Discover more from A Havenstein Moment.
The plural of anecdote is data.
Just a short bit today.
“In a way, marriage is a legal recognition of a biological fact: once two people have three or more kids, their largest genetic investment is in the kids they share, not in themselves. Long-term reproductive pair bonds whose offspring follow the same path creates a sort of rolling decrease in time preference. Not only would you expect people with kids to think one generation further ahead on average, _but_ within large groups that behave that way, there’s positive selection pressure on thinking even further ahead. One generation of kids should shift the locus of your net present value calculation forward by about a generation, but kids followed by the expectation of grandkids and great-grandkids should keep dragging it further forward. And suddenly a bunch of weird traditionalist virtues become more salient.”
In the matter of reforming things, as distinct from deforming them, there is one plain and simple principle; a principle which will probably be called a paradox. There exists in such a case a certain institution or law; let us say, for the sake of simplicity, a fence or gate erected across a road. The more modern type of reformer goes gaily up to it and says, “I don’t see the use of this; let us clear it away.” To which the more intelligent type of reformer will do well to answer: “If you don’t see the use of it, I certainly won’t let you clear it away. Go away and think. Then, when you can come back and tell me that you do see the use of it, I may allow you to destroy it.”
- G.K. Chesterton, The Thing (1946)
Staley also visited Epstein while he was serving his jail time in Florida after pleading guilty in 2008 to soliciting and procuring a minor for sex. Epstein received an outrageously cozy work-release program in that matter. Staley also made numerous visits to Epstein’s private island in the Virgin Islands.
JPMorgan Chase serviced Epstein’s accounts from 1998 to 2013 – a full five years after his conviction in Florida for procuring sex with a minor and his having to register as a sex offender.
Many times I tweeted CNBC people about their guests who were up to their eyeballs tied to Jeff Epstein.
NO ONE CARED.
I’m going to keep swinging.
According to an investigation conducted by Wall Street On Parade, Epstein’s ties to JPMorgan Chase date back to at least 2001 when Epstein presided as Chairman over an offshore company incorporated in Bermuda called Liquid Funding Ltd. That company grew to at least $6.7 billion in outstanding liabilities. JPMorgan Chase was one of three banks providing a $250 million liquidity facility to Liquid Funding Ltd. JPMorgan Chase was also listed as its “Security Trustee.” Liquid Funding appeared to be propping up dodgy subprime mortgage dealers by giving them loans. Bear Stearns, where Epstein had worked from 1976 to 1981, owned 40 percent of the equity in the company. Bear Stearns collapsed during the financial crisis of 2008 and received $853 billion in secret loans from the Federal Reserve, as well as the publicly-disclosed $28.8 billion purchase of toxic assets through a senior loan from the Federal Reserve Bank of New York to sweeten the terms of the purchase of Bear Stearns by JPMorgan Chase. (See Jeffrey Epstein Chaired a $6.7 Billion Company that Documents Suggest May Have Received a Secret Federal Reserve Bailout.)
"If you succeed, God will still know. There's no escape."
I came across this post and thought I’d share it.
I’ve often heard (usually from econ majors) that “The plural of anecdote is not data,” but from experience I completely disagree (and it’s a major misquote).
If you were to listen to the media and look at official statistics, unemployment is low, and there are lots of jobs available. But anyone looking for employment can tell you both are complete bullshit.
Worth checking out.
Here’s a related anecdote I’d saved from February 17, 2020, pre-Covid panic. Note that the NBER says our last recognized recession began the same month.
I keep coming back to this quote which sticks in my head:
"The mainstream narrative should therefore be reversed: the stock market did not collapse (in March 2020) because lockdowns had to be imposed; rather, lockdowns had to be imposed because financial markets were collapsing."
fyi I think I’ve unlocked all posts up to March 2023, so if you’re a free subscriber and bored, check ‘em out.