The Problem With Debt

 

These are all from today’s headlines:

Thirty years ago, we had the savings and loan crisis. Those were the good old days, when investors were only nervous about small banks.

Investors have since become nervous about big banks, then non-bank financial institutions, and now small countries — Greece, Portugal, Ireland . . .

That’s the problem with debt — bad things happen when your investors get nervous.

What’s next? Medium-sized countries, obviously — Italy, Britain — and eventually the biggest of the big: the United States.

Don’t Invite Me

 

If you invite me to a meeting, you’ll get my opinion.

I’ll probably try to state it in a way that’s interesting and memorable — because I want you to remember it.

Don’t confuse that with being frivolous though. I’m not pulling this stuff out of the air. It’s based on decades of knowledge and experience.

If you’ve already decided what you want to do no matter what I say, don’t invite me to the meeting.

If you want me to agree that something is a good idea when I don’t think it is, don’t invite me to the meeting.

Thus spoke The Programmer.

Once Again, Age and Guile Triumph Over Youth and Talent

 
America's Oldest Filling Station

We’re at the gas station . . . I’m in the passenger seat while my son fills ‘er up.

“This pump doesn’t have any way to lock the handle in place,” he says. “I have to stand here and hold it.”

“Really?” I say. Don’t pumps always have a way to lock the handle?

“Yeah, really,” he says. “I’m 100 percent sure.”

I’m about to get out of the car to look things over when he says, “Don’t get out of the car.”

Ignoring this admonition, I get out of the car anyway and sure enough, the pump did have a locking mechanism at one time but it’s been removed.

“You owe me 10 dollars,” the boy says.

“Why?”

“I told you you had to hold it,” he says.

“I didn’t say you didn’t. I just wanted to size up the situation.”

The problem is that in the process of sizing it up, I’m now left holding the pump while the boy, satisfied with his presumptive victory, pulls out his cell phone and starts punching in a text message.

Meanwhile, I take the old school approach of wedging the gas cap into the pump handle, holding it in the on position.

The boy is too busy texting to notice this development, so I wave my hands in front of his face and point to the pump, which is happily pumping away hands-free.

Well sir, I wish you could have seen the look on his face. He was a beaten man . . .

The Rising Burden of Government Debt

 

Our analysis paints a sobering picture of worsening public debt dynamics and a sharply rising debt burden in advanced economies (AEs). But perhaps the worst is yet to come. First, AEs as a group are experiencing little population growth. Second, they are facing rapidly aging populations. Third, their economies are likely to register slow growth . . . Fourth, entitlement spending on health care and pensions is likely to explode due to unfavorable demographics.

EppsNet Restaurant Review: El Cholo (Irvine)

 
El Cholo

Last night El Cholo was offering a special entree: Santa Barbara Enchiladas — shrimp, chicken, mushrooms and jack cheese.

¡Muy bueno!

Again, that’s not on the regular menu but for a recommendation this is, you cannot go wrong with my favorite dish, the Sonora Style Enchilada.

And a margarita!

¡Olé!

Hope and Change

 
Republican_elephant

I well remember the last time the Republicans rode into town to get our fiscal house in order and curb the growth of government. That was in 1994. Twelve years later, when our Republican heroes were themselves ridden out of town, they still hadn’t managed to eliminate the goddamned National Endowment for the Arts.

Landsburg offers a few bits of advice to the newcomers. Maybe things will be different this time . . .

No Moss

 
Randy Moss

The biggest lesson I’ve learned watching my kid play on sports teams over the years is that talent has a physical component and a mental component, and the mental component is far more important.

Players who are physically talented can actually make a team worse if they don’t have their head in the game and they’re just doing their own thing out there.

I thought of this as I was reading that the Vikings just cut Randy Moss . . .

Maurice Lucas, 1952-2010

 

PORTLAND, Ore. — Maurice Lucas, the fierce power forward known as “The Enforcer” who helped lead the Portland Trail Blazers to the 1977 NBA title, has died after a long fight with bladder cancer. He was 58.

ESPN

I enjoyed watching this guy play.

Did you know that former Blazer teammate Bill Walton named his son Luke after Lucas?