Monday, March 27, 2023

Something to Know - 27 March

For your and my personal well-being, let's step back from all the stories of dysfunctional events by dysfunctional actors.   For a change, here is Robert Reich as he presents his reasoned and expert views on the banking system.  Nothing fancy, just an introduction and about 6 minutes of his video on "Morning Joe":


1:04 AM (8 hours ago)
to me
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"Morning Joe" and the banking crisis

A metaphor of how the Fed and bank regulators have dealt with it

MAR 27
 
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Friends,

When bookers for MSNBC's show "Morning Joe" asked me to appear last Friday to talk about the banking crisis, I agreed — even though the show starts at 6 a.m. on the East Coast, which is 3 a.m. where I live.

Why do people on the East Coast assume that we on the West Coast operate on the same time schedule they do? I've learned (from a few embarrassing experiences) that I should never go on national television early in the morning when I'm half-asleep.

But I thought "Morning Joe" worth it. It's a good show that's widely watched by people interested in politics. Besides, the banking crisis isn't being covered as it should be (as you know if you've been reading this letter).

I went to bed as early as I could Thursday night and set my alarm clock, hoping to get enough shuteye to be sufficiently articulate seven hours later.

When I was younger, it was easy for me to sleep on nights before I had to get up early to do national television. But I'm now old, and the sleep fairies do not favor the elderly. I tossed and turned and woke up every hour or so to check the clock.

I finally settled into something resembling sleep, only to awaken just 15 minutes before I was supposed to appear. The damn alarm hadn't gone off. Yikes!

I sprang out of bed, switched on the lights, poured cold water on my face, pulled on some clothes, and ran into my home office. No time even for coffee. I turned on my laptop, clicked onto Zoom, and one minute later heard the "Morning Joe" producer ask if I was ready.

Ready?

Within seconds I was on air. Hosts Mika Brzezinski and Joe Scarborough asked easy questions, but my responses were slow, long-winded, and meandering. (I've posted the segment below.) I can only hope a few people learned something from it.

Asleep at the switch, alarms didn't go off, slow and inadequate response. A fitting metaphor for how the Fed and bank regulators have dealt with the current crisis.

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--
****
Juan

Q. What's the difference between a Hippo and a Zippo?

A. A Hippo is really heavy, and a Zippo is a little lighter.

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