Wagoner is Gone

Its about time that the Administration forced out one incompetent chief executive, and GM's Wagoner is certainly deserving of this. It seems like the New York Times got the article about him in Today's paper from their obit vault. It is hard to disagree that Wagoner is in some sense a sacrificial lamb, a martyr to the public desire for blood before dumping money on these unfortunate zombie manufacturers. He was, however, a disaster as an executive. For all GM's problems when he took over, they still had a good legacy position in the marketplace and made tons of money. Now they don't, their market share is down and who can forget the Pontiac Aztec and other stupid decisions made by GM over the years.

Krugman Is Right, as Usual

See here. Today's column explains exactly why the Obama administration is not getting it. This is not a short term hiccup but this crisis is rather an indictment of the entire financial system as we know it. It amazes me how much the control over the Democratic Party is in the hands of the hedge funds.

On Jeter Batting Leadoff

Finally, the Yankees have figured out that Derek Jeter is their leadoff hitter. This is something that should have happened a decade ago, but Dear Leader Torre never could see it because Jeter didn't fit precisely into his mold of what a leadoff hitter should be. Apparently, Torre did not like guys with good OBP numbers and pretty good speed as his leadoff man, he wanted people who couldn't get on base, but boy if they did get on base they would have been great. Thankfully, Torre is gone, and the more we see of life after Torre the more I wonder how many more games the Yankees would have won without that tea sipping fool.

More AIG

The New York Times DealBook blog and the business section contributors from Breakingviews.com have never seen a bonus that they do not want to pay out from our money. First, I have no idea why the New York Times needs to publish the usually silly and inane commentary of breakingviews.com, which I had not previously heard of before they started being published in the Times. Today, these two defenders of Wall St's status quo ante say that AIG should pay the bonuses for NEXT year, despite the outcry about this year's bonuses, to preserve the august division that is AIG Financial Products. See the piece here. Really, as Brad Delong writes, why can't we get a better press corp, NYTimes?

Libraries and the Great Recession

This article in the Times is so true. I hadn't been to the library in years while working and now I go all the time. Another good place to go is Barnes and Noble. The stores usually have places to sit for free and plenty of books to read. No one seems to mind, at least at the B&N at 82^nd and Broadway.

AIG Financial Products Resignation Letter

Yesterday, the New York Times published this letter on its Op-Ed page. I reacted to this letter almost with the same level of disgust as I did to the original bonus story. First, if no one involved with AIG will admit to knowing anything about Credit Default Swaps then why do we need to retain them to unwind the these idiotic contracts. AIGFP cannot have it both ways on this, they need to identify someone who has useful knowledge in regard to the swaps before saying they need to retain these people. Second, I view this guy's tone as totally self righteous – I was promised and I stayed because I love my country. Buddy if you loved your country so much you would work for a reasonable salary instead of stealing our money. Since you don't love your country enough for that, shut the hell up. Third, if you are worried about being shamed, then you should not have taken the shameful bonus. The shame is that you took money that you knew to be wrongfully promised and paid, which is also why you kept seeking reassurance that it would be paid. You knew it was wrong and you took it anyway.

As a separate point, we need to get rid of this ridiculous notion that people should work for $1 a year. People need to be paid a living wage for their work and the government should understand that. Not everyone talented enough to work for the government or in politics will have the wherewithal or desire to work for nothing. It's not honorable to work for a dollar. It's about turning our government into the playground of the rich and powerful who will be the only ones who can afford to have anything to do with the government. Isn't this the exact reason that we started paying people in government in the first place?

The Tickets Arrive

At long last the pasteboard strips landed. For some reason no signature was required. And I wasted all morning waiting to sign for them! There may be nothing new under the sun, but Yankee tickets without a signature are a sign of the new way in the Bronx.

My daughter sold her opening day tickets (via Stub Hub) to someone who insisted on the cardboard original. Stub Hub now essentially sells electronic tickets. I think that purchaser will be disappointed. The opening day ticket is as bland as all the rest, not even indicating that it is official game one of the inaugural season. I suppose whoever the purchaser is was fooled by the elegant last game ticket of last season and expected a playoff quality ticket. Oh well.

