Thank God I am married.

Nation’s Girlfriends Unveil New Economic Plan: ‘Let’s Move In Together’

<via 40licious>

Deeper and deeper we go.

This may come as a surprise since I am a journalist, but when it comes to what news stories I follow, I think I’m pretty average. Generally, the big stories of the day catch my attention–currently the economy, Gaza, weather in Washington where Seattle is currently isolated thanks to flooding and avalanches–but how I follow them is a little bit different than the average consumer. Because I’m a journalist, I like to dig deeper, get information from sources that take the time to report and question the accepted wisdom (when there is some). It’s one of the reasons I’ve been listening to Planet Money during this Recession and urge you to as well.

Planet Money, while far from perfect, at least digs into the story a bit deeper than most outlets and asks listeners to decide what might be the right way to fix things. Take the new stimulus package for example. In stories across the major papers, because everyone cited in articles about it wants it to pass, it is taken as a given that an-almost (or maybe for-sure) $1-TRILLION stimulus bill is the right way to go. But did you know that that there is a large school of thought out there that thinks dumping more money into the economy through public works programs is not a good idea? Thanks to Planet Money I do. Now, I don’t happen to agree with that school of thought since I think that anything which creates jobs at this point is a dam good idea, but it sure is helpful to know there’s another option.

Take a minute and dig deeper.

Did you hear? We really are in a recession. Have been for a year, actually. Worry not though, as an American, it is still your God-given right to spend your money when and how you want on whatever you want, even if you don’t have any money. For example, you can still take care of your health, or let a product do it for you with the One Click Butter Cutter!

Lord knows I am no fan of W. The man is a total idiot whose policies helped drive this country into the ground, but last I checked, he is still the president and in charge of this economic shit storm we’re in, right?

I ask because this story about a new economic bailout–this time to the tune of $800 BILLION–announced today, leads the NYTimes, runs two pages and never once mentions the current president. At all. Not even to say that he has effectively given up power and moved to Crawford, Texas. Since the only president we seem to discuss anymore is the President-elect because W doesn’t seem to be doing a dam thing, why doesn’t he just resign and let the rest of us move on?

Anyone? Please?

After months and months of looking for a job in the worst economy in just about anyone’s living memory, I am super duper freaking pleased to report that Alexis got offered a real freaking job today! Hot Dam! Details on the position will follow, but I wanted to share since, well, the economy sucks and we could all use a dose of good economic news.

If you’re anything like me, trying to figure out exactly why the economy tanked is no easy task. That’s why I’ve been listening to Marketplace almost daily for the past few months and, more recently, Planet Money, an NPR podcast where they try to explain the situation to everyday people like you and me. I think they do an excellent job because they, like me, were complete neophytes on these issues when it all started. We’re learning together.

This morning I read an article in The New York Times about the government restructuring the bailout of AIG and it raised a question for me. I sent it in to Planet Money and hopefully they will answer it for me. But I also wanted to share it here, in case they don’t and someone who reads this can help me understad:

I was reading an article in The Times just now about the government restructuring its bailout of AIG so that now we’re buying $40 billion worth of preferred stock. Apparently, the CDOs that AIG owns will be purchased by a separate entity set up by AIG in order to get those toxic assets off the company’s balance sheet. According to The Times:

A.I.G. would contribute $5 billion to the entity, which would buy $70 billion of the securities at 50 cents on the dollar, or $35 billion. The remaining $30 billion of the purchase price would come from the government.
As I read that, it means that We the People will own the vast majority of a company created to hold insurance on bonds that, in this economy are more likely than not not to be paid back. So if I understand everything I’ve learned about CDOs on Planet Money, that means the new entity (ie: the federal government, ie: you and me) is going to be on the hook to pay back all the people/institutions that bought insurance via those CDOs. And, as I understand it, buying those CDOs and providing that insurance is what got us all into this mess in the first place (see: those poor Wisconsin schools and that German/Irish bank).

So, while I understand the need to prop up the economy by bailing out these massive instittuions that purchased all these CDOs and then had to start paying them back, how is it a good idea for the government to own these CDOs and now be on the hook to payback investors if the bonds included in them start to fail? If that risk is realized, doesn’t that just compund the problem, except now it’s the government that needs a bailout?

On top of that, at Planet Money, I read that people don’t want to buy these CDOs for 10 cents on the dollar, but in that Times article, it says the government is paying AIG 50 cents on the dollar for $30 billion worth of the CDOs or toxic assets. I don’t get that either.

Get Your War On, one of my favorite comics is now also a series of animated shorts. And lately, really since the Sarah Palin selection, it’s been darker and more fucked up than ever. And all that much more hilarious.

While, as we know, McCain only has a Palin.

Here’s a two-minute ad airing in some states outlining what Obama would actually do to try and help actual people whether this economic meltdown. He offers a heck of a lot more than a commission and some tax breaks to oil companies.