This is a must-read open letter to JP Morgan's President, Jamie Dimon, written by Josh Brown over at The Reformed Broker. It is in response to Dimon's comment “Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it.” Although Brown's entire letter is a must read, one quote strikes at the heart of the matter:
"No, Jamie, it is not that Americans hate successful people or the wealthy. In fact, it is just the opposite. We love the success stories in our midst and it is a distinctly American trait to believe that we can all follow in the footsteps of the elite, even though so few of us ever actually do.
So, no, we don't hate the rich. What we hate are the predators.
What we hate are the people who we view as having found their success as a consequence of the damage their activities have done to our country. What we hate are those who take and give nothing back in the form of innovation, convenience, entertainment or scientific progress. We hate those who've exploited political relationships and stupidity to rake in even more of the nation's wealth while simultaneously driving the potential for success further away from the grasp of everyone else."
Supporting articles I've written on related topics include one on the Occupy Wall Street movement, another on corporate governance and compensation, and one on the need for a "new economic morality" -- among others!
But, well done, Josh Brown, a brilliant letter to a typical corporate type and indeed, that is the problem, not compensation per se.
Pass it on!
Thursday, December 22, 2011
Tuesday, December 13, 2011
Housekeeping
This is a sort of maintenance, catch-up entry; odds and ends that need to be tied up.
First a follow up about the replacement of our home's roof. After a couple of weeks of delay, partially related to weather, the ordeal is finally over, somewhat anticlimactic as now when I look at the house, it seems like the new roof has always been there. But its guts are very different, with the underlayment and the Polyset roofing system designed to withstand a Category 5 hurricane. The house might be gone but the roof will be levitating!
Now the rest of the house speaks to me for repair and upgrading, particularly exterior painting. The eves are a high priority as wood rot was replaced while roofing, and bare wood needs to be primed and painted. As some of the eaves are at a second story level, that will have to be done by a
professional, but the rest of the house, in particular the courtyard and the courtyard walls, call out to me so I've slowly started to prep and paint. Elastomeric paint is very forgiving, allowing coverage of narrow stress cracks that would have to be filled otherwise. I thought I would despise painting and repairing, something I haven't done in some time, but I find it somewhat satisfying, and doable if I take it in small doses each day. Not the same feeling as when I was younger and routinely did repairs and even undertook larger scale projects on our homes, but fulfilling nonetheless. Maybe it's just being relieved that my life is back to normal after a year of health issues.
Next, I wanted to experiment with posting videos directly to this blog. Although I've posted to YouTube, this is new to me so I just filmed a couple this past week or so. These are not very remarkable, but they are mercifully brief.
The first was taken when Ann's friend, Arlene, was visiting from Tampa, and we went on our boat and up the Intracoastal to look at the Christmas lights. The Palm Beach boat parade was only a few nights before that so I thought most homes would be finished with their decorations, but that was not the case. Nonetheless, one of the homes in Palm Beach Gardens that has a fairly spectacular display, perhaps about a half mile north of the PGA bridge, had their decorations finished. The video is a little muddled as I was trying to steer our boat while filming with the other hand.
First a follow up about the replacement of our home's roof. After a couple of weeks of delay, partially related to weather, the ordeal is finally over, somewhat anticlimactic as now when I look at the house, it seems like the new roof has always been there. But its guts are very different, with the underlayment and the Polyset roofing system designed to withstand a Category 5 hurricane. The house might be gone but the roof will be levitating!Now the rest of the house speaks to me for repair and upgrading, particularly exterior painting. The eves are a high priority as wood rot was replaced while roofing, and bare wood needs to be primed and painted. As some of the eaves are at a second story level, that will have to be done by a
professional, but the rest of the house, in particular the courtyard and the courtyard walls, call out to me so I've slowly started to prep and paint. Elastomeric paint is very forgiving, allowing coverage of narrow stress cracks that would have to be filled otherwise. I thought I would despise painting and repairing, something I haven't done in some time, but I find it somewhat satisfying, and doable if I take it in small doses each day. Not the same feeling as when I was younger and routinely did repairs and even undertook larger scale projects on our homes, but fulfilling nonetheless. Maybe it's just being relieved that my life is back to normal after a year of health issues.Next, I wanted to experiment with posting videos directly to this blog. Although I've posted to YouTube, this is new to me so I just filmed a couple this past week or so. These are not very remarkable, but they are mercifully brief.
