Failure Is Not An Option

The taxpayer strapped on more massive debt when the government announced it’s takeover of the troubled Fannie Mae and Freddie Mac institutions the other day. As a taxpayer, I hate it when I’m forced to shoulder someone else’s blunder. Where’s my bailout?

But the simple fact, like it or not, is that allowing these mortgage giants to fail was not an option. I’m pretty certain it isn’t going to be the last “bailout” we see in the short term either. It’s a fact the credit markets are in dire straits for myriad reasons. The real prospect of a catastrophic banking system collapse would be unimaginably worse. Why and how we got to this point is somewhat beside the point until we regain the integrity and stability the system needs.

This move wasn’t desirable to anyone but it was necessary. A benefit will be a reduction in mortgage rates which will help return some much needed liquidity to home lending. My favorite description of the takeover by a pundit was, “The fat tail risk of an Armageddon has been reduced.” Basically, that means immediate matters just got a little better.

3 Months

Today marks 3 months without my Dad. It seems like every day, I’m reminded of something else that had been long forgotten. It’s interesting and it sucks at the same time, because first I smile and then I’m disappointed I didn’t appreciate certain things when they were happening.

7 Years

After seven years, the sadness of 9-11-01 hasn’t paled. I often reflect on memories of the people I knew that perished in the towers that day, but the anniversary always seems to stir emotions I’d rather leave unstirred. Having worked previously at the WTC myself, I had a special fondness for hanging out there on my periodic visits back to the exchanges. I still can’t believe it’s gone. It took me several years to revisit the site, by then just a huge hole in the ground. The expanse of the void was overwhelming. I haven’t returned.

Many fine people were lost in the attack. Like Michael, at his usual breakfast meeting at Windows on the World. Like Val, at her Cantor trading post on the uppermost floors. Too many good people gone in an eye blink. I hope you will please take a moment to reflect on all the lives lost and offer a simple prayer on their behalf. Then too, remind yourself how precious and fragile this life is (because it’s easy to forget), and remember to cherish every single minute of it.