Interesting piece from conservative commentator (and SF author) Jerry Pournelle today:
One does wonder whether the efficiency of having a few very large financial institutions outweighs the cost of the disasters that ensue when a Black Swan appears; whether it might not be better to have, instead of one institution so large that it justifies paying its top executives $100 million a year, one hundred such institutions paying executives $1 million a year? Certainly this would be less efficient. The highs would not be as high. But would the lows be as low? Why must there be institutions so large that they cannot be permitted to fail, and must be rescued by the common purse?
I forsee a stronger use of the anti-trust acts in the future...
"When black friday comes
Ill stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
When black friday comes
Ill collect everything Im owed
And before my friends find out
Ill be on the road
When black friday falls you know its got to be
Dont let it fall on me
When black friday comes
Ill fly down to muswellbrook
Gonna strike all the big red words
From my little black book
Gonna do just what I please
Gonna wear no socks and shoes
With nothing to do but feed
All the kangaroos
When black friday comes Ill be on that hill
You know I will
When black friday comes
Im gonna dig myself a hole
Gonna lay down in it til
I satisfy my soul
Gonna let the world pass by me
The archbishops gonna sanctify me
And if he dont come across
Im gonna let it roll
When black friday comes
Im gonna stake my claim
Ill guess Ill change my name"
Black Friday
by Donald Fagan and Walter Brecker aka Steely Dan
Today is also the 101st anniversary of JP Morgan bailing out the economy during the Panic of 1907. That's why we have a Fed today.
When Richard Whitney strolled across the trading floor on Black Thursday, placing huge buys he was trying to imitate Morgan's actions. JP Morgan succeeded. Whitney failed. And later went to Sing Sing.
Today is also the 101st anniversary of JP Morgan bailing out the economy during the Panic of 1907. That's why we have a Fed today.
When Richard Whitney strolled across the trading floor on Black Thursday, placing huge buys he was trying to imitate Morgan's actions. JP Morgan succeeded. Whitney failed. And later went to Sing Sing.
Let it be noted, Richard Whitney did not go to prison for failing to stop the crash, or on trumped-up charges in the manner of Sam Insull, Mike Milken, et al. He was an out-and-out thief.
Looks like we're honoring the anniversary in style.
It almost makes me miss Jane Galt (libertarian knowitall) lecturing her little chickadees about harsh economic truths. Where are those snows of yesteryear?
Interesting piece from conservative commentator (and SF author) Jerry Pournelle today:
I forsee a stronger use of the anti-trust acts in the future...
"When black friday comes
Ill stand down by the door
And catch the grey men when they
Dive from the fourteenth floor
When black friday comes
Ill collect everything Im owed
And before my friends find out
Ill be on the road
When black friday falls you know its got to be
Dont let it fall on me
When black friday comes
Ill fly down to muswellbrook
Gonna strike all the big red words
From my little black book
Gonna do just what I please
Gonna wear no socks and shoes
With nothing to do but feed
All the kangaroos
When black friday comes Ill be on that hill
You know I will
When black friday comes
Im gonna dig myself a hole
Gonna lay down in it til
I satisfy my soul
Gonna let the world pass by me
The archbishops gonna sanctify me
And if he dont come across
Im gonna let it roll
When black friday comes
Im gonna stake my claim
Ill guess Ill change my name"
Black Friday
by Donald Fagan and Walter Brecker aka Steely Dan
Today is also the 101st anniversary of JP Morgan bailing out the economy during the Panic of 1907. That's why we have a Fed today.
When Richard Whitney strolled across the trading floor on Black Thursday, placing huge buys he was trying to imitate Morgan's actions. JP Morgan succeeded. Whitney failed. And later went to Sing Sing.
Today is also the 101st anniversary of JP Morgan bailing out the economy during the Panic of 1907. That's why we have a Fed today.
When Richard Whitney strolled across the trading floor on Black Thursday, placing huge buys he was trying to imitate Morgan's actions. JP Morgan succeeded. Whitney failed. And later went to Sing Sing.
Let it be noted, Richard Whitney did not go to prison for failing to stop the crash, or on trumped-up charges in the manner of Sam Insull, Mike Milken, et al. He was an out-and-out thief.
Looks like we're honoring the anniversary in style.
It almost makes me miss Jane Galt (libertarian knowitall) lecturing her little chickadees about harsh economic truths. Where are those snows of yesteryear?