Greed and Capitalism

What kind of society isn't structured on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm; capitalism is that kind of a system.
- Milton Friedman

Tuesday, August 28, 2012

Occupy Wall Street Listen to Slavoj Žižek: Don't Act. Just Think. - YouTube


Big Thinker with some interesting ideas...


Slavoj Žižek: Don't Act. Just Think. - YouTube
Uploadedd on Aug 28, 2012 by

Slavoj Žižek is a Slovenian philosopher and cultural critic.

He is a professor at the European Graduate School, International Director of the Birkbeck Institute for the Humanities, Birkbeck College, University of London, and a senior researcher at the Institute of Sociology, University of Ljubljana, Slovenia.

His books include Living in the End Times, First as Tragedy, Then as Farce, In Defense of Lost Causes, four volumes of the Essential Žižek, and many more.

Transcript--

Capitalism is... and this, almost I'm tempted to say is what is great about it, although I'm very critical of it...

Capitalism is more an ethical/religious category for me. 

It's not true when people attack capitalists as egotists. "They don't care." No! An ideal capitalist is someone who is ready, again, to stake his life, to risk everything just so that production grows, profit grows, capital circulates.

His personal or her happiness is totally subordinated to this. This is what I think Walter Benjamin, the great Frankfurt School companion, thinker, had in mind when he said capitalism is a form of religion. 

 You cannot explain, account for, a figure of a passionate capitalist, obsessed with expanded circulation, with rise of his company, in terms of personal happiness.

I am, of course, fundamentally anti-capitalist. But let's not have any illusions here. No.

What shocks me is that most of the critics of today's capitalism feel even embarrassed, that's my experience, when you confront them with a simple question, "Okay, we heard your story . . . protest horrible, big banks depriving us of billions, hundreds, thousands of billions of common people's money. . . .

Okay, but what do you really want? What should replace the system?" 

And then you get one big confusion. You get either a general moralistic answer, like "People shouldn't serve money. Money should serve people."

Well, frankly, Hitler would have agreed with it, especially because he would say, "When people serve money, money's controlled by Jews," and so on, no?

So either this or some kind of a vague connection, social democracy, or a simple moralistic critique, and so on and so on. So, you know, it's easy to be just formally anti-capitalist, but what does it really mean? It's totally open.

This is why, as I always repeat, with all my sympathy for Occupy Wall Street movement, it's result was . . .

I call it a Bartleby lesson. Bartleby, of course, Herman Melville's Bartleby, you know, who always answered his favorite "I would prefer not to" . . .

 The message of Occupy Wall Street is, I would prefer not to play the existing game.

There is something fundamentally wrong with the system and the existing forms of institutionalized democracy are not strong enough to deal with problems. Beyond this, they don't have an answer and neither do I. For me, Occupy Wall Street is just a signal. It's like clearing the table.

Time to start thinking.

The other thing, you know, it's a little bit boring to listen to this mantra of "Capitalism is in its last stage." When this mantra started, if you read early critics of capitalism, I'm not kidding, a couple of decades before French Revolution, in late eighteenth century. No, the miracle of capitalism is that it's rotting in decay, but the more it's rotting, the more it thrives. So, let's confront that serious problem here.

Also, let's not remember--and I'm saying this as some kind of a communist--that the twentieth century alternatives to capitalism and market miserably failed. . . .

Like, okay, in Soviet Union they did try to get rid of the predominance of money market economy. The price they paid was a return to violent direct master and servant, direct domination, like you no longer will even formally flee. You had to obey orders, a new authoritarian society. . . .

And this is a serious problem: how to abolish market without regressing again into relations of servitude and domination.

My advice would be--because I don't have simple answers--two things: 
(a) precisely to start thinking. Don't get caught into this pseudo-activist pressure. Do something. Let's do it, and so on. So, no, the time is to think. 

 I even provoked some of the leftist friends when I told them that if the famous Marxist formula was, "Philosophers have only interpreted the world; the time is to change it" . . . thesis 11 . . . ,

that maybe today we should say,
"In the twentieth century, we maybe tried to change the world too quickly. The time is to interpret it again, to start thinking."

(b) Second thing, I'm not saying people are suffering, enduring horrible things, that we should just sit and think, but we should be very careful what we do. 

Here, let me give you a surprising example.  I think that, okay, it’s so fashionable today to be disappointed at President Obama, of course, but sometimes

I’m a little bit shocked by this disappointment because what did the people expect, that he will introduce socialism in United States or what? 

But for example, the ongoing universal health care debate is an important one.  This is a great thing.  

Why?  

Because, on the one hand, this debate which taxes the very roots of ordinary American ideology, you know, freedom of choice, states wants to take freedom from us and so on.  

I think this freedom of choice that Republicans attacking Obama are using, its pure ideology.

But at the same time, universal health care is not some crazy, radically leftist notion.  It’s something that exists all around and functions basically relatively well--Canada, most of Western European countries.

 So the beauty is to select a topic which touches the fundamentals of our ideology, but at the same time, we cannot be accused of promoting an impossible agenda--like abolish all private property or what.  

No, it’s something that can be done and is done relatively successfully and so on.

So that would be my idea, to carefully select issues like this where we do stir up public debate but we cannot be accused of being utopians in the bad sense of the term.

Category:

License:


Don't Act. Just Think. | Slavoj Žižek | Big Think



Sunday, August 26, 2012

MS Society of Canada - Living with MS - MS Updates



Low dose Ampyra does not improve walking speed in MS: results from a post-marketing study in the US



MS Update
August 22, 2012


Acorda Therapeutics Inc. reported that post-marketing study results for Ampyra (Fampyra in Canada) have failed to show an improvement in the walking speed of people with MS in the United States.

Following approval of Ampyra 10 mg in 2010, the FDA requested that Acorda conduct a clinical trial to assess the safety and efficacy of a lower dose, 5mg taken twice daily as compared with the approved 10 mg dose twice daily, and placebo. Both the 5 mg and 10 mg treatment groups failed to show improvement in walking speed when compared with placebo.

When investigators analyzed the data using methods similar to the previous studies, the 10-mg dose significantly improved walking speed compared with placebo in responders, but the 5-mg dose did not. In addition there were significantly more responders (average improvement in walking speed of at least 20% from baseline) in the 10-mg group compared to the placebo group.

Acorda reported that two trial participants, each from the 5 mg and 10 mg treatment group, experienced serious adverse events, including the loss of consciousness in the 10 mg group.
This follows the recent safety warning issued in July by the FDA about the increased risk of seizures from the drug in people with kidney impairment in July.


What do these findings mean for Canadians currently being treated with Fampyra?

At this point, Health Canada has not made a formal statement related to these findings and it is not clear what the FDA plans on doing with this new data. It is possible that the most recent findings will be included in the product information (monograph) for physicians to prescribe appropriately.

Health Canada approved fampridine, (PrFAMPYRA™) on February 10, 2012 for the symptomatic improvement of walking in adults with multiple sclerosis (MS) with walking disability. Health Canada labeling for Fampyra currently recommends assessing kidney function prior to treatment as well as ongoing monitoring during treatment. Individuals who miss a dose are advised not to take an additional dose of Ampyra as it may increase the risk of seizures. Individuals are strongly advised to follow the prescribing instructions for taking FAMPYRA and to report any worrying side-effects to their doctor immediately.


Disponible en français. National Research and Programs



Disclaimer
The Multiple Sclerosis Society of Canada is an independent, voluntary health agency and does not approve, endorse or recommend any specific product or therapy, but provides information to assist individuals in making their own decisions.



