Spiritual Technology: Getting Unstuck on Yom Kippur

Well, the pleasant reflections of Rosh Hashanah, the Jewish New Year, that usher in the Days of Awe are over and it is time to get down to business, so to speak, with Yom Kippur, the Day of Atonement. Despite the social, political and economic ramifications, past, present and future, that are swirling around the current economic realignment, it always comes down to The Personal. The assessment of the Who, the Why and the What of One's Life, where I've been and where I am going. Beyond the legal and ethical, the morality and spirituality of existence on this gorgeous blue orb hanging in the firmament, that may be just a spark in existence, if not fashioned, then perhaps emanating from the "Source." If all politics is ultimately personal, and despite the complex questioning inherent in Bill Maher's Religulous, then surely, at the end of the day, Spiritual (if not "religious") matters.

Somehow, whether anyone or any higher power is concerned with our behavior or actions is not ultimately the issue. As living, breathing, thinking beings, we have knowledge and internal lives, and somewhere depth and knowledge. To live in some kind of harmony first and foremost with ourselves, this offers a time for reflection, for consideration, and perhaps, although there are never any guaranteees, for growth.

I heard from our oldest daughter who is in Study Abroadland and who I miss alot and who sounded somewhat detached from this new season. I sent her the article below which I found and seemed to offer a little Spiritual Technology and prodding on getting a handle on the day of Yom Kippur, which begins at sundown tonite. See you on the other side.

http://www.aish.com/hhyomk/hhyomkdefault/Getting_Unstuck_on_Yom_Kippur.asp

Bounty in Brooklyn Heights: King Harvest Shall Surely Come

An amazing day in Brooklyn Heights. The graceful rays of the autumn sun, the air temperature just perfect, brought out the lunchtime crowds to the Tuesday Greenmarket on Cadman Plaza near Brooklyn Borough Hall and the Supreme Court Building. Tomatoes, fruits, flowers, dozens of types of fresh fall apples (with many to sample), baked goods, and of course, pumpkins and gourds as a reminder that autumn is here. The crowds are quiet, almost contemplative, of nature's bounty and the pleasure of a Fall afternoon. I don't always get out of the office at lunchtime, although I know I should. But a fantastic day like this, almost lets you forget for a moment, almost, about politics, economics, and the like, and just revel in the simple pleasure of being another working stiff on a lunch break, on a lovely day, surrounded by natural colors, in Brooklyn Heights, New York.

Into the Abyss: Global Economy = Terra Incognito

This is edgy stuff. The Financial crisis moved into the Wall Street crisis and now, It is morphing into a global economic crisis. What does it mean? Where will it all go? We are in uncertain times. All bets--and assumptions-- appear to be off.

Mad Dog on the Markets: Get out now unless you can handle a lonnnnng wait:

http://www.msnbc.msn.com/id/27045699

NY Magazne on Wall Street, Fall of 2009:

http://nymag.com/news/businessfinance/bottomline/51007/

Dow drops under 10,000. WSJ: "Deepening fear that the global economy is ailing beyond the capacity of policy makers to cure it sent stocks sharply lower on Monday."

"The Dow Jones Industrial Average falls below 10000 as financial turmoil in Europe heightens. WSJ's David Gaffen parses the reasons behind the drop and how soon we can see the effects of the recently passed bailout bill. "(Oct. 6)

http://online.wsj.com/article/SB122328868571207285.html

The Euro is a coordinated currency among member nations without a central bank. Only the US can pump out cash as we are doing now, although its ultimate impact is unknown. The American dollar and Treasury strengthens as it is called on to provide reserves to other countries:

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/3141428/Germany-takes-hot-seat-as-Europe-falls-into-the-abyss.html

But always a ray of sunshine; Capitalism to the Rescue: venture capital & emerging green technologies. The Next Frontier?

