Will "Irresponsible Homeowners" step out of the room so we can all move on?

via youtube.com

So the Treasury Department today released the details for HARP "Home Affordable Refinance Program" & HAMP "Home Affordable Modification Program". The title of this press release is "Relief for Responsible Homeowners".

Drum roll please... Apparently, the plan is NOT going to be able to save EVERYBODY. (Actually, the number given today is 7 to 9 million homeowners). To emphasize, the White House Press Secretary Robert Gibbs gave this simple message:

"This is not going to save every person's home."

OMG! We didn't expect that!

Sarcasm aside, there have been understandably a lot of cries of "What about me?" all over the country.

In order to make folks feel better, Mr. Gibbs said, according to Kai Ryssdal on Marketplace, "people who bought homes they clearly could never afford won't get help."

So my question once again is: how are you going to prove and enforce that?

Being a visual person, this is how I envision the scene inside my head:

(In contrast to the Nextel commercial shown here)

Chairperson: Will the Irresponsible Homeowners please stand up and get out of the room so we can all move on?

Cricket chirping.

Chairperson: Anybody? Bueller?

Homeowners look at each other angrily.

Chairperson: Nobody?

Now, this is a commercial that Nextel will not be making. Ever.

Posted via web from The Absence of Alternatives

Mankind's reach for the sky - The Tower of Babel apparently did not teach us anything...

Instead, we seem to pride ourselves on it. Free will. The power to accomplish the unthinkable. The art of one-upmanship.

Many did not realize that the 2300-foot tall Burj Dubai is "only" the world's Tallest Structure, and not the Tallest Building yet. Until Burj Dubai is completed and occupied, the honor of "The World's Tallest Building" currently still rests with Taipei 101. The grand opening of Burj Dubai is slated for September 2009. Hurray!

The Empire State Building held the title for over four decades, The Sears Tower, 24 years; yet they seemed to be the exception: Chrysler Building was the tallest for only one year before the Empire State Building took the honor away; The World Trade Center, 2 years; The Petronas Towers, 6 years. It has been almost five years since Taipei 101 was open in 2004, and the world cannot wait for a new Tallest Building. Here is a compiled list of timeline of the world's tallest skyscrapers.

But wait! There is something in the making to top Burj Dubai even before Burj Dubai is officially crowned:

According to the latest issue (March 2009) of Popular Science, or as they are known on the street, Pop Sci , (sigh... as if they didn't give themselves a cool name, the young kids would stop reading them...), Burj Mubarak al-Kabir, at the height of 3,284 feet, is being planned by the Kuwait government on the Tigris and Euphrates river delta, as part of its "the City of Silk" city development. In comparison, Burj Dubai is merely 2,684 feet tall (as originally planned; nobody knows how tall it will actually be until this September when it is finished). In order to withstand the high wind at that height, Burj Mubarak al-Kabir is designed as "three interlocking towers, each twisting 45 degrees top to bottom to help stabilize it... [The tower overlap in the center to form a triangular core.] No matter which way the wind blows, two of the three towers will always brace the building."

Like the Washington Monument with a height that is easy to remember: 555 feet, Burj Mubarak al-Kabir will be 1001 meter tall, "One thousand and one meters for One Thousand and One Nights. It's the difference between bragging rights and telling a story."

Take that, Burj Dubai. Ouch!

By the way, the supposedly 2nd tallest building to be built, The Chicago Spire? Not gonna happen, if ever, any time soon. It is currently a big giant ugly hole in the ground both literally and figuratively... construction has been put on indefinite hold because the developer have not been able to secure additional financing, at the same time when the world-renowned Spanish architect, Santiago Calatrava, filed a lien against the developer. Such a shame.

Obama is in Da House! Day One: Capping pay for White House employees and banning gifts...

Those who are affected, i.e. those whose salaries are more than 100K a year, are probably not too happy about this, but we are thrilled to hear that the man seeks immediately to rule by example.

"All of you are committed to building a more responsible government... Families are tightening their belts and so should Washington," said President Obama to his staff.

The president also signed new executive orders to implement new ethics rules to ban lobbying by current staff after they leave the administration, including a ban on gifts!

Say that again? I cannot believe this. Amen to that!!

Cliche: History repeats itself OR I am really really pissed

Or is it?

From NPR:

"In 1979, Chrysler avoided collapse by getting $1.5 billion in loans from the government. Charles Hyde, professor of history at Wayne State University and author of Riding the Roller Coaster: A History of the Chrysler Corporation, says in return Congress insisted that the company come up with some $2 billion in cost-savings and concessions."

I mean, is it a cliche if history DID repeat itself?

Or maybe not, since it seems that at the last bailout of Chrysler, the Gov. actually came out ahead (to the tune of $500 million). How about this time? People have changed in the last 3 decades. 30 years ago people did not grow up with such a sense of entitlement, corporate greed was not openly a norm, and personal responsibilities were taught and valued.

