Posted in Daily Dose

My choice

   September 20, 2008  277 Comments on My choice

And who knows, if you read and respond to this before midnight, tonight, Philippine time, it could be yours, too.

My choice for Bloggers’ Choice Award in the Philippine Blog Awards, is the collective known as Filipino Voices.

The variety of voices, the breadth (and depth) of the commentary on the site, and the collective representing the most successful and enduring effort to bring the voices of ordinary citizens to the fore, deserves admiration -and recognition by their peers in the blogosphere.

Avatar
Author: Manuel L. Quezon III
Manuel L. Quezon III.

277 thoughts on “My choice”

  2. I’d agree with some of BrianB’s points.

    This is why economics is largely psychology. No one is ever correct and it’s not an exact science. Kaya nga walang nobel prize for economics.

    It’s hard to rein in on greed especially in this consumerist society we live in. Kaya nga kahit yung mga sinasabing medyo ‘intelligent’ naloloko pa rin ng pyramid schemes. They know that there is no way you can get a 75% roi on such ventures but they still put their money in. It’s irrational and can only be greed.

    When Lehman collapsed, what did the bankers do? They as much as they can on their canteen cards! This is one reason why no one is really sympathetic to bankers who lose their jobs.

  3. So what is Senator Alan Cayetano saying — that it is wrong to investigate Villar’s C-5 road controversy because the questions are only meant to embarass Villar’s 2010 presidential bid?

  4. whut???? is that what cayetano really said?

    did he drink chinese milk fortified with melamine too?

    super walang kwenta pala yang senator na yan with that logic.

  5. I think it was Jefferson who said it most succinctly that democracy is not about the majority but it is about the majority who participate.

    Even then he and the leading thought leaders then also wanted to put basic chains on the tendency of men’s limbic propensities with written declarations of what they considered natural law…

    We hold these truths to be self-evident.. Emphasis on the words self-evident. Those declarations then became the basis for the Basic law.

    Jefferson however was furious after the constitutional convention because the issue of slavery was left on hold to get the Southern colonies on board. In politics one has to compromise.

    The theory of democracy is based on all participating in the decision making.

    In practice it is actually through representatives.

    The degree of representative government varies.

    From centralized democracies like China to broad based multilevel representative based governments.

    While China is ruled by one party state. The U.S. is ruled by an implicit capitalist party. The division between the capitalist party is the two party system.

    But they are owners of production nevertheless.

    Since time immemorial the one who could bring home the bacon ruled the roost. In feudal times it became the merchant class and landlords who supported the king.

    Bottom line it is the working class that always will pay the price.

    One of the most important breakthroughs in the last century is the rapid evolution of the technology of communication. Digital revolution has brought down and collapsed the price of communication on many levels.

    Look at the tittle of this thread. Is it about fame or fortune or both in deciding the best blog…Or is it something more??????

    Ones perspective will depend on ones level of awareness. Separating the self from the mind takes a lot of work…

    The name Mahatma means Great Soul.
    The name Pandit from which pundit is derived means the Learned One. Pandit Nehru and Ali Jinnah were two of the most Learned minds leading India in the most turbulent of times.

    It was the Great Soul who saw past these learned minds.

    Gandhi through most of his life had to learn how to control his limbic mind. Non-violence he said.

    Learn to control your mind that if a man strikes you do not stirke back… Let him feel your pain…

    Off course that is way beyond most mortals including myself.

    Politics and financial markets are primordially based on two most basic of instincts – fear and greed. The rational mind should always be in charge.

    Today that fear has permeated even the most learned of men… They can feel it, touch it and even taste it.

    But the bottom line is still this… How does one regulate instincts without chaining down the entire mind which is integrated between high and lower brain functions. We need the limbic region to drive us with the higher brain at the controls.

    Jefferson said that now and then you should keep the regulators in check by destroying them. They should be always be reminded that the people rule…

    So remember that those who remain silent give their assent by silence to the status quo. Those that particpate and seize the moment will always rule by fair and foul means.

    We deserve the system we get all the time…Maraming pang Pinoy ay tanga kaysa sa hindi.
    Pero may kaunting mag tao ay unti unti ay gumigising. Malaking bagay ang mga bloging community.