http://www.nytimes.com/2008/10/05/magazine/05Green-t.html?ref=magazine

Brooklyn Party Cake, Telltale Signs, and Tales of Absolute Zero

Brooklyn Beat turned 54 yesterday . Yep, 54 years ago in Samaritan Hospital on President Street between 6th and seventh avenues, which is now, in the best of Park Slope's pre-Bailout/Economic Crisis Days, an apartment complex . Last evening, I arrived home from the office and our younger daughters, 13, were hard at work making a birthday cake from scratch. Since we are already in October, and Rosh Hashanah had just passed, one of my daughters is already anticipating holiday year-end mode, sneaking "Rat Pack" holiday CD onto the player, where I am still in "In the Fiddler's House"-Izthak Perlman/Klezmatics/"Flatbush Waltz" mode in the remaining days leading up to Yom Kippur. Anyway, we settled on an autumn-themed birthday cake, which Ilana designed and put the finishing touches on, along with Gaby. It was an amazing job, a layer of chocolate cake topping a layer of vanilla with lovely icing in a riot of color that somehow combined the amazon rainforest with Flatbush forests in autumn.

What made this more amazing was that they fashioned it using our antique stove, which came with the house when we got here 8 years ago but somehow, despite constant 'plaints, never got around to replacing. It is a monstrosity that looks like a Buick Roadmaster, all grillworke and chrome and dials. It has a ton of charm and four burners (that function more like rocket afterburners) and an oven that has basically two operating temperatures, Absolute Zero and 400 degrees Fahrenheit. Nevertheless, we have always managed to do an amazing amount of cooking and baking with it. It has large side and bottom broilers. It also used to have an internal thermometer probe that you could stick in a roast and use to monitor cooking temperatures...Well, despite all of this classic, aged, quasi-functional cooking technology, the homemade party cake was yummy, delicioso, and, as always, a work of art.

One of the great things about getting older (if not the only thing) is that the gifts get better. The kids are attuned to my interests and managed to get me "Indignation" the new Philip Roth book, the Blade Runner super special edition from my son, and other extra special goodies from my Mrs.... I also got a Euro birthday card from our Study Abroad child. The cards are always odd and off-kilter and I love it. Last but not least, I got the new Tell Tale Signs, Bootleg Vol 8, which they picked up at the always neat Music Matters in the Slope...it's another fascinating CD, many outtakes and amazing classic Dylan left-off tunes, along with excellent, really excellent liner notes by Larry "Ratso [Rizzo]" Sloman who authored the classic gonzo rock journalism tome, "On the Road with Bob Dylan" on the Rolling Thunder tour. The notes, like the album, deal with the late Dylan oeuvre, and are poignant, funny, thoughtful and moving, with a lot of inside info on various Dylan projects from the 80s til now. So far, another juicy Dylan package that I can't wait to delve into further. More later.

American Syzygy

photo by Brooklyn Beat/TN 2008

syz·y·gy a pair of related things that are either similar or opposite

If the Democratic Party could muster the ruthless campaign operational style of the GOP, as conceived by Lee Atwater and honed by Karl Rove, would they still be the Democratic Party? Last night's media event shows the complexity of the Obama campaign's desire to play by different, non-combative rules. Funny, you would think that the Democrats were the incumbents. Even though a relative political novice, Governor Palin was a very effective media presence, talking right to the audience. She made for very strong TV. She hit a lot of the right notes, right down to the adorable children. What can one say? While I imagine in a lot of clubs and bars on the coasts or on college campuses, schooled in semiotics and deconstruction, you can easily read the message and sharp media preparations that she clearly received. But I dare say that to a lot of folks, including many working stiffs in NYC, she seemed quirky, a little daffy, but real. As Chris Rock said in his recent special, and I paraphrase, 'Bush messed things up so much for white men as political candidates that people are saying, give me a woman, a black man, a giraffe, anything but another white guy.' Senator Biden, no matter what, is limited by being the white, male political establishment candidate in this debate. That seemed to be the dynamic at play last night. But the election is for President, not Vice President. Let's see how all that will play out at the next round of Presidential debates when Senator Obama, hopefully, gives it the full court press and shows the American public that he, too, is a maverick with remarkable leadership capacity, a unique family story,and vision for new directions.

