As always, Jesse speaks cogently to a confusing time.
"God has created me to do Him some definite service; He has
committed some work to me which He has not committed to another. I have
my mission -- I may never know it in this life but I shall be told it in
the next.
I am a link in a chain, a bond of connection between persons. He has not created me for naught.
I shall do good, I shall do His work. I shall be an angel of peace, a
preacher of truth in my own place while not intending it if I do but
keep His commandments.
Therefore I will trust Him. Whatever I am, I can never be thrown away.
If I am in sickness, my sickness may serve Him; in perplexity, my
perplexity may serve Him. If I am in sorrow, my sorrow may serve Him.
He does nothing in vain. He knows what He is about.
He may take away my friends. He may throw me among strangers. He may
make me feel desolate, make my spirits sink, hide my future from me --
still He knows what He is about.
We are slow to master the great truth that even now Christ is, as it
were, walking among us, and by His hand, or eye, or voice, bidding us to
follow Him. We do not understand that His call is a thing that takes
place now. We think it took place in the Apostles' days, but we do not
believe in it; we do not look for it in our own case.
Let us feel what we really are--sinners attempting great things. Let us
simply obey God's will, whatever may come. He can turn all things to our
eternal good. Easter day is preceded by the forty days of Lent, to show
us that they only who sow in tears shall reap in joy.
The more we do, the more shall we trust in Christ; and that surely is no
morose doctrine, that leads us to soothe our selfish restlessness, and
forget our fears, in the vision of the Incarnate Son of God.
May the Lord support us all the day long, till the shades lengthen, and
the evening comes, and the busy world is hushed, and the fever of life
is over, and our work is done.
Then in His mercy may He give us a safe lodging, and a holy rest, and peace at the last.”
John Henry Newman
Showing posts with label Jesse. Show all posts
Showing posts with label Jesse. Show all posts
Thursday, August 11, 2016
Wednesday, March 14, 2012
'Get The Culture Right Again': Greg Smith's Final Words Upon Departing Goldman-Sachs
(HT Jesse, who has an uncanny ability to shuffle through millions of words to find the best ones to share.)
This sort of little announcement usually means little to the outside world:
Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.
OK, another banker/broker type has made his wad by making great deals from which he made profits, and he's off to do other things with his wealth that interest him more.
No biggie, happens every month somewhere.
This little announcement is different, because it is attached to Mr. Smith's Op-Ed piece in the YewNorkTimez, announcing the reasons for his departure. It is a wonderful thing to read, in no small part because Mr. Smith tells us in tones loud and clear that Culture Shapes Economy Before Economy Shapes Culture, which is what OS has been saying alllllll along.
Every paragraph is pithy, and the article is pre-loaded to blow up in the faces of the G-S PR hacks who will go to great lengths to destroy his reputation. (OS assumes Mr Smith has great lawyers to protect him when G-S calls in its favors to the SEC and Justice Department to have him prosecuted and sued for his public departure. The Corleones used the garotte and decapitated heads of favorite horses. Our modern-day Corleones use the bought-and-paid-for government.)
One of the best portions--it is difficult to choose--is this:
Mr. Smith writes of humility, integrity, working for the best interest of the client, respect, work ethic--all the hallmarks that make a great business, a great family, a great house of worship, a great city, a great country. When those things go away, it is only. a. matter. of. time. before things cave in upon themselves.
So, thanks to Mr. Smith. He will undoubtedly go through the swamp full of alligators and sewage once this article gets around, and OS assumes he has a book deal in place, for which this essay was a teaser. If not, he'll have one by the end of April. OS hopes he carefully tucked plenty of very damning evidence away in his briefcase for these past several years. One always needs a bit of leverage in dealing with sociopaths--they respond only to the prospect of gaining more money or power, or to the fear of exposure and humiliation. An appeal to ethics or any greater good simply does not register anywhere within what little may remain of their souls.
This sort of little announcement usually means little to the outside world:
Greg Smith is resigning today as a Goldman Sachs executive director and head of the firm’s United States equity derivatives business in Europe, the Middle East and Africa.
OK, another banker/broker type has made his wad by making great deals from which he made profits, and he's off to do other things with his wealth that interest him more.
No biggie, happens every month somewhere.
