Total Reform

So, I have been pondering much about the state of the economy and how government just cannot seem to keep up with its spending initiatives. I guess, from my last post, you are clear about that! So, I have an idea that will be quite unpopular for some and, probably, quite popular for others, here it is:

Since this is the technology age, instead of having government offices for everything under the sun staffed in many places with many people and many computers and much overhead cost, why don't we require that some things be done by computer, and by computer only. If you do not have a computer there are computers available in every library and other public spots. You may use those. Can you imagine the amount of money we would save?

I know you are thinking, "Like what services?" So, here's what I am thinking, car registration and other automobile related transactions (there is no reason why most of these cannot be done online, of course there are exceptions here, like the actual driving exam); tax forms and advice (no more local IRS or state outlets but call centers would be available if you cannot find your answer online but you may have a wait ahead of you); those are the most obvious to me but there are hundreds of other opportunities to cut here. That way we could take the money the various governments continue to take from the education coffers and put it back.

What do you think? Am I on the right track?

Economic Blues

I'm sure you have been following the implosion of the U.S. banking industry. I have been trying to avoid all the news but, I'll have to admit, it is quite difficult to dodge at this point.

First, the plunge of the housing market touching off the mortgage crisis. The mortgage crisis has made the banks sink. In the last few weeks it has been one financial institution after another, then last week one of my favorite banks, Washington Mutual, put itself up for auction and was purchased by JP Morgan. I just hope that Washington Mutual under the wings of JP Morgan will keep its corny, yet intimate, personality. I guess I am just happy that they have survived!

Now, I awake this morning to the news that there has been a Wachovia buyout. Apparently CitiGroup has bailed Wachovia out and will acquire all its banking assets and will take on $42 billion in debt with the FDIC covering any additional losses. As details of the Wachovia takeover surfaced, the stock dropped from a close of $10 per share on Friday to $0.94 today, or a 90% drop in stock price.

I have to say that I try hard to not follow finances or the markets, although some times I cannot help myself and this is one of those times. I know that the government is all over this and I hope for announcement of a solid bailout plan soon so we can all get back to business as usual.

Happy Monday!