New Holiday

2010 September 13
by Dave

Happy Basel Three Day!

September needs another holiday. Basel Three seems to have been finalized on September 13th, so Basel Three day it is.

Some think that the new tier one capital requirements don’t go far enough, others think that they go too far, and still others think that Basel III’s defects are a matter of direction rather than distance. I would be fascinated to be introduced to the person who holds an opinion on tier one capital levels that feels that Basel III is dead nuts on.

But I think that we can all come together to agree that doing something in the face of the recent global financial crisis is better than doing nothing. And who doesn’t think that the narrowly avoided(cross your fingers) global depression deserves a holiday to commemorate it’s lack of arrival?

So in honor of Basel III day I will reproduce for you the text printed on the bottom of six packs of Lagunitas’ Little Sumpin’ Sumpin Ale:

Trouble don’t last always. Sam Cooke knew it was true. It don’t. Of course, another wise man said: Death Ain’t Nothin’. It is sumpin’, and some trouble does last – a while anyway. The whole world is in a bit of trouble and they say it started here. Well, whatever. Our consumer ways lifted a lot of the developing world so far out of poverty that they started to live more like us. Guess you can’t do any good without doing some harm. In the world of heavyweight lifters, we tore a big fat tendon off the bone and now the weight we were lifting has fallen right back down on us. Let’s put some ice on it and keep ourselves elevated fow a while. We’re all on collective disability. That’s cool. So, what’s on the tube…? Honey..? get me a beer from the fridge, will ya..? A Little sumpin’-sumpin’..? Pleeeeeease….

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