A Sign of CCC
（Cat's Credit Card; A cat got $4,200 card. CCC sounds like 死死死 "death" or 喜喜喜 "happiness" in Chinese. All depend on your mind or position.）
Hanging On, or How to Get Through a Depression and Enjoy Life (M.B., March 2009)
So Edmond G. Love's 1972 autobiographical novel, Hanging On, Or, How to Get Through a Depression and Enjoy Life
One of the undercurrents of this book, in my view, was how long it took the author and many others to realize just how drastically their circumstances had changed and that the depression was not going away anytime soon. Though Love notes that some historians later would divide the depression into different phases (depression, recovery), for him there was little to distinguish these years and when the depression finally did end, it did so fairly suddenly.
(NOTE: How it ended suddenly? Very interesting to know the conclusive observation paragraphs written by Love: Even in the summer of 1939, the school in which he taught closed 5 weeks early (256). But as WWII began, circumstances finally started to change for the better. "The Depression ended on the day the war began, but it did not become apparent to most of us for some time," says the author.
(NOTE: Great! Could we afford another WWIII to solve an OoP Depression, after Oop is doing a HOPE or Expectation as a "New Deal" copycat?)
Things picked up for a while in 1933 but then in March 1933 the depression hit its "very bottom." Michigan was the first state to close its banks following a run/panic, other states followed and Roosevelt after his inauguration on March 4th closed the banks in the rest of the nation (118-119).
Though hardships continued with Roosevelt in office the tone in 1933 started to change. "When one looks back from a distance of forty years, it is easy to see that the New Deal did not accomplish very much in good hard terms," Love writes. "The period is euphemistically called the era of Recovery, but the same old disasters were overtaking us and the casualties continued. We were still as uncertain in 1936 as we were in 1932. The big difference was that we felt better" (133). Roosevelt's personality -- his "bearing," courage and "rapport with the people" -- "reached out and touched everything" (133).
(NOTE: We are enjoying the "Obama Charisma" which NOW gives us the same HOPE and Expectation as Roosevelt did, enough for us to hang on and not to think about the possibility of ourselves being in a stage of "self-denial." Last night I told my lovely "wife" that "the stock market would be down tomorrow after a big rally of 380 points up today." We'll see if it is right or wrong about my view on a rally of bear market caused by the Citi's "accounting" profit report, not a real sign of uphill for a return of bull market. )
Something else had become apparent, too. The idea that each family and each community could take care of its own and exist like a small island in a great sea was no longer valid. The crisis of the Depression with its poverty and its hopelessness had long since proved too much for cities like Flint, for counties like Genesee County, for states like Michigan.[...]. The whole essence of the New Deal was the abandonment of this small, individualistic outlook in favor of the bigger, stronger, national government and the immense power it could bring to bear on the solutions of the pressing problems which faced us."
Conclusion
Love led an interesting life, reaching adulthood in one of the nation's most difficult eras. Though there are many differences between the 1930s and our era some of what people experienced and how they responded is perhaps not entirely without parallel in modern times.
**** My Two Pennies ****
Well, look at Ben Bernanke's main framework of "stabilizing and revitalizing" our American economy by infusing bailout money into the current banking system, even going far enough to say "never giving up those big banks," I would like to say BB is so so nice as a kind mother who happens to have two big BB, i.e. Boo-Boo to feed his crying infants.
But, I am also wondering if that big "Dolly" are good enough to breast-feed those hungry alligators named by Robert Allen in his book "Nothing Down" to refer to "negative cash flow." Maybe the LP of the boy Napoleon from "Sicily Island" would be big enough. (NOTE: LP is a term means something that only a man has in Chinese, particularly in Taiwanese, it was a "dirty" word, at least deemed as a improper or decent words suitable for a civilized person to speak, let alone a high-ranking official. However, Taiwan's DDP party Foreign Minister Chen, a longtime American resident, used it officially at an open occasion. But here let's just mean "big Picture" or "guts" in English)
Benanke sees limited impact of subprime mess on economy
9:30 AM ET, May 17, 2007 - By Rex Nutting
What was propping up the emerging markets and many foreign markets was the notion of decoupling. The idea with decoupling is somehow the world was large enough to withstand an economic recession in the United States without missing a beat in growing.
