Why we have no choice but to pass the "Paulson Plan"

The bailout package presented to Congress, which Congress defeated on Monday in order to punish America and the world at large, is absolutely essential to all of us. Let me explain the dire and urgent need for the plan to pass when it comes to re-vote this Wednesday.


The Problem:
We will deal with some of the culprits pictured above later. As of right now, banks across the country have stopped lending money to just about everyone.

Why?
Every financial institution in America is attempting to hoard cash to battle huge runs by their large account holders (especially those who have more than the FDIC insured 100K). Having unsuitable cash holdings has already shredded: Bear Stearns, Lehman Bros, WAMU, Wachovia, Merryl Lynch, AIG, Indy Mac, Fannie Mae, Freddy Mac, and more. Local and Regional Banks are all at risk of FDIC takeover as runs continue on their cash assets.

How the plan will help:
The 700 billion dollars can be used to create a transparent market to buy mortgage assets that have no current market and no current buyers. Private and Institutional investors have given up trying to buy mortgage assets originated in the past 5 years, therefore nobody knows how much danger banks are in that hold those mortgages because they can't be accurately valued (It takes a market to set a price).

How it screws up your perfect little life:
RIGHT NOW small and large business can not get loans needed to buy seed for farm, inventory for retail, or personal loans of all types - like the one you need so you can send Betty Sue to diesel mechanic school. The Christmas retail season will be met with pink slips instead of product in stores. The credit crunch will force huge layoffs in huge numbers because business in America and around the world will seize up along with their credit. Then the real pain will begin as demand for everything disappears along with your job. This will badly hurt every person in America from unborn (or un-aborted) fetuses to illegal immigrants to Wall Street CEO's.

The misconception: "This is just 700 billion for Wall Street Fat Cats" - Joe Sixpack.
The plan does not bail out Wall Street. Trust me - they have been in pain all year. This plan should cost taxpayers nothing and will return a profit if handled with basic care. This plan will help stop foreclosures as the Federal Gov buys distressed assets and holds them until they appreciate in a few years. This plan allows taxpayers to actually dupe Wall Street into buying these assets back in the future at higher prices then the current bargain value. Joe Sixpack can turn a profit and he can do it with money taken from rich people who pay nearly all of the taxes to the Federal Gov. to begin with. That is the briefest I can do it. Now- stick with The Plastico for updates, more importantly don't eat at Baja Fresh anymore because they keep shrinking their freaking burritos and cutting them in half is not fooling me whatsoever. Seriously, this looks like a bloated taquito.

Best In The Bigs...

Angels clinch home field and will play Red Sox in playoffs Wednesday.

Though the Angels have lost nine straight postseason games to the Red Sox, they are 8-1 against Boston this season.

That the Angels are 11-4 since clinching the division on Sept.10, is a statement in itself. John Lackey will take the hill to open the playoffs, he will be opposed by Red Sox righthander Jon Lester.

Jon Lester, LHP (0-0, -.--) Red Sox @ John Lackey, RHP (0-0, -.--) Angels

Scouting Report: Angels: Lackey allowed a career-worst 10 runs over 2 2/3 innings against the Rangers on Friday in what was supposed to be a final tuneup before his Game 1 start against the Red Sox on Wednesday. But it wasn't indicative of the way the big right-hander has been throwing this season and was just a bad start in an otherwise meaningless game. Lackey, who is 3-6 with a 5.54 ERA against Boston in his career, appeared to turn it around against the Red Sox this season. He went 2-0 with a 2.81 ERA against Boston and carried a no-hitter into the ninth inning at Fenway Park on July 29. It will be interesting to see what version of Lackey shows up on Wednesday at Angel Stadium.

Friday, October 3 Angel Stadium of Anaheim | 6:30 PM PT

Daisuke Matsuzaka, RHP (0-0, -.--) Red Sox @ Ervin Santana, RHP (0-0, -.--) Angels

Click Here to Buy Angels Playoff Tickets

Just for kicks - Here are the debate reports that we are aware of...

CBS News: Obama won 39%, McCain won 25%, Draw 36%

Insider Advantage: Obama won 42%, McCain won 41%, Undecided: 17%

CNN: Obama "did better" 51%, McCain "did better" 38%

{{{{DRUDGE POLL}}}} WHO WON THE FIRST PRESIDENTIAL DEBATE?...

