Jail the Bankers

Look, take exception to the source, if you want. But read it. Then this.

Then download the report itself. Just Google: Wall Street and the Financial Crisis: Anatomy of a Financial Collapse. It was written by a bipartisan Senate committee.

Okay, you don't have to read all 650 pages of that. But download it anyway, so that when someone spouts off that it's just Rolling Stone or The New York Times, you can prove it is far more than that.

Lloyd Blankfein and Daniel Sparks and David Viniar and Thomas Montag should be given their day in court. If 12 of their peers determine they should go free, that's fine, then free they should be. But America needs them to stand trial.

Do this despite your temptation to give in to causistry, your desire to bury outrage by pretending 'it's impossible to know" and "in whose opinion?" Or worse, "It's just too hard."

C'mon, get off your ass and be an informed citizen, just like Thomas Jefferson said. That does not mean Fox News. There is such a thing as truth. Do what you need to do to learn what that is in the "market place of ideas." It's your job as a citizen, and you have been underemployed for too long.

Read it, do a little more digging, and form your own opinion. Then do something. But don't ignore it. You have ignored it for too damn long, and look where we are today because of that.

Perfect storms

Yesterday my twin middle school daughters were astounded at the nightly news as the three of us ate dinner. Earthquakes in China, cyclones in Burma, fires in Florida, tornadoes in Oklahoma. "It feels like the world is falling apart," said one.

When all these things threaten us at once, we want to see a larger hand at work, that global warming is ruining our world for human habitation. And it may be.

Or it may just be that many things happen at the same time. Always. Even items that are intertwined can have separate causes, and different solutions.

In a month we have had the home mortgage mess, a banking crisis, recession howling on the horizon, oil price inflation, and the threat of currency collapse.

Bernake said today that the banking system credit crunch, while far from over, may be easing. He may have saved the day, though longer term fixes probably need to be developed that will improve transparency and moderate leverage.

The mortgage mess, while related, is separate in the way it impacts individuals, a resolution may also be working its way through the system. That starts with, "Don't borrow more than you can pay back."

Be wary of quick fixes here from politicians that would reduce the ability of people to aspire to home ownership.

Yes, there is the recession. It is here, and it will be long lasting. The entire baby boom generation has been living beyond their means. The bills will be paid.

But there are many assets lying around, and it is not a bad thing for this group, especially, to learn to live with less. There is a certain joy in finding economies.

And it may be that it is in crisis that empathies sprout, perhaps, for those whose lives have been ravaged by storms beyond their control, those impacted by tectonic shifts in the gloabal economy, those treading water whose standard of living sinks as the price of everything climbs.