Well, decoupling is a wish widely talking about recently in the scale of world economy while the words of "subprime mess would be contained in a small limited sector" was out of BB's wishes list on US economy only. Now, what you have seen? Did BB have a good judgment as he truly believed it was for real?
Did someone told us 40 years ago that the world was sharply narrowed into a "global village"? Who did it? Brezenski in his "Between Two Ages" or Tofler in his "Future Shock." Did someone told us 30 years ago that the world would be absolutely no longer an "open" political economy, but a very tight "woven," as just one, "closed" worldwide political economy as Confucius thought it for China 2000 years ago? Nowaday, no one can escape from the impact of a small event from a remote place almost unknown to him, let alone the biggest American GI. Who said that? You guess it and let me know.
Big banks will not be allowed to fail, Bernanke says: Recovery later this year is not out of the question, says Fed chief
"It was the...collapse of banks and other institutions in late 1930 and early 1931 that made the Great Depression great." - Fed Chairman Ben Bernanke
Humm? Per BB's usage of "IT", I take the liberty to interpret IT sounds clearly to BB there IS one-and-one-only cause to lead us into the Great 1930' Depression, right? Well, he definitely misses reading Love's book "Hanging On, Or, How to Get Through a Depression and Enjoy Life" and the others I happen to read.
Well, interesting enough to know that FDR closed all the banks in America, i. e. letting them fall, if not killing them all after his inauguration in 1933. How come FDR cut all the ties with banks while Obama is insisting on tying us more firmly with them?
Okay, so there exist some situations parallel to the Great Depression. Really, BB would like to make them parallel as he could pretend himself as a scholar using the phrase "others being equal" widely used in the science of economics. As I know, even it is an useful analytical tool or assumption in theory, NOTHING could be equal in reality given a human emotion is involved. How come he would not mention there were a lot of difference between now and then.
For example, there is no "universal credit" rule in our mortgage banking sector now, even it still exists in credit card service sector. In the Depression, a banker would and could call his loan no matter what you had been paid the contract interest-only payment on time months after months. There was no such a thing as amortization out there in 1930. So many things or institutions we are used to NOW are never heard at the Depression. Let's just stop here and don't bother mention other big improvements after the Depression.
So does that mean the conclusion of BB's doctor thesis suggests us that FDR couldn't stop leading us into the Great Depression due to no banking system or banking collapse? That's why BB decides to firmly tie us up with those financial Titanics such as BAC, Citi, without any chance for us to jump on a smaller live boat. Out of his kindness, he believes giving the huge Bailout fund to monster Wall Street bankers should be EXACTLY deemed as actually delivering money to the hands of the Main Street to further up the interest of the public. He truly believes and wants us to believe there is no other way out there, but to keep those super banks from bankruptcy, for rescue actions.
Common! Are you telling us that the Great Depression was trigerred and started at that point of time: 1933? Here I am so confussed. What should be the causes; and what, the effects? Does that mean BB, as a well-acknowledged a brilliant student specialized in the study of the Depression, thought those first 4 years sould not be considered as part of the 10 year contraction of the Depression? Give me a break, BB.
Son of stimulus?
Speaker of the House says she's open to another stimulus injection.
Well, you mean the lady Pelosi could be a great "Son" or what? I am puzzled. Clearly by sex, Pelosi is more qualified than Bernanke as a MOTHER, not a son. Even BB has so much milky liquid in his breast, it would be definitely more important for us to see he could put his smart, bright and shinny head in use than that Dolly wisely used her big boos to be a very successful star.
Wait! Who is the son by this news article? Good question when I look at the following top hot news just came out: Obama defends pet projects and signs spending bill (AP)
AP - President Barack Obama, sounding weary of criticism over federal earmarks, defended Congress' pet projects Wednesday as he signed an "imperfect" $410 billion measure with thousands of examples....Obama signed the bill in private, unlike a number of recent signings that took place with fanfare.
(NOTE: In private? I am wondering why the story sounds like Papa-Mama family business operation? Common! there are $410 billions Public dollars in it. That's a huge number, not even Bill Gates or Warren Buffet could make it in his CEO/ President 4 year term. Tell me, you are just kidding. Would it be a reporter's fabrication? Gee, forgive me for my fast-running mind. We can't go on like this, jumping topics after topics everwhere.)
