I overslept. Je me suis réveillé trop tard.
I'll post later.
... later ...
Oh well, it's Wednesday and as usual, not much is happening.
Actions
I will try to buy some VVUS today as its price has pulled back and its equity offering is done. I'll pick up a start position of about 1/3 of what I want over time, as long as its price stays in the area of 10+. This company has a very promising weight loss drug with good safety prospects, too.
Word of the Day
"Addlepated" - adjective [$100] A Big Al word !!!
Addlepated means addlebrained [1620-1630 Addle + pate + ed]; used on Gilligan's Island TV show by "the Professor"
Addlebrained [$10] means (adjective) having a muddled or confused mind; foolish, silly, or illogical.
Addle - verb & adjective [$10]
Addle means (verb) 1. to make or become confused; 2. to make or become rotten, as eggs; (adjective) mentally confused, muddled; 4. rotten: addle eggs.
Sentence: Excess consumption of alcoholic beverages can quickly produce an addlepated mind.
Wednesday, September 30, 2009
Tuesday, September 29, 2009
Seeing A Change
A problem the anointed bear pundits have is seeing when to change and recognize that being right once - even in a huge move - does not make them gods. In the times of the Romans, when a successful military commander had huge power and was adulated by the public during his triumphal parade, tradition had a slave ride in his chariot to whisper in his ear, "you are not a god".
Somehow market pundits need this reminder. Maybe they need a parrot to sit on there shoulder to squawk, "you are not a god" as they go on to their next interview on Bubblevision, or their next speaking engagement for big money. Oh well, they've mostly succumbed to the same sales tactic, "tell' em what they want to hear, sell 'em what they want to buy" and so much of the investing public wants to hear a bearish story.
One simply reading today's newspapers online can find interesting stories of how the world is recovering with considerable strength. Note that I use the word, "world". Bear pundits are also notoriously US-centric. yesterday I posted a story about "world" commerce increasing at the highest pace in five years in July. Today, I find two stories with ground level facts supporting that my thesis of a coming "East and South Asian Co-Prosperity" sphere of self-reinforcing consumer demand leading to huge growth in that area ... and in the rest of the worlds via that growing consumer demand.
WSJ: "With the longtime engine of global growth, the American consumer, pummeled by recession, some of China's hugely productive exporters are eyeing a new market: the Chinese.
"China's ability to consume has now reached a fairly high level. It's at a turning point," says Tandem's general manager, Tom Tseng. Incomes are rising in China and people can afford more high-quality goods, he says, while "in the U.S., people now only want to buy cheap things."
FT: "Asian business leaders are confident about economic recovery, according to a survey of companies that have a market capitalisation of more than $1,000bn. The survey, which will be published this week by the Asia Business Council, an independent grouping for regional chief executives, found that 67 per cent think the economy will improve compared with just 6 per cent fearing it will worsen."
And Japan has a new government that at least says it intends to expand consumer demand and not focus only on exporters.
World population is reported as being 6.8 billion. The highly developed, prosperous US, Europe, Canada, and Japan have about the 0.8 billion people. That leaves 6 billion people striving to attain our standard of living. The rest of the world is going to lead this next tidal wave of economic growth. Investors have to climb onto that trend and sit.
The trends are very strong and positive.
Actions
Big rally yesterday. I did nothing, as I made dip buys on Friday. I'll ride this bull elephant awhile, enjoying the view of the landscape and looking for signs of change.
Word of the Day
"Propaedeutic" - adjective and noun [$10]; from the files ... and used by Big Al recently.
Propaedeutic (adjective) means serving as an introduction to higher study, introductory; (noun - especially in plural) preliminary learning; a propaedeutic subject, study.
Sentence: As Obama continues to bloviate, unfortunately he's still doing his propaedeutics for running the government on the job.
Das Wort der Woche
"Machen" - verb, regular
Machen means to do, to make.
Der Satz: Ich machte nichts.
Sentence: I am doing nothing.
Somehow market pundits need this reminder. Maybe they need a parrot to sit on there shoulder to squawk, "you are not a god" as they go on to their next interview on Bubblevision, or their next speaking engagement for big money. Oh well, they've mostly succumbed to the same sales tactic, "tell' em what they want to hear, sell 'em what they want to buy" and so much of the investing public wants to hear a bearish story.
