Today was a beautiful day to hike the Eagle Creek Trail in the Columbia River Gorge. This six-mile trail (12 miles out and back) begins at the Eagle Creek Fish Hatchery on Interstate 84, forty miles east of Portland. Four of us hiked about 8 miles round trip today, with a lunch at the half way point. I will try to do the whole thing next time.
After the hatchery, where we saw hundreds of spawning salmon and loads of dead and decomposing salmon nourishing the creek, the trail begins a moderate climb in altitude that continues most of the way in. The route alternately passes under thick canopies and into open sunny spaces.
After a while, the trail passes Punch Bowl Falls. There is a spur trail down to the water, but only half of our group took it. Because of a missed turnoff on the way up, I did not.
There are several sweet bridges that traverse Eagle Creek as you make your way farther along.
We saw some stunning places where Eagle Creek comes crashing over waterfalls and collects in deeper pools between sheer rock gorges.
There are other waterfalls here and there.
We stopped for lunch at this bridge in the sunlight at about mile 4 before beginning our return trip back to the trailhead.
There were some amazing fall colors going on today.
When the trail was built, parts were blasted out of rock cliffs with steep drop offs very close to the trail.
Try it sometime.
George Soros on Bill Moyers Journal
October 10, 2008George Soros
This is, I think, the third week in a row that I have posted up video and text of an interview from Bill Moyers Journal, which airs Friday evenings on PBS. Click to watch tonight’s guest, George Soros, who spent 20 minutes dropping major bombshells about the state of the economy. As I write this, the program is still running, but here are some lowlights that have gotten my attention: “hopefully capitalism will survive”, “we are in a downward spiral”, “it’s the end of an era” and so on.
Soros clearly explains the reasons for the problem: Excessive credit expansion at two to three times the rate of the economy for the last 25 years and the sale of millions of mortgages as Wall Street securities, resulting in the warrantless skyrocketing of home values, and the credit that was given out based on those values, beyond all reason. Those securities generated a lot of wealth and fees along the way, but they were practically worthless as soon as they were sold. Unfortunately, they were sold and resold on markets around the world, gaining paper value at each stage, but they were still worthless. Bundling these mortgages, which was supposed to lower risk for all by spreading it around, actually resulted in much greater risk for everyone.
The whole system is in the midst of a massive correction. While Soros says that the recent reactions by Congress and the Treasury have so far been both too late and wrong, he believes there is still time (but not much) to take the right actions to stanch the bleeding. He suggests that banks will have to readjust mortgages to reflect real values and avoid massive foreclosures; that the government inject large amounts of capital into the markets to get things going again (before market dynamism is irretrievably lost); and that we revive the economy in the long term by refocusing the nation on rebuilding our infrastructure and developing new sources of renewable energy. (Remember global warming?)
This is going to one wild ride.
Posted in Commentary, Video | 3 Comments »
Tags: Bill Moyers, Bill Moyers Journal, George Soros