But sorry to say, Bernanke could be the best student Professor Milton Friedman could possibly have. He is so good and behaves himself to read absolutely nothing, except those books his teacher endorsed and put on the shelves of Ivy Academy. Bernanke might make some intellectuals so shameful who dared to read those books which their university professors believed would be "dangerous." Who are they? You guys may know much better than me.
All I would like to mention here is just one. That is England's Adam Smith who became the first and best student in establishing the science of economics. Well, Adam is not a good student who had a copy of David Hume's "Treatise of Human Nature" at hand and was caught by the school authority. Adam could be nearly expelled from Oxford University as Bill Gate as a Harvard dropout. Don't believe me? Go ask Professors Robert Heilbroner and Lester Thurow if I am a liar.
Obama: U.S. recovery depends on rest of the world
Well, seems some one is going to say "all of us are responsible for this" after saying "American people have to be ready to sacrifice" following the famous statement made by J. F. Kennedy "think about what you can do to your country"? Is now Obama more "realistic" to want to follow Bush's path of strategy, not only to switch his position against Bush's "signing statement" at signing a bill into law, but also to form a friendly "coalition" while running into and in charge of an international crisis.
As S. Russell said, "Give me a break!" Who holds the final responsibility for the Iraqi War to the bone? The costs of Trillions dollars and hundreds of thousands people. Isn't it we the American people alone? What's a coalition"? Face the reality, USA is the major, if not the only, one picking up the checks at most expensive "Iraq" or "Afghanistan" restaurant. Don't look around, there is no way out, period.
Not a bad idea from those MBA, though. To spread the risk, it is called "diversifying." Everybody is responsible for the results, i. e. equally saying that "don't just blame me alone." Very good a student of modern MBA program could be!
But allow me remind myself. Don't you think We American still remains as the one-and-one-only REAL leader, if not the boss, in the world to make it more safer as we were after WWII and in the international Brentwood conference. Would Obama be in a little bit of losing confidence of American's role of leading?
(NOTE: Obama looks taller than all the other four former presidents when they took picture right before Obama took over the oval office, at least I am sure he would be much taller with more guts than the shortie Napoleon. Even he seemed to be the only one holding his hands together in front of himself, that doesn't mean he is lacking of confidence by body language reading. Coversely it may be a good sign to show his humbleness, ready to be wide open to all the perspective views. Ha! it is very interesting to look at the picture and see the big 5 showing their property of current mentality by their body expression. Don't believe me? Go find the valuable picture and read in between. You are going to appreciate the great professionalism the photographer has to catch the core spirit of each of them.)
Never mind that we were the one to mess it up; and we shoud have the honor and dignity to make it up. Even we want to run away from the duty, whom and where we can possibly pass it to? We are still much better off or luckier than Obama if we would think ourselves just free like a bird in this great free country. As an individula, we may do so.
How about Obama? Don't we know that there is only one guy who is the boss in White House vested with an "absolute" presidential power to have final say on every decision according to our Constitution, compared to a British Cabinet system? That guy happens to be Mr. Obama now.
Yes, there is no way for you out after your two year hard fight to get in and I am sorry for you that you would be trapped there for 4 years, President Obama. Some presidents felt being defeated and hopeless, such as LBJ fighting the Vietnam war lonely and painfully all nights long trapped in that little white house. I wish things would be much better for you, not like LBJ. If you could "do the right thing," it would be simple and natural with joy of success (治國如烹小鮮) for you and your recent words "it is not easy" would not be out of your lips again.
Hon. Obama, your have a great opportunity at this critical time to make unprecedently glorious history as President Bill Clinton once said "it makes me so envy to him (Obama.)" Yes, President Obama, it is your honor and privilege to be in that oval office to own such a super power given by God. Also, it is your duty to express your talent, royalty and make contribution to our great country and people if you are a responsible man as you said. Again, don't even think of asking around for help, there is no person out there except the great Uncle SAM in naked and uncovered short sales.
Barack, in deed, it is absolutely up to you as a "naked, isolated and lonely person (孤王寡人)" as a Chinese emperor called himself in some ways when facing a risk and taking his responsibility!
