"When the winter rains come pourin' down
On that new home of mine,
Will you think of me
and wonder if I'm fine?"
- Neil Young
Once or twice a year, it friggin' pours here, and this morning was one such morning. I had to bike three miles or so to work and arrived a bit moist. But things are drying up, and the low clouds over Chuckanut Ridge put on a dramatic show this afternoon. A least I have a warm dry home to go to, and the ride home turned out to be generally dry and without incident, although I was sidetracked by the warm glow of the frequently patronized Caffe Adagio on my route home. So here I sit at 5:24pm on a cloudy, pitch black Sunday evening drinking yet more coffee. Still reeling from the weekend, although decompressing.
And it was good to read up today on the economy. Call me a simpleton, but I do not think this $700 billion subsidy to (or socialisation of?) the banking industry is going to do much good. Every indication leads me to believe that we will still feel some huge fallout of our (personal, governmental and corporate) overindulgence throughout the past decades. From the credit default swaps to the risk aversion of banks (and their reluctance to lend to small business, as well as increasingly consumers), increased Treasury default risk (read this interesting link to a blogger that shares my economic sentiments), decreased federal tax revenues (due to shift to service economy and downturn in the economy) – I think that we will be in for a very interesting next few years. To call it catastrophic might be an understatement. But hopefully I am wrong. But fortunately I have reduced (eliminated?) my equity exposure, as well as paying down debt (screw putting money into the market it into stocks – no debt allows one to be more nimble; I am not going to subsidize the baby-boomers' retirement, but that's another thread for another time).