I split the pack up, gave some out and await the arrival of the minor buyers to get theirs. There is always an anti-climactic feeling after the tickets, anticipated (and paid for months ago) so very long finally come.

Will this be the extraordinary season the pitching staff makes one believe possible? A season like that season of magic, 1998? We shall find out bye and bye.

Automobile Reorganization

Two veteran bankruptcy lawyers propose a new solution for the automakers problems here. Their proposal assumes a number of things that may not be true in reality. First, they assume that the creation of Amtrak and the creation of Conrail were unmitigated success stories. This might be true about Conrail, which was eventually returned to the private sector, Amtrak has not exactly been a success. Both due to the difficulties in coming up with a viable plan for a profitable passenger rail system (there has never been any reason to assume that passenger rail could be profitable), which was a key assumption in the formation of Amtrak as a private corporation, and the fact that Congress has long starved Amtrak of adequate funding that would be necessary to reach profitability or in truth a state of adequate usability on most of its routes. Amtrak just has been starved while roads and airports have had huge government subsidies thrown at them year after year. In truth, it is not necessary for Amtrak to be profitable, but that requires a different conception of its role than the one devised in 1970. It hardly seems likely that an automaker bailout structured to create a semi-private entity along these lines would not have the same difficulties in achieving appropriate funding levels to carry out its mission of maintaining an American automaker, helping preserve defense capabilities, long term job promotion or ever be returnable to the private sector. Finally, those arguing that a traditional bankruptcy reorganization under Chapter 11 would be inadequate to the task have no evidence on their side. Assuming the Federal government will support the automakers with DIP financing, creating a new mechanism for the automakers seems unnecessary.

Donating to my Alma Mater

I love Columbia Law School, I really do, but this post, detailing article in the NY Times this weekend, was infuriating. I know very little about Edward Morrison, but do know that Columbia Law School loves asking for money while at the same time giving million dollar loans to professors. Does Mr. Morrison really need to live in Morningside Heights? How about NJ, or does the busy schedule of a law professor require his being within a few blocks of the law school?

Geithner and the Failure of Obama’s Economic Policy

John Judis has some smart things to say about why Tim Geithner has been such a disaster. It appears to me that as long as Geithner sticks around, Obama's economic team will continue to flail around for a solution. This guy is way too connected to Wall St. to see solutions that Wall St. may not like. I sure hope that we won't be remembering Geithner as Obama's Rummy – the guy to whom the President has such unfailing loyalty that he will allow him to destroy his administration.

Free Museums

For those of us for whom the economy is taking its toll, check out this detailed list of free hours at museums and those which are only suggested donation - http://www.newyorkology.com/archives/2009/03/free_hours_at_m.php

Wow!

Sunday, March 22, 2009

Wow!

I went to the Stadium Monday.

I walked all around. A friendly guard at the bleacher entrance (under the el) whom I engaged in conversation suggested I go to the lobby (on 164th and Jerome) and ask to be taken to my seats.

Sure enough, the security people obligingly called up to the tickets department. An employee of that department named Andy came down and told me that if I had called, I would have been told “No” but since I was there he would take me up. He even waited for my son to arrive and park. We signed the safety waiver (the Stadium is not finished) and put hard hats on. The new stadium is lovely. Our seats up above the plate have more room than our old ones, are comfortable and have cup holders. There looked to be numerous bathrooms for both genders. The eerie thing about the field, which was the best thing about the old stadium, is that it still looks the same. Everything is still the same down there.

I think we are going to enjoy this. That is, when the tickets finally arrive. I called Friday and was told they won’t come until March 31st or thereabouts. That is awfully close to the workout day on Thursday April 2nd.

Henry Frisch

Welcome from Henry Frisch

Why be different from everybody else? Blogging is the way of the world as we charge through to the end of the first decade of the twenty-first century of the Common Era. And so I am joining the hoards with their own blogs after some years of jabbering around on all and sundry 's blogs.

Joining in this endeavor is my son Avi, who will share in this endeavor. He will speak for himself, as I will for myself.

My mind passes freely through the cosmos of Judaica, the arts, baseball and politics -- of the world, Israel, the United States, the Northeast, New Jersey and Teaneck. So as for me, most anything that crosses the range of my mind will be subject to jotting here.

I invite responses to my musings. Please be civil.