This little announcement is different, because it is attached to Mr. Smith's Op-Ed piece in the YewNorkTimez, announcing the reasons for his departure. It is a wonderful thing to read, in no small part because Mr. Smith tells us in tones loud and clear that Culture Shapes Economy Before Economy Shapes Culture, which is what OS has been saying alllllll along.
Every paragraph is pithy, and the article is pre-loaded to blow up in the faces of the G-S PR hacks who will go to great lengths to destroy his reputation. (OS assumes Mr Smith has great lawyers to protect him when G-S calls in its favors to the SEC and Justice Department to have him prosecuted and sued for his public departure. The Corleones used the garotte and decapitated heads of favorite horses. Our modern-day Corleones use the bought-and-paid-for government.)
One of the best portions--it is difficult to choose--is this:
It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding. I don’t know of any illegal behavior, but will people push the envelope and pitch lucrative and complicated products to clients even if they are not the simplest investments or the ones most directly aligned with the client’s goals? Absolutely. Every day, in fact.
It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are.
Mr. Smith writes of humility, integrity, working for the best interest of the client, respect, work ethic--all the hallmarks that make a great business, a great family, a great house of worship, a great city, a great country. When those things go away, it is only. a. matter. of. time. before things cave in upon themselves.
So, thanks to Mr. Smith. He will undoubtedly go through the swamp full of alligators and sewage once this article gets around, and OS assumes he has a book deal in place, for which this essay was a teaser. If not, he'll have one by the end of April. OS hopes he carefully tucked plenty of very damning evidence away in his briefcase for these past several years. One always needs a bit of leverage in dealing with sociopaths--they respond only to the prospect of gaining more money or power, or to the fear of exposure and humiliation. An appeal to ethics or any greater good simply does not register anywhere within what little may remain of their souls.
Saturday, December 17, 2011
Crossing The Rubicon: A Must Read Post From Jesse--Pay Close Attention
The unwitting customers of MF Global, if they held gold and silver in their accounts, will now have their hard assets seized from them, liquidated, and thrown into the pool of settlement cash.
Not the stockholders of MF Global--the customers of MF Global.
Which eventually means, of course, that under the right circumstances of breathtaking fraud, no asset is safe unless it is stowed out of sight, location known only to the owner. Gold coins buried in the back forty, and the farmer armed at all times. Now that's how a nation builds a vital economy--destroy all trust between parties in a transaction!
We've always believed it could never happen here, that we live under the Rule of Law.
Dem daze iz gawn, brethrun. Today, it's MF Global. Next year, it may be the community bank down the street.
The final line of the article Jesse reprints is especially charming, recalling the Red Chinese tradition of summary execution, in which the authorities bill the deceased's family for the ammunition expended to murder their loved one.
Sweeeet....
Not the stockholders of MF Global--the customers of MF Global.
Which eventually means, of course, that under the right circumstances of breathtaking fraud, no asset is safe unless it is stowed out of sight, location known only to the owner. Gold coins buried in the back forty, and the farmer armed at all times. Now that's how a nation builds a vital economy--destroy all trust between parties in a transaction!
We've always believed it could never happen here, that we live under the Rule of Law.
Dem daze iz gawn, brethrun. Today, it's MF Global. Next year, it may be the community bank down the street.
The final line of the article Jesse reprints is especially charming, recalling the Red Chinese tradition of summary execution, in which the authorities bill the deceased's family for the ammunition expended to murder their loved one.
Sweeeet....
Friday, September 2, 2011
Quote Of The Day, From Jesse
There are moments when his prose turns luminous.
There are no sidelines, for everyone serves something, even if by default. The most significant choice we make is whom we serve, and to whom we therefore gradually bind ourselves. It is a terrible choice, with profound implications, but so often made with little thought, lightly, without a view to the consequences. We live on forever with whom we have served in this world.
There are no sidelines, for everyone serves something, even if by default. The most significant choice we make is whom we serve, and to whom we therefore gradually bind ourselves. It is a terrible choice, with profound implications, but so often made with little thought, lightly, without a view to the consequences. We live on forever with whom we have served in this world.
Sunday, August 7, 2011
Jesse's Café Américain: It's the Unfunded Wars and the Financial Fraud, and the Unwillingness to Reform
Jesse's Café Américain: It's the Unfunded Wars and the Financial Fraud, and the unwillingness to reform.
