McCain Tactics Wrong

Americans measure both leaders and potential leaders against how they would handle problems of the day. The problem of the day is the crisis on Wall St., and Senator John McCain is violating the first rule of campaigning: he’s not. Now- if he were the chairman of the Federal Reserve, that might make sense on at least two levels, that he would have been central to having caused the mess, and central to clean it up. But he is neither.

He does not want to show up at a debate on Friday night in Mississippi if the crisis is not resolved. Question: what business gets conducted on a Friday night? Practically none. It’s not to say that people can’t work on Friday night, but very little need be done then. Especially by him.

John McCain made his mark on foreign policy and on generally conservative domestic policies. He is not now, nor has he ever been a banker, sat on a banking committee, or promoted policies relating to banks.

This very much reminds me of the time President Carter barricaded himself in the Whitehouse during the Iranian hostage crisis. McCain should expect the same results Carter got.

A (Brief) Letter from Singapore

This week I find myself in one of the chief Asian powerhouses: Singapore. I visited this tiny but hugely influential country fifteen years ago, just after having read another Letter From Singapore in the New Yorker magazine. Back then, the community seemed smaller and the businesses were lots more cozier. Today, the community seems larger, and businesses are still pretty cozy.

Singapore is a nation state of paradoxes. Its small size would not lead one to believe that it is one of the chief trading centers in the region, with container ships constantly waiting to unload. That, by the way, really does seem to be one of the lone constants between now and 1993. The hotel I stayed in then, the Pan Pacific, was one of the taller buildings. Today it is in the shadow of many others.

The city itself is difficult to evaluate this week because of an extraordinary event. They are hosting their first Grand Prix on the weekend, which will be held on the streets at night. It’s a first for Formula 1 and somewhat controversial. What is not in dispute is that when F1 comes to town to do a street race, everything gets turned upside down. Tonight, returning from dinner, with many street closures in order to form the racing circuit, my taxi took me through the connected substructure of many buildings to get me back to the Mandarin Oriental. We needed a residence pass just to do that.

The hotel prices on Thursday night will increase from a seasonal norm of $300SGD to $1800SGD. This means I will be out of here on Thursday.

Singapore sports a cross of many cultures, including Chinese, Malaysian, Bengal Indian, Japanese, British, and yes, some Americans. This intersection leads to a wealth of cuisine entertainment and education options. There is a disparity amongst some of the groups, and to be sure, not everyone here is wealthy, but for a tourist it represents an interesting stop in the middle of the Pacific rim, with Indonesia, Malaysia, Thailand, Vietnam, and Hong Kong, not far off at all, and Australia, an almost reasonable distance.

The people here are extremely gracious and the service has been nothing short of remarkable. More on Singapore in a future note.

Please do not applaud

The market had an “Up” day on Friday, now that Congress and the administration have decided that the crisis is so great that it requires what the Wall Street Journal described on Thursday as the biggest bailout since the 1930s. We are now seven years and eight months into the Bush administration, and the comparisons to Herbert Hoover seem most apt. As I mentioned in a previous blog, it was clear that the administration and this president lacked credibility to calm markets simply by words. Opening up the coffers of future tax payers, however, speaks volumes.

While many will applaud the deal that Congress and the administration have put together to stablize the financial industry we have to ask ourselves how we got here in the first place. While Democrats must take some blame for cowering in the face of anti-government rhetoric, it was the Republicans who clearly controlled the agenda. And now we have seen the results.

There are no good ways to manage a bailout- only bad and worse ways. The good way involves not requiring it in the first place. Oversight of the markets has clearly been lax, as we discussed in the oil and food market. Here now is the difference between a Republican and a Libertarian: a Libertarian’s principles dictate that he or she let the financial markets fail. A Republican wants to be re-elected.

So please, no applause for the government’s move. Our children will pay the bill for us.

How To Make Good Pancakes

Here’s my recipe for blueberry banana pancakes:

1 egg
400 ml whole milk
375 ml flour
1 tsp baking soda
1/4 tsp salt
2 ripe bananas
400 ml blueberries
25ml vegetable oil and whatever else you need to grease the pan.

Heat a griddle (or a flat pan of some sort) between medium and medium-high. Mix baking soda with egg and whisk. Add milk, oil, and salt and stir. Add first 200 ml flour and stir. Add remaining flour until the consistency is not too soupy (it should be most of the rest). Slice bananas thinly and cut into smaller pieces. Rinse and mix in blueberries.

Pour 1/4 cup portions onto the griddle. Cook on first side for about four minutes, or until brown on the bottom. Bubbles may or may not appear, due to fruit. Flip and cook on other side for three to four minutes or until brown. If the pancakes are raw in the middle, turn heat down a bit and cook a little longer.

Serves 2 adults, one child.

Quiz Answer

Previously I asked what were the eastern-, western-, northern-, and southern-most states in the United States. Three out of the four answers are gimmes. The southernmost state is, of course, Hawaii, where South Point, HI at approximately 18° 54’N. The northernmost state is Alaska, with Point Barrow weighing in at approximately 71° 26’N. The westernmost state is also Alaska, but where precisely in Alaska that is depends on how you measure. The discussion page of Extreme points in the United States on Wikipedia explains that if you use lattitude and longitude, Alaska is the easternmost point in the U.S. If you use driving direction, however, Maine takes the honor.

Here’s my view: we often refer to China and Japan as “The Far East”, even though to get there from California, one would fly in a westerly direction. This says to me that the logic behind driving direction isn’t all that sound. Given my view, what are those eastern- and western-most points? Google Earth, at least, gives the impression that the westernmost point would be Amatignak Island at 179° 08′ W, and the easternmost point would be Semisopochnoi Island at 179° 45’E. Again, this assumes we’re talking about states. We have possessions in various places that I haven’t reviewed.