What price efficiency? How much is efficiency in financial markets worth? How much is it worth to you or to me? The hedge fund owner/manager who clears $billion in a single year, $500,000 per hour, thinks he/she is worth the price. If we put the job out for bids, I am sure that someone would volunteer to do it for $500,000 per day and then someone else would offer to do it for $500,000 per week and then another for $500,000 per month and finally $500,000 per year. I don't care if the financial markets are super efficient or not. I might be willing to pay $500,000 per year or I might not.
The standard argument heard from Wall Street is that huge salaries and bonuses are necessary to keep the talented from joining competitive firms. So what? If the talented were not profitable to an individual firm, it would not matter who they worked for.
Then there is the other false argument thrown out by those who support the present tax structure, that the US has a high rate of taxation. That may be true on paper but it does not reflect the real world of tax loopholes and tax havens. If the hedge fund owner/manager really believes this, let him/her take his firm elsewhere and start paying taxes in a foreign country with a lower tax rate that lacks the tax loopholes that exist here in the US.
The numbers describing the US economy are huge, in the $trillions, but that is not an infinite number. If some pay themselves and friends in the $billions, that leaves less to be divided among the rest of us. How much is enough and how much is too much? We can read about how much is more than enough when we read about Wall Street's greed.
About one month ago I had my first bout of vertigo and I didn't know what was happening. I had difficulty walking a straight line and I felt like I might fall on my face. I have osteoporosis and a fear of falling. After resisting it for 4 days, on the fifth day while at work in a hospital ER taking xrays, I asked an ER doctor what I should do. He wanted to run some tests sooner rather later. I punched out on the time clock and checked into the ER.
Two and a half hours later, I had a diagnosis and a prescription for some medication. I was told to go home and rest and that I could work the following day. I felt much better knowing that my condition was not serious. That is I felt better until I received the bill about one week later, $2600.00.
$2600.00 oh my! $2600.00 oh MY! $2600,00 OH MY!
Something new to worry about. I have both Medicare, the public option, and a Medicare supplement insurance, the private option. Medicare costs about $100 per month and the Medicare supplement which is private insurance about $50 per month. How much would they pay and how much must I pay? About 3 weeks later, I learned from the hospital that Medicare was paying about $2200.00, leaving $450 on the table still owing. We have yet to hear from the Medicare supplement insurer. Based on past performance, I estimate they will pay $10 to $100. That will leave me owing $350 plus.
If you watch TV at all, you have seen the glowing ads for Medicare supplement insurance. Sign me up they say and claim you MAY save thousands of dollars on the 20% of charges not covered by Medicare. The operative word is MAY. I MAY be struck by lighting while in a bathtub, but is it likely? NO to both. I expect to hear from the Medicare supplement insurer in the next 30 days. I am not holding my breath.
My two favorite presidents have been Ronald Reagan and Barack Obama. Strange combination you say. Well yes in a way but both led or are leading the way in a new cycle of American politics. Both speak the truth and lead in a positive manner.
American politics is cyclical, conservative for 25-30 years and then liberal for 25-30 years. Reagan began the conservative cycle in 1980 which ended badly when George W. Bush went off the rails. Barack Obama is beginning a liberal cycle which will probably end in 25-30 years. Let's hope it does not end with the Democratic equivalent of George W. Bush. The Republicans just are unable to recognize the change. They will eventually get the message. It is in our interest to speed that day.
The November 2010 election will be a challenge and an opportunity. It will be a challenge since the party out of power usually gains seats in Congress. It will be an opportunity to increase Democratic majorities and make Barack's change agenda easier to achieve. If the Republicans manage to hold their own, they will increase their obstruction and Barack will be able to do little in 2011 and 2012 as both parties jockey for position. The 2010 election is critical since we cannot afford to wait two more years for reforms.
My goal is to reduce the Republicans in Congress by 25%. I don't know the exact numbers in the House, but in the Senate that would be a reduction in the Republican ranks from 40 seats to 30. It will be difficult to achieve, but well worth the doing.
Consider the 2010 election as one of the 12 labors of Hercules: the cleaning of the Augean stables in one day. Hercules diverted a river to wash the stables clean. We must channel the desire for change on election day to further cleanse Congress of corruption and indifference to the well being of the majority. We began this process in 2006 and continued it in 2008. Many in Congress have still not gotten the message.
I am setting up this blog for Obama supporters to share their ideas. Obama is a unique leader thus we need unique ideas about how to approach this political process. I will make some suggestions as I think of them, but please add your own thoughts as well. Every idea is a stone in the foundation of something bigger so please don't hold back in fear of looking stupid. Many of my suggestions will surely be silly in nature. Thanks to all of you who read and contribute to this effort.
"An invasion of armies can be resisted, but not an idea whose time has come." --Victor Hugo
First Idea: A New Way to Campaign
I think we should campaign for Obama by demonstrating his message rather than just talking about it. What I mean is coming up with ways to improve our community through campaigning. Typically we knock on doors and make tons of calls. As an Iowan (though I know this wouldn't work everywhere), I can imagine us helping people with their groceries to their car while talking with them about Obama. Or maybe just making a statement by going through the community with several people picking up trash. I think these types of action would draw all sorts of media attention, let people see the power of Obama's message, and demonstrate the reality of this movement.
Dear Supporters of Senator Obama,
Please consider giving a small donation to Senator Obama's campaign and show the special interests that they are not going to dominate this election. Donate at the site below to meet our fundraising goal.
http://my.barackobama.com/page/outreach/view/main/iowasfbo
Fired Up! Ready to Go!
Best,
Jeremy