    Someone said recently that the U.S. revolution was founded on the writings of the learned ones who were after all community organizers…

    My most esteemed congratulations once again to MLQ3 and the people who conceptualized FV….

    But you still need greed to fund the organizing. I do wish the extreme left would recognize that you cannot socialize tuyo…

    “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
    Thomas Jefferson, Letter to the Secretary of the Treasury Albert Gallatin (1802)
    3rd president of US (1743 – 1826

  6. The government knew all along that AIG was in trouble and that Fannie/Freddie and Lehman were at their doorstep as well. The government has to choose which entity can be saved and let go. AIG has to be assisted for the sake of everyone around the world.
    AIG needed $70 billion to meet funding requirements but its’ not that much compared to AIG’s core insurance companies.

    Now, suppose that you are a wealthy independent multi-trillionaire. Would you lend $70 billion to AIG at 10% secured by whatever you could and with an attached option to buy 60% of AIG at present value?
    It’s a good deal. I think you would.

    The only trillionaire is the US government. 🙂 The future value of this investment may swing positively financially but politically ?

    Present Value is 60% off current stock price. ( AIG profits $20 billion a year )
    Initial Investment of $ 70 billion at 10% return. Calculate future value in 3 years. Both scenario … just for fun.

  7. the 10% required rate of return is only an example but there’s what the US government is expecting.

    “The U.S. government will receive a 79.9% stake in the insurance company, with the power to eliminate dividends.

    The loan would be repaid by the asset sale.

    The AIG facility has a 24-month term. Interest will accrue on the outstanding balance at a rate of three-month Libor plus 850 basis points. ”

    please do not calculate LIBOR rate plus 850 basis points, hvrds will not get it. It will take one semester for The cat to explain…

    ON The limbic system :” Being a concept grounded more in tradition than in facts, many scientists have suggested that the concept be abandoned.”

    Hi hvrds… lol 🙂

  9. to leytenian: of course, you know that the sovereign funds (of China, Saudi, Hongkong, Singapore) didn’t look too kindly on buying-at-huge-discount the AIG papers.

  10. Just a reminder to all that Pinoys, being slow learners and slow thinkers, need a big headstart in the effort to think about what’s gonna happen in the next elections.

    This video is a good place to start and reflect:

    Philippine Presidential Elections
    http://www.youtube.com/watch?v=0ZCMn3USk6w

    I might also recommend this slideshow that makes a rather bumpy journey towards a more enlightened view of the true dysfunction that underpins Pinoy society and how this dysfunction imprisons us in an never-ending cycle of electing the same morons to public office:

    Why Filipinos suck at democracy
    http://www.getrealphilippines.com/sh01/slide01.html

    Pause.

    Reflect.

    Think.

    – 😉

  12. hvrds,

    Just want to address one thing in your argument, that is, present an opposing view to this.

    “Ones perspective will depend on ones level of awareness. Separating the self from the mind takes a lot of work… ”

    Great thinkers or organizers as you call them fail miserably in one thing. Their ideas are underpinned by this pedagogical conceit: that peoples can be educated to think correctly. How absurd. When I put forward that greed had to be controlled, I meant it. It’s like murder, theft and rape. You cannot simply educate people not to do these things, can you? You need laws and punishment to offenders. Same with greed in corporations. Why aren’t the greedy capitalists punished? Because current laws are still elitist and suffer the same mistake that conceited albeit humanist pedagogues have been making since civilization reached its maturity. Most people simply will not learn on their own, even Harvard grads.

  13. “[ grad na ang gagamitin ko, di na student ]”

    its about time 🙂

    ikaw naman oh, we are students for life naman eh.

  14. “We operate via groups. Advocacies are necessarily prejudicial to its opponents and they are “limbic” driven. Imagine using your higher brain functions on every personal decision, you would hardly move from your seat. Besides, you’ll need to have the power of mind control; otherwise it’s emotions and broad analyses that get the most votes.” Confused punditry

    “Because current laws are still elitist and suffer the same mistake that conceited albeit humanist pedagogues have been making since civilization reached its maturity.” Really Confused punditry Civilization has already reached its maturity???

    The entire foundation for equilibrium science and scientists is based on the absolute rationality of the human animal.

