Teaching Bad Bankers A Lesson -- Sort Of

"As the White House and Congress consider a host of new regulations for Wall Street, a commission studying the financial crisis harshly criticized the heads of the nation's biggest banks Wednesday for their role in the near collapse of the economy in 2008." (MarketWatch)

"Despite leading their companies into the worst financial crisis since the Great Depression, 92 percent of the senior officers and directors of the 17 top recipients of federal financial bailout funds are still in their posts."  (American Progress via The Week)

Street Economics 4Q 09

What happened to 3Q? I pulled the covers over my head as soon as people started saying “jobless recovery” with a straight face. Rest of the year? I’ve got lots of blankets and comforters to protect me.

A consumer-driven economy relies on consumer spending which doesn't exist without income of some sort.

Got it?

Thank you.

Malibu Beach Madness

See that cool house third from the left? It’s on the beach in the Malibu Colony west of LA.

Seems the owners couldn't’t make the payments because they lost all their money in the Bernie Madoff Scam and Wells Fargo Bank foreclosed.

Also seems that Wells Fargo SVP Cheronda Guyton – head of foreclosures – grabbed it as a no-cost, personal $12 million party spot. To keep her perk, she blocked efforts to show the house to potential buyers.

Wells Fargo’s a bit upset about the L.A. Times on this and it’s likely Guyton is on the fast track to unemployment.

But she could still be sleeping off hangovers to the sounds of Pacific waves if only she had connected with the right people.

You see, the people Guyton's bank kicked out had friends in the neighborhood and when they figured out what was going on, they ratted her out to the Times.

Ow. Yet, all she had to do in defense was to install some hip, young, unemployed people as house sitters. They (using her credit cards, of course) could have fronted the parties.

Nor would she have had to fend off potential buyers to maintain a westside presence. It’s the beach, she’s the head of foreclosures and the party is always on the move.

Sarah Palin? Sarah Who?

Sarah Palin's idiotic claim that proposed healthcare reform legislation provides for "death panels" failed to make Google's Top 100 Trends.

See ya around, baby.

Way Too Sad: Billy Mays Died from Cocaine

Hyperactive pitchman Billy Mays used cocaine days before his heart attack - and it killed him, officials said Friday.

Read more: http://www.nydailynews.com/gossip/2009/08/07/2009-08-07_tv_pitchman_billy_mays_.html#ixzz0NXMzztQm

Puppies and Babies Always Win

Anyone who hasn’t heard of Lilly, the five-legged puppy, is tuned into the wrong station.

Lilly now has just four legs thanks to Allyson Siegel from Charlotte, N.C., who paid $4,000 to rescue the Chihuahua-terrier mix and have the extra appendage removed.

Get out your checkbooks, though. There are rumors of lawsuits from the freak-show owner Siegel outbid.

Cheney's Freaky And Crazy But, We Dump On Him for This?

WASHINGTON — Since 2001, the Central Intelligence Agency has developed plans to dispatch small teams overseas to kill senior Qaeda terrorists, according to current and former government officials.

The plans remained vague and were never carried out, the officials said, and Leon E. Panetta, the C.I.A. director, canceled the program last month.

-- New York Times

Wanna Buy An Ad? Talk to the Editor

An interesting discussion is emerging at the New York-based American Society of Shitcanned Media Elites vis a vis getting the revenue end of Web or even print publishing closer to the editorial operation without tainting either.

Former gossipist Drew Grant takes the position that bloggers should seize complete control of income generation, including selling advertising. More thoughtful than my description might make her, Grant recognizes the inherent potential for corruption but remains adamant that a solution is possible.

Most commentators so far are skeptical, including Grant's putative boss, Aaron Gell, ASSME's president.

To me this is not a new issue. Editorial calendars, special issues and so on have been around forever and exist to give the sales force something against which to sell. That automatically creates tension between what you write about and what you write. So what?

Is it wrong for an editor to ensure the inclusion of a health-care story in the September issue if it will cement a multi-issue ad deal? Only in the halls of J-schools. Is it wrong for the advertiser to review and comment on the story before publication. Yes, everywhere.

The real difference between inkonpaper and Web-based communications is the difference between institutions and individuals.

An advertising 'department' can easily co-exist with editorial within a larger framework. But the blogosphere is entirely individual and boundaries between the two worlds are impossible to maintain within a single entity.

But I believe Grant will be proven right. My work, my money. How we get there is the question.

Street Economics 2Q 2009

It's Revenge of the Parents Time for young people who assume they can move back in after graduation. Articles offering mom and dad advice on how to get rid of the kid are popping up all over the place.

Not so long ago I sneered at the extended adolescence of young people who assumed it was socially OK to live with the parents well into their 20s. Now, instead of emailing get-rid-of-the-kids stories to friends, I'm taking a more understanding tack.

After all, unemployment nationwide is at 9.4 percent and there are many states and regions with official jobless rates well into double figures. Also, multiple reports say a scant 20 percent of this year's grads have jobs lined up. Experienced workers are duking it out with them for entry level jobs. Even MBAs are taking hits in salaries and status.

So, at least until Q3, I will forgo eye-rolling when a young person ruefully admits to cohabitating with Mum or Da because it might not be their fault.

Besides, a bit of sympathy might get me a free drink.

California v New York - The Last Word

“The quintessential thing about New York that makes it different than Silicon Valley is that people here are much more focused on the idea than the technology that is the plumbing for the idea.”

-- Media mogul Stephen Brill in The Wall Street Jounal

Translation: “New York talks a big game, but California delivers.”