Clearly, after 8 years of the Republican Party in the White House, we need new executive leadership. Regardless of who voted for what, President Bush, a Republican, waged war in Iraq, was Commander-in-Chief on 9/11, had a major role in the post-Katrina debacle, and must accept responsibility for the economic mess. That's how it goes, if you are the President, you take the good with the bad. As a two-party system, the Republicans have shown us what they can do; we need new leadership and the Democrats deserve that chance. And make no mistake about it, despite all of the extremely clever debate tactics and rhetoric in which Ms. Palin was quickly schooled ("There you go again, talking about the past"), Senator McCain and Governor Palin are Republicans and it will, to a greater or lesser extent, be more of the same.

So, as the election campaign continues to generate stomach churning twists and turns, for the moment, I am still hopeful, but beginning to wonder if I need to set my expectations a bit lower.

Now Hillary versus Palin, now that would have been a debate. And McCain versus....? Well, don't get me started. But when it comes down to the wire, one gets the sense that people will respond more strongly to Senator Barack Obama's calm, intelligence and inner strength as the leader, at home and globally, that the United States needs at this moment. He will garner respect and offer hope, sensitivity and a vision for a new foundation and perspective that America sorely needs.

Able Danger: Conspiracy Noir

I enjoyed watching and can highly recommend "Able Danger" a film by Paul Krik aka David Herman, that is an entertaining concoction of film noir, 9/11 conspiracy politics, and dark knowledge, with a Flatbush flavor. Ably acted by Adam Neer and Elina Lowensohn and creatively imaged by director of photography Charles Libin, Able Danger is pop conspiracy with a sexy rock n roll twist, if wanna you believe that hipsters may hold the key to the secrets of the universe, and who knows, perhaps they do. The focus on VoxPop and the featuring of VoxPop owner/gonzo journalist Sander Hicks' book "The Big Wedding" as a key document in the film gives it a wry twist. And the Able Danger tracking system which follows hero Tom Flynn on his mysterious errands as he tries to unlock the key to government conspiracies is a fascinating conceit that makes this film fun to watch. But it is hard to figure out whether the director's intent is to blow the lid off of the secrets of 9/11 and spread the information more or less sub rosa in the guise of an alternately serious and comic indy film, or if he is just using 9/11 as a handy narrative coil around which to fashion an arty and entertaining flick.This was playing around 9/11/08 at the Pioneer theater in the East Village. The marketing with 9/11 is a bit irksome, since I met and grew up with some of NY's bravest who were 9/11 casualties. This also explains the late appearance of this review. Whether the director thinks that it is necessary to feed us our conspiracy theory with a spoonful of sugar is likewise hard to figure. It is a twisted, dark, ultimately predictable little indy, but with enough pop sensibility, quirky flair, scenery chewing and local color to make it a very interesting 87 minutes with definite cult-film potential.

Yet rather than uncovering or revealing secrets about 9/11, while Able Danger does what it can, ultimately the film's message appears to suggest that enough time has elapsed since that grim day that it can be the subject of ultimately entertaining films, even to the gorgeous sunlight-suffused dream sequence shots of the film's hero on the roof of a WTC-ish tower that ultimately can portend no good.

Able Danger is a film worth seeing that deserves a wider audience. Perhaps truth, mingled with fiction, can reveal something worth knowing about the operations of power and the state, past and future. At the same time, as it ineters the popular culture, it can blend more easily with urban myth, rumors and dreams. Ultimately, Able Danger may unwittingly suggest that the secrets of 9/11 have been locked up good and tight, if not by conspiracy, then by the passage of time. And they may remain secrets, truths, that may never be uncovered.

http://www.abledangerthemovie.com/

Reflections: Who by Falling Stocks

Happy New Year, Y'all. Rosh Hashanah, the Jewish New Year, and the prelude to the Days of Awe, where, if you are so accustomed or co-religioned, you can take a little time to reflect on things like mortality, fate, the meaning of the mundane and the always lurking potential impact of the profound.

