My Apologies for Being AWOL

A week ago last Wednesday, I entered the hospital with a temperature of 105.4 and a tell-tale rash on my right leg. I was seriously ill. I tried not to let on to my family or friends, but I wondered whether I was going to end my mortal existence. I spent six days in the hospital hopefully watching my temperature spikes go from 104.2to 103.2 and ultimately to the incredibly hopeful 101.5. When I posted my last post, regarding the bailout of businesses that made tragically bad decisions, I was feverish, distracted and worried about my health. I hope I made some sense. Six and a half days later, I actually was allowed to go home.

I am much better, but I am still weak, and tire easily. I'm still opposed to short-term buyouts of companies that make long-term bad decisions. I'm frustrated by the precedents that are being sent, that corporations can make irrational decisions and be bailed out by the fear, that our failure to do so will have tragic consequences.

It may surprise some conservatives, but I am a capitalist. I have a great belief in the capital markets, but I also believe in internal controls and corporate governance. Apologists for corporations who are in trouble blame the federal government, and say, "the government let us do this." Let me tell you, if you base your business decisions based upon what the fed will let you do, than you deserve your fate. Ultimately, boards of directors, and executive management made business decisions that were sound only under very limited assumptions. No prudent asset liability management (ALM) scenarios were taken into consideration. Our predicament is a result of the failure of corporate governance, and no one should be fooled by the idea, that "the feds made me do it."

There were financial institutions that DID act prudently. These institutions aren't looking for white knights and for government bailouts. They are still profitable, though their return on assets is decreasing as their charge-off rates are increasing. I disagree with my fellow democrats that payout from our government is the answer. I'm willing to articulate that opinion as a liberal capilatist. Even so, I recognize the political reality, where government must be seen as responsive to any economic crisis. But we must always view any actions as precents, and the precedents being set alarm me considerably. The government has a valuable role to play in regulating financial institutions. However, bailing out businesses who made bad decisions only ensures future speculative and ill-formed decision-making.

I hope I've made some sense. I am tired and weak, and it pisses me off that my weakness has resulted in my silence these last critical days. Anyone want a MRSA infection? I'd be glad to give you mine. I'm tired of being tired. I'm tired of being poked more than a Malaysian prostitute. I'm tired of being confined to sitting around with my leg in the air. But it is good to be back stirring the pot, because frankly, that pot seriously needs stirring.