MCCAIN

65%

131,270

OBAMA

32%

65,203

NEITHER

2%

4,565

Total Votes: 201,038

For those who get all of their news from The Plastico

#1 USC lost to Oregon State Thursday night.

Washington Mutual was seized by the Federal Government and assets of value sold to JP Morgan in a sweetheart deal (JPM already stole Bear Stearns). All deposits and all accounts at WAMU are safe and accessible through JP Morgan - unlike the Indy Mac situation.

The proposed 700 Billion Dollar "bailout plan" is stalled and will likely jolt markets lower... BTW - w/out this plan we are much closer to a depression. ;-{

The Lexus Gauntlet will be kicked off FRI night as the #5 USC and #4 UCLA women's volleyball teams meet at the Galin Center

Dodgers clinch the West further cementing my claim that a freeway series is all but inevitable

The Office premiered Thursday Night to a lukewarm response by me

AP: Gardena wants to be sag free

Gardena council weighs ban on saggy pants

The Associated Press

Article Last Updated: 09/24/2008 12:38:22 AM PDT

GARDENA - A city in Southern California is considering a proposal to ban saggy pants. The Gardena City Council debated the ordinance Tuesday night before deciding to postpone the vote.

Patty Yanaga, a recording secretary from the city clerk's office, says some council members felt the ordinance was too broad and unstructured and wanted more time to reach a consensus.

Councilman Steve Bradford argues that wearing pants that hang below the waist and expose skin or underwear is indecent exposure. Critics of the proposal say they are concerned about law enforcement playing fashion police.

Several cities across the country have passed similar ordinances, but not without controversy. For example, last week a judge in Florida declared Riviera Beach's ban on saggy pants as unconstitutional. The order was issued after a 17-year-old was held in jail overnight because police spotted his boxer shorts.

The Plastico staff has uncovered several other area proposals:

1. The Brentwood City Council is considering banning yuppies.

2. Beverly Hills is considering banning dogs that fit into purses.

3. Malibu is close to reaching a deal that will tax surfing at $85.00 per hour.

4. Pasadena will soon ask all Armenian residents to leave town; replacing them systematically with Turks.

5. Hermosa Beach is ready to consider an all out ban on 'hot chicks'.

6. Santa Monica Council members will finalize a deal to ban Eurpean Tourists sometime this week.

7. Venice is drawing up plans to ban 'crazies'.

8. The County of Los Angeles is considering not being absorbed by the Nation of Mexico; although this is an unsubstantiated rumor.

9. The Inland Empire is unified in an attempt to outlaw being not liked by the rest of LA

10. Antonio Villaragosa wants executive authority to silence his critics in the media.

Egg finally follows the chicken....

New law outlaws text messages while driving

The Associated Press

Article Last Updated: 09/24/2008 05:41:58 PM PDT

SACRAMENTO - Gov. Arnold Schwarzenegger has signed a law making it illegal to read or send text messages while driving in California.

The bill by Sen. Joe Simitian imposes a $20 fine for a first offense and $50 for repeat offenders using any electronic devices to read or send messages, starting next year.

Schwarzenegger says the law he signed Wednesday encourages drivers to keep their hands on the wheel and eyes on the road.

What happens when the Federal Government spends @ 1 Trillion in a week..

You get inflation and a weaker dollar. So, guess what else happens to dollar based commodities....

Crude Oil prices rose far more in one day then just about anyone ever could have imagined. Really. The price per barrel for October Contracts actually hit $130.00 for a brief moment. Crude was trading in the low 90's just days ago.

Prices should open much lower tomorrow; many believe today's gains were the result of a "short squeeze" on expiring October contracts, but prices could make another run soon. The Gas Map at the bottom of the page will likely change in a not fun way. The Plastico staff recommends that you fill your tank today just to get a small reprieve before your next fill up. Good Luck.

File Under: Mumblings of a Freeway Series...

Top 10 Reasons A "Freeway Series" will happen this year:

10. The Dodgers pitchers have come alive and they are ready for the NL Playoffs. Chad Billingsley (2.64) and Derek Lowe (2.83) both have ERAs under 3.00 in the second half, and Hiroki Kuroda's is 3.43

9. Jeff Kent, thought to be out for the season, will be back for the playoffs. Even if you hate him, he can help the Dodgers with experience and a knack for RBI.