Blogger Note: Because my condition is labelled SPMS, this drug held out hope of being helpful in treating some of my symptoms.  

After widespread use of the drug some  patients are suffering from seizures.  
Furthermore, the lower dose of the drug is proving to be not effective.  

According to the M.S. Clinic, insurance companies are demanding more data about the individuals prescribing this medication.  Patients must be evaluated before receiving the drug and after three months to determine if there is a measurable improvement attributable to Fampyra.  If not, the insurance companies have no intention of paying for further treatment with this drug.


What does this mean for the manufacturer and distributor of the drug?







MS Society of Canada - Living with MS - MS Updates

Link:  http://mssociety.ca/en/help/msupdates/msupdate_20120822.htm





Saturday, August 25, 2012

Video - Morgan Stanley Has Mutual Funds With Heavy Investments in Facebook - WSJ.com

Markets

Morgan Stanley Bets Big on Facebook

Among the many mutual funds that bet on Facebook and have only losses to show for it, the pain has been especially acute at Morgan Stanley. Telis Demos reports on The News Hub.


Video - Morgan Stanley Has Mutual Funds With Heavy Investments in Facebook - WSJ.com

 Link: http://live.wsj.com/video/buffett-muni-bond-move-raises-a-red-flag/D6DC6CFF-6A62-477D-AE5E-A0BFF8B1BECD.html?mod=wsj_category_tboright#!DF5F02A8-3568-404B-8686-BAEDAB6948D2



Morgan Stanley Funds in Big Facebook Bet

By Aaron Lucchetti and Telis Demos
8/24/2012 11:57:00 AM
 U.S. mutual funds run by Morgan Stanley(MS), the lead underwriter in Facebook(FB) Inc.'s $16 billion initial public offering, have disproportionately high investments in the social-media company, leaving fund shareholders exposed to the stock's big drop since its May 18 IPO.

Among the many mutual funds that bet on Facebook and have only losses to show for it, the pain has been especially acute at Morgan Stanley. Telis Demos reports on The News Hub.



New data show that eight of the top nine U.S. mutual funds with Facebook shares as a percentage of total assets are run by Morgan Stanley's asset-management arm, according to fund tracker Morningstar Inc.

Morgan Stanley had a crucial role in lining up orders for Facebook as the social-media company prepared to go public. It helped advise Facebook executives to increase the size and price of the IPO, despite warnings the company was making about its profit outlook. The New York securities firm, which declined to comment, took in $200 million in underwriting fees and trading profits, according to regulatory filings and people involved in the deal.

The Morgan Stanley funds that have Facebook shares got many of them before the IPO at prices well below the $38 offering price.

That means that fund shareholders may still have paper gains on their Facebook purchases, depending on when the fund bought their original stake. It also means the funds have been unable to sell any of their pre-IPO holdings.

The company's mutual funds have made large bets on other big-name technology companies in recent years, including bets on Apple(AAPL) Inc., Amazon.com(AMZN) Inc. and LinkedIn(LNKD) Corp. whose values have all surged this year.

The Funds That Own Facebook

Hundreds of mutual funds have stakes in the social media company. See a list and sort by percentage of fund assets devoted to Facebook, and by absolute and relative performance.
Still, the Morgan Stanley funds' large stakes raise questions about whether the firm's role as lead underwriter influenced decisions.

A large investment bank that simultaneously buys and sells shares in any company "is in this conflicted position," said Frank Partnoy, a law professor at the University of San Diego who worked for Morgan Stanley in the 1990s. "This time it didn't work out."

The funds span the $1.6 billion Focus Growth fund to the $2.5 million Institutional Global Advantage fund.

Morgan Stanley's funds don't appear to have violated Securities and Exchange Commission rules limiting investments in offerings underwritten by an affiliate. SEC rules allow bank-affiliated mutual funds to participate in offerings in which the bank's investment bankers are advising the company, as long as the fund managers don't buy more than 25% of the deal and they buy the shares from a different bank.

The concentration of Morgan Stanley's funds stands out when compared with funds operated by other large institutional holders of Facebook stock.

Morgan Stanley Focus Growth Portfolio had 5.7% of its assets in Facebook shares as of July 31, according to Morgan Stanley's website, while Morgan Stanley Institutional Opportunity Portfolio had 5.5% and Morgan Stanley Institutional Growth Portfolio had 4.8%. Others among the eight Morgan Stanley mutual funds range between 3.6% and 4.6%. Those proportions ranged between 5% and 7.8% on June 30, according to the most recent Morningstar data that included other fund families.

"It's surprising that so many Morgan Stanley affiliated funds out of the thousands of mutual funds show up as having extremely big weights," said Jay Ritter, a professor of finance at the University Florida.

Morgan Stanley isn't the largest institutional holder of Facebook.

Larger holders by dollar value include Fidelity Investments, T. Rowe Price Group Inc. and Goldman Sachs Asset Management, a unit of underwriter Goldman Sachs Group Inc. Goldman also owned Facebook shares before its IPO.

Goldman's most concentrated mutual fund position in Facebook was the Technology Tollkeeper fund, with Facebook making up 2.85% of its portfolio as of the end of June.

No mutual funds operated by Fidelity or T. Rowe Price, two other large institutional holders, publicly reported holding more than 1% of their portfolios in Facebook through June.

Many of the Morgan Stanley funds are sold to institutions only, and require a $5 million minimum investment.

Morgan Stanley Multicap Growth Fund—one fund open to retail investors, including Morgan Stanley Smith Barney brokers—had a stake in Facebook as early as November 2010, when Facebook shares were valued at about $13. They closed Thursday at $19.44, down 49% since the IPO.

In June, a commentary on Morgan Stanley's fund website noted that Facebook and other technology stocks were "the leading detractor in the portfolio this quarter," attributing the decline in Facebook shares "to post-IPO volatility."

Under SEC rules, mutual fund managers also are bound by fiduciary duties to look out for their investors' interests over their own.

Read More

Nasdaq's Facebook Plan Under Fire

There's no sign that fund managers at Morgan Stanley bought Facebook shares because of the firm's underwriting relationship with Facebook, or to help curry favor with Facebook executives who chose Morgan Stanley for a key underwriting assignment in the spring IPO.

Mr. Ritter cited "psychological factors" as a possible explanation for the large investments, driven by the fact that many of the funds owned a big chunk of Facebook shares before the company sold shares to the public.

"There's a tendency to fall in love with what you've got rather than stepping back," said Mr. Ritter. Many Morgan Stanley funds added to their pre-public stakes during the month of the IPO—a sign, he said, that "they were drinking the Kool-Aid and became true believers."

Morgan Stanley has streamlined its mutual fund business under Gregory Fleming, who runs both the firm's asset management and wealth management units. Morgan Stanley's asset management at the end of June managed $311 billion and produced $456 million in revenues.

Morgan Stanley funds with the strongest liking for Facebook are overseen by Dennis Lynch, the firm's head of growth investing. A Morgan Stanley spokesman declined to comment on behalf of Mr. Lynch.