Brooklyn Beat and family have been moving through some gentle, G-d willing productive, changes. Our oldest daughter is away studying abroad until next summer. The next tiers of our kids are working on the alignments required in New York City in 2008 to apply to college and high school. Our son is 17 and, suddenly, though not finished high school, is beginning to develop his resume and identity as a filmmaker all of which he has discovered on hiw own, based on his own skills and contacts. Our younger girls are suddenly no longer quite children and finding who they are as growing individuals, as well as in the arts. As part of this, there is change and reflection at home and in our own lives, hopefully geared toward growth, simplification and preparing for next phases. We watched a number of films recently about life in America, in Russia, in African nations and in the middle east. We are aware how, even in its downturns, life in the USA is unique. Yet even here, as abroad, so many people live lives of struggle. There is a maelstrom, socio-politically, economically, and culturally that has begun to spin faster and faster across the world.

As a family, like many other Americans, we are not living large or counting our dividends or capital gains. We work, we raise kids. We live simply. We work hard, every day, at work and at home. We are concerned about our children's futures. Now, the confluence of the New Year, 5769, as in 2009 in the secular year ahead, with the economic crisis afoot, the coming elections give much to ponder, as we consider our own spiritual and material lives, and fate. As the Rosh Hashanah service ponders, "Who by fire, who by water, who by stones, who by wild beasts.." Who shall be exalted. Who shall be humbled.... But we are taking this time to look around and to reflect. The market crisis and its impact still lay ahead. Politics. Violence. Fate. As Zimmerman commented on the blues and traditional music, "The traditional music people look on on death as a fact, a literal fact." So we are finding time to slow down and contemplate our spiritual selves.

For now, we are counting our simple blessings and tender mercies.

'Not in Our Stars: Large Hadron Collider Incident Results in Multi-Month Shutdown

OK, it wasn't a black hole, or at least no one is saying, but Something Happened to require a shut down of the Large Hadron Collider at CERN in Geneva, Switzerland.

According to Time: Although a final evaluation is yet to be completed, scientists believe the fault caused the machine to lose the near absolute-zero temperature it must maintain to operate. For now, however, repair work can't begin because the machine is still too cold; it will take about a month to warm up the area to a temperature at which replacement parts can be inserted. It will take another month to cool it back down, and given that CERN has pledged not to run its giant machine — which requires as much power as the entire city of Geneva — during winter months when Europe's energy needs are highest, Friday's breakdown could delay the actual smashing of atoms until early next year.

CERN spokesman James Gillies called the fault a "teething problem" and said that previous accelerators that used superconductivity — i.e., low temperatures that allow metals to conduct electricity without resistance — also faced early problems before "running pretty smoothly after they were sorted out." Even so, "it's certainly a disappointment," he added.

When it is fully operational, the $6 billion LHC will send beams of protons careening around a 17-mile underground ring, crash them into one another to re-create the immediate aftereffects of the Big Bang, and then monitor the debris in the hopes of learning more about the origins and workings of the universe.

More information here:

http://www.time.com/time/printout/0,8816,1843296,00.html

Bob Dylan: 'Mississippi' Redux

The Guardian (UK) has released an outtake of "Mississippi" which was recorded during the sessions for Bob Dylan's 1997 album Time Out of Mind, but which was actually released as a more produced version on "Love and Theft" in 2001. This is the first time the original, soulful, stripped down version of 'Mississippi' has been released

Taken from The Bootleg Series Vol 8: Tell Tale Signs, which will be available next week. I am looking forward to this intriguing new collection.

http://www.guardian.co.uk/music/competition/2008/sep/22/bob.dylan.download.mississippi

Frank Vincent Zappa & Nicolas Slonimsky: American Tunes

We are doing some reorganizing around our home, and I came across this while packing and moving some books. I never tire of reading this piece:

This is an excerpt from Nicolas Slonimsky's PERFECT PITCH (Oxford 1988).

