State of the Economy!

It is hard to fault the presidential contenders for being so vague about what they would do to address the pitiful state of our economy. Admittedly, it is easy to criticize statements that appear ridiculous, e.g., McCain's claim that he will balance the budget by the end of his first term while keeping Bush tax cuts and not raising other taxes. However, what to do is a problem.

If there was one problem that touches on many aspects of the economy, it is the lack of appropriate regulations.

I am a supporter of those, e.g., Robert Kuttner, who advocate more regulations. While I have no problem with capitalism, per se, I do not think that the market forces adequately address all aspects of the economy. Without focusing only on the recent debacle with Freddie Mac and Fannie Mae which were systems that followed the rules of capitalism by rewarding profits but went another route so that losses could be socialized, I think that the general problems associated with the mortgage industry illustrate that financial instruments can be invented by Wall Street gurus that minimize the consequences of failures.

In addition, I believe that public utilities (energy and transportation) and health care cannot be managed only by market forces. However we emerge from our dependency on oil, it will take a partnership between private capital and government to ensure that investors can count on a return on their investments even if these profits are regulated. In turn, the government would also invest to entice private investors to expend their funds knowing that they will not suffer total failure. Transitioning to a new way of providing energy is unreasonably risky for private investors, especially when we do not have time to waste!

I also believe that the problems impacting air travel point out the failures of a market economy to address an industry impacted by extraordinary factors, e.g., price of oil. Not only are we now experiencing chaos, but the availability of flights is depressed. If air travel was regulated, prices could be adjusted to reflect these realities so that the public could continue to meet their needs. Health care is surely an example where the market cannot address the forces that increase costs without commensurate health gains.

"The Journey Home" by Dermot Bolger

It is hard to believe that it has taken nearly 18 years for this book to be published in the United States. It appeared in Great Britain in 1990 and surely deserves every accolade that great literature warrants.

In summary, the story captures the conflict of young people caught between traditional and historical Ireland and its emergence as a strong economic nation within the European Union. It is a rather disturbing story, but written so extraordinarily well that the reader is rewarded by its literary excellence.

I would love to listen to English majors critique this author's method of structuring the story around three times without the usual clear demarcations. Admittedly, I will have to read it again and possibly, even more times, before I can even understand how he transitions from the present to the past.

Over and above the structure of the story is his densely sentence structure in which he describes ever so finely scenery, emotions, and events. The author's background as a poet and playwright seemed to support his incredible use of such precise sentence structure and words.

A Different Summer!

When starting this blog, it never occurred to me that my absence would ever be noted. It has been over one month since my last entry. This summer may well become unique! It is hard to believe that a series of facts would align themselves that resulted in my son, daughter-in-law, and new granddaughter living with us for the summer while they transition between law school and work in New York City.

The summer has been as wonderful as envisioned. To have a grandchild wake up daily in your midst is no small happening. To see the joy in the small face when confronting another day is a reminder of a time long ago. To see developmental change again is as wonderful as when we first experienced it as parents. To be able to hold such an infant daily is a joy beyond reckoning.



At the same time, there has been some confusion. In contrast to this day when all are present elsewhere, I am seldom alone and when so, I feel a desperate need to read what is on my agenda. At the very bottom of the list of things to do has been golf! I have played only once thus far. But it has been rather easy to give up any blogging given the constraints of our current reality.

We most likely will never get back the opportunity to spend so much consistent time with any of our adult children and their families again (admittedly, we have seen little of my son who is studying furiously for the Bar Exam which is today and tomorrow). We easily find each moment rewarding and gratifying. At the same time, admittedly bedtime cannot come quicker! I have no comprehension how some grandparents actually raise their grandchildren out of default by their own children. It is hard to imagine where the energy would come from. It is hard to fight the aging process!