The first was taken when Ann's friend, Arlene, was visiting from Tampa, and we went on our boat and up the Intracoastal to look at the Christmas lights. The Palm Beach boat parade was only a few nights before that so I thought most homes would be finished with their decorations, but that was not the case. Nonetheless, one of the homes in Palm Beach Gardens that has a fairly spectacular display, perhaps about a half mile north of the PGA bridge, had their decorations finished. The video is a little muddled as I was trying to steer our boat while filming with the other hand.
[Well, this first experiment failed. The video will not upload. Will keep trying but as the narrative is still valid, I am posting without the first video.]
Christmas in Florida reminds me of the Diane Arbus photograph "Xmas tree in a living room in
Levittown, LI." -- the sterile living room consisting of a couch with fringe hanging from the upholstery, a lamp, a clock that looks like a star on the wall, a TV set and an end table, with a heavily decorated, but unlighted, Christmas tree shoved in the corner with wrapped gifts under it. There is a certain sadness that Arbus captured and she would have had a field day in Florida during this time of year where the juxtaposition of Christmas decorations and tropical weather seems to have the same effect as her photographs of the bizarre. To the right is a typical December Florida scene, a Great Blue Heron sunning himself on our sea wall. It just does not say "Christmas!"The next video might interest local boaters as the Munyon Island docks were just completed and it is a
pleasant destination for smaller boats in the Palm Beach area, with floating docks, and an effective breakwater to protect boats from the wakes churned up by the larger vessels traversing Lake Worth north and south. Munyon Island itself was slightly developed to accommodate visitors to the docks with a few small pavilions and grilling facilities, as well as a slightly elevated walkway through the native growth of Munyon where it dead ends into a pathway which I followed only to be greeted by a spider the size of a B-29, so that is where my reconnoitering ended. But the tropical environment is lush on the island and well worth visiting. Here is a history of Munyon and of the restoration project.We're fortunate to have such a facility so near us (ten minutes by boat) as well as the more elaborate ones of Peanut Island but Peanut can be crowded, particularly on holidays and weekends.
Besides occasionally adding videos to the blog, I want to begin to label the blog entries as I've written more than 250 entries in the four years I've been doing this and while there is search capability (upper left corner) and of course contents and images are searchable via Google et. al. as well, there is no structured index, something that bothers me as an ex-publisher. That is going to be an ongoing job and I'm not sure about the approach at this point but there might be some strange entries in the future to test the labeling capabilities.
Moving on to some family stuff, earlier in the year our son's friend, Jeff, was married and the wedding was sort of a reunion, five friends, boys we've seen grow up from the innocence of childhood, through the terrible teens, and now into manhood, each going their own way in life, but coming together as if no time had passed at all. Uniting them is the love of boating, water skiing and swimming as each grew up on the water, spent summer weekends out at "our" Crow Island and a part of their summers together on Block Island.
So today, this is the motley crew (picture courtesy of Jeff's Mom, Cathy)
Besides occasionally adding videos to the blog, I want to begin to label the blog entries as I've written more than 250 entries in the four years I've been doing this and while there is search capability (upper left corner) and of course contents and images are searchable via Google et. al. as well, there is no structured index, something that bothers me as an ex-publisher. That is going to be an ongoing job and I'm not sure about the approach at this point but there might be some strange entries in the future to test the labeling capabilities.
Moving on to some family stuff, earlier in the year our son's friend, Jeff, was married and the wedding was sort of a reunion, five friends, boys we've seen grow up from the innocence of childhood, through the terrible teens, and now into manhood, each going their own way in life, but coming together as if no time had passed at all. Uniting them is the love of boating, water skiing and swimming as each grew up on the water, spent summer weekends out at "our" Crow Island and a part of their summers together on Block Island.
So today, this is the motley crew (picture courtesy of Jeff's Mom, Cathy)
and here they are in photographs from years ago:
Finally, one of my fellow bloggers, is "graduating," having used his blog to pursue a dream (starting his own mutual fund) and after several years writing about the market (and maintaining a "virtual" portfolio, providing complete transparency), his blog will be moving to a web site as his "Paladin Long Short Fund" has been approved by SEC (the proposed symbol, not yet approved, is PALFX) I predict Mark will be a very successful trader and offer him my congratulations, bringing his dream to reality -- yet another instance of how technology has been used as a fulcrum for entrepreneurship.
