Biting The Metaphor.

Conditions: Ominously Cloudy.


Fish In A Barrel.

Well, it turns out that the problem with signing up poor people to mortgages was that they feel the financial pinch a lot quicker than the middle-incomers do, and they don't have any other fat to trim. So if you suddenly jack up the repayment rates they simply can't afford to keep up. And now these huge financial packages, made up of complicated percentages of many many mortgages wrapped together, split apart and traded back and forth through financial institutions around the world, start to pop, little by little. Like rotten apples developing randomly in the middle of apple barrels, poisoning the lot. And now the apple traders have stopped trading barrels, because they no longer trust the barrels they're buying anymore, and it's too complicated to open the barrels and figure out which are rotten, and which are not. So what happens when the civilisation as we know it is based on apple traders buying and selling apple barrels, and suddenly they don't want to trade any more barrels? The government decides to buy all of them, with our money.

Wait, we're buying what now? Pure debt? But I don't want to buy debt.

President Bush said Wednesday that lawmakers risk a cascade of wiped-out retirement savings, rising home foreclosures, lost jobs and closed businesses if they fail to act on a massive financial rescue plan. "Our entire economy is in danger," he said. "Without immediate action by Congress, America could slip into a financial panic, and a distressing scenario would unfold," Bush said in a 12-minute prime-time address delivered from the White House East Room that he hoped would help rescue his tough-sell bailout package. "Ultimately, our country could experience a long and painful recession."

Said Bush: "We must not let this happen."

The unprecedented $700 billion bailout, which the Bush administration asked Congress last weekend to approve before it adjourns, is meeting with deep skepticism, especially from conservatives in Bush's own Republican Party who are revolting at the high price tag and massive private-sector intervention by government. Though there is general agreement that something must be done to address the spiraling economic problems, Bush has been forced to accept changes almost daily, based on demands from the Right and Left.

- alternet.org/

So, not only is the seeming solution to the world's problems is for the people to just buy them, but members of congress seem to doubt even that will work. Some are even saying it's a betrayal of the principles of capitalism and America herself.

Markets made moderate gains Thursday on news that congressional leaders had agreed in principle to a bailout plan for troubled firms on Wall street. But a White House meeting later in the day highlighted work that still needs to be done to reach a final agreement. Mike O'Sullivan reports, there is some skepticism in Congress over the plan and also among average Americans.

Key members of Congress announced Thursday they had agreed to the broad outlines of a $700 billion rescue package for failing financial companies, but several congressional Republicans cast doubt on the agreement after a White House meeting late in the afternoon. The meeting included President Bush, Democratic presidential nominee Barack Obama, Republican nominee John McCain, and leaders of both parties in Congress.

Senator Richard Shelby of Alabama, the senior Republican on the Senate banking committee, emerged from the meeting saying there is no agreement, and other fiscal conservatives in the president's Republican party are reported to be resisting the deal.

- voanews.com/

So, wait a minute. On one side we have calm, soothing tones that reassure us that this will work, while on the other side we have angry people saying publicly that it will not. It's not like this is a horse stuck in a ditch, this is 700 Billion dollars, and quite possibly the decisive moment in whether we tumble into a depression or not. What in hell is going on?

Despite unprecedented calls for quick action, the White House's $700 billion plan to rescue the financial industry appeared to fall apart late Thursday, less than 12 hours after a market-soothing deal seemed likely. A convergence of financial concerns, presidential politics and partisan rancor created an unexpected Washington drama with the nation's economic future hanging in the balance.

House Financial Services Committee Barney Frank, D-Mass., accused House Republicans of refusing to negotiate in good faith and told President Bush "to go to work" to find GOP votes needed to pass the plan. At one point Thursday, a somber Treasury Secretary Henry Paulson kneeled before Democrats at the White House while urging them not to publicly criticize Republicans — and risk sending the financial markets plunging. Meanwhile, Republican presidential nominee John McCain issued a statement acknowledging that a bipartisan White House meeting he appeared to have sought to help showcase his leadership skills on the economy had devolved into a "contentious shouting match."

Financial markets had shot up midday Thursday when leading lawmakers from both parties announced they had reached an agreement in principle after nearly a week of talks on the Bush administration's plan aimed at restoring chaotic financial markets and easing an escalating credit crunch.

But the good feelings seemed to evaporate about the time a new player entered the fray: McCain, who a day earlier had dramatically announced he was suspending his presidential campaign to return to Washington to help end the financial crisis. Conservative House Republicans distanced themselves from the bipartisan agreement and promoted an alternative they said would put taxpayers' money at less risk.

- usatoday.com/

Politics! That's the key. Of course there's more going on that what we can see. This isn't just about fat cats trying to keep themselves neck-deep in hookers and blow, this is about being seen as a hero, coming to save the economy. I guess it's like bomb squad members trying to figure out which wire to cut while looking cool for the T.V. cameras. And what can be more photogenic than a presidential candidate?

WASHINGTON (AFP) — The highly anticipated first debate between White House hopefuls John McCain and Barack Obama remains in limbo on Friday as Washington legislators clashed over a huge financial sector bailout.

Citing unprecedented Wall Street turmoil, Republican McCain suspended his presidential campaign and called for a postponement of the debate scheduled for Friday night in Mississippi in order to return to Washington to help cope with the financial crisis and spur Congress into approving a deal.

But legislators locked in a series of emergency negotiations Thursday dramatically failed to hammer out the 700-billion-dollar rescue package.

Both of President George W. Bush's would-be successors were in Washington on Thursday, attending unprecedented White House crisis talks on the ailing economy with Bush and top congressional leaders.

They spent the night here ahead of a new round of negotiations set for mid-morning Friday, on Capitol Hill aimed at salvaging what has been described as a national rescue package.