As so often is the case, Jesse hits the nail on the head.
As so often is the case, Jesse hits the nail on the head.
Thursday, June 30, 2011
Quote Of The Day, From Jesse: The Road To Hell
Jesse is a modern-day OT prophet.
When you socialize the losses and privatize the gains for a powerful few, when you reward the perpetrators and punish the innocent and unsophisticated victims of fraud, when you idolize greed, selfishness and deception and vilify simple hard work and honest decency, how can one really expect a healthy, vibrant economy? You are birthing a monster.
Austerity will not improve this picture, and will inflict intense misery on the growing number of unfortunates. They know this, but they don't care. When the oppressed react, there will be calls to put them down, to subdue them, savagely. Provoke and react. Never waste a crisis, and if you need it, create one.
This is the road to hell.
His entire post here.
When you socialize the losses and privatize the gains for a powerful few, when you reward the perpetrators and punish the innocent and unsophisticated victims of fraud, when you idolize greed, selfishness and deception and vilify simple hard work and honest decency, how can one really expect a healthy, vibrant economy? You are birthing a monster.
Austerity will not improve this picture, and will inflict intense misery on the growing number of unfortunates. They know this, but they don't care. When the oppressed react, there will be calls to put them down, to subdue them, savagely. Provoke and react. Never waste a crisis, and if you need it, create one.
This is the road to hell.
His entire post here.
Saturday, April 23, 2011
Jesse's Easter 2011 Greeting
Amen, and Amen again.
A blessed Easter, to one and all.
Christ is risen. That fact is our bedrock, our immovable basis for hope in this life and beyond.
A blessed Easter, to one and all.
Christ is risen. That fact is our bedrock, our immovable basis for hope in this life and beyond.
Monday, March 14, 2011
From The Left Side Of Jesse's Page: Saudi Troops Sent To Keep Order In Bahrain
Jesse, a calm voice of clarity, always leaves the really 'good stuff' on the left side of his page.
This tidbit is enlightening.
MANAMA (Al Arabiya, Agencies)
Forces from neighboring Gulf Arab countries will help maintain order in Bahrain, Arabiya TV reported on Monday, and an adviser to Bahrain's royal court said their forces were already on the strategic island.
"Forces from the Gulf Cooperation Council have arrived in Bahrain to maintain order and security," Nabeel al-Hamer, a former information minister and adviser to the royal court, said on his Twitter feed.
Gulf Daily News, a newspaper close to Bahrain's powerful prime minister, reported on Monday that forces from the GCC, a six-member regional bloc, would protect strategic facilities.
A Saudi official said Monday that more than 1,000 Saudi troops, part of the Gulf countries' Peninsula Shield Force, have entered Bahrain where anti-regime protests have raged for a month.
Somebody over there is worried, with good reason.
OS had a family member who worked for years in Saudi Arabia, which he described as flooded with cash and bereft of any shred of humanity, overlaid with a strict legalistic reliqious social regime (for all except the rulig family). Oddly enough, those years in the Kingdom transformed said family member into just such a person--now deceased, and unlamented.
OS doesn't shares Jesse's urbane eloquence, but he'll just keep on keepin' on saying the same thing: When we decide to develop and use our own oil, gas, coal and nuclear, we can send those guys on their way. And thousands upon thousands of lives will thereby be spared.
This tidbit is enlightening.
MANAMA (Al Arabiya, Agencies)
Forces from neighboring Gulf Arab countries will help maintain order in Bahrain, Arabiya TV reported on Monday, and an adviser to Bahrain's royal court said their forces were already on the strategic island.
"Forces from the Gulf Cooperation Council have arrived in Bahrain to maintain order and security," Nabeel al-Hamer, a former information minister and adviser to the royal court, said on his Twitter feed.
Gulf Daily News, a newspaper close to Bahrain's powerful prime minister, reported on Monday that forces from the GCC, a six-member regional bloc, would protect strategic facilities.
A Saudi official said Monday that more than 1,000 Saudi troops, part of the Gulf countries' Peninsula Shield Force, have entered Bahrain where anti-regime protests have raged for a month.
Somebody over there is worried, with good reason.