    Medalla, Monsod, Sicat, Diokno, Habito, Pernia and some others are equilibrium scientists.

    They actually believe in the perfection of human rationality.. They even measure it and use those measurements to support their zealotry. That is their basis for neo-liberal economic theology.

    Ben Bernanke was said to have remarked recently – “there are no atheists in foxholes and no ideologues in a financial crisis.”

    The Catholic Church in its advocacy of the rhythm method simply suggests that one find out when the woman is fertile and refrain from having intercourse. Off course there are other ways of sexual gratification without intercourse also during those days.

    One has to control the limbic side during those days. But intercourse is not the only method for sexual gratification for pleasure… Discipline and self control is another choice. But educating people on that has no profit based principle. So you ask the state to socialize contraception because someone will profit.

    The new improved “Joy of Sex” was just released. There are things unknown and or less commonly known in the past that has become acceptable today.

    Greed is a broad description of man’s material needs. It is simply not based on money.

    Milton Friedman the market anarchist said that man should not be hampered by rules. Drugs, prostitution, pornography should all be liberalized.

    Man is an insatiable animal it seems. One reason of wanting to get rich is to have a plethora of choices.

    Let me tell you, I have seen some of the wives of these big shots….. Your mouth will salivate at the sight of the women…

    Today’s world is about trophies…. What do you think marketing consumerism is all about.

    Driving a Ferrari will give you a limbic reaction… The tires and suspension are like suction cups when cornering at 90mph.

    Simple question… What is the current definition of money????

  15. You don’t call modern civilization mature?

    Equilibrium science? Please explain. Is this similar to the eastern yin-yang philosophy?

    I think you’re agreeing with me here. What I said was rules curbing greed need be made. Greed exists and the damage it can cost should be accepted. Wasn’t rape natural back in the days? before civilization? So greed, we must accept, muddles the mind, even educated and brilliant minds, greed, hubris (which is the great man’s version of greed) have to have counter-measures. Wall street greed, unlike alleyway rape, isn’t being policed.

  16. Your argument is that man needs to be educated and should practice self-control. My argument: even educated man can rape, is greedy, can have his eyesight darkened by excessive desire. You need rules even for educated men.

  17. Most modern societies have progressive income taxes to moderate and regulate greed. There was a time when the top rate of the U.S. income tax bracket was taxed at 90%…

    However capital gains tax is taxed at a lower rate.

    But this was all changed by the entry of free market ideologies in the 70’s.

    Command economies and liberal economies are really about contrasting fiscal policies.

    Bakit hindi alam nang marami yun???

    Oh, yeah, I do not own a Ferrari but my work allows me to interact with people who own or lease those monsters.

    Believe me it really is a chick catcher…

  18. The Philippine government refuses to be bullied by Kato and Bravo who have said give us our land or we will kill your people…

    The American bankers have told the American people through their representatives that apart form the over $500 billion already used to bail out institutions they need another $700 billion otherwise no more Starbucks and shopping… and you may lose not only your home but your job and savings as well. So pretty please buy out all out toxic paper.

    Most Americans and the world do not know why they have to risk their future taxes to pay for these rich guys to maintain their lifestyle.

    Now for highlights of Big Mike and GMA’S TRIP TO THE U.N. The one about San Marino and Andorra really takes the cake.

    “For the rest of the day, Mrs. Arroyo will hold bilateral meetings with the leaders of St. Vincent and Grenadines, St. Kitts and Nevis, Andorra, San Marino and Ban.”

    “Day 3 starts with bilateral meetings with the leaders of Cape Verde, Equatorial Guinea, Iceland, Belgium, Slovenia and Comoros.” Phil. Star

  19. hvrds, maybe you can help identify how talk of the dbp’s $100 m USD exposure to Lehman Bros. papers can be confirmed or not. Talk is rife within business circles that Rey David is pretty much stuck in New York until he sorts things out: and that reputedly being the financial adviser of the President’s husband, it’s a reasonable assumption that they took a hit, too. Also, why is it that if memory serves me correctly, talk that the Aboitiz bank’s heavy exposure to subprime remains just that: talk, and not even reported in the papers. One businessman quipped that their bank simply has good P.R. or is it simply incomprehension on the part of business reporters?