8. The Dodgers are 16-5 over their past 21 and that is spicy hot. Joe Torre has the team peaking just in time.


7. The Angels have a ton of pitching and will have lots of different ways to beat just about anyone that is trying to take away the home field advantage that they are about to wrap up this week.

6. "TEX". The addition of Mark Texiera supplied the Angels with the extra bat they have needed for years; they can now score enough runs to go all the way.

5. The Dodgers finish against the Giants and Pads - two very weak teams. They might even get a chance to rest some folks before the playoffs start.

4. Mike Scioscia, Dodger traitor, has been resting key personnel for 3 weeks and still keeps winning.

3. K-ROD is sitting on a MLB record 60 saves and may get a few more. The Angels can hold a lead and they want to use K-Rods's arm up before he walks away from the Angels next year for more money.

2. Joe Torre has critics to prove wrong. Joe Torre will bring his best down the stretch; Torre's best is very very good.

1. MANNY, MANNY, MANNY

BTW: Angels in 6... Reserve your spot on Interstate 5 now.
Here's a tip - The best local baseball websites are
(they are linked on The Plastico essential link list):

Jon Weisman's Dodger Thoughts

Rev. Halofan's Halos Heaven

Rob McMillin's 6-4-2 -- an Angels/Dodgers double play blog

Q2 08 Executive Job Market Trends For LA (www.theladders.com)

REGIONAL JOB MARKET COMPETITION

Compares the number of active job seekers to number of $100k+ positions available in this location....... 6:1

REGIONAL EMPLOYMENT INTEREST

Compares non-resident job seekers and local job seekers who are vying for $100k+ positions in this same market....... 102

TOP COMPANIES HIRING

The companies in this location who post the most $100k+ positions on TheLadders.com.

1. Walt Disney Company
2. FOX Entertainment
3. Deloitte
4. TNG Global
5. Western Digital

MOST DESIRED COMPANIES

The companies in this location for which TheLadders.com members most want to work.

1. Campaigners, Inc.
2. Panasonic
3. Jones Lang LaSalle
4. MGA Entertainment
5. FOX Entertainment

Forbes: LA is 4th Most Stressful US City

According to a recent article by Forbes Magazine the most stressful cities to live in are

1. Chicago
2. NY
3. Detroit
4. LOS ANGELES:

The article pretty much sucks and is rather non-sensical but you can read it in full here. In fact, every reason given for why Chicago ranks #1 would be more so attributable to Los Angeles. Me thinks they gave us a positive bump because we have more fake boobs to play with.

Still no plans this weekend? Don't forget Street Scene.

Latest News from San Diego: The Black Crows will not play because of a band members illness.

San Diego Street Scene was launched in 1984 in a one-block area of Downtown, San Diego. This year, founder Rob Hagey has teamed with Casbah's Tim Mays to reinvent the festival as it returns to its roots in Downtown San Diego - returning from south-eastern venues such as Cricket Amphitheater. Most of the bands in this year's lineup got their start in San Diego at the Casbah or at other local venues; e.g. the band X played the very first Street Scene and will be returning this year.

A new culinary dimension has been added to Street Scene this year, as some of San Diego's premier restaurants are offering up their best food and beverages (many vegan-friendly). All items for sale at Street Scene are available for cash only.

A limited number of one-day tickets are on sale now for $65.00, and two-day tickets are available at the special price of $95.00, but these are selling out very fast. For updates, transportation, parking and other facts, please visit Street-Scene.com.

Here is the lineup from Streetscene.com

Ok - It might really be over now...

Leaders say final budget deal reached

By Dan Smith and Kevin Yamaura -

Last Updated 5:54 pm PDT Thursday, September 18, 2008

Legislative leaders said today that they have reached a deal on the long overdue state budget that will satisfy demands made by Gov. Arnold Schwarzenegger.

The Republican governor has said he would veto the $104.3 billion plan lawmakers passed this week. He demanded that a proposed rainy day fund to help the state though bad economic times be tightened to prevent its balance from being depleted in good times.

And he said lawmakers must remove a maneuver, worth $1.6 billion, that would have increased the amount of withholding tax paid by personal income taxpayers.

Republican leaders and Senate President Pro Tem Don Perata emerged from a meeting this afternoon saying they had agreed to the governor's demands.

How Does A Dead Man Make 35 Phone Calls To Loved Ones?

