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September 23rd, 2008

no baby yet

Altho I feel like things are moving in the right direction. We'll see tonight at sundown, is what I'm guessing.
I continue to be pleased by the surprisingly high quality of analysis going on in places like the NYT regarding the bailout. I'm also pleased by the alternative bailout package put together by Dodd (and others, presumably). And I watched some of the hearings today, in response to which I have the following to say.

(1) I don't _want_ my government trying to be "entrepreneurial". If there's money to be made in this market, it should be made by private parties. If there _isn't_ money to be made, we should not be pretending to Congress, the public, etc. that there is.

(2) I fucking hate it when I watch a couple of Really Smart Operators lie, lie, lie, lie, lie in response to straightforward questioning. No, dudes, we do _not_ believe you when you say you are making progress towards better transparency of credit default swaps. And if that extraordinary session on the Sunday of the Lehman BK is any indication, you're not making _any_ progress whatsoever towards creating markets to unwind them.

So don't tell me you are. Particularly not along with Cox, who is spending his time demonstrating a markup language for I-don't-much-care-what. I hesitate to say I agree with McCain who wants him fired. But.

(3) The idea that there is any significant taxpayer benefit (in the form of looser lending practices) as a result of unfreezing MBSs and CDSs and so forth is ludicrous. Putting Fannie and Freddie into conservatorship means that the people who _should_ be able to borrow money to buy a house (say) can, at quite good interest rates. Yes, Wells Fargo wants 9 something for a jumbo, but that's hardly typical. And I honestly question whether anyone should ever _have_ a jumbo. If jumbos didn't exist/were crazy expensive, it would do a lot to prevent entire regions from running their housing market up that high in the first place. As for the idea that there will always be some strata of better/bigger/whatever housing that costs more than 80% conforming will get you, I respond, well, the equity from selling your previous home is what gets you into that (or other Big Wad O' Cash). If in order to save our economy we have to go back to loaning outrageous amounts of money to just about anyone, that's just the bubble economy revisited. And we know where serial bubbling got us.

And finally, I have a general policy where if someone keeps saying again and again that they are not doing X (when I never brought X up), I get Very Suspicious. In this particular case, Hank's repeated, "I didn't want to come here to ask you for this" is seriously creeping me out. How long has he had this in his back pocket?

In unrelated news, R. says I have been nesting today. There certainly was a point where I was scrubbing the bathroom floor. Also, C. (who arrived this afternoon) and I ran errands. And then we all went grocery shopping. It's entirely possible I also made chicken under biscuit this morning with some assistance from R.

Section is scheduled for Friday, time TBD on Thursday when I go in for blood work, interview, etc. So we've got tonight and Wednesday night. Tomorrow is the last acupuncture and I'll probably go see the midwives and have them do the oh-so-fun sweeping of membranes (one offered today to do that tomorrow). Think opening/exiting thoughts my way.