly, REALY ask them, go to the meat of the WHY? I’m horrified at the answers! Truly horrified! Much more amazing is the look on the individuals face when I say “…is that the best you can give me?” and they realize, yes, it is!!!
On a personal basis, I’ve got no issue with them as individuals. I’m sure they're all delightful, charming and at some points in their lives their Parents tucked them in to bed and smiled lovingly at them. The clever little darlings!
Again, we all know something is not right! We’re just not willing to accept the responsibility of insisting on the “Fix” and the discipline that will go along with it!!!
We’ve moved in to a caldron of mediocrity were truth can only be spoken in silence, were “impulse” is a sacred right and virtue and character are extremes!
There IS a Fix to the Fix we’re in! It appears however, that we’re not quite ready for it!
What does this have to do with Real Estate and why is a Real Estate Broker writing commentary on Social Issues? My answer,…who better understand the heart of a People than a person who spends his/her life tending to their desires to own a home, the challenges associated with it and the horror of watching a Family close the door (for the last time) on a home they’ve just lost!
More to come! Stay tuned!
In the mean time, be well! You’ve got lots to be grateful for, it’s about time you thank somebody for it! Might I suggest the One who’s responsible for all of IT!
“A Fix v2” Copyright © by Curtis C. Greco 2008 All Rights Reserved
February 15, 2008
"A FIX v.1" ©
There is a wonderful old saying that, as best I recall, goes something like this :
“There is unity in purpose even if it is with those of us who willing sing and march to the tune of our Leaders as they lead us merrily over the CLIFF!”
And then, here is another curious observation! It revolves around the clever double entendre as follows: If your in a “fix”, what you need is a “fix”!
In short, the Country is in a “fix” as it appears the momentum toward a march “…merrily over the CLIFF!” seems unavoidable and, as I see it, a “fix” is most definitely in order.
Historically, these cataclysmic threats have come and gone many times and it is fair to consider that the horizons looming threat is just another of what will no doubt be the preamble to more, still, I’m prone to wonder as to the big question. Why? Not why does “it” happen, but more importantly, why do we permit “it” to occur!
As it goes to Political perspectives I’m more of a Libertarian but I readily admit that’s only a half-truth! I’ve not found a great companion “ism” to ally myself with and I suppose I should, one day, craft an appropriate “ism” to colorfully adorn myself with. After all, everyone needs a Club to exclude others from and, lest I omit, one to be a victim of! Right? Yes, if you wonder, I’m not only poking fun at Politics, I’m chastising the process albeit with not a particularly powerful degree of scorn!
Look at the Political Process now waging its war (before us) against reason, character and identity. I observe John McCain, Barack Obama and Hillary Clinton – the current front runners for the Office! And I present the question to you AGAIN! WHY?
I’m concerned that we have reached a point in history where Benjamin Franklin’s great fear may be playing itself out before our very eyes! Which is to say not only have we lost the ideal of Democracy, but we may in fact no longer deserve it!
I’m tormented by the political process and media that has turned the function of oversight into a type of game show with the host barking, with the most sincere and learned furrowed brow they can muster, the virtues of their respective Candidate and their Party!
There’s no intellectually sound discourse regarding the “fix” the Country is in and the “fix” for getting the Nation out of it! There is however, a jubilant band of Media and Political Hustlers with their batons in conspicuous unity leading the charge and the Masses gather, the euphoria of “ode de ignoramus” is intoxicating and of course, there are others gathering and, well, they look like us, and well they did say we’ll get richer, safer, healthier, more equality, and judgment of any kind will no longer be permitted, and we’ll not have to do anything that we don’t want to and we’ll all be good friends and there will be tax credits for Prius Owners (notice I said Owners, you don’t have to drive it, just have to own one) and we’ll all live happily ever after! So long as you vote for “Ainbamnton” !
I’m SPENT! I ask the question again ! Why? Am I the only one who’s observing the wholesale melt-down of a Nation?
The “Plain of Providence” includes the possibility that will not prohibit access to the “Canyon of Oblivion”!
“Hey, YOU, get back in line! Signed: J.B.H. Ainbamnton” (J. mccAIN, B. oBAMa & H. cliNTON)
God help us!!!! That may be the only possibility!
There is more to come on “ A FIX” ! Do stay tuned!
“A FIX v.1” Copyright © by Curtis C. Greco 2008 All Rights Reserved
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