One late Saturday evening in the spring of 1981, I received a telephone call. "Nicolas Slonimsky?" (correctly pronounced) the caller inquired. "This is Frank Zappa. I never realized you were in Los Angeles, and I want so much to get in touch with you about your book of scales." I was startled. Frank Zappa was the last person who, to my mind, could be interested in my theoretico-musical inventions. His name was familiar to me from a promotional record jacket showing him seated on the john with his denuded left thigh in view, and a legend in large letters: PHI KRAPPA ZAPPA.
We arranged to meet on the following Monday at 2.30 in the afternoon, and, at the appointed time on the appointed day, his assistant knocked at my door. I stepped out of my apart- ment and beheld something that looked like a space shuttle -- a black Mercedes taking up almost half a block of Wilshire Boulevard. I could not refrain from asking the driver how much such a machine cost. "Sixty," he replied.
It took us nearly an hour to get to Zappa's place in the hills of Hollywood. Zappa met me at the door. He looked like a leading man in the movies -- tall, slender, sporting a slight Italian moustache. For starters, I asked him the origin of his last name; he replied it meant "the plough" in Italian.
Zappa's wife came in, an ample, young woman, and served coffee and tea. Zappa told me he did not drink alcoholic beverages; contrary to the legendary habits of most rock-and-roll musicians, he never partook of drugs. But he smoked cigarettes incessantly, tobacco being his only, and quite venial, sin. Zappa led me to his studio, which housed a huge Bosendorfer piano. I asked how much he paid for this keyboard monster. "Seventy," he replied.
Zappa declared himself an admirer of Varese and said he had been composing orchestral works according to Varese's principles of composition, with unrelated themes following in free succession. To substantiate this claim, he brought out three scores, in manuscript and each measuring 13 x 20 inches, beautifully copied and handsomely bound. Indeed, the configurations of notes and contrapuntal combinations looked remarkably Varesian. Yet he never went to a music school, and had learned the tech- nique of composition from the study of actual editions. He had had a contract with an orchestra in Holland to play one of his works, but they had demanded a piece from his recording royal- ties on top of the regular fee. "I offered the a quarter," Zappa said, "if they would put up a quarter." It took me some time to figure out that the fractions he used were those in millions of dollars.
Zappa's teenage daughter flitted in, introduced by Mrs. Zappa as Moon Unit. She did not seem to be embarrassed at all by this esoteric appellation......About that time, I acquired a cat, black and white and plenty mischievous, which I christened Grody to the Max...
Zappa invited me to try out his Bosendorfer. I sat down at the keyboard and played the coronation scene from BORIS GUDUNOV which required deep bass sounds. Zappa was impressed by these Russian harmonies. He asked me to play some of my own composi- tions, and I launched into the last piece in my MINITUDES, based on an interplay of mutually exclusive triads and covering the entire piano keyboard. "Why don't you play this piece at my next concert?" Zappa asked. "When will that be?" I inquired. "Tomorrow. We can rehearse in the afternoon." I was somewhat taken aback by the sudden offer, but after all, I had nothing to lose. So I decided to take my chance as a soloist at a rock concert.
The next day I arrived at the large Coliseum in Santa Monica where Zappa's concert was to take place. A huge, towering man led me to Zappa's room. "Mr. Zappa is expecting you," he said, satisfied with my identity. He was Zappa's bodyguard, hired after Zappa had been attacked during a concert by a besotted admirer and hurt his back.
On stage I sat at the electric piano and played my piece. For better effect, I added sixteen bars to the coda, ending in re- peated alternation of C major and F-sharp major chords in the highest treble and lowest bass registers. Zappa dictated to his players the principal tonalities of my piece, and they picked up the modulations with extraordinary assurance. I had never played the electric piano before, but I adjusted to it without much trouble.
The hall began to fill rapidly. Zappa's bodyguard gave me ear plugs, for, when Zappa's band went into action, the decibels were extremely high. Zappa sang and danced while conducting, with a professional verve that astounded me. A soprano soloist came out and sang a ballad about being a hooker, using a variety of obscenities. Then came my turn. Balancing a cigarette between his lips, Zappa introduced me to the audience as "our national treasure." I pulled out the ear plugs, and sat down at the electric piano. With demoniac energy Zappa launched us into my piece. To my surprise I sensed a growing consanguinity with my youthful audience as I played. My fortissimo ending brought out screams and whistles the like of which I had never imagined possible. Dancing Zappa, wild audience, and befuddled me -- I felt like an intruder in a mad scene from ALICE IN WONDERLAND. I had entered my Age of Absurdity.