OS had a family member who worked for years in Saudi Arabia, which he described as flooded with cash and bereft of any shred of humanity, overlaid with a strict legalistic reliqious social regime (for all except the rulig family). Oddly enough, those years in the Kingdom transformed said family member into just such a person--now deceased, and unlamented.
OS doesn't shares Jesse's urbane eloquence, but he'll just keep on keepin' on saying the same thing: When we decide to develop and use our own oil, gas, coal and nuclear, we can send those guys on their way. And thousands upon thousands of lives will thereby be spared.
Wednesday, December 22, 2010
Nile Gardiner Says It Best: Obama As The Anti-Reagan
Sometimes, it takes a view from overseas to confirm what we dare not tell ourselves.
With Barack Obama there appears to be no great moral cause which drives his foreign policy, no overarching strategy for enhancing American global power, no concept of a global war against Islamist militants, and no desire to strengthen America’s defences. In fact Obama’s approach to international affairs is the exact opposite of Reagan’s. It is based upon a naïve belief that America’s enemies can be won over through “engagement” rather than confronted with maximum strength, and that US security can be advanced by making major concessions. Obama’s extending the hand of friendship to Iran, and his drive to sign a New START Treaty with Moscow which gives the Russians a say over America’s missile defence plans are perfect examples.
Jesse recalls words from a distance of over four decades, the words of Bobby Kennedy.
It is not realistic to solve problems and take action unguided by ultimate moral aims and values, although we all know some who claim that it is so. In my judgement, it is thoughtless folly. For it ignores the realities of human faith and of passion and of belief; forces ultimately more powerful than all the calculations of our economists or of our generals. Of course to adhere to standards, to idealism, to vision in the face of immediate dangers takes great courage and takes self-confidence. But we also know that only those who dare to fail greatly, can ever achieve greatly.
Both posts within one-half hour of one another, authors five time zones separated from the other.
Any questions?
With Barack Obama there appears to be no great moral cause which drives his foreign policy, no overarching strategy for enhancing American global power, no concept of a global war against Islamist militants, and no desire to strengthen America’s defences. In fact Obama’s approach to international affairs is the exact opposite of Reagan’s. It is based upon a naïve belief that America’s enemies can be won over through “engagement” rather than confronted with maximum strength, and that US security can be advanced by making major concessions. Obama’s extending the hand of friendship to Iran, and his drive to sign a New START Treaty with Moscow which gives the Russians a say over America’s missile defence plans are perfect examples.
Jesse recalls words from a distance of over four decades, the words of Bobby Kennedy.
It is not realistic to solve problems and take action unguided by ultimate moral aims and values, although we all know some who claim that it is so. In my judgement, it is thoughtless folly. For it ignores the realities of human faith and of passion and of belief; forces ultimately more powerful than all the calculations of our economists or of our generals. Of course to adhere to standards, to idealism, to vision in the face of immediate dangers takes great courage and takes self-confidence. But we also know that only those who dare to fail greatly, can ever achieve greatly.
Both posts within one-half hour of one another, authors five time zones separated from the other.
Any questions?
Monday, October 18, 2010
Quote Of The Day, 18 October 2010
From Jesse, naturally. And OS sincerely hopes he's mistaken!
But it's certainly worth sharing, because Jesse can by-golly use the English langauge.
"The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."
But it's certainly worth sharing, because Jesse can by-golly use the English langauge.
"The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."
Thursday, August 5, 2010
Jesse, Bless Him, Shares A Tale You Must Read
Just when OS suspects he might be able to assemble a few memorable words in sequence, along comes the urbane Jesse, dashing his hopes yet again.
Jesse introduces a wonderful essay in his own wonderful way.
Read this bit first.
Then read the whole essay he references.
Wonderful stuff, in the Hunter Thompson tradition.
Jesse introduces a wonderful essay in his own wonderful way.
Read this bit first.
Then read the whole essay he references.
Wonderful stuff, in the Hunter Thompson tradition.
Sunday, July 4, 2010
Jesse's July 4 Thoughts
Found here, Jesse once again integrates his financial acumen with the appeal to both reason and conscience.
It is well worth the time spent reading.
Good wishes to all.
It is well worth the time spent reading.
Good wishes to all.