The bailout deal seemed within reach Thursday, according to lawmakers from both sides, but then stalled at the White House negotiations and then was engulfed in new rancor at late-night Congress discussions.

Late Thursday, McCain said he was still optimistic an agreement could be reached Friday, leaving him enough time to make it to Oxford.

"I believe it's very possible that we can get an agreement so that -- in time for me to fly to Mississippi," he told ABC News.

McCain stood accused by angry Democrats of sabotaging a deal so as to salvage his electoral fortunes against Obama, whose poll numbers have risen in recent days on perceptions he would be better at handling an economic crisis.

Obama however pleaded for the frenzy surrounding the White House race to be kept out of the delicate financial talks and said that bipartisan cooperation was vital during the crisis.

"We cannot risk an economic catastrophe," he said in a statement overnight. "This is not a Democratic problem or a Republican problem -- this is an American problem. Now, we must find an American solution."

With just 39 days before the November 4 general election, Obama has insisted that the debate -- the first of three scheduled for the remaining weeks of the campaign -- go ahead, arguing it was more important than ever for the two contenders to lay out their case to anxious US voters.

- google.com/

But don't worry, McCain has maverickly changed his mind again, is seemingly back in the race, and both he and Obama will debate today, tonight, just a few hours from now.

Gee, what will they talk about?




Going Back Out Into The Cold.

In news sure to warm the hearts of those of us who miss the good old days of the cold war, The Russian president has announced that they will start building new space and missile weapons, and will put it's armed forces on permanent alert. Wheee!

In a sharp escalation of military rhetoric, Mr Medvedev ordered a wholesale renovation of Russia’s nuclear deterrence and told military chiefs to draw up plans to reorganise the armed forces by December.

He said that Russia must modernise its nuclear defences within eight years, including the creation of a “system of air and space defence”.

The announcement puts Russia in a new arms race with the United States, which has infuriated the Kremlin by seeking to establish an anti-missile shield in eastern Europe. The US argues that the shield is aimed at rogue states such as Iran, but Russia is convinced that its own security is threatened.

Mr Medvedev told military commanders that “all combat formations must be upgraded to the permanent readiness category” by 2020. He added that Russia would begin “mass production of warships, primarily nuclear cruisers carrying cruise missiles and multi-purpose submarines”.

“A guaranteed nuclear deterrent system for various military and political circumstances must be provided by 2020,” he said after attending military exercises in the southern Urals region of Orenburg.

- timesonline.co.uk/

Do you hear that? That small, high-pitched noise? That is the sound of people in the Pentagon freaking out as they face war on multiple fronts, a crumbling economy, spiraling gas prices, and the old Russian Bear threatening to awake from it's long slumber. I'm sure this will prompt the American government to stop it's ridiculously stupid tactic of setting up missile batteries in old Soviet satellite states and calling them 'defensive', right U.S. Secretary of State Condoleeza Rice?

Rice appeared unfazed by Russian President Dmitry Medvedev's announcement on Friday that Moscow would beef up its nuclear deterrent at a time of heightened tensions with Washington.

Medvedev said Russia would build a space defense system and a new fleet of nuclear submarines by 2020.

"The balance of power in terms of nuclear deterrence is not going to be affected by those measures," Rice declared.

She said the United States has an "extremely capable, robust, broad, and indeed varied nuclear deterrent," adding that Washington would modernize it as necessary.

"That is plenty of insurance against any modernization that Russia might undertake."

- reuters.com/

Ah. It's times like this I wonder if politicians do actually know what is going on.




Film Review: Wall-E

When Pixar first began, they had an idea for a movie. A movie about a desolate future where a sad little robot would toil endlessly, and fall in love. It was an odd idea, one not really all that conductive to blockbuster success so instead they concentrated on making movies about bugs and toys and fish. In the process they became very rich and powerful, and so now they've decided to do their original weird robot movie, Wall-e. So here we are. Pixar films use the traditional Disney formula, a downtrodden something-or-other in a mundane existence will follow his dream and eventually find success. Wall-e does follow this pattern alright, it just does it with the unsettling backdrop of an abandoned and ruined Earth. Wall-e is basically a miniature Johnny-5, complete with endearing twitches and pop-culture references. But before we can really experience this abandoned Earth, or fully appreciate the futile existence he fights against, along comes his redemption.

Because of course the humans have to be somewhere, and they've sent a dove-like probe to check if the earth is safe for their return. And it's the relationship that develops between the probe, Eve, and Wall-e that is the emotional engine of the film. We already knew that you don't need dialogue to tell a love story. But now Pixar have proven you don't even need organic matter. With Wall-e, Pixar have taken a dejected and abandoned little robot and told a charming love story about him and a ruined earth and fat stupid humans and technology and consumerism run amok.

Unfortunately, Pixar have decided to make this a message movie. And the message is: overconsumption is bad. And walking past the many posters, displays, Big Gulp cups and Wall-e toys to get back to the car park, I found that a bit hypocritical. This is the world we live in, of course, but still. If the principle of the thing is the big message inside the theater that we're all being forced to swallow, I don't see why that message shouldn't also apply to the outside world. Ultimately, this is a kids movie. So it is bright and shiny and colourful, and full of loud bright things. It's also short, possibly too short. You get the feeling things got sped up a bit when they realised they were fast approaching the two hour point. But since the film is marketed as something of an abandoned-earth film, it's a bit odd to see that so much of the film is not that. Pixar's legendary focus of details and charm is evident in every frame. It just seems to me that with Wall-E they're trying to fit the round peg of an eccentric abandoned robot who falls in love into the square hole of a big summer kids movie. It's magical, but it doesn't quite fit. Three twitches out of Five.


- Peace out.