I know you can use someone that wasn’t on the 40-man until September, but I thought they had to at least be in the organization.

did I really just type that?

Mike Aviles leads their team in OPS. Mike Aviles! I’ve been reading JoePo all summer and I have no clue who that is.

Because of the high price of gas and electricity.

However, the drawback is those long, 10-hour days. Kinda hard if you have a family.

(present company excepted)

You can’t throw anything into the Hudson without a permit from the Dept. of Environmental Conservation.

…this bailout is not going to work. It wouldn’t save your parents’ 401(k)s. It may triple the cost of food and fuel, while not improving their income. How’s that going to affect the average retiree?

The problem is not lack of money. There’s plenty of money out there. But everyone’s sitting on it, because they don’t know what bomb is going to explode next.

The problem is lack of trust. Everyone’s lying, and until they are forced to tell the truth, no amount of money will help. The government changing the rules daily doesn’t help, either.

I’d rather see something Karl Denninger’s plan:

1. Level III assets must be fully disclosed along with all formula and models for their marks, quarterly, in the 10Q/10K.

   2. Derivatives must all be moved to a regulated exchange with a central counterparty to guarantee margin supervision. No exceptions.

   3. Leverage must be reduced to no more than 12:1 across the system. No exceptions.

Once 1-3 are put in place then send in the OTS and OCC examiners and look at every financial institution in the United States. All who are insolvent and unable to raise private capital immediately are forced through receivership where the debt is converted to equity and existing equity is wiped out. With the CDS monster caged the systemic risk is removed, the bondholders provide the cushion for recapitalization (as it should be) and the restructured firm emerges with no debt while the former bondholders are now the owners (of the equity) in the resulting firm.

With a clean balance sheet the restructured firms remain in business and open the next morning able to raise and attract capital. It may triple the cost of food and fuel, while not improving anyone’s income. How’s that going to affect retirees?

For the few firms that have an insufficient debtholder capital cushion to successfully complete this process, they are liquidated instead. There will be few of these and in fact each of those firms is a regulatory failure, as we should have never permitted a firm to become so far “underwater” that the bondholder’s capital is insufficient to capitalize a restructuring.

If I were a league average pitcher, I’d never want to leave his side.

On a really ugly error.

Final score, 8-2.

Jr. 1 for 2 with a walk.