It might provide some fleeting catharsis to celebrate the deaths of some of these ghouls (Kissinger, Cheney, Greenspan, etc.) but the sad truth is that they got away with their crimes and kept their jobs, professional reputations, and personal fortunes along with all the privileges they provided, and lived long, luxury/pleasure-filled lives, probably sleeping like babies all the while because they were all psychopaths. There never has been anything resembling real accountability for any of the grandest conspiracies and major crimes committed by the rich and powerful: not all the CIAs illegal covert activity around the world; not the war crimes that left entire countries in ruins and millions of bodies in their wake; not the endless acts of corporate malfeasance that pollute the environment and harm consumers and cause premature death; and certainly the financial shenanigans that cause national and/or global economic devastation with incalculable human consequences (except for a handful of SnL execs getting short stints). The justice system and “rule of law” in this country is a big fat joke played on the masses. The real operating principles in this world are : “might makes right” and “those who own the gold make (and/or ignore and break) the rules”. And that applies to “Nine Eleven”, WMD, Anthrax, OKC, CON-vid, and the rampant pedo-predation at the highest levels, facilitated and protected by all relevant authorities. There is no way to vote our way out of this, no hope of bringing justice by working within the system, nor any peaceful means in or out of it whatsoever that will achieve the necessary, radical changes if we want to avoid the worst case scenario for the future that the ruling class (transnational) has been planning and working toward for decades if not centuries, and is now rapidly implementing and cementing.
“It’s very clear that the boomers have outsized-power [compared to] any generation…”
Ok. But the reality is that the top 10% of Boomers own 71% of the wealth.
(The source eludes me at the moment but I can find it if needed)
The inequality in the Boomer generation is no different than the skew in the rest of the population. It’s mostly concentrated at the top.
And that 71% is disproportionately owned by those born prior to 1954. As Jonathon Pontell wrote in 1999, the Generation Jones Boomers, got the label without most of the post WW2 benefits.
The legion of Boomer Bashers on SM never bother to look at the actual facts.
(I thought of this song while listening to Gundlach 🤣🤣🤣)
Greenspan in 1966 was more intelligent than later in life. Funnily enough I hadn't thought about where the excess liquidity that drove the retail leveraging in the run-up to 1929 came from (1927 etc). They didn't teach this when I studied econ. Still that Frankenstein they created in 1913 is where the vector was created letting in the rot.
The good news is if it does blow, the day after maybe we have a chance to be human again. The bad news is the only real solution is to downsize the financial world and return it into a boring world of nerds analyzing balance sheets and documents. The entire primacy of money needs to be resized and occupy a smaller place in our attention, but this is harder than keeping a fix away from a junkie as it appears in front of them.
I heard a prescient insight concerning political change recently, and basically the point was, until we get to a place when people are willing to die, there's not going to be any meaningful change. I think this message is worth circulating because if the next subsidy is going to try and repeat 2008, in a 1929 scenario, then the ensuing scenario might create those conditions and maybe that's not a good idea.
In my alternative woo universe, I don't think it's a coincidence we're here and I think there's a greater than 0 probability we're approaching the end of a 6k/12k super cycle. At which point what's important will change radically.
Wait. I have a question. In all of this concern over private credit, do you sense that BDC's should be lumped in with their private breathren? If I buy a BDC, I can get out the same day. Are they also effing around in the insurance markets? Thanks.
It might provide some fleeting catharsis to celebrate the deaths of some of these ghouls (Kissinger, Cheney, Greenspan, etc.) but the sad truth is that they got away with their crimes and kept their jobs, professional reputations, and personal fortunes along with all the privileges they provided, and lived long, luxury/pleasure-filled lives, probably sleeping like babies all the while because they were all psychopaths. There never has been anything resembling real accountability for any of the grandest conspiracies and major crimes committed by the rich and powerful: not all the CIAs illegal covert activity around the world; not the war crimes that left entire countries in ruins and millions of bodies in their wake; not the endless acts of corporate malfeasance that pollute the environment and harm consumers and cause premature death; and certainly the financial shenanigans that cause national and/or global economic devastation with incalculable human consequences (except for a handful of SnL execs getting short stints). The justice system and “rule of law” in this country is a big fat joke played on the masses. The real operating principles in this world are : “might makes right” and “those who own the gold make (and/or ignore and break) the rules”. And that applies to “Nine Eleven”, WMD, Anthrax, OKC, CON-vid, and the rampant pedo-predation at the highest levels, facilitated and protected by all relevant authorities. There is no way to vote our way out of this, no hope of bringing justice by working within the system, nor any peaceful means in or out of it whatsoever that will achieve the necessary, radical changes if we want to avoid the worst case scenario for the future that the ruling class (transnational) has been planning and working toward for decades if not centuries, and is now rapidly implementing and cementing.
“It’s very clear that the boomers have outsized-power [compared to] any generation…”
Ok. But the reality is that the top 10% of Boomers own 71% of the wealth.
(The source eludes me at the moment but I can find it if needed)
The inequality in the Boomer generation is no different than the skew in the rest of the population. It’s mostly concentrated at the top.
And that 71% is disproportionately owned by those born prior to 1954. As Jonathon Pontell wrote in 1999, the Generation Jones Boomers, got the label without most of the post WW2 benefits.
The legion of Boomer Bashers on SM never bother to look at the actual facts.
You’re right. I forget who said it but apparently half of boomers have no retirement assets.
https://youtu.be/utXwIqQj7oE?is=N2Q5tXFJFmdrLsbE
(I thought of this song while listening to Gundlach 🤣🤣🤣)
Greenspan in 1966 was more intelligent than later in life. Funnily enough I hadn't thought about where the excess liquidity that drove the retail leveraging in the run-up to 1929 came from (1927 etc). They didn't teach this when I studied econ. Still that Frankenstein they created in 1913 is where the vector was created letting in the rot.
The good news is if it does blow, the day after maybe we have a chance to be human again. The bad news is the only real solution is to downsize the financial world and return it into a boring world of nerds analyzing balance sheets and documents. The entire primacy of money needs to be resized and occupy a smaller place in our attention, but this is harder than keeping a fix away from a junkie as it appears in front of them.
I heard a prescient insight concerning political change recently, and basically the point was, until we get to a place when people are willing to die, there's not going to be any meaningful change. I think this message is worth circulating because if the next subsidy is going to try and repeat 2008, in a 1929 scenario, then the ensuing scenario might create those conditions and maybe that's not a good idea.
In my alternative woo universe, I don't think it's a coincidence we're here and I think there's a greater than 0 probability we're approaching the end of a 6k/12k super cycle. At which point what's important will change radically.
Nice Peter Frampton cover!
Another banger, well done!
https://ritholtz.com/2010/07/greenspan-chair-at-nyu/
The Fed Chair is dead. Long live the Fed Chair.
Wait. I have a question. In all of this concern over private credit, do you sense that BDC's should be lumped in with their private breathren? If I buy a BDC, I can get out the same day. Are they also effing around in the insurance markets? Thanks.
Good point. I think the public BDC companies often sell at significant discounts to similar private funds too, and you have no liquidity problem.
Awesome! Great job. Did you put a bucket on your kid's head?
I (almost) never use real world photos of my own.