Last week was a break from this blog for your writer. He used it productively in collecting and editing some past posts to create a pamphlet to publish and send to about 1,000 "leaders" in the US. Why? To give them truly new ideas. I can't bash them as they deserve, because I want them to read it. Writing an effective pamphlet requires one to incorporate principles of good advertizing to capture the readers. That rules out bashing them ... at least at first. The pamphlet is in re-write mode now as I proceed through many drafts to hone the language and thoughts. Publication will be this month ... or my name isn't Bunkerman.
The Panic of the Rich in Europe continues. European stocks markets cratered yesterday while we had our Labor Day barbecues. Today the Swiss National Bank set a hard ceiling on the Swiss Franc vs. the Euro saying it will buy unlimited quantities of Euros by issuing unlimited amounts of Swiss Francs. Will they do it? Time will tell. Thye have to stop the distortion caused by the flood of panic money coming from rich Europeans and the Middle East. Rich Europeans fear taxes and social disorder; rich Arabs fear revolutions and social disorder. Do you notice a common denominator?
Obama will make another speech Thursday evening. Judging from his Labor Day speeches, he will offer nothing new and mostly posture to his base for political gain. Your writer will make a post tomorrow with the correct answer to the correct question: how to help America and the American people get back onto a path towards more prosperity and happiness for all.
An Interesting Movie
Check out The Inside Job, which contains many quite intriguing and provocative facts about the Panic of 2008. I was quite surprised to learn the huge sums paid to economists such as Larry Summers and Glenn Hubbard by the financial services industry. These guys were [are?] getting $100,000 a speech. Uh ... that's not a speaking fee, it's a payoff. Big money has utterly corrupted that formerly academic profession. Remember that when the media puts people like this on TV to blather about what's good for America.
The movie missed a few points (such as the role of hedge funds), but has enough to make it quite worth watching.
Comparisons to 2008
These are all over the business press. Uh ... guys ... if that has any validity, why are TIPs prices so high? Why are municipal bonds yields so low? Sheesh ...
Word of the Day
"Contumely" - noun [$10] Shakespeare, from Hamlet's soliloquy.
Contumely means 1. insolent or reproachful language or treatment; 2. disgrace.
Sentence: The common man and woman need to start dousing the DC crowd with contumely - in old Brooklynese, give them the raspberry. Toss the bums out.