Monday, January 21, 2008

Books for the Day

With today being Martin Luther King Day, I thought that looking back to the slave period and following Civil War in the US is an appropriate way to try to learn and understand what happened then.

For the human side of slavery, the recent publication of "The Annotated Uncle Tom's Cabin" edited with an introduction and notes by Henry Louis Gates, Jr. and Hollis Robbins [W. W. Norton & Company, New York 2007] provides us with a marvelous means to read that classic work by Harriet Beecher Stowe. Her book of fiction about the human and emotional aspects of slavery was the most popular book - by sales - of the 19th century except for the Bible. Henry Louis Gates, Jr. is the W. E. B Dubois Professor of the Humanities at Harvard University and edited "The Norton Anthology of African-American Literature. Hollis Robbins is a humanities professor at the Peabody Institute at Johns Hopkins University. The book includes innumerable contemporary and modern illustrations of the scenes and characters of and derived from the book, including the engravings in the original printings.

"Uncle Tom's Cabin" galvanized northern public opinion against slavery. The stories of ripping families asunder, cruelty and sale of one's children "down river" helped the northern white women and men come to understand its evil. The notes by Gates & Hollis help modern people living over 150 years from that evil understand how the book is depicting events that one could actually see if living then, as Harriet Beecher Stowe did see them.

For the ensuing war, I suggest the Memoirs of Gen. William Tecumseh Sherman. He was quite a controversial figure then and is still such now. But his descriptions of his campaigns before, during and after his famous March to the Sea are wonderfully clear and vivid. Because of its actual long sections on that March and the time his army was in the major slaveholding areas of the South, I recommend this book for this day over those fine memoirs of Gen. Grant. Sherman's Army freed scores of thousands of slaves, whose happiness and gratitude are expressed in first hand stories. The cruelty of Confederate officers and soldiers toward those people are also told.

PS: So when a major modern political figure, viz. Mike Huckabee, defends the Confederate symbol in modern times, one must wonder whether he is a fool or a knave. Is he ignorant of the evil that symbol represented over 150 years ago and that my ancestors and their brothers fought to defeat, or is he a demagogue and knave trying to curry favor with ... the rabble ? Either option leads one to conclude he is unfit to be a U. S. President.

9 comments:

staggerlee said...

if u dont believe in evolution thats all u need to know. as for digging the confed flag, hopefully he was just doing that for votes.

huckabee scares me the most of any of the candidates.

i bet revy loves him.

futs down 500, not bad.

tom shud be interesting.

read an article this weekend that 70% of the country believes we r in a recession. that snowball seems too big to stop.

this is getting out of hand but how do u stop this spiral in the derivatives?

didnt buffet spend about 4 yrs unwinding the ones he got when he bought a big insurer. it took him 4 yrs to get rid of what he called financial WMD's, and that is when they had a bid.

CFC was clearly done until BAC nabbed em.

cud MER or C really totally unravel?

like WCOM or enron, who really knows what is going to end up on the balance sheet? these guys were even more freakish that i ever imagined.

which goes back to my original pt and this holiday. DONT TRUST WHITEY!

;-)

Bunkerman said...

Europe got smashed. I am really starting to think the beefers want to create a financial panic, or they are all just terrified they will lose their jobs so are selling & shorting trillions. With no leadership at the Fed, there is no resistance to them.

Maybe a record Dow decline will get their attention. The rich in their hedge funds are definitely panicked.

Hmmm didn't Elmer defend derivatives ?

Bunkerman said...

Page M61 Barron's provides the data from the balance sheet of the Fed.

Monetary base:
latest week - $820,331 million
prior week - $824,487 milion
Year ago $813,227 million.

So teh monetary base declined last week and the year over year change is only 0.87% for an economy that grew an average of about 2.5%.

Tight money is causing this problem. As usual the Fed is screwing the common man.

staggerlee said...

Breaking News from MoneyNews.com

Mobius: No U.S. Recession, Global Stocks Still Hot

Mark Mobius, the international financer who oversees $45 billion for the Templeton Asset Management, said this week that he sees no U.S. recession ahead.

If one does occur, he added, emerging markets "normally” decline by up to 20 percent, Yet that kind of decline has already occurred, so he sees no big additional drops for international investors.

"It’s not in a recession as far as we can see, and we don’t expect recession, because the Fed is continuing to pump money into the system,” he told Bloomberg. "Interest rates are going down, so we don’t expect a recession.”

Although he doubts one is coming, Mobius points out that the effect of a U.S. contraction would certainly affect the rest of the world, depending largely on the depth of a recession.

staggerlee said...

cramer thinx BAC mite hit 0

mfl59 said...

Ben needs to slash rates immediately....100bp....but first he must make sure Goldman has covered all of their short positions....Bunkerman-if you were Ben right now what would be your course of action?

Spin-em said...

The sea was angry that day my friends, like an old man trying to send back soup at a deli" ....

GS long The Pack..so we all pay???..pffttt

Frosty said...

spinny congrats, the GMEN in the freezer cooked some cheese heads...some bears in the oven down hard like 14.5 in the bowl...some odds are worth taking...the tape melts, wednesday or thursday still my plan.

Bunkerman said...

If I was Ben I'd get those pinhead fellow FOMC members on a conference call and demand a 100 bps rate cut with a signal for more to come. To come at 9AM this morning.

Then I'd call for derivative and hedge fund regulation, and an reinstatement to the uptick rule.

The failure and danger of all those "innovations" is now obvious to all.