Friday, June 4, 2010
The Great Obama Top-Kill Fail: May 2010 Jobs Report
Remember the Great Stimulus Porkgasm of 2009? The One arrived in Washington in January 2009 with The Mother Of All Spending Bills already written (Golly, Beaver--how did that happen? Maybe His posse already had their lists made up?), and demanded its passage. As in--ya'll don't need to read it, ya'll just need to pass it. Trust Me. Oprah does, and you can too.
If they didn't pass it, why unemployment would approach (gasp!) 10%. If they did, The One promised it wouldn't crack 8%, and The One knows about these things.
In the main, a Congress starved for fresh pork did just that. They never read it, and they passed it.
It didn't work.
Not even close, and even TurboTax Timmy admits it. (Big HT to innocentbystanders. net, by the way)
From Reuters this morning:
The Labor Department said on Friday payrolls rose 431,000 as the government hired 411,000 workers to conduct the population count. That was the largest monthly increase since March 2000 and marked a fifth straight month of gains.
But private employment, a barometer of labor market strength, increased just 41,000 after rising 218,000 in April, as employers opted to increase hours rather than hire new workers. The average workweek rose to 34.2 hours from 34.1 hours in April.
(Think about that second paragraph for a moment. This means that net fewer employees, since retirements and resignations aren't being replaced, are being required to take on more responsibilities, with no increase in compensation. Ya'll know that feeling: The sense that you're now doing the work of three people, instead of one ten or fifteen years ago. It's not just you--it is the reality of our Brave New Economy. And when you burn out, fifteen people stand in line to shoulder your load. It's a wonderful life, here in the land of YesWeCan.)
As many sane voices quietly attempted to explain, it was not going to work, because mathematically, it couldn't work. After almost eighty years of massive governmental interventions and tinkering in the economy and culture, and massive growth of debt, more debt and more intervention proved futile. Debt and intervention are the problem, not the solution.
It was the governmental equivalent of BP's ill-fated attempt to 'top-kill' the infamous oil leak a mile below the surface of the Gulf of Mexico. It was a noble effort, but no pump has been built that could push that much oil and gas back down into the ground. If it weren't a major gusher in the first place, the oil rig would still be quietly beavering away, and no one would have given any of it a second thought.
There is no amount of debt and money printing we can engage in that can refloat an economy crippled by debt and money printing. You can't cure a drunk with another case of Jack Daniels--that just accelerates the liver damage. As one old recovered drunk succinctly stated: 'The solution ain't in the problem. The solution's in the solution!'
The analogies break down past a certain point, obviously. But at the points they disintegrate, it only makes us as a culture look more foolish. It isn't like we weren't warned decades ago that the massive growth of government could only end in tears. It isn't like we didn't have the lessons of history at hand, ancient and modern, that demonstrated that only free market/free society/small government models survive, that top-down models always crash, because they must.
And now, as OleSouth prepares to treat the sainted Mrs. OS to breakfast at the local cafe, he is greeted with the visage of Cristina Romer, one of The One's White House shills, cheerfully assuring us all that we just have to give the stimulus programs time to work, etc. etc. etc., that all will be well and all manner of things will be well.
After all, The One is in charge. Trust us. Oprah does.
The interviewer is incredulous.
She doesn't look like she believes it, either, as she engages in verbal Top-Kill.
We now wait to see if the equity markets begin to finally respond realistically to reality. All those fools who bought long for too long are now about to experience the old 'wash-and-rinse', to borrow a favorite phrase from the wonderful Arthur Cutten.
If they didn't pass it, why unemployment would approach (gasp!) 10%. If they did, The One promised it wouldn't crack 8%, and The One knows about these things.
In the main, a Congress starved for fresh pork did just that. They never read it, and they passed it.
It didn't work.
Not even close, and even TurboTax Timmy admits it. (Big HT to innocentbystanders. net, by the way)
From Reuters this morning:
The Labor Department said on Friday payrolls rose 431,000 as the government hired 411,000 workers to conduct the population count. That was the largest monthly increase since March 2000 and marked a fifth straight month of gains.
But private employment, a barometer of labor market strength, increased just 41,000 after rising 218,000 in April, as employers opted to increase hours rather than hire new workers. The average workweek rose to 34.2 hours from 34.1 hours in April.