Write to Aaron Lucchetti at aaron.lucchetti@wsj.com and Telis Demos at Telis.Demos@wsj.com





Warren Buffett Video WSJ


Wall Street Is Ripping You Off


The Ethical Investor:



20 Ways Wall Street is Ripping Off Small Investors:

1. Providing nominal returns, not real returns.

2. Encouraging too much diversification, if that's possible.

3. Hiding fees and expenses.

4. Turning you into a passive investor.

5. Convincing you that money markets are the same as cash.

6. Telling you that bonds are safer than equities.

7. Explaining that in the long run equities outperform bonds.

8. Simply by lying about their products.

9. Convincing you that their bank is a large, stable, safe operation to deal with.

10. Recommending products that have enormous sales commissions attached to them.

11. Cheating you on bid/ask spreads.

12. Selling you what they don't want.

13. Measuring your success in dollars.
 
14. Lending your securities to others.

15. Ripping your eyes out if you ever try to close your account.

16. Grabbing any slight positive real return for themselves.

17. Sticking toxic waste to small investors.

18. Pretending they can pick stocks.

19. Acting like they are your best friend and they have your best interests at heart.

20. Knowing next to nothing about the value of holding real assets like gold and real estate.


John R. Talbott is a best selling author and financial consultant to families whose books predicted the housing crash and the economic crisis. You can read more about his books, the accuracy of his predictions and his financial consulting activities at www.stopthelying.com

Content concerning financial matters, trading or investments is for informational purposes only and should not be relied upon in making financial, trading or investment decisions.
 
This is the first in a new series on personal finance  entitled The Ethical Investor. Each Friday morning in the Huffington Post...  

John R. Talbott: The Ethical Investor: 20 Ways Wall Street Is Ripping You Off

 LINK:  http://www.huffingtonpost.com/john-r-talbott/wall-street-ripoffs_b_1827302.html
 

Buffett's Muni-Bond Move Raises a Red Flag - WSJ.com

Buffett's Muni-Bond Move Raises a Red Flag

A decision by Warren Buffett's Berkshire Hathaway to end a large wager on the municipal-bond market is deepening questions from some investors about the risks of buying public debt. Colin Barr reports on Markets Hub. Photo: Bloomberg.









Video - Buffett's Muni-Bond Move Raises a Red Flag - WSJ.com


 LINK:  http://live.wsj.com/video/buffett-muni-bond-move-raises-a-red-flag/D6DC6CFF-6A62-477D-AE5E-A0BFF8B1BECD.html?mod=wsj_category_tboright#!D6DC6CFF-6A62-477D-AE5E-A0BFF8B1BECD


Thursday, August 23, 2012

The Scariest Wall Street Movie Ever

 
Wall Street's biggest bears and doomsayers will make appearances in The Bubble, a new documentary on the financial crisis based on the New York Times bestseller Meltdown.
It includes Jim Rogers, Marc Faber, Jim Grant, and Peter Schiff to name a few.
And to top it off, it's being produced by ultra-bear David Tice.





TRAILER: The Scariest Wall Street Movie Ever - Business Insider



Read more: http://www.businessinsider.com/trailer-the-bubble-2012-8#ixzz24Qh8cCvS

Daily Dose of Bad News: Kass: Get Ready for the Fall




Kass: Get Ready for the Fall

TheStreet Premium Services

A complimentary preview
of Real Money

One of my favorite ways of measuring investor sentiment is by looking at the ratio of bulls/bears who appear on CNBC, the degree to which the bulls are emboldened and even glib after a relentless market advance (like the current one of six to seven weeks) or when the bears preach the end of the world after every 5% to 7% correction.

 
But my favorite way of measuring investor complacency is by observing the VIX.
The VIX was originally introduced by the CBOE in 1993. At that time, it represented the weighted measure of the implied volatility of eight S&P 100 at-the-money put and call options. In 2003, it was expanded to use options based on a broader index, the S&P 500, which allows for a more accurate view of investors' expectations of future market volatility.

VIX values greater than 30 are generally associated with a large amount of volatility as a result of investor fear or uncertainty, while values below 20 generally correspond to less stressful, even complacent, times in the markets.

The VIX closed last week at a multiyear low of 13.45. (It edged up to around 14 in Monday's trading.)

As can be seen in the two charts below (which compare the VIX to the S&P 500), the VIX is an uncanny forecaster of market tops and bottoms. A high and peaking VIX typically indicates a market bottom and a low and bottoming VIX often spells out a market top. (Hat tip to Barry Ritholtz's Big Picture blog for the charts.)

This month is the fifth time in over two years that the VIX has hit 15.0 or below (The blue circles in the first chart below indicate points of time in which the VIX closed the week at under 15.0.)


As seen in the next chart, each time the VIX made a low of around 15 or less, the S&P 500 made a decisive short-term peak (again indicated by the blue circles).
Typically, the decline in the markets, off of a low VIX is quick and relatively severe. On average the S&P dropped by about 10% (and took about two months to correct), with the smallest decline of 6% in February 2011 and the largest drop of 19% in July 2011. (If we go further back in history, the same relationships hold; complacent markets are almost always associated with market peaks and vice versa.)



TheStreet Premium Services



Kass: Get Ready for the Fall - TheStreet





OH NO, It's The Dreaded Triple Top




OH NO, It's The Dreaded Triple Top!  raders have been talking about the S&P's Triple Top recently, as the index hit highs not seen sTince before the financial crisis began in 2008.

The Triple Top is a take on the Head and Shoulders trading pattern, that garnered attention at the end of 2011 (more on that here).

Simply, the Triple Top is three peaks perforated by recessions or sell-offs in between rallies. Volume tends to decline from the first peak to the second, and from the second to the third, something we've noted has been endemic to the recent trading data.

Take a look below at the pattern that's formed over the past 14 years (longer than the few month pattern generally associated with the Triple Top).



Let's put those peaks in perspective.


OH NO, It's The Dreaded Triple Top! - buddhha4@gmail.com - Gmail

 LINK:  http://www.businessinsider.com/moneygame




OH NO, It's The Dreaded Triple Top! - buddhha4@gmail.com - Gmail

Monday, August 20, 2012

New America Foundation - YouTube

About New America Foundation

The purpose of New America Foundation is to bring exceptionally promising new voices and new ideas to the fore of our nation's public discourse. Relying on a venture capital approach, the Foundation invests in outstanding individuals and policy solutions that transcend the conventional political spectrum. Through its fellowships and issue-specific programs, the Foundation sponsors a wide range of research, writing, conferences and public outreach on the most important global and domestic issues of our time.



New America Foundation - YouTube

LINK:  http://www.youtube.com/user/NewAmericaFoundation?feature=watch






The Age of Greed

Age of Greed


Age of Greed
The Triumph of Finance and the Decline of America

Tuesday, June 14, 2011 - 12:15pm - 1:45pm

In The Age of Greed, a sweeping, fast-paced, and incisive narrative, Jeff Madrick shows how greed bred America's economic ills over the last forty years. Cited as one of the top ten business and economics books of the spring by Publishers Weekly, it traces the roots of economic inequity and instability through stories of the politicians, economists, and financiers who declared a moral battle for freedom but instead gave rise to an age of greed.
Participants

featured speaker
Jeff Madrick
Senior Fellow, Roosevelt Institute
Author, Age of Greed

moderator
Michael Lind
Policy Director, Economic Growth Program
New America Foundation

License:  Standard YouTube License 
 

Recommended Reading:

Age of Greed

The Triumph of Finance and the Decline of America, 1970 to the Present 
Front Cover

A vividly told history of how greed bred America’s economic ills over the last forty years, and of the men most responsible for them.

As Jeff Madrick makes clear in a narrative at once sweeping, fast-paced, and incisive, the single-minded pursuit of huge personal wealth has been on the rise in the United States since the 1970s, led by a few individuals who have argued that self-interest guides society more effectively than community concerns. These stewards of American capitalism have insisted on the central and essential place of accumulated wealth through the booms, busts, and recessions of the last half century, giving rise to our current woes.

