Posts Tagged ‘Alabama’

Alabama. How ’bout you?

November 19, 2016

Alabama.

Alabama sticks in my mind, going way back.

To get from Louisiana to Georgia, you have to drive through that Sweet Home state of Alabama, the state where folks drive around with a license plate that says: Stars fell on . . .

Alabama, whatever that means.

I’ll tell you what it means. it means crucible.

It means the place where America’s deepest hopes and deepest fears about building a great nation and living out the ideal of all men and women being created equal by Creator God, the place where all those deepest hopes and deepest fears clashed in the thoroughfares of history on a highway between Selma and Montgomery,

and on the steps of the state capitol when President Kennedy sent soldiers in to compel George Wallace to do his job and allow the black folks of Sweet Home to vote and to go to school and to University.

And then later, years later, George Wallace issued a public apology for his former racist bullshit way of doing things. And I remember this video I saw online just a year or two or three ago of Wallace sitting in a wheelchair, his daughter by his side, telling the black folk and all of us, all the people of America, that he was sorry.

I mean I saw this, so to speak, with my own eyes, (online.) It all happened in my lifetime.

This George Wallace who was speaking in my hometown, back in the day, 1968, when he went to the Louisiana legislature and spoke there and he said if they’d send him to Washington he’d take all their suitcases from all them bureaucrats in Washington and throw them suitcases in the Potomac River, and when he said that all the Louisianans who filled that legislative chamber laughed.

But such hyperbole was not a rhetorical stunt unknown to the folks of the bayou state, many of whom in that room that day could still remember what Huey Long had said back in the day,  1930’s.

‘Course we all know it didn’t amount to a hill of beans. Dick Nixon went to the white house that year instead the Alabama governor. Hubert Humphrey was the one who lost big time that year because Wallace peeled off a bunch of them riled-up southerners from the Democrats.

I mean, Hubert got a raw deal in Chicago, but we can’t be crying in our beer forever. He was a nice guy. God bless him, Hubert. May he rest in peace; and, for that matter, may Richard Nixon rest in peace.

We all have our faults.

All of this has happened in my lifetime, y’all, which wasn’t so long ago and it’s still happening today.

We have seen serious changes during these 65 years. I’m not making this up.

  https://www.youtube.com/watch?v=5MhOZt5-Jl8

Maybe I’m just dreaming it, but if I am just dreaming it, well shut my mouth.

But as I was sayin’–I’m talking’ ’bout Alabama now–the place where all of our darkest southern closets got blasted open, oftentimes on nataional TV, to reveal them skeletons in them closets, them skeletons of racism that most Alabamans have now left in the dust of history but every now and then someone drags them old skeletons out of them closets.

Dogs sicced on freedom riders, four martyred girls in 16th Street Baptist Church, Birmingham.

But I’m here to tell you this blood was not shed in vain. The blood of the martyrs is the seeds of. . .

So these days, November 2016, y’all can rant in the streets all you want to, but I’m here to tell you that this new Attorney General appointee, Sen. Jeff Sessions, him about whom the Dems are so upset, while they be trying to affix the R-word to Senator Jeff’s reputation just because he be from Alabama, and yet I see on Resurgent this morning these photos of Jeff Sessions holding hands with Rep. John Lewis

   http://theresurgent.com/seriously-trump-the-pictures-of-jeff-sessions-they-dont-want-you-to-see/   

as they were commemorating the stand taken back in the day, 1965, when Dr. King, Dr. Abernathy, young John Lewis and many others who, being with them all together of one accord and holding hands, marched across the Edmund Pettus bridge while trying to walk from Selma to Montgomery but then them Alabama troopers sent out by the old Wallace, not the later-repentent Wallace, stopped them civil rights marchers on the bridge and beat the hell out ’em.

   http://www.history.com/topics/black-history/selma-montgomery-march/videos/bloody-sunday   

But I’m here to tell you this blood was not shed in vain. The blood of the martyrs is the seeds of. . .

As the poet said, and still says, the times they are a-changin’.

And so they did, and they still are.

Hence, just a year ago as I was cleaning a laundry room at work and listening on the radio to John Lewis’ account of that infamous Bloody Sunday event, as he was recalling it to Terri Gross or Diane Rehm or some other radio luminary, and I remember what Rep. Lewis said about being beat up and it was some bad shit going down but they lived to tell about it and ultimately they prevailed all the way to the steps of the Alabama state capitol and beyond, and Dr. King spoke and it really stuck with me.

So now in November 2016 I’m seeing this jpg of Sessions and Lewis holding hands on the Edmund Pettus bridge and

this has all happened in my lifetime, y’all.

Please don’t tell me it was a dream. Let me have my dream. I have the dream, all God’s children, remember, wait for it . . . don’t you have a dream?

I mean, this all happened in my lifetime y’all.