Fast forward to today. Ok, fine, Tuesday. The Big 3 Automakers' CEOs flew on their own private jets, not ONE, but THREE, to Washington today to make the case for their needing to be rescued. Seriously? You can't make this stuff up.

Here is more of this priceless gem from ABC:

"The CEOs of the big three automakers flew to the nation's capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.

The CEOs of GM, Ford and Chrysler may have told Congress that they will likely go out of business without a bailout yet that has not stopped them from traveling in style, not even First Class is good enough.

All three CEOs - Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler - exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM's $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone."

I am changing my name to Fannie Mae!

Ok, I didn't come up with such a clever title, of course not. The venerable Tom Paxton changed his old song "I am Changing My Name to Chrysler" to fit the current climate. Some things just never change, do they?

Watch Paxton sing this catchy song on YouTube:



Lyrics to the song, in case you feel like a sing-along at your Christmas Party where you serve pea soup and Spam this year.

I AM CHANGING MY NAME TO FANNIE MAE By Tom Paxton

Everybody and his uncle is in debt,
And the bankers and the brokers are upset.
Goldman Sachs’s, Merrill Lynch’s
Saw themselves as lead-pipe cinches,
Now they’ve landed in the biggest screw-up yet.
Lehman Brothers and Bear Stearns and all their kind
Have turned out to be the blind leading the blind.
They are clearly the nit-wittest
In survival of the fittest––
Let me modestly say what I have in mind

Chorus:
I am changing my name to Fannie Mae;
I am changing it to AIG.On this bail-out I am betting;
Just a piece of what they’re getting,
Would be perfectly acceptable to me.
I am changing my name to Freddie Mac;
I am leaving for that great receiving line.
I’ll be waiting when they hand out
Seven hundred million grand out––
That’s when I’ll get mine.
Since the first amphibian crawled out of the slime,
We’ve been struggling in an unrelenting climb.
We were hardly up and walking
Before money started talking
And it said that failure was the only crime.
If you really screwed things up, then you were through;
Now––surprise!––there is a different point of view.
All that crazy rooty-tootin’
And that golden parachutin’
Means that someone’s making millions––just not you! (to chorus)

©2008 Pax Music, ASCAP

(Credit to my venerable co-worker for alerting me to this song)

I dig "Really? Really??" "Are you serious?!"

I don't understand why there was not more bluhaha around the AIG retreat. For those of you who haven't heard of it, AIG brought all their top executives to St. Regis Resort in Monarch Beach, Calif for a week-long retreat. The $443,000 tab includes $23K for the Spa. Here is the breakdown for a vacation of the lifetime:

(See Washingtonpost.com for the full report)

Washingtonpost.com

Most of the attendees at the convention between Sept. 22 and Sept. 30 stayed in premium "pool view" rooms at the 400-room hotel, with 47-inch LCD TVs and marble bathrooms furnished with a "Deep Roman" bath and shower. The rate: $375 per night.

The group also booked 17 "ocean view" rooms, at $425 each, and one "presidential suite," discounted from its usual $3,200 a night to $1,600.

Another $9,982 was spent on food and drinks at the StoneHill Tavern, the Monarch Bayclub, in-room dining and the lobby lounge; $6,939 on golf; $1,488 at the Vogue Salon; and $1,450 on no-show and cancellation fees.

An invoice dated Oct. 3 said AIG still owed the resort $40,543 in charges after a $402,701 deposit. The itemized bill does not show what executives specifically ordered at the spa and salon, but a look at the hotel's spa menu shows 75-minute "intuitive massages" at $215 a pop (most of the executives spent $210 each for a spa treatment on Sept. 25) and men's and women's haircuts and styles starting at $50 and $75, respectively. Executives also spent $147,302 on banquets at the hotel and $23,380 at the Spa Gaucin, which features three-story waterfalls..."

The kick is, they went on the retreat IMMEDIATELY AFTER receiving the Fed's Bailout package of $85 Billion.

Talk about reinforcing bad behaviours! And I got dirty looks from the storeckerk when I bought my child a lollipop after he threw a tantrum???

I cannot believe that there were not more reports on this. Weren't people outraged? I surely am. I am utterly disgusted. Are people simply tired? Or have we been so thoroughly disgusted that we simply don't want to talk about it any more? This fall has been great for SNL. You cannot make these stories and characters up. Most people weren't alerted of this outrage until they saw the Weekly Update skit on SNL. (Fastforward to the 2:15 mark if you must...)



If I had written a story like AIG and the beyond-comprehension shamelessness in my creative writing class, I would have been criticized for being contrive, buying into the archetype, for catering to cliches. This is real life! In one's wildest creative dream, one would never have been able to conjure up a character such as Sarah Palin. I wonder whether people on SNL should consider voting for Republican this time to make sure that Palin stays in the limelight for four more years. With her in the White House, they can probably get rid of half of their writing staff and simply replay whatever is going on in real life.

I am beyond outraged. I am actually for once, speechless.