HBO's "Too Big to Fail" - fails

Paul Giamatti as Ben Bernanke

"The Ben Bernank"

Some of you will smile when I refer to "The Ben Bernank." It's a bit of an inside joke that I won't bother explaining here, but if you have seen some of my previous postings featuring Mr. Tugwit's cartoon bears you will understand.
Anyway Paul Giamatti (left) plays Ben Bernanke (right) in HBO's  rendition of "Too Big to Fail" based on Andrew Ross Sorkin's best seller of the same name. I did not read the book, so I don't know how the movie compares, but Giamatti's role in the movie is not huge. He just seems to be there at critical moments in the movie to move the plot along, and save the world from something worse (as he says) than the Great Depression. Apparently Bernanke is an expert on the causes of the Great Depression so it was opportune for him to be in office pulling the "right strings" during the economic turmoil that occurred during 2008. (that is what we are told)
The movie illustrates the very fuzzy separation between the government players and the private bankers. So of course the underlying question throughout the movie is how closely the events depicted in the movie match with reality? I suspect it is close, but of course only the real players know for sure. The relationship between governments (not just American) and the banks should be enough to make everyone watching cringe, though I doubt they will.
A few things about the movie are clear, mainly that its complicated. The actors do a good job of pretending to understand what's going on, at least it looks like it. Maybe that is just the good screenplay writing (Peter Gould and Sorkin). There is a point in the movie about an hour in, when one of the characters explains what is going on indirectly, and believe me this movie needs explaining. I'm not saying it was badly done, quite the contrary, I thought they did an admirable job (though my wife thought it was boring).
The biggest problem with the movie (for me) has nothing to do with the acting, directing, casting or anything to do with its production. The movie comes to a resolution when the American government effectively nationalizes AIG and the Congress finally passes the TARP bill giving money to banks that didn't even need it. When this happens you almost expect to see the Henry Paulson (William Hurt) character and Bernanke slapping their hands together in satisfaction - job well done. The cavalry came to the rescue and everything has been fixed! That is the problem with the movie. It perpetuates the lie that an unimaginably complex creature like "the economy" can be fully understood and manipulated by a few people in a back room. It hasn't even been three years since the mess appeared, but the impression the movie leaves is things are back to normal. The Market is behaving like things are good, and all has been appropriately controlled. But if it is true, as I suspect it is, this economic repair is like the bubble gum in the cracked dam. We are not done yet.

Firecracker Day or British Heritage Day

When I was a child growing up in Toronto we called this holiday we are celebrating today, (Victoria Day) "Firecracker Day." It was our annual excuse to buy firecrackers (much easier to get in those days) at the local variety store, and spend the day getting into all kinds of mischief, like blowing up tulip blooms with  small firecrackers. I'm sure that's distressing to any gardeners out there, but the unfortunate and numerous tulips provided us with hours of entertainment.
It was a day off school and off work for most, because our true-blue Ontario stat-laws meant business was at a standstill, or else. Things are still shut pretty tight around here even in 2011. But that is another posting.
Even as a child I knew that celebrating the birthday of a dead monarch was a dumb idea, except for the fact there was no school. It still is a dumb idea, but rather that eliminating the holiday why not change the rationale behind it?
We in Canada owe our British forebears a debt of gratitude, not for the old queen or the present one, but for the rules, laws, and practices that we use to this day to govern ourselves. Canada is as successful as it is, because of the British idea of liberty from Magna-Carta to the Westminster System. While these facts may be widely known, they are not really understood by many Canadians, who have a very rudimentary idea of the concept of liberty, and somehow think that it is an American idea. Of course the Americans owe to Britain that same debt of gratitude because they are after-all our cousins.
Anyway, just a suggestion, change the name of the holiday to British Heritage Day, or Westminster Day or just keep Victoria Day. What really needs to change is what we are celebrating, not a birthday, but a way of living in liberty.  

Out there on the fringe

If you are reading this after 6 pm in the Eastern Time Zone, then you and I will likely make it through the night. Somehow I knew we would.
Apparently the mainstream media were starved for real news this week, or they were concerned that the end is indeed near, or they are giving us the old "wink-wink" with the story of the fringe Christian group preparing for the apocalypse today May 21, 2011.

Last month I attended a media gathering (but very few media were there) of "fringe political" parties in Toronto so that we, the fringe parties, could get some media attention during the Canadian election campaign.
Thats right the Libertarian Party of Canada is considered a fringe group. The party that advocates freedom from coercive force especially by government, the party that advocates free enterprise capitalism, the party that advocates property rights, limited government, adherence to a constitution that protects individual liberty, and on and on, WE are fringe! It boggles my mind every time I think about it, freedom is fringe! Did we get the same coverage as those moron Christians in the video below? No, not even close. I guess next time we should try billboards with a scary message like "freedom is not free" or something more ominous. If there is a next time! ;-)

 

Kids, Voters and the Nanny State

The results of the last election here in Canada has had many minds churning, not the least is Stefan Molyneux. I'm not suggesting that the following video by Mr. Molyneux was produced in response to the recent election here, but it certainly could have been.
In a very simple yet insightful comparison, this YouTube posting (The State as Family) shows that modern day voters are like children, and then continues the simile to show how the State is, and has become, like the family through a slow relentless evolution that has produced the leviathan known as the Nanny State. This has happened here in Canada, which I don't think is even mentioned in the video, but also throughout Europe and the United States which prides itself as being the "Land of the free" etc. etc. According to Mr. Molyneux, the pervasive jingoism that periodically erupts in America (shooting of bin Laden), is just blatant Nanny-statism, and I have to agree.