Monday, December 5, 2011
My Bet is on Roger's Version
And by "Roger's Version" I'm not referring to one of my favorite Updike novels but my high school grade advisor and teacher, with whom I am in contact for reasons explained here.
Roger Brickner was passionate about politics when I participated in the mock political convention he staged the year I graduated in 1960, on the eve of Kennedy's election. Remarkably, now 51 years later, he is still passionate and his political analysis has been prescient, better I think than the political analysts we are exposed to on the battle between Fox and MSNBC. Survey research is a highly statistical discipline but the results can be problematic due to methodological flaws, question bias, and socially desirable responses, people trying to put themselves in a favorable light when answering questions (vs. what they do in the voting booth). I prefer the old fashion educated opinion, and they don't get much better on the topic of politics -- or as enthusiastic -- than Roger's broadcast emails during an election year. I have his permission to bring them to light in my blog from time to time and here is his latest one on the upcoming Republican primaries in January....
Dear Friends:
What a difference those two weeks were in terms of the Republican race for a nominee. It is getting down to a battle between Gingrich and Romney, but with Paul holding in there tenaciously in third place. All the others on a national basis will be in single digits when it comes time to vote in just one month's time. These others could exceed once in a while their single digit status. Bachmann in Iowa and Huntsman in NH for instance.
In this discussion I will confine myself to the primaries and caucus scheduled for January.
IOWA CAUCUS Jan 3 These votes will be divided proportionally... I believe a 15% threshold is required to get ANY delegates. the Iowa caucus is a whole afternoon and evening event (ordeal?... read only the dedicated hang in there). I am not ready to give exact percentages yet, but I see the following order GINGRICH, closely followed by ROMNEY, then PAUL, but PAUL will probably fall short of 15%. Therefore I would expect GINGRICH to win a majority of the 28 delegates. This will be a good boost for his challenge to Romney.
NEW HAMPSHIRE PRIMARY Jan 10 these votes will be divided proportionally with a 15% threshold to get ANY delegates. I now see the order as ROMNEY by a wide margin. GINGRICH second and PAUL third. Coming in a respectable fourth is HUNTSMAN, but I would doubt he would reach the 15% threshold . With just 12 delegates (such a fuss NH makes over so few delegates) I would expect the results to show ROMNEY 8 delegates, GINGRICH 2 delegates and PAUL 2 delegates.
SUMMARY OF FIRST TWO CONTESTS
ROMNEY 19, GINGRICH 19, PAUL 2. Close race !!
SOUTH CAROLINA PRIMARY Jan 21 These delegates will be winner take all. I see GINGRICH winning by at least 10 points, thus gathering all 25 delegates.
SUMMARY OF FIRST THREE CONTESTS
GINGRICH 44, ROMNEY 19, PAUL 2
FLORIDA PRIMARY Jan 31 These delegates are winner take all,. I see GINGRICH beating ROMNEY by wide margin. It will be a very bad night for ROMNEY. All 50 delegates will go to the Georgian neighbor GINGRICH.
SUMMARY OF THE FIRST FOUR CONTESTS
GINGRICH 94, ROMNEY 19, PAUL 2.
It will be imperative for ROMNEY to bounce back in the four caucus states of NEVADA, MAINE, COLORADO and MINNESOTA between Feb. 4-7. There are no SOUTHERN states here and ROMNEY must do well to get the balance of delegates more even. I will be looking into these states in the next two weeks and will be able to comment better at that time on whether ROMNEY can keep in the race. One note, the really big northern states of NEW YORK (Apr 24) NEW JERSEY (June 5) PENNSYLVANIA (Apr 24) OHIO (June 12) MICHIGAN (Feb. 28) ILLINOIS (Mar 20) and CALIFORNIA (June 5) seem to be in ROMNEY's column so the decisive delegate numbers may not be known until quite late. Watch MICHIGAN on Feb 28 and ILLINOIS on Mar. 20 as a clue to how these other big northern states will swing.
There is still the chance that for the first time since 1948 the nomination for the Rep. nominee might go beyond the first ballot. A long shot, but an exciting possibility.
THIRD PARTIES? I could see BACHMANN get into it if ROMNEY became the nominee. I'm sure she would get less than 5% of the vote, but it would hurt ROMNEY. PAUL keeps saying he will not run a third party, but he has done it before and may do it again. He would be worth 5-10% of the vote. Because of his war stance he could hurt OBAMA the most. All this is just speculation, but not outside of the possible this election cycle.