--from Chapter 23, "The Age of Absurdity" Perfect Pitch by Nicolas Slonimsky, Oxford University Press 1988

Slonimsky: http://en.wikipedia.org/wiki/Nicolas_Slonimsky

Frank Vincent Zappa:
http://en.wikipedia.org/wiki/Frank_Zappa

Brooklyn Bridge 9-19-2008: 'The German Parade' aka Steuben Day in NYC

Photo by Gabrielle Napoli 2008

Photo by Ilana Napoli 2008

Our younger daughters, in the 8th grade, are on a class field trip to the Brooklyn Bridge on this beautiful cool, breezy September Friday. They reported that there is a "German parade on the bridge even as we speak." Steuben Day in New York City.

Yes, New York, the one, the only. Now and forever.

--Brooklyn Beat

"May You Live in Interesting Times": The US and global economy - A Watershed for the Free Markets; the Beginning of a New Phase ?

The economy continues to roll on a rocky road. Economic surges on world stock markets. Russian stock market suspended due to market turmoil. US and London markets rebound based on promise of US intervention. How temporary, remains to be seen. It appears that the free market vision of the last two decades is now over as the role of government, whether short-term or long-term, appears to be a given. Now that the wisdom of de-regulation is suspect, will the US economy evolve into a more regulated, managed version of itself, to avoid going over the cliff ? Clearly, at this stage of advanced capitalism, something's gotta give. Will we evolve into a more European style of managed economy, or will the American cowboy version of capitalism continue to hold sway, where growth is the only thing that matters ? How will the economy and the government address the fact that bailouts are fine for corporations and the wealthy but not for the working folks ? What impact will this have on the upcoming election ? As the Chinese curse (or blessing) states, "May you live in interesting times."


Krugman on Federal Bailouts -- Done Right; Brooklyn's Own Senator Chuck Schumer and Sen. Hillary Clinton on likely next steps:
http://www.nytimes.com/2008/09/19/opinion/19krugman.html


Freakonomics: The Two Steves on the Crisis
http://freakonomics.blogs.nytimes.com/2008/09/18/diamond-and-kashyap-on-the-recent-financial-upheavals/?em

'The World As We Know It Is Going Under': The Financial Crisis

Complex does not describe it. The current financial crisis continues to unfurl with apparently no end it sight. The New York Times devotes a 4 full columns of its banner..the Wall Street Journal gives extensive coverage. World press as well recognizes the enormity of this and its repercussions and ramifications. This is Big Time, Big Time.

Der Spiegel gives a very pressing perspective on this. The excerpt below followed by the full article:

From Der Spiegel - By Marc Pitzke in New York


The most breathtaking aspect about this week's crisis, though, is that the life raft -- which Washington had only previously used to bail out the mortgage giants Fannie Mae and Freddie Mac -- is being handed out by a government whose party usually fights against any form of government intervention. The policy is anchored in its party platform.

"I fear the government has passed the point of no return," financial historian Ron Chernow told the New York Times. "We have the irony of a free-market administration doing things that the most liberal Democratic administration would never have been doing in its wildest dreams."

Panic is the word of the hour on Wall Street. Now even Morgan Stanley is fighting for survival. The commercial bank Wachovia and China's Bank Citic are being discussed as possible rescuers. The crisis has led President Bush to cancel a trip.

REUTERS
For traders, now might just be the worst of times.
The original plan actually called for humor. On Wednesday evening, actress Christy Carlson Romano was supposed to ring the closing bell on the floor of the New York Stock Exchange (NYSE) to mark her debut in the Broadway musical "Avenue Q." She plays two roles on stage -- a romantic kindergarten teaching assistant, and a slutty nightclub singer.

