As usual, we walked to the end of the beach on the other side of Kaaawa yesterday morning, then turned around and headed back towards home. We were walking with Ms. Amedine, one of our regular morning dogs, and her people. I was surprised when the light changed and the early morning colors were replaced by the full colors of daylight. Luckily, I had a camera ready at the right time. Don’t forget to click on the photo for a larger version.

Okay, I know that it’s Sunday and time to keep it light and lively. But my friend, former Hawaii resident Chuck Smith, sent along this sobering missive and link which I wanted to share.

This is a link to the guy who called the crisis months/years ago and was derided by the MSM as a fear-monger/doom and gloomer.

Unfortunately the MSM is literally 99% cheerleading the bailout i.e. playing the Bush Admin. hand. They are clueless. I have yet to read even one story which tracks reality more than about 10%.

For instance: the Fed has “loaned” about $600B to banks already, using the same gimmick as the bailout: giving banks T-bills in exchange for “collateral” of distressed debt/mortgages. So you have to ask: why the panic to pass the bailout, when the Fed has already spent $600B doing the same thing? Why not just have Treasury transfer another $700B to the Fed which it could do within the existing framework?

You then should ask: why was the bailout designed to avoid taking equity in exchange for fresh capital?

Even the greenest reporter on the finance beat should be asking these questions. Yet literally not one major news outlet has done even one investigative piece on this, the Rubicon of our era. They just parrot the party line about subprime and loose regulations, etc. That’s all superficial in the extreme.

If you need more of this red meat diet, check out Chuck’s Of Two Minds blog.

Meanwhile, I promised to share a little video of two of our Kaaawa dogs playing on the beach yesterday morning. Fisher and Shiloh were having a wonderful time when we ran into them. Anyway, here’s the result. If clicking on the photo doesn’t work for you, try clicking here. Remember, both versions are large files so may take time to download.