Tuesday, March 31, 2009

The Buck Stops Where?

I’ll be the first to admit that I am not an expert on the financial sector meltdown. I understand that banks have on their balance sheets mortgage based derivatives that were vastly overvalued and that this has necessitated an influx of money from the federal government to keep the banks solvent. Outside of these basics, I’m pretty much lost (unfortunately I would guess that 99% of the American people are in the same boat). However, after reading editorials like the following from economist Dean Baker (http://www.huffingtonpost.com/dean-baker/geithners-plan-will-tax-m_b_181021.html), it is genuinely difficult to support the current plan or feel optimistic about any sort of satisfactory resolution to this crisis. Although everyone can agree that a functioning financial sector is necessary, it just doesn’t seem right that the banks should be able to eschew accountability. Operating on the fundamentally flawed principle that housing prices would continue to soar into perpetuity, the banks drove themselves into a steep ditch. Ultimately it is going to be the ailing American Taxpayer that shoulders the burdensome and thankless task of dragging them out.

Saturday, March 14, 2009

Good Night and Good Luck

After 19 months and over 700 posts, SAM Online is going dark.

I started this site during law school for two primary reasons: to offer friends, family and the occasional stranger a place to exchange ideas, and as an outlet for my political energy. The site was more successful on the latter goal, but I hope that everyone enjoyed reading my posts even nearly as much as I enjoyed writing them.

SAM Online isn't dead, I'll be back from time to time and hope that others with permission to post continue (or start). So check back in now and then.

But now I have another outlet for my political energy, indeed all of my energy, a job with Sen. Chuck Schumer. (Working for Schumer is not a job so much as it's a lifestyle).

This has been a fun and interesting experiment. The passion I had for writing about this stuff kind of surprised me, and certainly helped inspire me to pursue a political career after graduation. I'm grateful for that and for anyone who checked the site out.

So please, if you enjoyed the site or want to keep it going in my stead email me at sammagonline@gmail.com.

Stay classy, Planet Earth.