  20. May harvard mba ho ba si hvrds? Kung puwede lang, mang harvard, paki-explain kung ano iyong nakakatakot daw na puwedeng mangyari kung hindi matuloy ang AIG bail-out. Bakit sabi ng Inquirer, wala naman daw mangyayari sa mga policies ng Philamlife. Ano nga ho ba ang problema?

  21. Since the global financial system is ready to tank, now might be a good time to repudiate (or declare a moratorium) on our Foreign Debt. What’s good for Wall Street and the American banks should be good for the Philippines as well.

  23. Re: DBP and Lehman. one of the toughest parts about doing business in the Philippines is the lack of laws requiring banks to fully disclose their trust or unit trust placements.

    They are not required to do so. Try even asking Philam Life about the actual details of their investment portfolio.

    There are a lot of incestuous relationships. For example Cuisia is head of one of SM’s companies but his Philam Life also has investments in a lot of SM’s instruments. They, Philam Life also acts as fund manger for SSS funds. Cuisia’s brother was also involved with the Aboitiz and Union Bank (formerly Interbank). Union Bank handles work also for GSIS…

    The governments cash cows SSS,GSIS, DBP, Land Bank and the rest of the bunch are not required by law to disclose their portfolios. Even to the BSP…….

    You will have to work at the other end – in the U.S. where disclosures are part of the system…Lehman filed for Chapter 11. they have to disclose all their assets worldwide with all their subsidiaries and shell companies. Walang ganyan dito sa Pilipinas.

    One has first to check which major financial port has the information. Singapore or HK. The Asian HQ would be in one of these ports.

    Metro Bank came clean because it knew where to go to seek resourse within their own backyard. Hence their move to put the Lehman companies here on receivership. A lot of those SPAVS are fronts for a lot of hot money… Metro bank also sold a lot of distressed assets in the past probably to Lehman. Then they lent them money to buy these assets … Nice huh…

    Am personally involved in trying to settle some issues from the Asian crisis here with the special purpose vehicles created in the near past. Both banks involved no longer exist and are now BDO. It is like pulling teeth to get information.

    Now for the local financial institutions under AIG. The U.S. government ay ngayon ay mayari ng AIG.

    If the U.S. did not save AIG there is no way in the world your life insurance policies would have not been affected. Tthe probability would have been high that most of the net asset investments of the company would have crashed. Maybe only what you put in you would get back if at all.

    hvrds does not stand for Harvard.

  24. FT has just announced that Nomura, a Japanese brokerage form would be buying Lehman’s assets in Asia.

    Metro Bank is in bed with big Japanese corporations. (Toyota) I would not worry about Metro.

    The Philippine banking system is pretty stable.
    You have land based Ayala -BPI, SM based BDO, Lucio Tan based PNB & Allied Bank (beer and cigarettes & PRC-China)), DBS (Singapore) backed Rizal Bank. Metro Bank – (Japs)

    Union Bank – (SSS and GSIS)

    You might say that Lucio Tan actually is our Central Bank. He has more capital than the BSP… BSP lahat utang….

  27. Investment bank bonuses last year in the City (ie that golden area in London where the banks are) amounted to an estimated £35B and the average bonus of investment bankers was at £191K.

  28. Hongkong-Shanghai Bank, Barclays, Royal bank Scotland, Deutsche, other European and Asian financial institutions made their phone calls and now, Paulson says that these banks can get bailed out, too.

    I hope McCain and Obama put a stop to this foreign bailout. US should buy “toxic derivatives” from, say, Barclays only if England crafts a bail-out plan similar to the US.

  29. Hongkong-Shanghai Bank, Barclays, Royal bank Scotland, Deutsche, other European and Asian financial institutions made their phone calls and now, Paulson says that these banks can get bailed out, too.

    I hope McCain and Obama put a stop to this foreign bailout. US should buy “toxic derivatives” from, say, Barclays only if England crafts a bail-out plan similar to the US.

  30. i like it when someone talks like he’s an authority and impresses that he is privy to the financial kitty of the tai pans.

    When asked to explain, an economic phenomenon resorts to gibberish/copy pasted articles which are chosen for self-serving purposes.