(Think about that second paragraph for a moment. This means that net fewer employees, since retirements and resignations aren't being replaced, are being required to take on more responsibilities, with no increase in compensation. Ya'll know that feeling: The sense that you're now doing the work of three people, instead of one ten or fifteen years ago. It's not just you--it is the reality of our Brave New Economy. And when you burn out, fifteen people stand in line to shoulder your load. It's a wonderful life, here in the land of YesWeCan.)
As many sane voices quietly attempted to explain, it was not going to work, because mathematically, it couldn't work. After almost eighty years of massive governmental interventions and tinkering in the economy and culture, and massive growth of debt, more debt and more intervention proved futile. Debt and intervention are the problem, not the solution.
It was the governmental equivalent of BP's ill-fated attempt to 'top-kill' the infamous oil leak a mile below the surface of the Gulf of Mexico. It was a noble effort, but no pump has been built that could push that much oil and gas back down into the ground. If it weren't a major gusher in the first place, the oil rig would still be quietly beavering away, and no one would have given any of it a second thought.
There is no amount of debt and money printing we can engage in that can refloat an economy crippled by debt and money printing. You can't cure a drunk with another case of Jack Daniels--that just accelerates the liver damage. As one old recovered drunk succinctly stated: 'The solution ain't in the problem. The solution's in the solution!'
The analogies break down past a certain point, obviously. But at the points they disintegrate, it only makes us as a culture look more foolish. It isn't like we weren't warned decades ago that the massive growth of government could only end in tears. It isn't like we didn't have the lessons of history at hand, ancient and modern, that demonstrated that only free market/free society/small government models survive, that top-down models always crash, because they must.
And now, as OleSouth prepares to treat the sainted Mrs. OS to breakfast at the local cafe, he is greeted with the visage of Cristina Romer, one of The One's White House shills, cheerfully assuring us all that we just have to give the stimulus programs time to work, etc. etc. etc., that all will be well and all manner of things will be well.
After all, The One is in charge. Trust us. Oprah does.
The interviewer is incredulous.
She doesn't look like she believes it, either, as she engages in verbal Top-Kill.
We now wait to see if the equity markets begin to finally respond realistically to reality. All those fools who bought long for too long are now about to experience the old 'wash-and-rinse', to borrow a favorite phrase from the wonderful Arthur Cutten.
Friday, March 26, 2010
Parting Thought For The Weekend From Jesse
The weekend is packed with work and travel, so one parting thought before the journey begins.
This today from Jesse:
Freedom is not a place to visit, or a thing to be achieved. Freedom is a commitment, a way of life, that will endure only as long as men love it for themselves and their children, more than their weariness, or their fear, or vain comforts.
Amen.
This today from Jesse:
Freedom is not a place to visit, or a thing to be achieved. Freedom is a commitment, a way of life, that will endure only as long as men love it for themselves and their children, more than their weariness, or their fear, or vain comforts.
Amen.
Tuesday, February 23, 2010
Checking In With Jesse and JDA
OS is up to his keister in different pieces of paper that need to go in different directions, and everyone tells him that their piece of paper is the most crucial.
On top of that, one of his students has ended up in the ER, and the frantic mom is making the five-hour drive now. Send one up for J, if you would.
But, the day isn't complete without five minutes checking in with Jesse and JDA.
Something is seriously awry (actually a lot is seriously awry), and the ability of the Fed to continue to print and pump may be drawing to a close, finally. OS has stopped buying, and is willing to take his lumps on what he holds, 'cuz rain or shine, those firms will still be with us in five years or so.
This from Jesse:
The average person buys when they should sell, and sells when they should buy. Often they buy or sell when they should do nothing. The Wall Street insiders and their demimonde frequently help them to do this. That is how things are, and now moreseo than before because of the shrinking pools of exploitable non-banking capital and the lack of financial reforms.
And, for grins, this from JDA...
Too, too funny.
On top of that, one of his students has ended up in the ER, and the frantic mom is making the five-hour drive now. Send one up for J, if you would.
But, the day isn't complete without five minutes checking in with Jesse and JDA.
Something is seriously awry (actually a lot is seriously awry), and the ability of the Fed to continue to print and pump may be drawing to a close, finally. OS has stopped buying, and is willing to take his lumps on what he holds, 'cuz rain or shine, those firms will still be with us in five years or so.