Alabama, please ya’ll don’t forget this excruciated crucible of our great American dream, where the blood of saints and sinners was shed for the liberty of us all. If you ever go there, remember you’ll be treading on holy ground, ground made holy by the shedding of the blood of the Lamb,

   http://www.history.com/topics/black-history/birmingham-church-bombing   

but that was before the stars fell on Alabama. Now people there have seen the light, or at least I hope they have. I’m willing to give them a little grace, and some space, to cross our next bridge.

How ’bout you?

Glass half-Full

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From Black Friday to Derivatives Saturday

November 28, 2015

Back in the crash of ’08, clueless underlings such as myself suddenly were made aware of a mysterious component of our financial system called “derivatives.”

What is a derivative? you may ask. Funny you should ask. I didn’t know either, and I still don’t. Although I have been trying to figure it out for seven years now, every time I think I know what a derivative is, I encounter acronymic terminology such as MBS, CDO, or SEC.

These slimmed-down nomenclatures should simplify things, but they do, in fact simplify nothing. Although everybody knows SEC stands for Southeastern Conference, which is the football conference where the best American football is played, and where my alma mater LSU exercises its right to excel in athletics, except when teams like Alabama or Florida are on the field.

Tyger

But I digress. I was explaining to you what a derivative is and I mentioned some of the simplifying terminology.

For instance, as alluded to above: MBS.

Well some well-positioned bloggists of the worldwideweb identify an MBS as a Masters of Bullsh*t, which is attained through much blood sweat and tears and dedicated gamesmanship acquired at a venerable institution, such as Barnwell University or Cayman College. The MBS is attained through years and years of shoveling potentially useful data into HFT, which produces a yield from which its index is derived,  and lucrative assets which are then deposited into accounts on behalf of the bullish denizens of WallStreet. These rich deposits build up the notional value of our economy as a hole, thus enriching all of us, not only those who are forever horsing around on Wall Street, but also  you and me and all the folks on Main Street, Easy Street and Ventnor Avenue.

Somebody has to do it. I don’t mind doing my part, working with a shovel. Keeps me in shape.

Anyway, that’s not the MBS of which I spake. I’m talking about Mortgage Backed Securities. I think Uncle Freddie Mac and Aunt Fannie Mae gave these instruments as gifts back during the holidays of 2007, when life was oh simple then, before time had rewritten every line.

My understanding of a Mortgage Backed Security is that they’re something like an Arkansas RazorBack, which is probably why they didn’t work out so well for investors, although Arkansas is ranked third in the SEC west, behind Florida and–excuse my language–Ole Miss.

After that is my LSU Tigers, presently in fourth place of SEC west, but as always and forever will be, bound for greatness.

It’s quite complex to describe just how LSU could be in fourth place, because its position in the rankings is derived from the ratio of victories to losses, divided by the number of footballs passed beneath the legs of a center when he hikes the ball to the quarterback during any given play of the game.

Nevertheless, as I was saying before, a derivative is derived from the outcome, that is to say the, rear-end of a complex financial instrument.

Now I’m sure you’re wondering, as any serious investor is wondering, about the real question here, which is: how much is it worth?

One thing that my research has revealed, and one thing I can tell you with surety is this: The value of any particular derivative is derived from fluctuations in the value of the underlying asset.

Here’s an example: how much is my ticket to this season’s Sugar Bowl worth? Well, at this point it’s an open question, but let’s just say this: I’ll give you my ticket to the Sugar Bowl for your two tickets to the Orange Bowl.

Meanwhile, back at the ranch (Texas Aggies be forewarned), the guys who are shoveling out in the barn are asking what’s the real value of these derivatives. And as I explained before, you remember that the value of any particular derivative is derived from fluctuations in the value of the underlying ass-set. That should come out plain enough.

As for the collective value of all the derivatives, this figure is derived from its notional value, which is calculated based on the notion, as defined by the US Treasury, the Fed, the NYSE, and the AP sportswriters, that whatever goes around comes around, so therefore if the value of the aforesaid derivatives passes through enough piles of assets then when it comes out the other end nobody really knows what its worth, so that it can be revalued at the going rate.

This is unpredictable, of course, as the LTCM affair had indicated  back in the Glass-Steagall days, but it is bound to be worth, somehow somewhere when you least expect it, more than it was in January of 2009. So that’s progress, although the Progressives may not agree with me. I don’t pay much attention to all those freaks on the fringe anyway.

And you understand, of course, that all this has taken place after Cronkite passed from the scene.  Before that, it was pretty much everybody working together in America toward the same values and goals. But that was then and this is now. Derivatives happens.

I’m glad I could clear this up for you. As for the Sugar Bowl and the Orange Bowl,  may the best team win, as it frequently does, but sometimes not.

 

Glass Chimera