In telling the stories of these politicians, economists, and financiers who declared a moral battle for freedom but instead gave rise to an age of greed, Madrick traces the lineage of some of our nation’s most pressing economic problems. He begins with Walter Wriston, head of what would become Citicorp, who led the battle against government regulation. He examines the ideas of economist Milton Friedman, who created the plan for an anti-Rooseveltian America; the politically expedient decisions of Richard Nixon that fueled inflation; the philosophy of Alan Greenspan, on whose libertarian ideology a house of cards was built on Wall Street; and the actions of Sandy Weill, who constructed the largest financial institution in the world, which would have gone bankrupt in 2008 without a federal bailout of $45 billion. Significant figures including Ivan Boesky, Michael Milken, Jack Welch, and Ronald Reagan play key roles as well.

Intense economic inequity and instability is the story of our age, and Jeff Madrick tells it with style, clarity, and an unerring command of his subject.
« Less
 

Crowdfunding Observed



Photo

 


Make a MOVIE with me...Let’s not just talk and meditate, let’s ACT NOW- TOGETHER!





THE PITCH:

What is the meaning of life?

Why are we all here?

Is there purpose to our existence at all?

Human beings have been asking these questions since the beginning of time.  

Victor Frankl’s book, Man’s Search for Meaning,  says, 


“The meaning of our existence is not invented by ourselves, but rather detected.”  


We all search for meaning and find different ways to execute it. 

 Victor Frankl said :


 “Our answer must consist, not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual.”


In other words, we all owe it to each other to find these answers out for ourselves collectively and individually. 

For as Derek Sivers writes in “Anything You Want,”-

“Don’t be on your deathbed someday, having squandered your one chance at life, full of regret because you pursued little distractions instead of big ideas.”


Victor wrote Man’s Search for Meaning originally in German in 1946 and that book alone has sold more than 12 million copies. 




 All this nice stuff about the meaning of life was actually a shameless pitch for money to make a movie by a new technique called crowdfunding.  Movies are not easy to finance and so every possible source of funds needs to be explored.  This may be an attractive offer.  Few details are offered here other than the great success Dr. Frankl achieved selling his book.  In fact, Victor has become somewhat of an Internet darling in the last few years and you will see his name invoked in all sorts of places.  

Talks | Best of the Web

Viktor Frankl: Why to believe in others

In this rare clip from 1972, legendary psychiatrist and Holocaust-survivor Viktor Frankl delivers a powerful message about the human search for meaning -- and the most important gift we can give others.
Neurologist and psychiatrist Viktor Frankl pioneered an approach to psychotherapy that focuses on the human search for meaning.






by on Sep 20, 2007
 
Conference in Toronto with students for search for meaning.

** This video belongs to logotherapy.univie.ac.at ** you may find full lenght recordings of most interviews.

License:
Standard YouTube License


Caveat Emptor:  

Having had some experience with film funding during my years in the investment business, it is well-known that the complicated contracts encountered in the film industry require a sophisticated investor's knowledge and experience, not to mention accountants and lawyers.

My comments are in no way a judgement of the investment quality or worthiness of this offer of which the details are unknown to me..  

My years in this business are long ago and change is the only certainty in life and the business of money...but common sense and caution must always prevail...

Remember Warren Buffet's two part maxim is "one, don't lose money and two, don't forget number one" ... 

Even better is the sage advice of Mark Twain, "Its not the return on my money that worries me.  It is the return of my money..."

Also this offer is probably off the table by now because the article is dated.  My interest was in the references to Victor Frankl ...and in discussing crowdfunding as a new unregulated area for "sharp" people to seek to acquire the  savings of usually small and unsophisticated investors and their families. 

The site reports a successful campaign to raise the sum of money planned which was modest by some standards so it might be interesting to check out the end product and if more money raising becomes necessary.  .






To find out more check out their crowdfunding page: 

http://www.indiegogo.com/lifemeanswhat?a=639881

  


 Source:
Come, Make a MOVIE with me | My Big Fat Jewish Life | Jewish Journal
Posted by Chava Tombosky
Follow JewishJournal.com







Men and Markets Observed


Sunday, August 19, 2012

Integrity, A Valued Commodity. | Lipton Fleming

Integrity, A Valued Commodity.

In looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if they don’t have the first, the other two will kill you.” 

— Warren Buffet

(CEO, Berkshire Hathaway)

Recruitment isn’t an easy lark. As a recruitment consultant I am often on the phone to candidates of an evening, arranging interviews and hearing feedback. There is an argument to be made that some processes are just a matter of common sense, however the problem with common sense is that it isn’t actually that common. Neither, it would seem is integrity. Recruitment is a time-consuming job, but at the end of the day the value I bring to both candidates and clients is measured by my successes, and the chances are that if I act with integrity towards them, then I am going to have a higher chance of being successful.

For me, and for Lipton Fleming, our success isn’t just about bashing the phones and meeting as many candidates as possible, it’s about the integrity with which we approach our work. Without integrity, a business can be short-lived. When it is part of the ethos of a company it becomes an important part of the company culture and drives success where others may falter.

integrity

Integrity isn’t a necessity to make money and be successful. But it makes the world of difference to your clients, helps you build strong relationships and keeps them coming back for more. Laying this kind of solid foundation in a changing world and job market will ensure your message resonates long after the big, empty promises and dancing girls have left the stage.

People buy people, and they want to do business with people that they trust, especially when it comes to a life-changing decision like getting a new job. In recruitment, your reputation is key. I have touched on this before in previous blogs, but I cannot emphasize it enough; reputation is built on the way you treat other people. And if you are synonymous with integrity – you’re onto a winner.

One of the toughest parts of the job for me is giving feedback when it’s not too positive. This is because I’m probably a little too soft, but I was given a very important piece of advice a while back that sticks in my head whenever dealing with candidates (or life in general for that matter) “Speak the truth, even if your voice shakes” – Would you rather hear the honest feedback, warts and all, from your interview or your CV, or would you rather we sugar coated it?  You might not like having your weaknesses highlighted, but if you don’t know what you need to work on, how are you ever going to improve?

At the end of the day, you might not like what I have to say, but you can guarantee that what I am saying, or the questions I am asking are designed to ensure you get the right person for the right role. Integrity is fundamentally about being brave enough to do the right thing regardless of whether someone recognises it or not. It’s also about making sure your behaviour speaks for you, not just your beliefs. For me, integrity isn’t just a buzz word, it’s about walking your talk. If you do what you say, and say what you do, then you’re going to be successful, whatever industry you work in.

Written by,
Clare Puttick

Digital Consultant @LiptonFleming



Integrity, A Valued Commodity. | Lipton Fleming

 Link: http://www.liptonfleming.co.uk/blog/2012/07/18/integrity-a-valued-commodity/





Tuesday, August 14, 2012

Andy Kessler: Bull market 30 years old today

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341daa6853ef01676940f050970b
Listed below are links to weblogs that reference Bull market 30 years old today:

 




Andy Kessler: Bull market 30 years old today

LINK:  http://www.andykessler.com/andy_kessler/2012/08/bull-market-30-years-old-today.html





Here's One for Wall Street!


It may be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end, for they do so with the approval of their consciences. 

