2009-13 GEORGETOWN

I am now officially a Twit! Yes, after my rude comments, I have joined the Twitter throng. Tho I can’t imagine any of you so socially deficient as to “follow” me, be assured that any so inclined will learn nothing of my personal hygiene habits or daily meanderings. But as a fan of technology to circulate useful information, I have come to suspect there may be disaster situations where the portal will prove some worth. We’ll see.

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I am working on the railroad! Long time faithful readers may recall that this time last year I completed a brief stint in Montana as a telephone book delivery person. While it did little to enhance my resume, it afforded the opportunity to drive in solitude through a swatch of M. Nature’s most spectacular back yard, from Yellowstone on the Wyoming border north toward Canada. And to meet some truly interesting characters, and a fair share of nimrods. A menial job with some splendid percs.

The Georgetown Loop Railroad was completed in 1884 to transport silver from the steep crags of Clear Creek Canyon south toward Denver. A true engineering marvel of the day, it employed a corkscrew route of switchbacks, horseshoe curves, steep grades and 4 bridges across Clear Creek. It was abandoned in 1938 and rebuilt by the Colorado Historical Society in 1984. I’m told that my responsibilities will be diverse, from flogging subscriptions to the Historical Society to shooing critters off the tracks. http://www.georgetownlooprr.com/ All aboard!

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As American banks scurry to raise private capital, typically referred to as senior debt, I wonder if any investor in his/her right mind would advance a single sou. Because financial and economic considerations are no longer the determining factors in whether to invest. Preservation of capital and risk-reward ratios are now dwarfed by the question of whether our President will appear on TV to condemn and shame you from his bully pulpit.

Such was the outcome for Chrysler senior bond holders who balked at getting less return for their investment than junior debt holders or unions. Our normally ebullient Chief Executive appeared petulant in the nationally televised news conference, reflecting perhaps the first time in his initial 100 days that he had not received absolute obedience to his demands.

I possess neither the qualifications nor inclination to present a tutorial on Finance 101. Suffice to say that senior debt holders accept reduced reward in return for diminished risk. Our President has apparently decided to jettison this centuries-old pillar of capitalism and was aghast when someone had the temerity to say “Sorry, the real world isn’t supposed to work that way.” Then in classic fashion (you may have wondered why it’s called a “bully” pulpit), he labeled them “speculators” and “hedge fund operators,” a term which almost no one understands but has become emblematic of the worst of capitalist society.

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There are certain common and uncomplicated daily acts which I have been unable to master. Like smiling. It joins my love of good food and drink as traits I share with the French. I have nothing against the act, just that I find little to smile about. And hand-washing, which is much in fashion now that Swine Flu has become a staple of the planetary diet. Small talk as well (the refuge of small minds), and unrestrained laughter.

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The latest liberal sound bite is to christen the Republican establishment “The party of no.” I find the term perfectly acceptable in many situations. My namesake George Will supported this position on a recent Stephanopoulos Sunday talk show. Once again Paul Krugman distinguished himself by suggesting that the Republican party is in a “death spiral” while Mr. Will responded that after the Goldwater debacle of 1964 similar predictions were made by giddy liberals, yet 4 years later a resurgent GOP moved into the White House and stayed for 28 of the next 40 years.

And by the way, the much ballyhooed “bipartisanship” does not entail tossing overboard one’s core values and cherished principles. It has historically involved compromise and an honest search for middle ground. Contrary to “no,” Republicans have answered every Obama initiative (TALP, Stimulus, Budget) with alternatives that have been thoroughly and absolutely rejected by the Majority. One would think they could find some small area of agreement so at least to make a plausible case for cooperation across the aisle. Of course Republicans stand accused of similar tactics while in power, but so much for recent pledges to change the partisan culture of Washington.

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I have spoken of my admiration for my President’s grand plans coupled with my concern over their implementation. Naval Station Guantanamo is turning out to be illustrative. With great flourish just hours after the Inauguration he “closed” the asylum without a clue what to do with the remaining inmates. As with so much of his soaring rhetoric, there is far more in the elocution than the execution, leaving pesky details to be resolved in time.

Yet we now have a scarcity of allies willing to share in the incarceration going forward, and the few which might be interested dabble in torture. Not to mention the mad scramble of local and state officials and Congressfolk to declare “anywhere but NIMBY.” That is with the exception of Hardin, Montana, whose city fathers and mothers built a 400 bed jail to which they have been unsuccessful in enticing other jurisdictions to send their poor and huddled criminals.

Bring em on, they cry, while residents of nearby Billings, the state’s largest metropolis, twitch nervously. Grand plans absent commensurate solutions breed unpleasant consequences.

…Just a dusting of snow this morning, so perhaps Spring is truly on the way. All Aboard…
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