I continue to believe that OBAMA will beat GINGRICH by a margin greater than he won in 2008. A ROMNEY candidacy would be a very close race, perhaps a narrow victory for him and if not OBAMA would do less well than he did in 2008 against MC CAIN But we have 11 months before we will know better.
Roger
Here is Roger's updated forecast dated Dec. 26...
Dear friends:
I trust you have all had a very Merry Christmas this Holiday season. I enjoyed an excellent meal with a schoolboy friend of 65 years in NYC.
The shifting sands of elective politics continue to rearrange the landscape. I will look at the first three contests.
IOWA The latest "flavor of the month" is beginning to slip. Between Newt Gingrich's mouth and his poor organizational support ( failed to get on VA ballot) is catching up with him in the eyes of the voters. This shows in my latest estimate for the Iowa caucus on Jan 3. My expectations:
1 ROMNEY (20-25%) 8 delegates
2 PAUL (20-25%) 8 delegates
3 GINGRICH (15-20%) 6 delegates
4 PERRY (15-20%) 6 delegates
5 BACHMAN ( 5-10%)
6 SANTORUM ( 5-10%)
7 HUNTSMAN (5-10%)
Three weeks ago, before the decline in Gingrich became apparent, I had him leading, but he has fallen back to third place now. Paul, certainly not the flavor for ANY month will give Romney a good race for first place. I have to say that Santorum is likely to quit when, after traveling to every Iowa county, he will only draw single digits. Same for Bachman, but she may, inexplicably, hold on for a while, though I do not see her getting into double digits anywhere.
Next comes my state of NEW HAMPSHIRE on Jan 10. My prediction made on Dec 3 still seems to hold except I expect Gingrich to fall back to third place, while, once again Paul moves up at his expense.
1 ROMNEY (35-40%) 6 delegates
2 PAUL (15-20%) 3 delegates
3 GINGRICH (15-20%) 3 delegates
4 HUNTSMAN (10-15%)
The rest that are still in the race should get in the low single digits.
DELEGATES TOTAL(JAN 10) ROMNEY 14 PAUL 11 GINGRICH 9, PERRY 6
SOUTH CAROLINA votes on Jan. 21. If GINGRICH can't do well here he never will.
1 GINGRICH (30-35%) 11 delegates
2 ROMNEY (25-30%) 9 delegates
3 PAUL (15-20% 5 delegates
4 BACHMAN ( 5-10%) if she is still in the race
5 PERRY ( 5-10%)
This is the least certain of my predictions as events will have a lot to do with the results of this event still 4 weeks away. Unless Gingrich wins by more than just a few points here I would expect him to do less and less, including FLORIDA which will come up ten days later. Perry, also should be looking weak in a southern state like SC. Does this leave the non-ROMNEY candidate to be the eccentric RON PAUL?? How fascinating that would be.
Finally, the president and the Democrats in the dysfunctional Congress came up winners over the NO NO NO crowd who focus on OBAMA rather than on issues they espouse. When will they learn? Are they trying hard to lose the HOUSE OF REPS?? More on these after the Reps. decide on who will be their standard bearer.
Have a Happy New Year!! Roger
Roger Brickner was passionate about politics when I participated in the mock political convention he staged the year I graduated in 1960, on the eve of Kennedy's election. Remarkably, now 51 years later, he is still passionate and his political analysis has been prescient, better I think than the political analysts we are exposed to on the battle between Fox and MSNBC. Survey research is a highly statistical discipline but the results can be problematic due to methodological flaws, question bias, and socially desirable responses, people trying to put themselves in a favorable light when answering questions (vs. what they do in the voting booth). I prefer the old fashion educated opinion, and they don't get much better on the topic of politics -- or as enthusiastic -- than Roger's broadcast emails during an election year. I have his permission to bring them to light in my blog from time to time and here is his latest one on the upcoming Republican primaries in January....
Dear Friends:
What a difference those two weeks were in terms of the Republican race for a nominee. It is getting down to a battle between Gingrich and Romney, but with Paul holding in there tenaciously in third place. All the others on a national basis will be in single digits when it comes time to vote in just one month's time. These others could exceed once in a while their single digit status. Bachmann in Iowa and Huntsman in NH for instance.
