Hope and Purpose: The Story We All Write

Today marked the Inauguration of the 44th President of The United States of America, Barack Hussein Obama.  It was an amazing event dotted with people from all walks of life and social classes.  Some estimates put the total attendees somewhere between 1.5 and 3 million people, or .5% to 1% of our total population.  

The opening events went smoothly, save the ramblings of pastor Rick Warren, and was highlighted by Aretha Franklin singing "My Country tis of Thee".   During the Oath of Office, Chief Justice Roberts and Barack Obama were a bit out of sync but got through the mistakes somewhat smoothly.  Then came the speech.

Everyone expected various versions and snippets of his speeches to date mixed with Kennedy and Lincolnesque lines.  Others expected a "Yes we can" style diatribe about how he needs our help and that all we must rely on is hope.   Well many, including myself, must have been pleasantly surprised by a somber, reflective, historic and meaningful speech.  

President Obama laid out many policy distinctions from his predecessor and provided a vision of the future that any American could get behind.   The major themes were; remembering America's greatest challenges, remembering our forefathers sacrifice & courage in the face of almost certain ruin,  the retirement of old grievances, the strength of our collective will and the capacity of our great nation.  

There will be cynics and political hacks who tear through the speech and pour over the minutia for weeks.  However there was one theme that cannot be disputed.  That we, as Americans, have prevailed in uncertain times and that we shall overcome this challenge as well.

Now that the niceties are over, what will see if his words can translate into action.  Only time will tell...

First death in Madoff scandal

CNBC and Bloomberg are reposting that one of Bernard Madoff's investors, Theirry Magon de la Villehuchet, has commited suicide in his Madison Ave office.   de la Villehuchet had invested all of his and his clients money, up to $1.4 billion dollars with Madoff's firm.   This is the first death associated with this scandal however it is not likly the last.  Mr. Madoff lost the life savings of thousdands of indivduals and billions for other big investors.  

As always if it is too good to be true, it probably is.  As we all wake up from our dream of something for nothing, many are going to be unable to cope with the reality of where we stand individually, and as a people.   Remember its only money and there is always an option aside from death...unless your an overly leveraged hedge fund manager who's put all his eggs in one basket. 

Happy Holidays to all!

Take 2, another $40 Billion down the drain.

Today the Federal Reserve and Treasury Department have decided to provide an additional $40 billion dollars to the failing and flailing AIG.  This brings the total bailout to, wait for it...

$150 billion dollars of taxpayer funds.  The largest bailout ever.

While the method and details are more complex than the simple number suggests,  the basics of the NEW deal is that we have added $40 billion to the loan, lowered the interest rate overall and provided a longer payback period (from 2 to 5 years).    The new CEO, Edward Liddy, explained today on CNBC that this will provide the breathing room needed to get the company on track and time to sell its assets at a better price.   Since taxpayer own 79.9% of AIG at this point I hope Mr. Liddy can prevail.  However, the likelihood of this happening is very low.

It appears that our government though its proxies (the federal reserve) will continue to trade good taxpayer deposited funds for shady "assets" including CDO's, CDS's and other alphabet soup derivatives that the markets are telling us are basically worthless at this point.   As this mountain of liabilities piles up on the balance sheet of the Federal Reserve, our national wealth is evaporating.   

What is next...$50 billion of our money to help the perpetually failing auto industry?  Unfortunately for us the answer is yes.

Obama Wins! World shocked, relieved.

The world is in a state of shocked disbelief.  After re-electing GWB for a second term most of the world wrote America off as past its prime, a nation headed toward distruction, and/or a bunch of morons.  While I never ascribed to this view, it cannot be ignored or discounted in respect to our general world perception and standing.   With a new leader and new direction Americans now have an oppourtunity to regain our position as that "shinning city upon a hill" (to quote another great, transformative President).  As Obama so elequently stated in his speech last evening, this election is about the people, he cannot do it alone or even with his voter constituency.  We must come together as a people, get off the couch, turn off the TV, help the old lady across the street, realize that our own actions have profound effects on our neighbors, which effects their neighbors and down the line.  Voting is not the end of our mission, but the beginning of a new future for America.  The loud sound of a young generation resounded throughout the halls of Washington DC to my delight and surprise.  We actually showed up and made our voices heard.  

Now comes the hard part, actually doing what we have be saying for so long.  Change will not come without the change in many individuals; change in attitude, synicism and most importantly change in our daily activities.

It is still my belief that the change we seek will come from a change in how we save and spend money.  As long as we run up deficets and spend beyond our means we will remain slaves to the banks and credit card companies.  We have seen one race break out of its chains and attain the highest office in the land, now we need another race, the human race to break free from the chains of debt to become free and attain the higest goals we set for ourselves.

Yes we can is not a slogan, it is the rally cry for persoanl action and responsability to ourselevs and our children.  What better lesson or legacy can we leave than the undoubtful belief that if we set our mind to the "impossible" we can achieve greatness.  YES WE CAN!

Commerce Bank offically no more, welcome in the new era of TD Bank.

It's Official!  I am writing my first post i the HobokenDirect.com blog.  The concept of this blog is to keep you informed about important information vital to life in Hoboken, and life in general.  

The merger between TD Bank Financial Group and Commerce Bank was completed back in March of 2008.  However the transition from the Commerce brand to the TD brand was made offical this Monday when the exterior signs were replaced on the front of the landmark bank at 47 Newark Street.

The Philedelphia Business Journal is reporting that 

"TD Bank said the deal will make it the seventh-largest North American bank by branches with 2,100 -- almost 1,100 which are located in the United States. TD Bank officials have said evaluation of branch overlap in areas such as New York, New Jersey and Pennsylvania are ongoing but there have been no decisions about how many sites, if any, will be closed.

TD Banknorth President and CEO Bharat Masrani will serve as the combined bank's CEO. He has said he will spend time in Maine and New Jersey, and said earlier this month that he plans to buy a home in the Philadelphia area. There were no immediate announcements about the roles of Commerce's top executives, including Chairman Dennis DiFlorio, CEO Robert Falese and Chief Financial Officer Douglas Pauls."

Most Importnatly to ex-commerce bank users is...

"TD said it plans to keep the Commerce model built on customer convenience and fast branch expansion. Commerce branches will offer seven-day banking with the same long hours, strong customer service and popular conveniences including penny arcades and treats for children and dogs. He said TD Banknorth customers will have longer hours and a wider range of ATMs."

As an ex-commerce bank user I must say that the hours and service were the best in the business and I am glad they are keeping these aspects alive.  As the world financial system lurches forward we will definatly see more mergers, aquisitions, failures, and government takeovers.  TD Bank 's financial picture looks strong, but in these times and days of off balance sheet "assets" I could be completely mistaken.   For now my bet is on the TD Bank brand will stand for a few years.