We have the answer and it is very hard to admit. Rescue workers say that Chuck Peck died instantly in the first car of the Metro Link Train last Friday afternoon in Chatsworth; they finally found his remains at @4:30 AM Saturday morning. The collision killed 25 and injured 130. So why did Chuck's family frantically try to update rescue workers that Chuck was still alive in the wreckage throughout the night ? That may be because they received about 35 phone calls from Chuck's phone (that was never found) to several different family members. The last call came at 3:28 AM; just one hour before his remains were found and 11 hours after his call that he was about to arrive at his stop.

The story may not be fit to print in the LA Times -but you can read it here - Chuck Peck was alive and slowly dieing for a long time in that crushed train car; although he was unable to speak he apparently could speed dial. Rescue workers did the honorable thing (there is no doubt) when they told the family that he died instantly. The reality is that there was no way to get to Chuck or to save his life and we honor the workers that did everything in their power to make it otherwise. Those are the cold hard facts. Just for posterity, let us all be sick to our stomachs one more time that the lives of every person on the Metro Link Train could have been saved with virtually any type of redundant safety protection.

So, lets get ready to pay the estimated 1 billion dollars to victims, families, and attorneys; can you imagine the state of the art system upgrades that the such money would have bought had it been used pro-actively.

But first, more importantly, let us say in unison: Chuck we are sorry that we always wait for total disaster to strike before we deal with simple common sense problems. We are so sorry that you were just one stop away from getting picked up by your fiancee; we know that you said goodbye when your final call went to her just one hour before they could get to you through the wreckage. We are so sorry.

The story that was 'fit to print' can be read at the Daily Breeze:
http://www.dailybreeze.com/news/ci_10483232?source=rss

The Governor Grows A Spine - Turns Down Budget.

“NO”

Schwarzenegger to veto California budget, a first in modern times

California Gov. Arnold Schwarzenegger says he will veto a state budget passed after a 78-day stalemate, setting up a historic showdown with the Legislature.

As the San Francisco Chronicle explains, the proposed budget sought to close a $17 billion deficit for the fiscal year that began July 1 without new taxes, a demand by Republicans. It did so by requiring all taxpayers to make earlier and larger tax payments to the state government.

Schwarzenegger, a Republican, made the announcement this afternoon. The veto will mark the first time in modern history that a California governor has rejected a state spending plan. The Democrat-controlled Legislature has said it is prepared to override a veto.

Yesterday, about 12 hours before the last vote was taken at 2 a.m. today, the governor sent Assembly and Senate leaders a letter threatening the veto

"I have been very clear this entire year that I would be unable to sign a budget without meaningful budget reform," the governor wrote, stressing that spending cuts were needed.

State Treasurer Bill Lockyer, a Democrat, also assailed the budget plan, saying this morning that it "gives gimmicks a bad name."

"It's banana republic financing," Lockyer said. The spending plan relies on "phony money and phony estimates."

Update at 7 p.m. ET: "When they send me the budget, I will veto it," Schwarzenegger said at a Capitol news conference, the Los Angeles Times reports. "If my veto is overriden," he said, " ... hundreds of bills will be vetoed."

Two Websites Added To The Plastico Stable.

It's a real juggling act bringing you everything you could need to navigate Los Angeles on a daily basis mixed with just the right amound of bullshit. Two new websites have been added to The Plastico Essential Link List. These are 'get er done' websites that you you should play with all day at work.

If you like to snoop around the neighborhood you will love "Every Block Los Angeles". This site gives you everything from arrests to pool code violations specific to your hood. If you are ready to become that old woman next door who watches everything from the front window - do it right: www.la.everyblock.com (You can even have RSS feeds sent to your email).

One of the input sites for Every Block Los Angeles is a real estate network called Trulia. If you are buying or selling in the Los Angeles housing market you may already and should be using Trulia. Trulia.com has excellent interactive maps and data that allows you to customize search results for your house hunt. Make it your non-comissioned buying agent and save that 3%. Here is just a taste of the current market:

Westchester

Imagery ©2008 TerraMetrics, Map data ©2008 Tele Atlas - Terms of Use

Avg. listing price for
Los Angeles
week ending Sep 10

$830K and up

$741K to 30K

$652K to$741K

$533K to$652K

$444K to$533K

$356K to$444K

$356K -below

Return To THE PLASTICO BLOG main page