In this discussion I will confine myself to the primaries and caucus scheduled for January.
IOWA CAUCUS Jan 3 These votes will be divided proportionally... I believe a 15% threshold is required to get ANY delegates. the Iowa caucus is a whole afternoon and evening event (ordeal?... read only the dedicated hang in there). I am not ready to give exact percentages yet, but I see the following order GINGRICH, closely followed by ROMNEY, then PAUL, but PAUL will probably fall short of 15%. Therefore I would expect GINGRICH to win a majority of the 28 delegates. This will be a good boost for his challenge to Romney.
NEW HAMPSHIRE PRIMARY Jan 10 these votes will be divided proportionally with a 15% threshold to get ANY delegates. I now see the order as ROMNEY by a wide margin. GINGRICH second and PAUL third. Coming in a respectable fourth is HUNTSMAN, but I would doubt he would reach the 15% threshold . With just 12 delegates (such a fuss NH makes over so few delegates) I would expect the results to show ROMNEY 8 delegates, GINGRICH 2 delegates and PAUL 2 delegates.
SUMMARY OF FIRST TWO CONTESTS
ROMNEY 19, GINGRICH 19, PAUL 2. Close race !!
SOUTH CAROLINA PRIMARY Jan 21 These delegates will be winner take all. I see GINGRICH winning by at least 10 points, thus gathering all 25 delegates.
SUMMARY OF FIRST THREE CONTESTS
GINGRICH 44, ROMNEY 19, PAUL 2
FLORIDA PRIMARY Jan 31 These delegates are winner take all,. I see GINGRICH beating ROMNEY by wide margin. It will be a very bad night for ROMNEY. All 50 delegates will go to the Georgian neighbor GINGRICH.
SUMMARY OF THE FIRST FOUR CONTESTS
GINGRICH 94, ROMNEY 19, PAUL 2.
It will be imperative for ROMNEY to bounce back in the four caucus states of NEVADA, MAINE, COLORADO and MINNESOTA between Feb. 4-7. There are no SOUTHERN states here and ROMNEY must do well to get the balance of delegates more even. I will be looking into these states in the next two weeks and will be able to comment better at that time on whether ROMNEY can keep in the race. One note, the really big northern states of NEW YORK (Apr 24) NEW JERSEY (June 5) PENNSYLVANIA (Apr 24) OHIO (June 12) MICHIGAN (Feb. 28) ILLINOIS (Mar 20) and CALIFORNIA (June 5) seem to be in ROMNEY's column so the decisive delegate numbers may not be known until quite late. Watch MICHIGAN on Feb 28 and ILLINOIS on Mar. 20 as a clue to how these other big northern states will swing.
There is still the chance that for the first time since 1948 the nomination for the Rep. nominee might go beyond the first ballot. A long shot, but an exciting possibility.
THIRD PARTIES? I could see BACHMANN get into it if ROMNEY became the nominee. I'm sure she would get less than 5% of the vote, but it would hurt ROMNEY. PAUL keeps saying he will not run a third party, but he has done it before and may do it again. He would be worth 5-10% of the vote. Because of his war stance he could hurt OBAMA the most. All this is just speculation, but not outside of the possible this election cycle.
I continue to believe that OBAMA will beat GINGRICH by a margin greater than he won in 2008. A ROMNEY candidacy would be a very close race, perhaps a narrow victory for him and if not OBAMA would do less well than he did in 2008 against MC CAIN But we have 11 months before we will know better.
Roger
Here is Roger's updated forecast dated Dec. 26...
Dear friends:
I trust you have all had a very Merry Christmas this Holiday season. I enjoyed an excellent meal with a schoolboy friend of 65 years in NYC.
The shifting sands of elective politics continue to rearrange the landscape. I will look at the first three contests.
IOWA The latest "flavor of the month" is beginning to slip. Between Newt Gingrich's mouth and his poor organizational support ( failed to get on VA ballot) is catching up with him in the eyes of the voters. This shows in my latest estimate for the Iowa caucus on Jan 3. My expectations:
1 ROMNEY (20-25%) 8 delegates
2 PAUL (20-25%) 8 delegates
3 GINGRICH (15-20%) 6 delegates
4 PERRY (15-20%) 6 delegates
5 BACHMAN ( 5-10%)
6 SANTORUM ( 5-10%)
7 HUNTSMAN (5-10%)
Three weeks ago, before the decline in Gingrich became apparent, I had him leading, but he has fallen back to third place now. Paul, certainly not the flavor for ANY month will give Romney a good race for first place. I have to say that Santorum is likely to quit when, after traveling to every Iowa county, he will only draw single digits. Same for Bachman, but she may, inexplicably, hold on for a while, though I do not see her getting into double digits anywhere.