After that day on the floor, the stock traders could have used a bit of comic relief. But it was not to be. Instead of Christy Carlson Romano, a NYSE employee in a joyless gray suit stood on the balcony and silently pressed a button. The bell rang and he disappeared. No waving, no clapping, none of the usual jubilation.

By the end of Wednesday, no one here was in the mood for laughter. The bad news on Wall Street was coming thick and fast. All the US indexes were crashing again after Tuesday's brief and deceptive breather. In its wild, rollercoaster ride, the Dow Jones lost about 450 points, which was almost as much as it lost on Monday, the most catastrophic day on US markets since 2001.

Investors were turning their back to the market in droves and fleeing to safer pastures. The price of gold broke its record for the highest increase in a one-day period.

Panic Is the Word of the Hour

Traders abandoned the NYSE temple visually defeated and immune to the TV crews rushing past. The disastrous closing prices were flickering on the ticker above the NYSE entrance: American Express -8.4 percent; Citigroup -10.9 percent; JPMorgan Chase -12.2 percent. American icons, abused like stray dogs. Even Apple took a hit.

"I don't know what I should say," stammered one broker, who was consoling himself with white wine and beer along with two colleagues at a bar called Beckett's. Ties and jackets were off, but despite the evening breeze, you could still make out the thin film of sweat on his forehead. His words captured the speechlessness of an industry.

Things got worse after the markets closed. Washington Mutual, America's fourth-largest bank, announced that it had started the process of putting itself up for sale. The Wall Street Journal reported that both Wells Fargo and the banking giant Citigroup were interested in taking over the battered American savings bank.

And then came the announcement that would dominate all of Thursday's market activities: Morgan Stanley -- the venerable Wall Street institution and one of the last two US investment banks left standing -- had lost massive amounts and was fighting for survival. Media reports were saying that it was even in talks about a possible bail-out or merger. Rumor had it that possible suitors might include Wachovia or China's Bank Citic.

China?

"Folks," economist Larry Kudlow, a host on the business channel CNBC begged his viewers that evening, "let's not let this magnificent country go down!"

End of an Era

In fact, it really does look as if the foundations of US capitalism have shattered. Since 1864, American banking has been split into commercial banks and investment banks. But now that's changing. Bear Stearns, Lehman Brothers, Merrill Lynch -- overnight, some of the biggest names on Wall Street have disappeared into thin air. Goldman Sachs and Morgan Stanley are the only giants left standing. Despite tolerable quarterly results, even they have been hurt by mysterious slumps in prices and -- at least in Morgan Stanley's case -- have prepared themselves for the end.

"Nothing will ever be like it was before," said James Allroy, a broker who was brooding over his chai latte at a Starbucks on Wall Street. "The world as we know it is going under."

Many are drawing comparisons with the Great Depression, the national trauma that has been the benchmark for everything since. "I think it has the chance to be the worst period of time since 1929," financing legend Donald Trump told CNN. And the Wall Street Journal seconds that opinion, giving one story the title: "Worst Crisis Since '30s, With No End Yet in Sight."

But what's happening? Experts have so far been unable to agree on any conclusions. Is this the beginning of the end? Or is it just a painful, but normal cycle correcting the excesses of recent years? Does responsibility lie with the ratings agencies, which have been overvaluing financial institutions for a long time? Or did dubious short sellers manipulate stock prices -- after all, they were suspected of having caused the last stock market crisis in July.

The only thing that is certain is that the era of the unbridled free-market economy in the US has passed -- at least for now. The near nationalization of AIG, America's largest insurance company, with an $85 billion cash infusion -- a bill footed by taxpayers -- was a staggering move. The sum is three times as high as the guarantee provided by the Federal Reserve when Bear Stearns was sold to JPMorgan Chase in March.

