[FoRK] Dose of Reality: Celente says subtle revolution ongoing in the U.S.
sdw at lig.net
Sun Sep 20 01:53:17 PDT 2009
Ken Ganshirt @ Yahoo wrote:
> --- On Sat, 9/19/09, Bill Stoddard <wgstoddard at gmail.com> wrote:
>> From: Bill Stoddard <wgstoddard at gmail.com>
>> Subject: Re: [FoRK] Dose of Reality: Celente says subtle revolution ongoing in the U.S.
>> Jeff Bone wrote:
>>> While everybody debates whether the glass is
>> half-empty or half-full, very few seem to recognize that the
>> bar's entirely out of booze and it's past last call
>>> From "Russia Today" --- the interviewee, Gerald
>> Celente, is a well-known trends analyst with an impressive
>> track record. Enjoy...
There is something creepy about her.
I agree with him that the big guys should have just failed. Better
companies could have been built right away from the ashes. There are a
lot of creative ways to have handled that. Wall street finance should
have been spanked harder and longer than they have been. Well connected
guys should have just taken their lumps rather than been saved by
bailouts quite so much. I think multiple people screwed up to allow the
runaway oil trading bubble to happen, which I still think was a major
factor in the default rate that pushed everything else over the edge.
There ought to be a way to impose fine-like charges on ill-gotten gains
during general market abuse, i.e. some kind of general back pressure on
milking the market in obviously terrible ways. Not anti-capitalist, but
something to get traders to speak up when something is clearly off the
I don't agree that we're about to explode in general. That jobs haven't
come booming back is perfectly understandable after recent uncertainty.
>> "I'm of Italian decent and all my life I've heard mafia
>> stories. i never want to hear another one because if the
>> names on wall street were Celenti, Caruso, Mondavi, Puchini,
>> Rossini, Botonie, Abotelli, Puchio, they'd call it the
>> mafia. But you're not allowed to call the white shoe boys
>> crooks and criminals.. oh no, they don't do loan sharking or
>> ponzi schemes or pyramid scams; they have different names
>> for them, how about credit default swaps... they make up
>> names for criminal games that have bankrupted this
> He's a little harsher than me. I was thinking about the whole thing as the Wall St. version of Las Vegas or Atlantic City ... just a giant casino. Legalized and regulated gambling. Pick your own
I have always looked at it that way. Except with the added twist that
it is also all a big teenage-fad-like "fashion" system in many respects,
with lemmings following shallow analysis of companies and industries
that they poorly understand. I'm almost convinced by the "wisdom of the
masses" concept except that is true much less than 100% of the time.
> favorite way to lose money. The house always wins. In this case the gummitup makes sure the house can't lose.
> The difference is Las Vegas and Atlantic City do a much better job of risk management.
> Never thought of the Wall St. barons as more Mafiosi but he's got a point.
We should definitely call things what they are more often.
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