It's been exactly a month since my last post here. I've been lazy, and have had difficulty conceptualizing writing material. Topics have either been too trivial, too comical, or too serious. I simply haven't been able to set a direction for which this blog should follow, yet at the same time, cannot fathom my last entry here is my architecture obituary. How can I leave on such a solemn and ambiguous note? And so here is my attempt to resuscitate life into this dimming blog.
Frankly, not much has happened in the past month (personally at least), and I don't want to maintain an online diary here. I attended Cory and Leah's wedding in Vancouver, which was fabulous, and also had the chance to catch up with old friends - all the while finding out more about them and myself as well. I've also been busy planning for my imminent but temporary move to Beijing in an attempt to beefen up my Mandarin skills in preparation for my career ahead.
And oh, before I forget, here's an image from the end of July when I was in Shanghai:
The photo was taken abroad a Maglev train from the city to the airport, peaking at 430 km / h. The trip took less than 7 mintues, and at one instance, an identical train traveling the opposite direction passed by. As I was looking out the opposite window, I didn't see the train pass by at all, but rather only heard a loud "BOOM", and that was it. Two trains travelling at such speeds in opposite directions net a relative speed of ~ 860 km / h, or about 2/3 of supersonic speed. The "BOOM" was both startling and exhilirating.
With that aside, back to me.
In my inaugural post, the economy was one of the topics which I listed as an area of interest that would make its way into my entries. The past month in particular has provided no lack of news and commentary on which I could further add my 2 cents, but frankly, I'm not really in any position to offer intelligent insight onto the matters. I wish I was, but I won't pretend to be. Fannie, Freddie, Lehman, and effective today, WaMu are all gone, and countless others are probably only clinging to their last breaths of life. Henry Paulson and Ben Bernanke are trying their best to convince Congress to pass a $700B bailout bill, but then still, both men lack powers of persuasion. The former, an ex-Goldman Sachs CEO, reportedly knelt on one knee and begged Nancy Pelosi not to withdraw Democratic support for the bill. As the NYTimes wrote,
In the Roosevelt Room after the session, the Treasury secretary, Henry M. Paulson Jr., literally bent down on one knee as he pleaded with Nancy Pelosi, the House Speaker, not to “blow it up” by withdrawing her party’s support for the package over what Ms. Pelosi derided as a Republican betrayal.
“I didn’t know you were Catholic,” Ms. Pelosi said, a wry reference to Mr. Paulson’s kneeling, according to someone who observed the exchange. She went on: “It’s not me blowing this up, it’s the Republicans.”
Mr. Paulson sighed. “I know. I know.”
(Full article here)It's hard to imagine a man of such fortune (reported $700 million in assets) and power to be such a poor leader and lacking in political tact. Kneeling? Really? And if you watched the Congressional hearings as I did, Paulson's political incompetence is even more evident. Repeatedly stating his claim that a $700B bailout was the only option, and offering no substantial and detailed rationale, he befriended and persuaded no one. He is Wall Street, not Main Street, and perhaps because he is blessed with Dubya's unfettered support, he feels no need to make his case to the public. If such is the case, maybe he's a more shrewd politician than I deem him to be.
It's difficult for me to come to grips with a $700B bailout plan, what it means, what it will do, and how the world economy will be affected. I'm not alone. I doubt many people (including Hank and Ben) are sure what will happen after pouring $700B into the market anyway. More liquidity and loosening of credit? Sure, maybe. Depreciation of the dollar and rising inflation? Likely. Stabilization of or even falling interest rates? Perhaps. My biggest question however, and one in which I invite your input, is what does the US government's interference with free markets mean for the greater economic system and America's long-standing stance on capitalism? Some have expressed their belief in the end of American capitalism and the dawn of socialism in the US, which I doubt, and perhaps the capital infusion and restructuring of the financial markets is an adjustment rather than an overhaul. I don't know.
One last note on the $700B bill is the air of urgency and fright that surrounds its reporting, most notably the constant references to "crisis" and "act now or else...". Dubya even says "... our entire economy is in danger... Without immediate action by Congress, America can slip into a major panic."(CNN report)
I believe the economy is doing poorly (duh!), and $700B is a relatively small price to pay to aquire assets, albeit poor ones (mind you, it's not just giving cash away). But relative to the US's $500B annual military budget, a $700B plan to hopefully restore credit and liquidity and prevent further home foreclosures seem acceptable. However, I am more concerned with the Bush administration's fright tactics, ones that inevitably echo previous strategies behind the WMD's, granting of unchecked powers, and the invasion of Iraq.
Moving on...
I'm sure you're familiar with the animal rights activist, PETA - People for the Ethical Treatment of Animals. You've probably even come across one of their many ads featuring gracefully nude but not revealing actresses championing the slogan "I'd rather go naked than wear fur." Yes, I'm a carnivore and enjoy my steak cooked medium-rare, and even though I'm not an avid PETA supporter, I can sympathize to some extent with their mission. However, their latest report in the news is a demand on ice-creamery Ben and Jerry's to use human breast milk as a substitute for cow milk in ice-cream production (report). Sorry, but I just can't take that proposition seriously. Think about the logistics of that venture? I just see no reasonableness in it. Ironically, this report comes just as the China milk scandal is exploding. Don't we already have a breast milk shortage?
Lastly, if you've read through all of the above, I figure you deserve a reward. After all, you've just read a lot of nothing, and so in the spirit of any successful website, I offer you a piece of visual candy to conclude this post. Ladies and gentlemen, I present to you my new obsession - the Audi S5:
Be the first to buy me this sweet ride and I'll be your BFF. Really! And yes, friendship does have a price. =)
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