Look, I'm fine with rebuilding the Twin Towers area as has been done as it has symbolic value in addition to economic value. I'm fine with the "$1.8 avg. million dollar" payments to the families of the victims not to sue the airlines (http://en.wikipedia.org/wiki/September_11th_Victim_Compensation_Fund). I'm fine with the tasteful list of the names of all the victims in the courtyard.
But I get into trouble with the 100,000 sq.ft. museum that is 7 stories (7 STORIES) underground (UNDERGROUND) at a cost of a billion dollars PLUS $60 million/yr for upkeep of which $20 million/yr is to be provided by the Federal government. Sen. Coburn has objected to this, and I am with him (http://www.politico.com/huddle/0912/huddle1122.html). It seems like there is not enough that can be done for the victims, their families, and survivors of the Twin Towers disaster. And you can add to that the health concerns of the survivors of which I am all in favor as I am for universal health care.
Look if some billionaire or group of billionaires were to bankroll this, I certainly wouldn't stand in the way and a billion dollar gift would provide a $50 million/yr for upkeep (@5% withdrawal/yr).
I also can't imagine what they are going to put into the museum. I can see one story and maybe it has to be underground, but 7 stories and 100,000 sq.ft.?
SO, have we done enough for the U.S military victims (58,282 KIA and 153,303 WIA requiring hospitalization) and their families of Vietnam? (http://en.wikipedia.org/wiki/Vietnam_War_casualties) And what about the 33,651 military and plus 3,262 other U.S. deaths in Korea? (http://www.cbsnews.com/2100-507_162-202741.html) And many of the injured have life changing wounds (lost arms, legs, and minds).
While I am at it, there were more troops killed in Iraq (4,409 plus 31,908 wounded) (http://en.wikipedia.org/wiki/Casualties_of_the_Iraq_War) than in 9/11 twin towers (2,606 in the towers and on the ground). This is not to say that the number killed in Afghanistan won't exceed the number killed on 9/11 as the casualties have passed 2,000 with 1-1/4 yrs to run plus another 17,382 wounded in action. (http://en.wikipedia.org/wiki/Coalition_casualties_in_Afghanistan). Then there is the little contribution of $5 billion/wk to run these wars. Though we may have invaded Iraq over oil and the threat to kill Bush-41, we certainly only invaded Afghanistan because of 9/11. It seems to me that this blood and treasure are a huge monument to the victims of 9/11 by itself.
Showing posts with label 9/11. Show all posts
Showing posts with label 9/11. Show all posts
Wednesday, September 12, 2012
Sunday, September 11, 2011
SEPTEMBER 11, 2001 & THE FINANCIAL COLLAPSE
I realize that there are tens of thousands of people whose lives have been changed to various degrees: loss of a father or mother or brother, etc. It is not only the pain at a missed relative or friend, it can mean selling the house, maybe not going to college, all sorts of things. And it did change our nation in that we have been at war ever since in Afghanistan and Iraq (the big two), but Yemen and other places too in different degrees. In addition to the thousands of Americans and foreigners who died in 9/11 or suffered life changing injuries, there are more thousands who have died or suffered life changing injuries in our subsequent wars in lands far away.
But in my case, and that of millions of others, 9/11 didn't change our lives at all, as nearly as I can tell. I had already been retired for 6 years. It is true that the tech and biotech bubbles burst affected our investing style to a significant extent, and we incurred significant financial loss. I had never gotten involved in corporate bonds before or preferred stocks. But I do not see how these are related to 9/11. The housing boom affected our life in that we sold our home and moved to a lower cost state with some tax advantages just before the housing crash that has been with us since. The low interest rates in effect since the burst of the housing bubble certainly have consumed a lot of time trying to find something relatively safe that has a decent yield. Can we sell our current home and move to a retirement center? I don't know.
If I had to pick something that affected my life in this century, it would be the collapse of our financial industry due to deregulation and lack of regulation of the financial industry by the Bush Administration.* All those weird derivatives and synthetic derivatives left unchecked. It ruined our economy for the rest of my life and maybe forever. Places that have heavy regulation of their financial industry have done rather well such as Texas (a surprise) and Canada. You can deregulate industries like trucking and maybe the airlines. There will be pain, but the entire economy is not at hazard, and, maybe after some years, we come out ahead. The financial industry is different. They can't be left unchecked. As much as 9/11 may have affected America, it is the collapse of the financial industry that has most affected America. For example, Federal revenues are at a 60year low as a percent of GDP.
Where was I when the economy collapsed? I don't know. Perhaps September 15, 2008 was the date. That was when Lehman Brothers declared Chapter 11.
* President Clinton helped by signing repeal of the Glass-Steagal Act.
But in my case, and that of millions of others, 9/11 didn't change our lives at all, as nearly as I can tell. I had already been retired for 6 years. It is true that the tech and biotech bubbles burst affected our investing style to a significant extent, and we incurred significant financial loss. I had never gotten involved in corporate bonds before or preferred stocks. But I do not see how these are related to 9/11. The housing boom affected our life in that we sold our home and moved to a lower cost state with some tax advantages just before the housing crash that has been with us since. The low interest rates in effect since the burst of the housing bubble certainly have consumed a lot of time trying to find something relatively safe that has a decent yield. Can we sell our current home and move to a retirement center? I don't know.
If I had to pick something that affected my life in this century, it would be the collapse of our financial industry due to deregulation and lack of regulation of the financial industry by the Bush Administration.* All those weird derivatives and synthetic derivatives left unchecked. It ruined our economy for the rest of my life and maybe forever. Places that have heavy regulation of their financial industry have done rather well such as Texas (a surprise) and Canada. You can deregulate industries like trucking and maybe the airlines. There will be pain, but the entire economy is not at hazard, and, maybe after some years, we come out ahead. The financial industry is different. They can't be left unchecked. As much as 9/11 may have affected America, it is the collapse of the financial industry that has most affected America. For example, Federal revenues are at a 60year low as a percent of GDP.
Where was I when the economy collapsed? I don't know. Perhaps September 15, 2008 was the date. That was when Lehman Brothers declared Chapter 11.
* President Clinton helped by signing repeal of the Glass-Steagal Act.
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