Next comes my state of NEW HAMPSHIRE on Jan 10. My prediction made on Dec 3 still seems to hold except I expect Gingrich to fall back to third place, while, once again Paul moves up at his expense.
1 ROMNEY (35-40%) 6 delegates
2 PAUL (15-20%) 3 delegates
3 GINGRICH (15-20%) 3 delegates
4 HUNTSMAN (10-15%)
The rest that are still in the race should get in the low single digits.
DELEGATES TOTAL(JAN 10) ROMNEY 14 PAUL 11 GINGRICH 9, PERRY 6
SOUTH CAROLINA votes on Jan. 21. If GINGRICH can't do well here he never will.
1 GINGRICH (30-35%) 11 delegates
2 ROMNEY (25-30%) 9 delegates
3 PAUL (15-20% 5 delegates
4 BACHMAN ( 5-10%) if she is still in the race
5 PERRY ( 5-10%)
This is the least certain of my predictions as events will have a lot to do with the results of this event still 4 weeks away. Unless Gingrich wins by more than just a few points here I would expect him to do less and less, including FLORIDA which will come up ten days later. Perry, also should be looking weak in a southern state like SC. Does this leave the non-ROMNEY candidate to be the eccentric RON PAUL?? How fascinating that would be.
Finally, the president and the Democrats in the dysfunctional Congress came up winners over the NO NO NO crowd who focus on OBAMA rather than on issues they espouse. When will they learn? Are they trying hard to lose the HOUSE OF REPS?? More on these after the Reps. decide on who will be their standard bearer.
Have a Happy New Year!! Roger
Friday, December 2, 2011
Unemployment Good News
It's finally happened, a significant downtick in unemployment. Does this make a trend? That remains to be seen. But the headline news -- The unemployment rate fell to a 2-1/2 year low of 8.6 percent in November and companies stepped up hiring, further evidence the economic recovery was gaining momentum. -- is sure to provoke animated "debate" as the presidential election year gathers steam.
But there is some really good news here: "While part of the decline in the unemployment rate from 9.0 percent in October was due to people leaving the labor force, the household survey from which the jobless rate is derived also showed solid gains in employment." And those gains have been underway for four months. Maybe, indeed, the beginning of a welcome trend. And who will take the credit, or, better, who will give it? Perhaps it is merely embedded in the economic cycle, but everyone is quick to blame someone on the other side of the cycle.
This is the lowest unemployment level since 2009, when I was writing "A true recovery requires jobs, jobs, jobs – and how are they going to be created – by banks trading energy futures? What happened to the commitment to the infrastructure? Our roads, utilities, and public transportation are falling apart. Alternative energy seems DOA. Aren’t these the areas our financial recourses should be focused on, ones that will create jobs, in construction, technology, and finance, and can lead a true economic recovery we can pass on with pride to future generations?"
A real recovery still seems to be a long way down the road as it took years and years to get to where we are and mountains of debt need to be addressed.
Meanwhile, the reasons for this drop in the unemployment rate will be parsed by the political pundits during the weekend talk shows. Brace yourself.
But there is some really good news here: "While part of the decline in the unemployment rate from 9.0 percent in October was due to people leaving the labor force, the household survey from which the jobless rate is derived also showed solid gains in employment." And those gains have been underway for four months. Maybe, indeed, the beginning of a welcome trend. And who will take the credit, or, better, who will give it? Perhaps it is merely embedded in the economic cycle, but everyone is quick to blame someone on the other side of the cycle.
This is the lowest unemployment level since 2009, when I was writing "A true recovery requires jobs, jobs, jobs – and how are they going to be created – by banks trading energy futures? What happened to the commitment to the infrastructure? Our roads, utilities, and public transportation are falling apart. Alternative energy seems DOA. Aren’t these the areas our financial recourses should be focused on, ones that will create jobs, in construction, technology, and finance, and can lead a true economic recovery we can pass on with pride to future generations?"