This from Jesse:
The average person buys when they should sell, and sells when they should buy. Often they buy or sell when they should do nothing. The Wall Street insiders and their demimonde frequently help them to do this. That is how things are, and now moreseo than before because of the shrinking pools of exploitable non-banking capital and the lack of financial reforms.
And, for grins, this from JDA...
Too, too funny.
Monday, February 22, 2010
Oh, To Be Able To Turn This Good A Phrase One Day...
Jesse does it again. If he's not on your blog feed, you are missing a daily dose of wisdom.
The concluding paragraphs from his most recent offering:
Why doesn't 'greed is good' work? Because rather than work harder, a certain portion of the population, not necessarily the most productive and intelligent, will immediately seek rents and income obtained by unnatural advantages, by gaming the system, by cheating and coercion, by the subversion of the rule of law, which will sap the vitality of the greater portion of the population which does in fact work harder, until they can no longer sustain themselves.
What will take the place of these modern economic myths? Time will tell, and it will vary from nation to nation. But the wind of change is going to be blowing a hurricane.
The concluding paragraphs from his most recent offering:
Why doesn't 'greed is good' work? Because rather than work harder, a certain portion of the population, not necessarily the most productive and intelligent, will immediately seek rents and income obtained by unnatural advantages, by gaming the system, by cheating and coercion, by the subversion of the rule of law, which will sap the vitality of the greater portion of the population which does in fact work harder, until they can no longer sustain themselves.
What will take the place of these modern economic myths? Time will tell, and it will vary from nation to nation. But the wind of change is going to be blowing a hurricane.
Saturday, January 30, 2010
Scary Stuff
Jessie is conservative and taciturn. This, therefore, gives OS pause.
Attached is some information from a reader. I cannot assess its validity, not being in the bond trading business. But it does sound like someone has tapped into the Fed's buying plans to monetize the public debt and is front running those buys, essentially 'stealing' money from the public. Its what they call 'a sure thing.'
To try and figure out who might be doing it, I would look for some big player who is showing extraordinary returns on their trading, with consistent profit that is not statistically 'normal,' too consistently good. The problem with cheaters is that they sometimes get greedy and call attention to themselves.
In Las Vegas the bigger cheats were often taken out into the desert for further inquiry and final disposition. On Wall Street they are somewhat more arrogant and persistent, defying resolution with that ultimate defiance, "We'll just find other ways to cheat again."
Time for a trip to the desert?
The entire post bears reading.
Attached is some information from a reader. I cannot assess its validity, not being in the bond trading business. But it does sound like someone has tapped into the Fed's buying plans to monetize the public debt and is front running those buys, essentially 'stealing' money from the public. Its what they call 'a sure thing.'
To try and figure out who might be doing it, I would look for some big player who is showing extraordinary returns on their trading, with consistent profit that is not statistically 'normal,' too consistently good. The problem with cheaters is that they sometimes get greedy and call attention to themselves.
In Las Vegas the bigger cheats were often taken out into the desert for further inquiry and final disposition. On Wall Street they are somewhat more arrogant and persistent, defying resolution with that ultimate defiance, "We'll just find other ways to cheat again."
Time for a trip to the desert?
The entire post bears reading.
Saturday, January 16, 2010
A Thing Of Beauty Is A Joy Forever
OldSouth is serious about the list of bloggers listed on the right side of the page--he's trying hard to learn the craft, but those guys and gals are good!
My personal favorite wordsmith is Jesse.
He reminds us that many of those in power, in business and politics, are narcissistic sociopaths. Anyone who has lived any number of years and attempted to creatively engage with the world has encountered them.
But today's turn of phrase is breathtaking:
My personal favorite wordsmith is Jesse.
He reminds us that many of those in power, in business and politics, are narcissistic sociopaths. Anyone who has lived any number of years and attempted to creatively engage with the world has encountered them.
But today's turn of phrase is breathtaking:
Was my characterization of the big Wall Street banks as 'sociopathic' a bit harsh as a reader asked?
No, more likely understated. Remember, this is not some small local lender facing a loss and trying to get something out of it for their trouble. These are the TARP-sucking, discount window-feeding, bonus paying, fraudulent flim-flam 29.9% interest-charging pigmen who are demanding a pound of flesh from the down and out and the dispossessed as a consequence of their own reckless lending practices.