One simply reading today's newspapers online can find interesting stories of how the world is recovering with considerable strength. Note that I use the word, "world". Bear pundits are also notoriously US-centric. yesterday I posted a story about "world" commerce increasing at the highest pace in five years in July. Today, I find two stories with ground level facts supporting that my thesis of a coming "East and South Asian Co-Prosperity" sphere of self-reinforcing consumer demand leading to huge growth in that area ... and in the rest of the worlds via that growing consumer demand.
WSJ: "With the longtime engine of global growth, the American consumer, pummeled by recession, some of China's hugely productive exporters are eyeing a new market: the Chinese.
"China's ability to consume has now reached a fairly high level. It's at a turning point," says Tandem's general manager, Tom Tseng. Incomes are rising in China and people can afford more high-quality goods, he says, while "in the U.S., people now only want to buy cheap things."
FT: "Asian business leaders are confident about economic recovery, according to a survey of companies that have a market capitalisation of more than $1,000bn. The survey, which will be published this week by the Asia Business Council, an independent grouping for regional chief executives, found that 67 per cent think the economy will improve compared with just 6 per cent fearing it will worsen."
And Japan has a new government that at least says it intends to expand consumer demand and not focus only on exporters.
World population is reported as being 6.8 billion. The highly developed, prosperous US, Europe, Canada, and Japan have about the 0.8 billion people. That leaves 6 billion people striving to attain our standard of living. The rest of the world is going to lead this next tidal wave of economic growth. Investors have to climb onto that trend and sit.
The trends are very strong and positive.
Actions
Big rally yesterday. I did nothing, as I made dip buys on Friday. I'll ride this bull elephant awhile, enjoying the view of the landscape and looking for signs of change.
Word of the Day
"Propaedeutic" - adjective and noun [$10]; from the files ... and used by Big Al recently.
Propaedeutic (adjective) means serving as an introduction to higher study, introductory; (noun - especially in plural) preliminary learning; a propaedeutic subject, study.
Sentence: As Obama continues to bloviate, unfortunately he's still doing his propaedeutics for running the government on the job.
Das Wort der Woche
"Machen" - verb, regular
Machen means to do, to make.
Der Satz: Ich machte nichts.
Sentence: I am doing nothing.
Monday, September 28, 2009
More Fraud and Lies
It's remarkable that government and modern "dialogue" is unable to address major issues with simplicity and honesty. Reading the news today, I descried an example that I post below regarding the ongoing scam of wind power.
WSJ: SHANGHAI—"China's ambition to create "green cities" powered by huge wind farms comes with a dirty little secret: Dozens of new coal-fired power plants need to be installed as well. Part of the reason is that wind power depends on, well, the wind. To safeguard against blackouts when conditions are too calm, officials have turned to coal-fired power as a backup.
"... officials want enough new coal-fired capacity in reserve so that they can meet demand whenever the wind doesn't blow. This is important because wind is less reliable as an energy source than coal, which fuels two-thirds of China's electricity output. Wind energy ultimately depends on wind strength and direction, unlike coal, which can be stockpiled at generators in advance.
In simple terms, talk of wind power as a source of energy is hot air. One has to build TWO power systems because the wind doesn't always blow. Do you suppose anyone publicly includes that double cost in their fraudulent claims that wind power is economical ? Nope.
Reading
Books contain real, enduring knowledge. Anything on the Internet might disappear overnight or be changed with no notice, hence it's not a reliable reference. Complex topics can be put into a 300 page book. Who could sit at a computer and read 300 pages of serious writing over a few weeks ? How do you keep your place ? Who's really comfortable sitting at a computer ? No one. Paper books rule.
What to read ? I prefer nonfiction for many reasons. But some say it's boring, and they have a point. How can one read a 300 page book on a serious topic to learn something useful ? I've had problems in the past doing that. I might get 1/3 or 1/2 way through, and then get burned out or bored. So I put the book aside on the pile and it sits ... for months. Finally, I'll pick it up again and force my way through it.
Over the past few months, I employed a new system that is working well. I read about ten pages at a sitting. It's simple discipline - one can overcome the feeling of drudgery or boredom by thinking each time, "I'm just going to do ten pages - easy". I try to do two or three sittings a day, but even with only one, a serious 300 page book can be read in one month. At three sittings a day, voilà, it's done in ten days.
I am currently reading "A Pragmatic Theory of Fallacy", a scholarly book about logical fallacies in argumentation and debates. A better understanding of rhetoric and argumentation helps one understand public debates and how the ruling classes are fooling the public. The book has about 300 pages. I had started it a few months ago, but it was tough reading. So late last week I picked it up again and re-started with my new system. I'm now about 60 pages in and enjoying it immensely.
