Just today, everyone's favorite legal addiction coffee shop, Starbucks, announced a new promo that is sure to get you through the afternoon lull of food coma, 85 degree swamp heat (if you are in D.C., Miami, or anywhere else in the country thanks to global warming) and overall boredom and watch-the-clock syndrome waiting for that 5 o'clock somewhere to head it's way to your office park. After you consume your mandatory morning venti iced 2-pump mocha-frappa-cuppa-soy latte, save that receipt! It will save you upwards of $2 for your afternoon jolt!
Yes, Starbucks must be facing hard times along with the rest of us. First came the announcement that they are shutting down 600 stores, laying off thousands of employees, and lowering growth projections, and now this: A deal for loyal customers by offering an honest to goodness price of $2 for your favorite grande-size iced beverage after 2:00 P.M.
Now, many health experts say drinking caffeine in the afternoon is likely to keep you up at night, potentially leading to the abuse of nighttime sleeping prescription drugs (are Starbucks and Pharma in on this?! conspiracy theorists, discuss!), but at only $2 why not binge on afternoon caffeine delight.
It's no secret that I'm not a fan of Starbucks- first for their irresponsible practices of underpaying international coffee growers and harvesters for their labor, offering few fair trade options, and overall their coffee just doesn't taste good (the injustice turning the beans bitter). But sometimes, they are the only caffeine fix on the block.
It's no news that we are facing a hard time as a country. It has always seemed strange to me that while at war we were doing just fine- it almost seems justified that the economy would tank. I just fear that it's going to get worse (way worse) before it gets better. For thousands of families that has already meant losing their homes. Here are my morning thoughts on the issue.
The unforgiving market is less a bull or bear and more just people's hopes & fears realized. As we move into another month of economic downturn & stress on the housing market, the credit industry, and rising consumer prices-- one has to ask how did it get so bad? Sure there is a lot of pointing fingers at greedy corporations or lax regulators or just blaming the capitalist system we live in- that is expected and I fully agree we need to examine all those actors and our system- but is there a larger message out there?
I certainly haven't found it yet, but did come across some interesting views over the past few days- especially now that Fan and Fred are set to receive a taxpayer bailout that could wind up costing us more than $1 tillion. That ain't just spending cash, especially when families are feeling the crunch more than ever with rising fuel and food costs, increasing financial consumer product prices, and a continuing foreclosure disaster due to the subprime lending fiasco.
I want to share a documentary from the California Reinvestment Coalition which puts a human face on "foreclosure". In their own words: A conspiracy of greed in the mortgage industry and benign neglect by the Federal Reserve has taken the homes of thousands of Californians and leaves hundreds of thousands more at risk. CRC's documentary shows the need for stronger legislation to protect consumers, and stricter regulation of the mortgage lending industry.
What is clear now is that the way the government and regulatory agencies have been letting lending firms and the biggest banks in the country offer the "American Dream" of homeownership to families is not going to work in a profit driven market. Why not create a new sphere of lenders where growth and socially responsible practices build off of each other. Though perhaps government-sponsored enterprises(GSEs)such as Fannie and Freddie were supposed to have a tinge of that thought, it didn't work as the market took advantage of F&F's status and benefits and they wound up too big to fail as they touch 70% of all mortgages in the country.
Perhaps I'm drawn to explore the financial crises we have been facing over the past year+ as it is a new language to me- something I never thought I would have to understand or participate, but I have been flung face first into a new world where the powers that be operate (thanks work!). I've noticed there is a lot of comparison of the market to human emotions and qualities- anthropomorphizing our financial sector- that may be at the core of driving the bull or bear -ness of our market as it influences investors' will. As humans though, that is how we relate, but it's important to catch this and use the right metaphors or else we get lost in a sea of words amidst a sea of numbers.
What we need is a reorganization of the lending market that is more accountable to the public, whose operations are transparent, and a system that does not leave taxpayers to foot the bill. Joseph Stiglitz's commentary makes these points and smartly points out that there is a pattern of taxpayer bailouts with no regulation or cap on how deep our pockets run- "All of these principles were violated in the Bear Stearns bail-out. Shareholders walked away with more than $1bn (€635m, £500m), while taxpayers still do not know the size of the risks they bear. From what can be seen, taxpayers are not receiving a cent for all this risk-bearing."
So as investors would like to continue taking big risks, consumers and taxpayers are left footing the bill while the head honchos of mega corporations, private equity firms, and financial institutions walk away with larger than life severance packages- or even keep their jobs (as in the case of the TPG-led buy-in into troubled thrift Washington Mutual).
As taxpayers we need to stand up and tell our legislators we will not be responsible for picking up the pieces of risk taking ventures that lack transparency and glide by without any regulation.
Well, the Folklife Festival is underway on the Mall. This year they took a stab at introducing people to an organization...NASA. I am a big NASA geek to put it mildly- my coffee mug is an old school spaceport USA one with my name printed on it from 4th grade. It was a touch of home to have a smaller scale Shuttle sitting there, waiting for me- almost mimicking the Washington Monument.
My friend pictured here doing a handstand on the Monument was the reason for my late night monument tour- he flew in that day for an overnight trip (oh, the "benefits" of being a flight attendant).
We visited WW2, Lincoln, Vietnam War, Korean War, and last and certainly LEAST the White House. I tried to tell him it was a small, kinda unimpressive building hidden away- but he had to see for himself. All in all a good walk though I must say the walk from WW2 to Lincoln was a little rough- we walked right next to the reflecting pool and had mouthfuls of gnats the whole way. I guess that is why we pave over paradise and use bug spray.
Alyssa made it to D.C. for a weekend before she embarks on a summer long internship with United Students Against Sweatshops in Honduras. She will be living with a Honduran family of women as she visits factories and workers seeking to empower workers often exploited by multinational companies such as shoe and clothing manufacturers.
She may be the most adventurous, driven, and committed young woman I know. We were both at the University of Miami together and participated in many of the same activities, mainly with the student organization Students Toward A New Democracy (STAND) in their effort to support unionizing janitors on campus in the May of 2006.
A lovely afternoon to take the boat out- apparently G. Gordon Liddy lives on this street.
I'm dog/house sitting in the woods of Fort Washington and was luckily around to get the invite onto the boat! A gaggle of geese waddled their way toward the water at our arrival at the dock. Sailboats in the distance circled and weaved around like they were butterflies playing catch, and the sun softened into a warm glow as we started off to Old Town for dinner.
Sure the boat almost got locked up by an over zealous Dock Master, but we managed to get out alive and set off to view the monuments, Georgetown waterfront, and the National Harbor lit up by the night lights. The airport was surprisingly beautiful, but the last bridge on the way home takes the cake. It actually looked like glittering Christmas lights.
The craziness of the city seems to just sit on the packed highways, police sirens, planes whooshing by overhead.... and we are calm and totally at peace, sitting in silence, taking in the moment.
Now, many health experts say drinking caffeine in the afternoon is likely to keep you up at night, potentially leading to the 