  31. “I hope McCain and Obama put a stop to this foreign bailout”

    The ‘foreigners’ are being/requesting to be bailed out too because they also have huge investments in the USA and have thousands of US employees.

    It’s probably a tough choice.

    Basta, kawawa the next usa president.

  34. “I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.” (Thomas Jefferson to Sec. Gallatin) HVRDS,

    This has been addressed when banks are subjected to Federal Regulations.

    The other dangerous tyrants are court judges:

    “[For the] difficult task in curbing the Judiciary in their enterprises on the Constitution . . . the best [remedy] I can devise would be to give future commissions to judges for six years [the Senatorial term] with a re-appointmentability by the president with the approbation of both houses. If this would not be independence enough, I know not what would be . . .

    The Judiciary perversions of the Constitution will forever be protected under the pretext of errors of judgment, which by principle are exempt from punishment. Impeachment therefore is a bugbear which they fear not at all. But they would be under some awe of the canvas of their conduct which would be open to both houses regularly every sixth year. It is a misnomer to call a government republican, in which a branch of the supreme power is independent of the nation. (Thomas Jefferson letter to Senator James Pleasants, 1821).

    This tyranny of the court has not been addressed even up to this time. There should be an oversight committee that should be created to make an annual audit of the Court’s actions/decisions and the Committee must report it to the people, Congress and the Executive, or make them hold office for 6 years as suggested by T. Jefferson.

  35. Why did the Supreme court prevent you from practicing law ba? Please expound so we know these oft-repeated ‘errors in judgement’

    Since you already published an open letter (in a blog, of all places) you might as well enlighten us.

    cheers,

  40. nash,

    here is the bottomline. SC said that there were different versions of the alleged incident, but then it proceeded to discuss only the version of the complainant and the ibp and no discussion was devoted to my version which is outlined in my two motions for reconsideration. read my two motions and compare it to the conclusion of the SC. 🙂

  41. nash,

    before even I read T. Jefferson, I have written in my book the following:

    “Of the three branches of government, it is the Supreme Court which is in a very enviable position of power. Unlike the President and the members of Congress who have to seek the mandate of the people every six years, four or three years, the
    members of the Supreme Court have a life tenure and they continue to serve as members of the Court throughout their fruitful as well as fruitless lives and even if they misbehaved while in office. The only way the people can boot out a corrupt jurist in
    office is if he resigns or retire from office in a huff or in a hush. If you try to impeach a Jurist of the Supreme Court, he would throw every bag of tricks on your way to protect his employment and sometimes he would invoke a constitutional technicality if convenient.

    And despite of what Mr. Marcos had done to the country during the darkest years of his misrule, some people could not help but feel nostalgic about the initial martial law years where he had purged the misfits in the Courts and had dismantled the private armies of the provincial warlords.”

    Reference on SC Justice retiring or resigning can be further clarified if you read the entry in my blog: “The Sins of the Supreme Court”.

  42. jcc,

    ‘The other dangerous tyrants are court judges’

    Commenting in mlq’s blog will not solve your problem with the Philippine judiciary. Spare us the agony.

  43. @jcc

    that doesn’t answer why they ‘banned’ (or whatever) you for a year. anyways, supremo is right, since you brought it up, it piqued my curiosity, now I don’t think I’ll get a straight answer in plain enqlish so I will stop. best wishes.

  44. to jcc: Have you already applied for reinstatement of your license to practice law? Do you apply to the Philippine bar association or do you apply to the Philippine Supreme Court?

  45. supremo,

    and i am not trying to solve my problem over MLQ’s blog.

    the comment about court’s tyranny was in relation with hrvds’ comment on private banks’ tyranny both of which have jeffersonian foundation, and not entirely about my case until nash has inquired about it.

    rodolfo,

    ibp has already certified me in good standing. it is the SC that does not….

  46. to nash: jcc34’s blogsite does mention the technical term for the transgression. Jcc34 mentions that the California Bar Association asked him if he had already been rehabilitated (and a sign of “rehabilitated”, I suppose, is that jcc’s license-to-practice law in the Philippines has been renewed).

  49. supremo,

    if your life has no colorful substance please do not begrudge others having one…. have you tried fighting someone not of your own size in the past? if not i can understand why you agonized over the fight of someone you wish you yourself could have done. 🙂

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.