-- C. S. Lewis 





Monday, August 13, 2012

What you need to know before dumping stocks - The Globe and Mail


 Blogger Preface:  This article rang a bell for me.  All my Yuppie friends, who still have money after the 2008 meltdown, feel they need to keep adding to the mutual funds they own in their retirement funds.  They worry about not having enough money to retire as soon as they want or in the style they want.

How about taking the least possible risk (inflation is always a risk, deteriorating buying power) and making adjustments to your retirement plans?  Financial Planners have done a good job of promoting mutual funds and the stock market as the best form of investment to grow your wealth for retirement.  Some people see no alternatives to having their money work for them other utilizing the equities and bond markets.

Careful budgeting is out of fashion with our consumer oriented, 'must-have-it-all' North American society therefore, not bei ng seen as an alternative to aggressive investment plans to produce the extra money to keep the party happening in retirement.


 .........................................................................

 

What you need to know before dumping stocks

The Globe and Mail


“If you do not want to invest in equities, that does not make you dumb,” says Carl Richards, author of

The Behavior Gap: Simple Ways to Stop Doing Dumb Things With Money.

This needs to be said because we live in a world where stocks long ago won the image war in investing. Stocks are for hunters, while bonds and guaranteed investment certificates are for gatherers. Smart people buy stocks, sheep buy the other stuff.


If all that’s keeping you in stocks is peer pressure, for God’s sake get out. Don’t be naive about it, though. The move out of stocks requires both sacrifice and the ability to resist temptation.

“I know plenty of people who don’t want to take equity risk any more – it’s not a problem,” said Mr. Richards, a Utah-based adviser who regularly contributes sketches explaining investing concepts to The New York Times’ Bucks blog. “But let’s build a plan where you save a little more and work more in retirement.”

Mr. Richards’ book doesn’t tell you how to invest – it tells you how to think about investing so you make better decisions. The approach makes him the perfect person to consult on the case of the frazzled investor who wants out of stocks.

People who have lost money in stocks may question why he believes that safe investing requires you to save more and work longer.

 Here is a Statistic that might seem surprising:

bonds and stocks have generated nearly equal returns in the past 10 years at roughly 6.5 to 7 per cent annually.  (in Canada)


Can this be repeated in the next 10 years?  


In fact, it’s not unreasonable to expect a big stock market rally at some point in the years ahead that will be coupled with a bear market for bonds.
 ...............................................................

 Blogger Comments: The bull market in bonds has actually persisted for 20 years...

Avoid stocks if you want to shun stock market risk.  This does not mean you are forced into the bond market which may be getting 'long in the tooth' as far as producing high returns.  Maybe you want to stay in shorter term GIC's or buy government of Canada Savings Bonds for yield and liquidity.  If rates begin to rise you will be able to benefit in the money markets and short term instruments, whereas the bond market would enter a bear phase and bonds would lose lose value.
 .................................................................

 Mr. Richards suggests you look at the long-term numbers for the stock market. In Canada, the S and P/TSX composite index averaged 8.7 per cent annually for the 20 years to June 30, a period that includes the bull market 1990s and two market plunges since 2000. The S and P 500 made 8.3 per cent annually over that period, although this return slips to 7.4 per cent for Canadians as a result of our currency appreciating against the U.S. dollar.

If you still feel abused by the stock market, it could be because you have more stock market exposure than you should. Mr. Richards describes an overweighting in stocks as speculating in the market...

While he believes that decades of stock market history argue for having some stocks in your portfolio, he’s realistic about the possibility of more upsets to come.
 ...........................................................................................................................

 Blogger Conclusion:

 RISK and REWARD is the name of the Game and the Financial Services Industry has sold the Returns 'Possible' investing in Mutual Funds, managed accounts and common stocks in general to  the extent that public perception has seen these promises as near guarantees.  Bad idea.


 The 2008 meltdown in equities and financial markets caused by the housing market collapse in America did a great deal to educate the general public about the risks inherent in all markets.



______




What you need to know before dumping stocks - The Globe and Mail

 LINK:  http://m.theglobeandmail.com/globe-investor/personal-finance/drawing-on-your-better-judgment/article4441484/?service=mobile







Tuesday, August 7, 2012

Investor Snatches Up 650 Foreclosed Homes For $4.8 Million - Business Insider

 And the Rich just keep getting richer without a 
'normal' amount of risk because they can reject a winning bid on inspection if the properties they bid on are not up to scratch......
 


A yacht-dealing millionaire ticked off hundreds of Detroit homebuyers when he swept an auction of 650 tax foreclosed properties last week. 
 
Bill McMachen told Fox News 2 this is his first foray into the real estate business. He plunked down $4.8 million for the lot of homes, which averages out to just over $7,000 apiece. As far as his future plans,  he says he's shooting to make back $2 million by flipping some homes and donating others to needy families. 
Like the some 300 consumers (and other, less well-heeled investors, to be sure) who were elbowed out by McMachen's bid, potential homeowners are quickly finding themselves fighting losing battles against money-slinging investors. 
"If we knew it was going to happen like this, we wouldn't even have spent any time," an anonymous investor who was beat out by McMachen's bid told Fox. "They could've made more money, I mean triple the money they made."
"They" is Macomb County, which sold the lot to McMachen for only the price of the taxes that were owed on each property (in some cases as little as $50).  As municipal governments struggle to fill their coffers, some have been more eager than ever to sell off tax foreclosed homes––no matter who's buying.
If you're in the market for a new home these days, chances are you'll encounter some stiff competition along the way. Your best line of defense? If you can't beat 'em, join 'em.
That means doing every bit as much homework as real estate investors before snatching properties out from under your competitors' feet.
"The savvy investor knows the areas in which he wants to buy, he knows what size and type of properties he’s after, and he knows what he’s willing to spend. So, when he sees a listing that meets his criteria — he’s able to pounce," writes  Zillow real estate expert Leonard Baron. "If the offer is accepted, Mr. Early Bird can go see the property; if he doesn’t like it, he can back out of the deal, generally at no cost (be sure to read your contract!)." 


Here's how Baron suggests making your bid stand out in the crowd of house flippers and Donald Trump wannabes:
  • Include a letter that pleads your case. 
  • If it’s a traditional sale, ask to make your offer in person to the seller. 
  • Some listings require a lender pre-qualification letter and proof of funds. Whether they’re requested or not, you should always include those with your offer (a pre-approval letter from a lender would be even better).


Bill McMachen Snatches Up 650 Foreclosed Homes For $4.8 Million - Business Insider






Bill McMachen Snatches Up 650 Foreclosed Homes For $4.8 Million - Business Insider

Wednesday, August 1, 2012

Facebook's stock plunge highlights fears about growth – USATODAY.com

It just gets worse on the stock price for FB investors....



 















Facebook's stock plunge highlights fears about growth – USATODAY.com

Facebook shares, 44% below IPO, continue to fall – USATODAY.com

The shares are now almost 45% below the $38 a share IPO price when it started trading May 18.

While the company's results last week roughly matched Wall Street expectations, investors had hoped to see more progress in terms of user growth and in how the company is capitalizing on the rapid rise of mobile usage. Investors wanted Facebook (FB) to "show confidence they could grow the company, and they didn't," says Francis Gaskins of IPODesktop.com

The worst may be yet to come. On Aug. 16, 91 days after the IPO, insiders, such as company officers, directors and employees, can sell 268 million shares of stock. Between 91 and 181 days after the IPO, insiders can sell an additional 137 million shares. Given the stock's plunge so far, investors are braced for an avalanche of available shares from insider sales, putting more downward pressure on the stock price.


