Diet for a New Depression: Pigeon Peas & Rice and Zero Interest Money

What if somebody gave you a pile of money and told you to take it -- that it was free?

Good deal, no?

You'd grab the bills faster than the governor of Illinois, Blago, can grab headlines.

There are so many things you could spend it on, or maybe you wouldn't. Maybe you'd be like Bank of America, or Citi Group or some of the other totally broke "too big to fail" (TBTF) banks and you would stuff that stash in your shirt and get it home under your mattress and dream of Lincoln, Grant and Franklin and the good things they can do seperate or apart.

Who could blame you? The only certain thing about the economy is that it is not too big to fail -- and it's doing just that.

The Federal Reserve lowered a key interest rate to zero the other day. So now the banks can borrow from the Federal Reserve and pay... nothing in interest.

Meanwhile, miss a payment on your credit card to Bank of America or Citi Group and you, sir, are paying juice at 30%. The TBTF banks are sitting on a pile of cash. Good thing, too, because these TBTF banks are broke by traditional accounting standards. There is more money in reality in your kid's piggy bank.

All in all, it's been a good show. We are getting to watch while America burns and Henry Paulson fidddles with his Fed and tosses a trillion or two on the fire each week. Romans couldn't watch their Republic fail in real time in the comfort of their villas, but this is 21 Century America. The Romans only had VHF and three black and white channels -- all in Latin.

This might be our last century, too. The Barbarians don't even want the gate. They've handed the keys back to the Fed when the country, like so many mortgage holders, went upside down.

Many expect Barrack Obama to ride in and wave his hands and make it all good. What they don't realize is the waving hands is an old Chicago political machine trick. He's making favor requests on slips of paper disappear with one hand and favors appear with the other.

His brilliant plan calls for a new army of shovel leaners to repair roads and bridges. Also, for some green weenie engineers to retro fit federal buildings and make them more enviromentally sound. I can hear the carbon footprints of the scurrying patronage soldiers carrying the echo drywall out to their personal vans to hock on ebay.

Ever notice how vacant the President Elect's eyes seem when he is in a down moment, when he's not being tele- prompted? Maybe he is channeling Franklin Roosevelt and mentally picking his brain about the WPA during the Great Depression, I don't know. Roosevelt's actions lengthened the Great Depression by years; maybe Obama wants to figure a shortcut. Or maybe not. His chief of staff, Rahm Emanuel, has been quoted as saying that one should "never let a serious crises go to waste."

I never meet FDR, but I can tell you from living a few short miles away from BHO, that he is no FDR. They both smoked, but that is where the similarity ends.

BHO has a bigger potential mess on his hands than FDR.

But even soon- to -be heros have to eat. I want to suggest something just right for zero interest rates and no cost money. I'm thinking Pigeon Peas & Rice.

To those who aren't living near the tropics or haven't traveled that direction, peas and rice is the staple. Most all dishes revolve around it. This is a favorite of mine from Barbados. The meat will be optional in this dish, because your no cost dollars might not stretch far enough to include it. You might not be able to find Pigeon peas this far north, but use other beans. It's really simple.

2 cups 11oz/345g fresh/frozen pigeon peas6 cups 48floz/1.45l waterBouquet garni of fresh thyme, marjoram and chives1/4lb/125g salt beef or salt pork1 tablespoon butter2 cups 8floz/250ml rice1 large tomato, blanched, peeled and chopped up1 tablespoon lime juiceRed pepper sauce to taste
Using Fresh Pigeon PeasCover and boil the peas, herbs and salt beef in four cups of water for about 1/2 hour. If you are not using salt meat, add salt to taste. Wash the rice and drain. Add the rice, 2 more cups of water, butter, tomato and lime juice.  Bring to the boil, cover and cook on medium heat for 5 minutes. Reduce heat to low and let it simmer until all the water is steamed out (20-25 minutes).Using Dried Pigeon PeasIf using dried pigeon peas, use 1 cup to peas and increase the water to 7 cups and cook the dried peas very rapidly for about 10-15 minutes and then reduce to simmer for about 40 minutes or until tender. Proceed with the recipe as above.

I like to mix the yellow Bajan hot sauce in with it ( and most everything), but that's really a matter of taste.

I might run a pot over to Michelle. They don't live that far away. My brother in law on the Chicago Police Force is even doing "Obama duty", so maybe I can get at least the pot through security.

When Barrack has finished the peas and rice and the arugula salad, then he can sit down and chat with us from the fireside -- from the Office of the President Elect -- and remind us we have nothing to fear that a few new roads, shiny bridges and green federal buildings can't cure.

Later he will calm the fears of the TBTF banks that they might have to account for the trillions they are getting at no cost.