The most breathtaking aspect about this week's crisis, though, is that the life raft -- which Washington had only previously used to bail out the mortgage giants Fannie Mae and Freddie Mac -- is being handed out by a government whose party usually fights against any form of government intervention. The policy is anchored in its party platform.

"I fear the government has passed the point of no return," financial historian Ron Chernow told the New York Times. "We have the irony of a free-market administration doing things that the most liberal Democratic administration would never have been doing in its wildest dreams."

Bush Cancels Trip

The situation appears to be so serious that George W. Bush cancelled two domestic trips he had planned for Thursday on short notice. Instead, the president will remain in Washington to discuss the "serious challenges confronting US financial markets." He said the president remained focused on "taking action to stabilize and strengthen the markets." Bush had originally planned to travel to events in Florida and Alabama.

So far, the US presidential candidates have made few helpful remarks about the crisis other than the usual slogans. Both are vaguely calling for "regulation" and "reform" -- bland catchphrases almost universally welcomed with applause.

Republican Party presidential candidate John McCain had the most to say. On Monday, he said "the foundation of our economy" was "strong," adding that he opposed a government-led bailout of US insurer AIG. But now he's promising further government steps "to prevent the kind of wild speculation that can put our markets at risk." McCain's explanation for the current crisis: "unbridled corruption and greed."

But Democratic presidential hopeful Barack Obama didn't move past superficialities, either. "We're Americans. We've met tough challenges before and we can again."

What else are they supposed to say? After all, US presidents have very little influence on stockmarkets. And Wall Street is expecting the status quo for the next president. On Wednesday an almost palpable mix of tension and melancholy filled the air above New York's Financial District. The beloved trader bar Bull Run was half empty, and many tables were free at fine-dining establishments like Cipriani, Mangia and Bobby Van's, which are normally booked days in advance.

At the side entrance to Goldman Sachs on Pearl Street, limo chauffeurs sat waiting for their customers, still above in their office towers cowering over the accounts. "If they go under," said Rashid Amal, who works as a chauffeur for a firm called Excelsior, "then I will soon be out of a job."

Der Spiegel Article:
http://www.spiegel.de/international/business/0,1518,druck-578944,00.html

Fearless Leader: Can you lend me a dime? Bloomberg on the "Next Wave Crisis"

http://news.yahoo.com/s/ap/20080917/ap_on_bi_ge/economy_bloomberg

2008 BROOKLYN SCHOOL REPORT CARDS ARE IN

Well, despite the hue and cry about grades and tests, whether it is due to schadenfreude, or disagreement, or satisfaction, we find the results endlessly fascinating.

So, here are a few of the results from the 2007-2008 Progress report just posted by the NYC Department of Education. Visit the DOE web page and enter the school borough and number (K=Brooklyn, R=Richmond, M=Manhattan, X=Bronx, Q= Queens) in "Find a school"/ Go to the school website, and select "Statistics" from the left hand column, and go to "Progress Reports." Then, either gloat or read m and weep.

http://www.schools.nyc.gov

For convenience, a very incomplete list of a few of the grades for schools familiar to readers are as follows:

School 2007-08/2006-07/COMMENT

K008 F/ F :TO BE CONTINUED
K020 C/ B :CLINTON HILL
K029 A/ A
K051 A/ B
K217 A/ B :A STONE'S THROW FROM POMME TERRE
K261 C/ C
K321 B/ B :SAY NO MORE.. the original
K443 A/ A :NEW VOICES

Art in Free Fall Opens at BWAC

Art in Free Fall opened today at the Brooklyn Waterfront Artists Coalition at the organization's gallery space at 499 Van Brunt in Red Hook. Information on the exhibit and performances at http://www.bwac.org . The comprehensive and always provocative BWAC show also features a "photo op with Sarah Palin" an installation by Dawn Robyn Petrlik.

Ms. Petrlik was last represented at BWAC by, among other works, an installation in memory of Sister Green, a patient who died at a NYC hospital while awaiting treatment.

Her current work, which addresses a political issue but strikes a much lighter note, includes, among other things, a life size caribou. Photo ops by visitors are encouraged.

Through October 26.