It's a stunning reversal of fortune in a short period of time. Facebook is now the second-worst performer of all IPOs in the U.S. so far this year, says IPOScoop.com. Around the time of the IPO, individual and institutional investors alike were clamoring for shares of the multibillion-dollar IPO. Facebook shares' precipitous 43% price drop is slightly better than the 51% decline by Renewable Energy Group, which went public in January.


The fallout from Facebook's dismal performance isn't confined to the billions of dollars erased from CEO Mark Zuckerberg's personal fortune. Analysts attributed at least part of Tuesday's sell-off to the announcement of Facebook-related losses by a large Swiss bank. UBS on Tuesday reported a disappointing 58% decline in quarterly profits, in part, to a 349 million franc loss ($357 million U.S.) from its handling of Facebook stock at the IPO launch. The bank says it lost money due to technical problems handling orders of Facebook stock for clients.

"Facebook doesn't have any friends on Wall Street or Silicon Valley," Gaskins says. "That's a problem. Their brand has been damaged a lot."





 Source:
Facebook shares, 44% below IPO, continue to fall – USATODAY.com

 LINK:  http://www.usatoday.com/money/story/2012-07-31/Facebook-stock-hits-new-low/56620852/1?csp=hf

EconoMonitor : EconoMonitor » LIBOR Scandal Explained

Boom and Bust Quotes - QFINANCE

  • "The greatest tragedy would be to accept the refrain that no one could have seen this coming, and thus nothing could have been done. If we accept this notion, it will happen again."
    Financial Crisis Inquiry Commission (20092011), US government-appointed commission
    On the financial crisis of 2008–09
    Source: “The Financial Crisis Inquiry Report” (January 2011)
  • "If Greece is equivalent to Bear Sterns, which was rescued by the US authorities, which country is equivalent to Lehman Brothers, which wasn’t?"
    Hamish McRae, British journalist
    Source: Independent (London) (April 30, 2010)
  • "Wall Street is not being made a scapegoat for this crisis: they really did this."
    Michael Lewis (1960–), US writer and former financial trader
    Source: Interview, Independent (London) (April 23, 2010)
  • "My daughter asked me when she came home from school, “What’s the financial crisis?” and I said, it’s something that happens every five to seven years."
    Jamie Dimon (1956–), US CEO of JPMorgan Chase
    Source: Speaking to the Financial Crisis Inquiry Commission (January 13, 2010)
  • "We’ve just had a financial crisis that bankers believed was impossible, whose economic damage has been incalculable. In response we must think the unthinkable."
    Stephen Foley, British journalist
    Source: Independent (London) (January 2, 2010)
  • "The only surprise about the economic crisis of 2008 was that it came as a surprise to so many."
    Joseph Stiglitz (1943–), US economist
    Source: Freefall: America, Free Markets and the Sinking of the World Economy (2010)
  • "Our long, unaffordable global lunch is coming to an end and a headachey afternoon in the office beckons. We’ve spent the last 10 years downing extra digestifs to delay the arrival of the bill. But here it is, without so much as an accompanying mint, and it’s massive. The trick now is to persuade the third world to pay an equal share even though they only had a soup."
    David Mitchell (1974–), British comedian and writer
    Source: Observer (London) (December 13, 2009)
  • "Everyone is saying that we’re on a tightrope, and we certainly are in mid-air over a gorge. But where is the rope?"
    Anonymous
    On the state of the British economy.
    Source: Anonymous Tory MP quoted in the Independent (London) (December 7, 2009)
  • "When the crash came, the free market had no answers, no self-correcting mechanisms and no solutions."
    Ivon Fallon, British journalist and author
    Source: Independent (London) (November 27, 2009)
  • "The lesson, surely, is that the recurring nature and the frequency of such follies, and their mutation into hitherto undreamt of forms, suggest that they are in fact an inherent cost of capitalism, or even human nature … The delusion now would be to believe that any system of regulation could prevent such crises and busts happening again."
    Sean O'Grady, British economics journalist
    Source: Independent (London) (November 20, 2009)
  • "The commercial storm leaves its path strewn with ruin. When it is over there is calm, but a dull, heavy calm."
    Alfred Marshall (18421924), British economist
    Source: Quoted in the Economist (London) (October 1, 2009)
  • "We will have more crises and none of them will look like this because no two crises have anything in common except human nature."
    Alan Greenspan (1926–), US economist, former chairman of Federal Reserve
    Source: Interview on BBC TV (September 8, 2009)
  • "It is a bit like trying to cure a cancer patient, while also training him for next year's marathon."
    Bruce Anderson, British journalist
    On attempts to lead the economy out of recession while also cutting government spending.
    Source: Independent (London) (August 10, 2009)
  • "By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely."
    Paul R. Krugman (1953–), US economist
    Source: New York Times (July 16, 2009)
  • "Companies that weren't much more than pot-fueled ideas scrawled on napkins by up-too-late bong smokers were taken public via IPOs, hyped in the media, and sold to the public for mega-millions. It was as if banks like Goldman were wrapping ribbons around watermelons, tossing them out 50-story windows, and opening the phones for bids. In this game you were a winner only if you took your money out before the melon hit the pavement."
    Matt Taibbi (1970–), US journalist
    On the dot.com bubble of 1999–2000.
    Source: Rolling Stone (New York) (July 2009)
  • "When this crisis began, crucial decisions about what would happen to some of the world's biggest companies—companies employing tens of thousands of people and holding trillions of dollars in assets—took place in emergency meetings in the middle of the night. We should not be forced to choose between allowing a company to fall into a rapid and chaotic dissolution or to support the company with taxpayer money. That is unacceptable."
    Barack Obama (1961–), US president
    Source: Speech introducing proposed regulatory reforms for the financial sector (June 17, 2009)
  • "The panic appears to be over. Now is the time to get worried."
    William Keegan (1938–), British author and journalist
    On the recession of 2008–09.
    Source: Observer (London) (June 14, 2009)
  • "Give a small number of people the power to enrich themselves beyond everyone's wildest dreams, a philosophical rationale to explain all the damage they're causing, and they will not stop until they've run the world economy off a cliff."
    Philipp Meyer (1975?–), US novelist and former financial trader
    Source: Independent (London) (April 27, 2009)
  • "In a boom, envy; in a bust, anger."
    Dominic Lawson (1956–), British journalist
    Source: Independent (London) (April 7, 2009)
  • "Gordon Brown promised to abolish boom and bust. He has kept half his promise."
    William Hague (1961–), British politician
    Source: Speech quoted in the Independent (London) (April 6, 2009)
  • "The uncomfortable truth is that we all enjoyed the party far too much to query where all the booze was coming from. Now we seem intent on lynching the barman for letting us get drunk and attacking the Government for letting us get a hangover."
    Sean O'Grady, British economics journalist
    Referring to the financial crisis of 2008–09.
    Source: Independent (London) (April 2, 2009)
  • "My nightmare scenario is that the government saves Citibank once again, as well as the other banks, and business resumes as usual. Then, the next time the system breaks, it breaks much, much bigger."
    Nassim Nicholas Taleb (1960–), Lebanese-born US academic and writer, former derivatives trader
    Source: Interview, Washington Post (March 15, 2009)
  • "We are chronicling something unprecedented: the billionaire bust."
    Steve Forbes (1947–), US publishing executive
    On Forbes magazine's revelation that the number of billionaires in the world had fallen by 30% over the previous 12 months.
    Source: Quoted in the Sunday Independent (Dublin) (March 15, 2009)