In later posts, I'll list and describe these fallacies and use them to dissect public debate. As a teaser, the global warming "debate" is riddled with these fallacies. The public is being ill-served. I suppose that's what we should expect, as the ruling classes and the media simply run a propaganda machine to have their way with the common man.
Actions
FT reported Saturday that global commerce rose in July at the fastest rate in five years. Hmm ...
On Friday on the continued dip, I bought some more MT common stock in 1-2-3 Fund and in Fido Fund I bought a bit more COF and a new name - CLF - a US iron ore company. I think CLF might get taken over at a good price in a year or so as the economy reaches its prior levels of activity.
Word of the Day
"Elenchus"- noun [$10]; plural "elenchi", adjective "elenchic"; to English from Latin from Greek.
Elenchus means logical refutation.
Sentence: A knowledge of the names and proper definitions of fallacies gives one a huge assist in explaining elenchus clearly, without weaker metaphors and analogies. Clearly understood elenchic responses can be decisive in argumentation.
Verbum Diei
"Valere"- verb, second conjugation
Valere means to be strong, to have power, be well. Vale (valete) means good-bye, farewell. Interesting, the Latin term for good-bye literally means "be strong".
Sententia: Ubi leges valent, ibi populus liber potest valere. (from Publius Syrys)
Sentence: Where the laws are strong, there a free people can be strong.
WSJ: SHANGHAI—"China's ambition to create "green cities" powered by huge wind farms comes with a dirty little secret: Dozens of new coal-fired power plants need to be installed as well. Part of the reason is that wind power depends on, well, the wind. To safeguard against blackouts when conditions are too calm, officials have turned to coal-fired power as a backup.
"... officials want enough new coal-fired capacity in reserve so that they can meet demand whenever the wind doesn't blow. This is important because wind is less reliable as an energy source than coal, which fuels two-thirds of China's electricity output. Wind energy ultimately depends on wind strength and direction, unlike coal, which can be stockpiled at generators in advance.
In simple terms, talk of wind power as a source of energy is hot air. One has to build TWO power systems because the wind doesn't always blow. Do you suppose anyone publicly includes that double cost in their fraudulent claims that wind power is economical ? Nope.
Reading
Books contain real, enduring knowledge. Anything on the Internet might disappear overnight or be changed with no notice, hence it's not a reliable reference. Complex topics can be put into a 300 page book. Who could sit at a computer and read 300 pages of serious writing over a few weeks ? How do you keep your place ? Who's really comfortable sitting at a computer ? No one. Paper books rule.
What to read ? I prefer nonfiction for many reasons. But some say it's boring, and they have a point. How can one read a 300 page book on a serious topic to learn something useful ? I've had problems in the past doing that. I might get 1/3 or 1/2 way through, and then get burned out or bored. So I put the book aside on the pile and it sits ... for months. Finally, I'll pick it up again and force my way through it.
Over the past few months, I employed a new system that is working well. I read about ten pages at a sitting. It's simple discipline - one can overcome the feeling of drudgery or boredom by thinking each time, "I'm just going to do ten pages - easy". I try to do two or three sittings a day, but even with only one, a serious 300 page book can be read in one month. At three sittings a day, voilà, it's done in ten days.
I am currently reading "A Pragmatic Theory of Fallacy", a scholarly book about logical fallacies in argumentation and debates. A better understanding of rhetoric and argumentation helps one understand public debates and how the ruling classes are fooling the public. The book has about 300 pages. I had started it a few months ago, but it was tough reading. So late last week I picked it up again and re-started with my new system. I'm now about 60 pages in and enjoying it immensely.
In later posts, I'll list and describe these fallacies and use them to dissect public debate. As a teaser, the global warming "debate" is riddled with these fallacies. The public is being ill-served. I suppose that's what we should expect, as the ruling classes and the media simply run a propaganda machine to have their way with the common man.
Actions
FT reported Saturday that global commerce rose in July at the fastest rate in five years. Hmm ...
On Friday on the continued dip, I bought some more MT common stock in 1-2-3 Fund and in Fido Fund I bought a bit more COF and a new name - CLF - a US iron ore company. I think CLF might get taken over at a good price in a year or so as the economy reaches its prior levels of activity.
Word of the Day
"Elenchus"- noun [$10]; plural "elenchi", adjective "elenchic"; to English from Latin from Greek.