A real recovery still seems to be a long way down the road as it took years and years to get to where we are and mountains of debt need to be addressed.
Meanwhile, the reasons for this drop in the unemployment rate will be parsed by the political pundits during the weekend talk shows. Brace yourself.
Wednesday, November 30, 2011
Market Melt-Up
Buy, buy, buy, -- be it at Target, Walmart or the NYSE. Everything is coming up roses. Does this mean one can "blame" Obama? Surely, FOX will have an interesting take on this. "GOP comes to the rescue of the payroll tax extension!" Or, "GOP forces China to cut bank reserve requirements to spur world growth!" Or, "GOP threat of not raising taxes on the wealthy leads to the better than expected ADP employment report as job creators plan trickle-down hiring." Or, "GOP considering not abolishing the Federal Reserve as the Fed says it is ready to act if USA hurt by any European banking crisis."
Whatever the reason, stock markets are surging, for this moment at least (DJIA up over 400 points as I write this). But in this see-saw, roulette investment world, one cannot imagine what the future will bring, not to mention even 4.00 pm.
.
Whatever the reason, stock markets are surging, for this moment at least (DJIA up over 400 points as I write this). But in this see-saw, roulette investment world, one cannot imagine what the future will bring, not to mention even 4.00 pm.
.
Monday, November 28, 2011
Altar of Consumerism
It's become a religion, thou shall pay homage to the God of Black Friday. With unemployment and economic uncertainty persisting one would think that consumers would be hunkering down in their bunkers, but, no, they are out spending in droves, standing in the dark with their faces aglow staring into iPhones, awaiting midnight store openings after Thanksgiving, stampeding into the stores as the clock strikes twelve. Perhaps it is counter-intuitive, $52 billion in sales on Black Friday weekend during hard economic times, but consumers have been conditioned to "feel good" spending, the same kind of feeling that arises from cathartic prayer.
Our Father™ in consumer heaven,
hallowed be your trademarked name.
Your Black Friday come,
your buying will be done,
at the mall and online.
Give us this day almighty bargains,
and forgive us our debts,
and give bailouts to our debtors.
Leading us away from credit card temptation,
and delivering us from debit card fees.
Our Father™ in consumer heaven,
hallowed be your trademarked name.
Your Black Friday come,
your buying will be done,
at the mall and online.
Give us this day almighty bargains,
and forgive us our debts,
and give bailouts to our debtors.
Leading us away from credit card temptation,
and delivering us from debit card fees.
Tuesday, November 22, 2011
November 22, 1963
People our age remember certain moments with such clarity they seem like yesterday. Noon, November 22, 1963 was such a moment as I was passing the Student Union building on Flatbush Avenue, hurrying to class. It was a clear, crisp day. Suddenly, a friend came running toward me. "Did you hear, Kennedy was shot?" Incredulous, I rushed to my dorm to listen to the radio. It was true.
We had tickets for a concert at the Brooklyn Academy of Music that night, one of the few cultural events in New York City that was not cancelled. An unrehearsed version of Beethoven's Egmont Overture was performed rather than the regular program. We filed out, silent, stunned, weeping openly. In quick succession Oswald was apprehended, and while we watched it on TV with others in the dormitory, Jack Ruby assassinated him.
It was a horrific weekend of anxiety, bewilderment, and profound sorrow. Such high hopes for our young President, John Fitzgerald Kennedy. These hopes were dashed by what would become the first of other assassinations in the turbulent 1960s, Malcolm X, Martin Luther King, and Bobby Kennedy.
To have borne witness to them all is almost dreamlike, but Friday, November 22, 1963 is emblazoned in my mind's eye.
We had tickets for a concert at the Brooklyn Academy of Music that night, one of the few cultural events in New York City that was not cancelled. An unrehearsed version of Beethoven's Egmont Overture was performed rather than the regular program. We filed out, silent, stunned, weeping openly. In quick succession Oswald was apprehended, and while we watched it on TV with others in the dormitory, Jack Ruby assassinated him.
It was a horrific weekend of anxiety, bewilderment, and profound sorrow. Such high hopes for our young President, John Fitzgerald Kennedy. These hopes were dashed by what would become the first of other assassinations in the turbulent 1960s, Malcolm X, Martin Luther King, and Bobby Kennedy.
To have borne witness to them all is almost dreamlike, but Friday, November 22, 1963 is emblazoned in my mind's eye.
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