  • "You know, in every movie I’ve seen about the end of the world, civilization collapses because of something wicked cool happening—an asteroid hits, nuclear war, a supervirus, an ape revolution, whatever. If civilization collapses over credit default swaps I am going to be pissed."
    Dan McEnroe, US writer and blogger
    Referring to the role of complex derivatives in the financial crisis of 2008–09.
    Source: A Blog Named Sue blog (March 5, 2009)
  • "An army of experts assured us on a daily basis that this boom couldn't possibly crash like previous booms because this boom was still going on whereas all previous booms had ended."
    Mark Steel (1960–), British comedian and author
    Source: Independent (London) (February 11, 2009)
  • "The reality is that this is becoming the most serious global recession for … over 100 years."
    Ed Balls (1967–), British politician
    Source: Speech given to a Labour conference in Yorkshire (February 9, 2009)
  • "We were on our own for years and we went too far, too fast, in too little time … We're just like kids whose parents went away for the weekend and we trashed the whole house."
    Hallgrimur Helgason (1959–), Icelandic novelist and journalist
    On the implosion of Iceland's financial services industry.
    Source: Quoted in the Guardian (London) (January 26, 2009)
  • "This recession is not a failure of market economics. It is a reassertion of market economics after a decade in which we paid ourselves more than we were producing, and funded it precariously and temporarily by complicated credit instruments that it took a while for the market to rumble … The collapse of confidence is not irrational; it's the correction to a long run of irrational confidence."
    Matthew Parris (1949–), British journalist and former politician
    Source: The Times (London) (January 24, 2009)
  • "Currently the prime minister is the equivalent of a doctor who is asked to save the same person's life several times. Originally the relatives are grateful but then start to wonder why his services are required so often."
    Steve Richards (1960–), British journalist
    On Gordon Brown's bank bailout plans.
    Source: Independent (London) (January 20, 2009)
  • "The government increasingly resembles somebody who is trying to give the kiss of life to a corpse."
    Vince Cable (1943–), British politician
    On the British government's bank bailout plan.
    Source: Independent (London) (January 20, 2009)
  • "There's a rumour going around that states cannot go bankrupt. This rumour is not true."
    Angela Merkel (1954–), German chancellor
    Source: Speech made in Frankfurt (January 2009)
  • "That’s our mirror. Every dip, every crash, every bubble that’s burst, a testament to our brilliant stupidity. This one gave us the railroads. This one the internet. This one the slave trade. And if we hope to do anything about saving the environment, or getting to other worlds, we’ll need a bubble for that too. Everything I’ve ever done in my life worth anything has been done in a bubble: in a state of extreme hope and trust and stupidity."
    Lucy Prebble (1981–), British playwright
    Spoken by Jeffrey Skilling, CEO of Enron, as he points to a chart showing booms and bust in the US stock market
    Source: Enron (2009)
  • "In that restaurant, crammed with self-satisfied know-nothings, we had gazed upon the amoral soul of the housing boom, the crux, the fulcrum, the place where so many dreams would begin, and where heartbreak and financial collapse would surely follow."
    Larry McDonald, US former trader at Lehman Brothers
    On a restaurant frequented by mortgage salesmen at the height of the subprime lending boom
    Source: A Colossal Failure of Common Sense: The Incredible Inside Story of the Collapse of Lehman Brothers (2009)
  • "Once you’re in a bubble, it needs nerves of steel to stay out. Can you imagine the pressure? On any trader? Everyone around you is making money … and you’re the one who says I don’t believe in securitised credit arrangements?"
    Sir David Hare (1947–), British playwright
    Source: The Power of Yes (2009)
  • "There’s a strange thing goes on inside a bubble. It’s hard to describe. People who are in it can’t see outside of it, don’t believe there is an outside."
    Lucy Prebble (1981–), British playwright
    Source: Enron (2009)
  • "At present it is a bit like being in a country where a civil war is taking place. Away from the fighting, everything seems normal enough … Open-air cafes are full, shops are busy and the best restaurants have no spare tables. But in the combat zones, perhaps not very far away, life is hellish."
    Andreas Whittam Smith (1937–), British journalist
    On the deepening recession.
    Source: Independent (London) (December 5, 2008)
  • "I and others were mistaken early on in saying that the subprime crisis would be contained."
    Ben Bernanke (1953–), US economist and chairman of the US Federal Reserve
    Source: “Anatomy of a Meltdown,” New Yorker (December 1, 2008)
  • "I looked at the screens. I was staring into the abyss. The end. I felt this shooting pain in my head. I don't get headaches … I thought I was having an aneurysm."
    Danny Moses, US financial trader
    On the stock-market crash of September 18, 2008.
    Source: Quoted in Condé Nast Portfolio (New York) (December 2008)
  • "When depression economics prevails, the usual rules of economic policy no longer apply: virtue becomes vice, caution is risky and prudence is folly."
    Paul R. Krugman (1953–), US economist
    Source: New York Times (November 14, 2008)
  • "We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity are in a state of shocked disbelief."
    Alan Greenspan (1926–), US economist, former chairman of Federal Reserve
    Source: Speaking before the House Committee on Oversight (October 23, 2008)
  • "This thaw took a while to thaw, it's going to take a while to unthaw."
    George W. Bush (1946–), US former president
    Referring to frozen credit markets.
    Source: Speech given in Alexandria, Louisiana (October 20, 2008)
  • "Consumer spending is now plunging at serious-recession rate … even if the rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum. In addition to financial rescues, we need major stimulus programs."
    Paul R. Krugman (1953–), US economist
    Source: “Train Headed Downhill,” New York Times blog (October 15, 2008)
  • "Why did no one see it coming?"
    Elizabeth II (1926–), British Queen
    On the financial crash of 2008.
    Source: During a visit to the London School of Economics (October 2008)
  • "When we're talking about a trillion dollars of taxpayer money, "trust me" just isn't good enough."
    John McCain (1936–), US senator and presidential candidate
    On the US Treasury secretary's Wall Street bailout plan.
    Source: Quoted in The Times (London) (September 25, 2008)
  • "This sucker could go down."
    George W. Bush (1946–), US former president
    Referring to the entire US financial system at an emergency cabinet meeting.
    Source: Quoted in the New York Times (September 25, 2008)
  • "These are not normal circumstances. The market is not functioning properly."
    George W. Bush (1946–), US former president
    Source: Speech (September 24, 2008)
  • "There are no atheists in foxholes and there are no libertarians in financial crises."
    Paul R. Krugman (1953–), US economist
    Source: Interview with Bill Maher on HBO TV (September 19, 2008)
  • "Anyone who says we're in a recession, or heading into one—especially the worst one since the Great Depressionms—is making up his own private definition of "recession.""
    Donald Luskin (1954–), US investment guru
    This was the day before Lehman Brothers filed for bankruptcy, triggering a stock-market crash.
    Source: Washington Post (September 14, 2008)
  • "Last year this was a financial crisis that we thought with a bit of luck would be over by Christmas."
    Charles Bean (1953–), British economist and deputy governor of the Bank of England
    Source: Quoted in the Guardian (London) (August 26, 2008)
  • "What, pray, is all the fuss about? … If this is the worst crisis since the Great Depression then we must have all been living pretty cushy, gilded lives since the 1930s. If this is all it takes to destroy capitalism … then it is a wonder why the Soviet Union failed to do so during its seven decades of existence. For the past year has actually not been very bad at all—unless you are a banker, a bank shareholder or Gordon Brown; and few will shed tears for any of those."
    Bill Emmott (1956–), British economics journalist