Elenchus means logical refutation.
Sentence: A knowledge of the names and proper definitions of fallacies gives one a huge assist in explaining elenchus clearly, without weaker metaphors and analogies. Clearly understood elenchic responses can be decisive in argumentation.
Verbum Diei
"Valere"- verb, second conjugation
Valere means to be strong, to have power, be well. Vale (valete) means good-bye, farewell. Interesting, the Latin term for good-bye literally means "be strong".
Sententia: Ubi leges valent, ibi populus liber potest valere. (from Publius Syrys)
Sentence: Where the laws are strong, there a free people can be strong.
Friday, September 25, 2009
Life as an Anachronism
G20: 20x garbage in, garbage out. What a contrived media event ! Boob bait for the bubbas. L'appât ballot des nigauds ... L'appât nigaud des ballots ... L'appât bête des imbéciles. I need to work out how to say that in other languages.
I am a Luddite. I don't Twitter, I don't do text messages. I don't accept cell phone calls (unless pre-arranged). I cook food. I fix things myself. I know how to use tools, and do use them. I prefer paying cash for anything under $100. I don't go to the movie theater. I drink hard liquor on ice, red wine and real beer - no sweetened, "light" beverages.
I like fried eggs, Spam, Valveeta cheese, McDonald's food, big, rare steaks, homemade apple pie, hardtack with peanut butter & jelly, MREs, and turnips.
I read books - physical books, not electronic. I read newspapers - both physical and online. I read magazines - in paper. Mostly I read non-fiction, but lately I've been reading well-known classic works of fiction.
I'm trying to learn a foreign language as an adult - six, actually: French, German, Polish, Italian, Spanish and Latin. So far it's working. The human mind is the greatest tool by far.
I lift weights - the real, iron weights; practice boxing and knife fighting; and shooting all types of firearms.
I don't watch much TV. Everything I know about 21st century "new modernity" comes from South Park.
I have four dogs as pets - and I treat them as important parts of the family, not as stuffed animals or slaves.
I think the controlling ruling classes is the principal political problem to be solved. I want maximal freedom for the common man, and tight controls on antics of the rich & powerful - the ruling classes. I am neither a Republican nor a Democrat. I am a Populist Libertarian.
Modern life hasn't changed much in its large scale structures since 1925. Read "Main Street" by Sinclair Lewis. Watch "Thoroughly Modern Millie". The social issues facing people aren't much different.
With a few exceptions, no good music has been written since December 31, 1947 and no truly good recording has been made December 31, 1954.
I walk through a mall perhaps once a year and see so much crap I can't imagine ever wanting to buy.
I like movies with happy endings.
Fine, call me an anachronism. I admit it. I like the old ways better.
PS: Mrs. B points out correctly that I am using a computer to proclaim myself as a Luddite - a bit of inconsistency. I am modernizing the use to mean a rejection of superfluous equipment, machinery and software that mostly distracts from real, physical life: nintendo, video games, gameboys, wii, cell phones, Twittering, texting, on and on and on.
Actions
It's good I listened to my fears and the warning of an astute commentor by selling RIMM. It got crushed last evening after reporting disappointing numbers, particularly its gross margins. That probably reflects the high defect and return rate. Not good - that makes for poor word of mouth as consumers do talk.
Otherwise I am sitting and waiting. No changes in my thinking ... yet.
Word of the Day
"Dolorous" - adjective [$10] literary or jocular
Dolorous means 1. distressing, painful; doleful, dismal; 2. distressed, sad.
Sentence: Looking across the human landscape of the world, I feel dolorous that so much human capital is being wasted on so much nonsense.
I am a Luddite. I don't Twitter, I don't do text messages. I don't accept cell phone calls (unless pre-arranged). I cook food. I fix things myself. I know how to use tools, and do use them. I prefer paying cash for anything under $100. I don't go to the movie theater. I drink hard liquor on ice, red wine and real beer - no sweetened, "light" beverages.
I like fried eggs, Spam, Valveeta cheese, McDonald's food, big, rare steaks, homemade apple pie, hardtack with peanut butter & jelly, MREs, and turnips.
I read books - physical books, not electronic. I read newspapers - both physical and online. I read magazines - in paper. Mostly I read non-fiction, but lately I've been reading well-known classic works of fiction.
I'm trying to learn a foreign language as an adult - six, actually: French, German, Polish, Italian, Spanish and Latin. So far it's working. The human mind is the greatest tool by far.