Change you can believe in.
No, more likely understated. Remember, this is not some small local lender facing a loss and trying to get something out of it for their trouble. These are the TARP-sucking, discount window-feeding, bonus paying, fraudulent flim-flam 29.9% interest-charging pigmen who are demanding a pound of flesh from the down and out and the dispossessed as a consequence of their own reckless lending practices.
Change you can believe in.
OldSouth hopes you visit Jesse regularly. He's a voice of moral reason in a confusing time.
Thursday, October 15, 2009
Green Shoots Awards: Arthur Cutten
This man can write!
And he is a voice of conscience that truly needs to be heard. His post from 14 October, 2009 'celebrating' Dow 10,000 is one of the best bits of prose I've read in years.
Most eloquently, he provides three charts at the bottom of his post, revealing the cold truth behind his warm words.
And he is a voice of conscience that truly needs to be heard. His post from 14 October, 2009 'celebrating' Dow 10,000 is one of the best bits of prose I've read in years.
Most eloquently, he provides three charts at the bottom of his post, revealing the cold truth behind his warm words.
Tuesday, September 15, 2009
The Kentucky Bank Orchard
Thanks again to Jesse for sharing this essay from Robert Reich, former Secretary of Labor to Bill Clinton.
They are sober words, and the source should be considered. How will Obama and Company be able to disparage this man, a member of the transition team from last fall, as just another example of Racist AstroTurf?
I mean, the man is a professor at UC Berkley, for heaven's sake...
He tells us needs to be said: The bailouts not only did not change anyone's behavior, it actually poured fuel on the speculative fires. The first line of this excerpt is a clear reminder of how we have forgotten very simple ideas, and ideals, that make a society liveable: Banks exist to link savers to borrowers. They succeed when they serve both groups, and get to make a profit for their service.
Easy-peasy.
Long-forgotten.
The basic function of commercial banking in our economic system -- linking savers to borrowers -- should never have been confused with the casino-like function of investment banking. Securitization, whereby loans are turned into securities traded around the world, has made lenders unaccountable for the risks they take on.
In a tiny town in Kentucky I visit often, there is a little bank building, built some time ago. The original owners built the bank on the main drag, right by the train stop, and then...they planted a fruit orchard to surround it.
What a fabulous parable, a clear message to borrower and saver alike about how they intended to do business, for the long haul.
Every October, as I visit, I gather a couple of apples to take with me. No one objects, they are there for all to glean and take away.
The sweet taste of real success--for everyone--banker, saver, borrower, village, visitor passing by.
And, by the way, the tiny town seems to be doing fine, as I have watched it ride out twenty years of booms and busts.
The culture shapes the economy long before the economy shapes the culture...
They are sober words, and the source should be considered. How will Obama and Company be able to disparage this man, a member of the transition team from last fall, as just another example of Racist AstroTurf?
I mean, the man is a professor at UC Berkley, for heaven's sake...
He tells us needs to be said: The bailouts not only did not change anyone's behavior, it actually poured fuel on the speculative fires. The first line of this excerpt is a clear reminder of how we have forgotten very simple ideas, and ideals, that make a society liveable: Banks exist to link savers to borrowers. They succeed when they serve both groups, and get to make a profit for their service.
Easy-peasy.
Long-forgotten.
The basic function of commercial banking in our economic system -- linking savers to borrowers -- should never have been confused with the casino-like function of investment banking. Securitization, whereby loans are turned into securities traded around the world, has made lenders unaccountable for the risks they take on.
In a tiny town in Kentucky I visit often, there is a little bank building, built some time ago. The original owners built the bank on the main drag, right by the train stop, and then...they planted a fruit orchard to surround it.
What a fabulous parable, a clear message to borrower and saver alike about how they intended to do business, for the long haul.
Every October, as I visit, I gather a couple of apples to take with me. No one objects, they are there for all to glean and take away.
The sweet taste of real success--for everyone--banker, saver, borrower, village, visitor passing by.
And, by the way, the tiny town seems to be doing fine, as I have watched it ride out twenty years of booms and busts.
The culture shapes the economy long before the economy shapes the culture...
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