It's About Time

When mortgages got into the hyper-crazy phase of the real estate market bubble, you could see powerful imprints of the HANDS OF TIME. Mortgage amortizations stretched out (will you still be alive when the loan is paid off?), "Teaser" interest rates with enough time to lull the buyer into false comfort showed up, and balloon payments became more prevalent.

Our politicians and public servants, not wanting to be left out, continue to demonstrate true mastery in manipulating TIME as a core political lever. The just-passed healthcare 'reform' legislation uses time to introduce costs and benefits that activate up to ten years from now. In San Francisco, a "windfall" of funds has postponed needed cost rationalization in the bloated MUNI transit system by a year - hey, people can forget a LOT in a year!

Oh, let's not forget the slickest TIME BOMB of all, the long-term forecast. I love to hear official forecasts involving $XXX bazillions... OVER TEN YEARS! Heck, over any ten year period, our official forecasters have missed every significant recession or depression, calling for monotonic, feel-good GDP growth rates and spending accordingly. Puh-leeze. Smart businesses aggregate as many products as possible into their base forecast... and that is over the short term. Going out much over a year invites "volatility" from unanticipated sources and directions. It's time for politicians and the public sector to join the private sector in dealing with WHAT IS instead of WHAT SHOULD NEVER BE. How about pulling the headphones and stopping the "Time is on My Side" charade at public expense?

The march of time definitely goes on, but we can do with less of it being over avoidable cliffs.