I lift weights - the real, iron weights; practice boxing and knife fighting; and shooting all types of firearms.
I don't watch much TV. Everything I know about 21st century "new modernity" comes from South Park.
I have four dogs as pets - and I treat them as important parts of the family, not as stuffed animals or slaves.
I think the controlling ruling classes is the principal political problem to be solved. I want maximal freedom for the common man, and tight controls on antics of the rich & powerful - the ruling classes. I am neither a Republican nor a Democrat. I am a Populist Libertarian.
Modern life hasn't changed much in its large scale structures since 1925. Read "Main Street" by Sinclair Lewis. Watch "Thoroughly Modern Millie". The social issues facing people aren't much different.
With a few exceptions, no good music has been written since December 31, 1947 and no truly good recording has been made December 31, 1954.
I walk through a mall perhaps once a year and see so much crap I can't imagine ever wanting to buy.
I like movies with happy endings.
Fine, call me an anachronism. I admit it. I like the old ways better.
PS: Mrs. B points out correctly that I am using a computer to proclaim myself as a Luddite - a bit of inconsistency. I am modernizing the use to mean a rejection of superfluous equipment, machinery and software that mostly distracts from real, physical life: nintendo, video games, gameboys, wii, cell phones, Twittering, texting, on and on and on.
Actions
It's good I listened to my fears and the warning of an astute commentor by selling RIMM. It got crushed last evening after reporting disappointing numbers, particularly its gross margins. That probably reflects the high defect and return rate. Not good - that makes for poor word of mouth as consumers do talk.
Otherwise I am sitting and waiting. No changes in my thinking ... yet.
Word of the Day
"Dolorous" - adjective [$10] literary or jocular
Dolorous means 1. distressing, painful; doleful, dismal; 2. distressed, sad.
Sentence: Looking across the human landscape of the world, I feel dolorous that so much human capital is being wasted on so much nonsense.
Thursday, September 24, 2009
Is It Summer ?
Outdoor temperatures here are over 70F. It's humid. I hear hoards of crickets. Signs of summer ...
The ennui of news flow is marked. Babblevision talks about the next "trade" endlessly. It sure seems like the summer doldrums.
Ms. Market slapped her latest beau after the post Fed rally and sat down to skip the dance. What does this mean ? My guess is that the bears used the rally to put on more shorts and beefer traders took profits. The signs: the biggest losers were the strong stocks which had broken up into new rally highs.
This pullback could be the "Sell Rosh Hashanah, Buy Yom Kippur" trade, delayed a few days. That's my "guess". The traders couldn't find buyers higher after the Fed, so they sold. Real buyers are continuously nibbling at lower prices like a plethora of hungry squirrels eating fallen acorns.
The Bloviator continues to bloviate. Will he ever "do" anything ? It's just remarkable that having huge majorities in both houses of Congress somehow seems to have drained the energy from his party. Perhaps they are busy plotting their next earmark raid for payoffs & bribes ?
Actions
I am doing nothing. Estoy haciendo nada. Je ne fais rien. Robię nic.
[more languages to come ... Italian, German, Latin]
Word of the Day
"Louche" - adjective [$10]; from French, rhymes with "douche"
Louche means 1. disreputable, shifty; 2. [from OED] oblique, not straightforward, dubious.
Sentence: Rankings of the most louche professions: used car salesman, real estate developer, US Congressman.
Le Mots du Jour
"Loucher" - verb, regular -er
Loucher means 1. to squint, to have a squint; 2. (~ sur + object) to eye, to ogle.
La Phrase: Un homme louchera souvent sur une belle femme.
Sentence: A man will often eye a beautiful woman.
"Louche" - adjective
Louche means shifty, dubious, shady, fishy
La Phrase: Il y a du louche dans cette affaire.
Sentence: This business is a bit fishy. [idiomatic translation from dictionary]
[Thanks, Woody, for this $10 bi-lingual word]
The ennui of news flow is marked. Babblevision talks about the next "trade" endlessly. It sure seems like the summer doldrums.
Ms. Market slapped her latest beau after the post Fed rally and sat down to skip the dance. What does this mean ? My guess is that the bears used the rally to put on more shorts and beefer traders took profits. The signs: the biggest losers were the strong stocks which had broken up into new rally highs.