    Source: Guardian (London) (August 12, 2008)
  • "We can have confidence in the long-term foundation of our economy … I think the system basically is sound. I truly do."
    George W. Bush (1946–), US former president
    The US financial system plunged into crisis in September.
    Source: Speech (July 15, 2008)
  • "I think this is a case where Freddie Mac and Fannie Mae are fundamentally sound. They're not in danger of going under … I think they are in good shape going forward."
    Barney Frank (1940–), US politician
    Fannie Mae and Freddie Mac were taken into government "conservatorship" in September 2008.
    Source: Remark (July 14, 2008)
  • "It's quite possible that at some point we may get an odd quarter or two of negative growth, but recession is not the central projection at all."
    Mervyn King (1948–), British governor of the Bank of England
    Source: Speech (May 2008)
  • "The fundamentals of America's economy are strong."
    John McCain (1936–), US senator and presidential candidate
    Source: Interview on Bloomberg TV (April 17, 2008)
  • "A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!"
    Richard Band, US financial writer
    Source: Profitable Investing Letter (March 27, 2008)
  • "The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War."
    Alan Greenspan (1926–), US economist, former chairman of Federal Reserve
    Source: Financial Times (London) (March 16, 2008)
  • "The market is in the process of correcting itself."
    George W. Bush (1946–), US former president
    Source: Speech (March 14, 2008)
  • "History records no case where the bubble gracefully deflated, accompanied by a slight hiss of escaping optimism. The speculative episode always ends with a loud explosion."
    Andreas Whittam Smith (1937–), British journalist
    Source: Independent (London) (January 28, 2008)
  • "If the financial system has a defect, it is that it reflects and magnifies what we human beings are like … money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility."
    Niall Ferguson (1964–), British historian
    Source: The Ascent of Money (2008)
  • "The recession debate is over. It's not gonna happen … The Bush boom is alive and well. It's finishing up its sixth splendid year with many more years to come."
    Lawrence Kudlow (1947–), US economist and right-wing commentator
    Source: Kudlow’s Money Politics blog (December 5, 2007)
  • "The world economy [is] more stable than for a generation … Our hugely sophisticated financial markets match funds with ideas better than ever before."
    David Cameron (1966–), British prime minister
    The first signs of the global financial crisis were already becoming apparent.
    Source: Speech given at the London School of Economics (September 2007)
  • "Over the ten years that I have had the privilege of addressing you as Chancellor, I have been able year by year to record how the City of London has risen by your efforts, ingenuity and creativity to become a new world leader … So I congratulate you, Lord Mayor and the City of London, on these remarkable achievements, an era that history will record as the beginning of a new golden age for the City of London."
    Gordon Brown (1951–), British former prime minister
    The first signs of the global financial crisis became apparent the following month.
    Source: Speech given at the Mansion House, City of London, while Chancellor of the Exchequer (June 20, 2007)
  • "It's a crisis if everybody calls it a crisis."
    Morgan Downey, US commodities trader
    Source: Remark (2007)
  • "The final chapter of Greenspan's legacy has not been written. Maybe it will work out fine, but maybe not."
    Paul Kasriel, US financial analyst
    On Alan Greenspan's retirement as chairman of the US Federal Reserve.
    Source: Quoted on Bloomberg.com (January 26, 2006)
  • "Unsustainable situations usually go on longer than most economists think possible. But they always end, and when they do, it's often painful."
    Paul R. Krugman (1953–), US economist
    Source: Address given in Bangkok (September 2005)
  • "Real estate is still a great investment opportunity for households. Price appreciation will continue. It may not be at 20%. It may … even go down to 5%."
    David Lereah, US economist and former spokesman for the National Association of Realtors
    Between 2006 and 2008 US house prices fell faster than they fell during the Great Depression.
    Source: Interview on SmartMoney.com (August 12, 2005)
  • "We are in the biggest real-estate boom we've ever seen. Something is going to happen to end this."
    Robert Shiller (1946–), US economist and author
    Between 2006 and 2008 US house prices fell faster than they fell during the Great Depression.
    Source: Remark (August 2005)
  • "Global capital markets pose the same kinds of problems that jet planes do. They are faster, more comfortable, and they get you where you are going better. But the crashes are much more spectacular."
    Lawrence H. Summers (1954–), US economist and former president of Harvard University
    Source: Interview, Time (June 26, 2005)
  • "Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria."
    Sir John Templeton (19122008), American-born British investor and philanthropist
    Source: Quoted in Short-term Trading in the New Stock Market (Toni Turner, 2005)
  • "The central problem of depression-prevention has been solved, for all practical purposes."
    Robert Lucas, Jr (1937–), US economist
    Source: Address to the American Economic Association (2003)
  • "The four most expensive words in the English language are, "This time, it's different.""
    Sir John Templeton (19122008), American-born British investor and philanthropist
    Source: Quoted in The Four Pillars of Investing (William J. Bernstein, 2002)
  • "If Wall Street crashes, does Main Street follow? Not necessarily."
    Ben Bernanke (1953–), US economist and chairman of the US Federal Reserve
    Source: Remark (September 2000)
  • "Nothing sedates rationality like large doses of effortless money. After a heady experience of that kind, normally sensible people drift into behavior akin to that of Cinderella at the ball the giddy participants all plan to leave just seconds before midnight. There's a problem, though: they are dancing in a room in which the clocks have no hands."
    Warren Buffett (1930–), US entrepreneur and financier
    Source: Letter to shareholders (2000)
  • "Property and stock market crashes … litter the history of capitalism. But at the same time there is no evidence that anyone has ever been successful in preventing such a crash."
    Lester Thurow (1938–), US economist, management theorist, and writer
    Source: “Barking Up the Wrong Tree,” www.lthurow.com (November 2, 1999)
  • "A crash does not come knocking at the front door by appointment."
    Jim Slater (1929–), British business executive and author
    Source: Quoted in Treasury of Investment Wisdom (Bernice Cohen, 1999)
  • "Blaming speculators as a response to financial crisis goes back at least to the Greeks. It's almost always the wrong response."
    Lawrence H. Summers (1954–), US economist and former president of Harvard University
    On the financial crisis in South-East Asia.
    Source: Remark (1997)
  • "There is no evidence that the business cycle has been repealed."
    Alan Greenspan (1926–), US economist, former chairman of Federal Reserve
    Source: Wall Street Journal (1997)
  • "In a market like this, every story is a positive one. Any news is good news. It's pretty much taken for granted now that the market is going to go up."
    Anonymous
    The market began to decline that day, plummeted nearly 1,000 points in October, and did not regain its August peak for nearly two years
    Source: Wall Street Journal (August 26, 1987)
  • "In the next economic downturn there will be an outbreak of bitterness and contempt for the supercorporate chieftains who pay themselves millions. In every major economic downturn in US history the villains have been the heroes during the preceding boom."
    Peter F. Drucker (19092005), US management consultant and academic
    Source: Quoted in “Seeing Things As They Really Are,” Forbes (Robert Lenzner and Stephen S. Johnson, 1987)
  • "A depression is a situation of self-fulfilling pessimism."
    Joan Robinson (19031983), British economist
  •  Source: “The Short Period,” Economic Heresies (1970)




Boom and Bust Quotes - QFINANCE


 LINK: http://www.qfinance.com/finance-and-business-quotes/boom-and-bust