Tag: President Bush

Only a dog.

Would lie alongside President Bush’s casket.

This story has been all over the news recently and rightly so; it’s a very touching report.

I have taken my story from the BBC News and wanted to share some of it with you.

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George HW Bush’s service dog Sully pays touching last tribute

3 December 2018
Sully the dog sleeps next to the casket of the late US President George HW Bush

The labrador who worked as a service dog for President George HW Bush has been pictured resting beside his coffin, in a moving tribute.

Mr Bush, who served as the 41st US president between 1989 and 1993, died late on Friday at the age of 94.

Sully the dog is travelling with the casket on the flight from Texas to Washington and back this week.

Mr Bush’s body is due to lie in state this week ahead of a day of national mourning.

The coffin is being flown from Texas to DC on board Air Force One – temporarily renamed Special Air Mission 41, in homage to the late president – and then back on Wednesday, with Sully accompanying the body throughout.

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ooOOoo

Irrespective of what one accomplished in one’s life, 94 is a grand age!

 

Lessons of a Government Intern

When lending is motivated by politics, losses are not far behind.

Years ago, in the summer of 1980, I worked as an intern in the Federal Home Loan Bank Board at the Department of Agriculture.  I was a senior in college majoring in business and had been accepted to the University of Chicago doctoral program.  I didn’t want to take the internship because I wanted to take more courses over the summer to help prepare me for the rigors of grad school, but my college advisor had openly worried that I was far too serious for a young person.  He strongly encouraged me to accept the internship and take a break from academics before I immersed myself in graduate school, and buried myself once again in all things economics!

The U.S. Department of Agriculture was a major lender

I agreed, but only after I had arranged to take 6 credits of independent study in D.C.  I chose to examine the Negative Income Tax program, one of the largest social experiments in U.S. history. More on that at another time. Today, I want to talk about what I learned from being an employee of the U.S. federal government.

The first thing I learned was that the “problem” with government work is not the people; well, not all the people.  There was one man who spent his entire day going back and forth to feed quarters to the parking meter rather than pay for public transportation or do his work.  He represented the worst in government employees.  Most all of the others I met were hard-working and honest people, trying to do a good job and make a difference.

President George H. W. Bush

No, I learned that the real problem was the way the “work” was done in government. I worked for the Federal Home Loan Bank Board (FHLBB) that summer, which was one of the largest lenders in the world.  The FHLBB was responsible for small business, rural, agricultural, and economic development lending. My job was to review loan applications from community groups, fairs, farmers’ markets, and various municipal organizations to make sure that they were complete.

We did not analyze the applicants for creditworthiness.  Instead, if the application was correct and complete, and satisfied the application process, it was approved.  The FHLBB, which was publicly trashed by the first President Bush as being largely responsible for the savings and loan crisis, was abolished and replaced by the Office of Thrift Supervision (OTS) under the Department of the Treasury in 1989.

The OTS eventually expanded its oversight to companies that were not banks, including Washington Mutual, American International Group (AIG),  and IndyMac,  all implicated in the current U.S. financial crisis.

AIG

Little did I know back in 1980 that I was witnessing, from the inside, a government lending process that would lead to the most significant financial crisis since the Great Depression. Looking back, the outcome was perfectly predictable: when politics replaces profits as the motivation of the lender, it should be no surprise that losses result.

By Sherry Jarrell