George Rebane
Our government’s reaction to Somali pirates and the Saudi king says it all – by our own hand we are a changed and diminished nation.
In days of yore our government would have acted fast and with finality against pirates – especially those in shirtsleeves and small open boats on the high seas. Merchantmen were all armed and could repel such ragtag boarders, and our navy laid waste to ‘safe havens’ that harbored the scum. Now in this age of sensitivity, we don’t even want to arrest the sumbiches because we don’t know to what jurisdiction to take them for a fair trial. How about a fair trial right there in the water with the sharks (the swimming kind, not the litigation kind)? Thus arrives the Mad Max world when civilization refuses to defend itself.
And let’s cut the crap on Obama and the Saudi king. Bowing is an act of obeisance, usually offered during arrival and parting, that involves the bower lowering his head and eyes in front of the bowee (new word, feel free to use it). And most certainly it’s a bow when your head goes lower than the other guy’s head (see around 50-55 seconds into the video). Now Obama feels that the changed US must do more than a little bowing to our creditors, benefactors, and campaign contributors, especially since he and his crowd don’t have a clue on how to pull us out of this recession, but need to keep selling bogus bonds to the Arabs and Chinese. We do what we must.
Meanwhile back at the ranch, one now has to conclude that Sec Treasury Geithner is either evil or butt stupid – for the moment let’s give him the benefit of doubt and consider him just a butt stupid tax dodger. The man has identified the nation’s venture capital firms as being like hedge funds, and a new source of ‘systemic risk’ to our financial structure. Our VC firms are one of the brightest jewels in the country’s entrepreneurial crown. Their record in financing start-up innovators that have grown to world giants – Intel, Apple, Cisco, Google, Amazon, … – and kept us in the forefront of technology and commerce is bright and blazing. Their financial dealings are miniscule while the risk in their investments is transparent and well understood by the investors. Nevertheless, the pace of government running amok quickens. James Freeman in today’s WSJ describes this piece of bizarre news from Washington.
Administrivia – Mr. Gary Zimmerman, Senior Economist at the San Francisco Federal Reserve Bank, sent me the PowerPoint he presented at the recent Nevada County Economic Development meeting. It is available from the post on the meeting here.


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