Photo of the Day: The Answer is No

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andrew lebovich photo.jpg
(photo credit: Andrew Lebovich)
My colleague and right hand Andrew Lebovich sent the following pic to me a moment ago after I emailed him asking if he wanted to chat today (Saturday) about all of the major events we have coming up this next week. I have just arrived in San Francisco after having returned from Eastern Europe and Asia.
Suffice it to say that Andrew did not want to talk about our “Cutting the Fuse of Terrorism” conference and said “no” politely by emailing this picture.
More soon.
— Steve Clemons

Comments

5 comments on “Photo of the Day: The Answer is No

  1. questions says:

    Here’s Ezra on the mortgage fraud mess:
    http://www.washingtonpost.com/wp-dyn/content/article/2010/10/14/AR2010101406324.html?hpid=topnews
    I think some of the responses he touches on are going to be problematic. Any kind of mortgage modification or eating up of lost principle on the part of the banks is likely not to work because of the moral hazard and contractual obligation objections.
    When you benefit individuals one at a time, eventually of course, the benefit spreads cream cheese-like through the society. But it’s slow and thick and greasy and people don’t seem to want that much cream cheese to step in. So we don’t take well to individual benefits.
    Of course, it’s possible that the “contractual obligation” side of things is null and void since so many mortgage docs have been forged! But the moral hazard objection/concern/panic feels like second nature to a lot of people (even if it’s not the best argument in the universe.)
    Right-to-rent is an interesting thought, but banksters aren’t really set up to be major landlords, so unless they already have all the property managers ready-to-hand, they’re going to have to contract out or set up divisions. Think of the tax accounts, repair accounts, individual city, town, and township landlord/tenant rules they have to abide by…. The expertise isn’t there, and policing all the management companies is a massive undertaking. And if the single biggest payer of property taxes in a town is some absentee bank of one sort or another, it’s quite possible that local property tax/voter connections could be severed in significant ways. I fear for school funding on this one. It could get ugly.
    I see a lot of deferral of the problem until it’s too late.
    There’s so little incentive to FIX it, and even worse, it looks like there’s very little ability to fix it.
    The best version of things would be for the banksters, moving forward, to, I don’t know, actually file the damned mortgage docs and property transfer docs in the recorders of deeds offices or wherever they need to go, and for current mortgages, to defer doing anything for somewhere around 30 years…. The problem would then go away by itself (which is the best kind of problem/solution relationship eveh!)
    If the holders of the MBS start suing the issuers of the very same MBS, then the lawyers will do well and the the investments will be on hold and the uncertainty will require popcorn. And good lord, would they be suing themselves in some cases?
    It may be time to, umm, invest in popcorn.
    Will the gov’t find a way to sweep the bump back under the carpet and put a few more rugs on top to hide the lump, or will it all come out in the wash?
    Which set of incentives will win out? Whose moral hazard will be seen as worse? Who wants to be a landlord?!
    Like I said, bring on the popcorn!

    Reply

  2. Jake and Bernie says:

    Yeah, Annie, we think its about time he paid homage to us canines too.
    The last straw was the thread below this one, when he posted that picture of a weasel.

    Reply

  3. annie, oakley and buddy says:

    alright, pandas we get. Panda’s are cute. But TREES? Pictures of freakin’ GREENERY? Whatta we gotta do to get on this blog… leak those pictures of you and a Komodo dragon from you last visit to Jakarta to the Washington Times?

    Reply

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