This pullback could be the "Sell Rosh Hashanah, Buy Yom Kippur" trade, delayed a few days. That's my "guess". The traders couldn't find buyers higher after the Fed, so they sold. Real buyers are continuously nibbling at lower prices like a plethora of hungry squirrels eating fallen acorns.
The Bloviator continues to bloviate. Will he ever "do" anything ? It's just remarkable that having huge majorities in both houses of Congress somehow seems to have drained the energy from his party. Perhaps they are busy plotting their next earmark raid for payoffs & bribes ?
Actions
I am doing nothing. Estoy haciendo nada. Je ne fais rien. Robię nic.
[more languages to come ... Italian, German, Latin]
Word of the Day
"Louche" - adjective [$10]; from French, rhymes with "douche"
Louche means 1. disreputable, shifty; 2. [from OED] oblique, not straightforward, dubious.
Sentence: Rankings of the most louche professions: used car salesman, real estate developer, US Congressman.
Le Mots du Jour
"Loucher" - verb, regular -er
Loucher means 1. to squint, to have a squint; 2. (~ sur + object) to eye, to ogle.
La Phrase: Un homme louchera souvent sur une belle femme.
Sentence: A man will often eye a beautiful woman.
"Louche" - adjective
Louche means shifty, dubious, shady, fishy
La Phrase: Il y a du louche dans cette affaire.
Sentence: This business is a bit fishy. [idiomatic translation from dictionary]
[Thanks, Woody, for this $10 bi-lingual word]
Wednesday, September 23, 2009
Another Blank Wednesday
Why does nothing ever seem to happen to make interesting news for Wednesday morning ? I suppose I could infer some paranoid conspiracy in the ruling classes to manipulate news for either early week - to get maximal coverage all week - or bury stories on Friday to weekend oblivion. That would be eisegesis and I'm no dirty eisegete ! I merely interpret what actually happens according to what it really "is" in the sense of its telic immanence , away from the propaganda of La Grande Bouche.
[See what one can think and write when one tries to use these more sophisticated $10, $100 and $1000 words more often.]
OK, here's the translation to the American dialect of the hill country: I tell what I see as I read the signs, stripped of fakery.
Enough preamble. What significant happened ? One thing. We know know that Battleship Ben means business when it comes to ripping out that rotten core of Wall Street excess, namely, paying traders for phony unrealized gains that later cost the firm huge sums. Unlike the eternally co-opted SEC, he intend to force true reform.
From FT: "US regulators have intensified efforts to gather intelligence on banks’ trading positions in a move that could herald a drive to ensure traders’ bonuses are based on real profits rather than unrealised gains. ... The authorities wanted to know what proportion of a bank’s balance sheet was held in more liquid positions and how much was held in derivatives and other trading positions whose profitability might not be known for years, they said.
"New rules could enable an overhaul of the tradition of paying traders bonuses based on paper gains on positions at the end of each year before it is known whether they have made a loss or a profit in cash terms. By determining the extent of realised and unrealised gains, regulators would be able to judge whether traders’ bonuses were in line with the profitability and risk profile of their institution, bankers said.
"“Bankers’ pay has been out of whack for the last four or five years,” said Jonathan Finger of Finger Interests, which owns shares in financial groups including Bank of America. “Traders got the money, but shareholders were left holding the bag.” "
Hallelujah !!! Go get 'em, Ben.
Obviously, hedge fund manager pay should similarly be based on only realized gains. If one wants to pay for paper gains, pay in paper - viz., restricted stock with clawbacks.
Actions
I am doing nothing. Je ne fais rien. Robię nic.
Word of the Day
"Confect" - verb, transitive [$10] literary
Confect means to make by putting together ingredients.
Sentence: As the Senate confects a national health care plan, one cannot help expecting a Frankenstein monster to appear in the end.
Les Mots du Jour
"Appât" - noun, masculine
"Ballot" - noun, masculine & adjective
"Nigaud, e" - adjective and noun, both M, F [NB: pronounced, this word sounds close to a "forbidden" word in American, except as used by Black Americans.]
Appât means bait (literally and figuratively].
Ballot means (noun) 1. bundle, packet; 2. nitwit, dumdum; (adjective) silly, daft.
Nigaud means (adjective) silly, simple; (noun) simpleton.
La Phrases: L'appât ballot des nigauds ... L'appât nigaud des ballots ... L'appât bête des imbéciles.
All translate in modern idiom to Sen. Patrick Moynihan's famous phrase, "boob bait for the bubbas" to describe slogans tossed to the rabble to motivate them or collect contributions for a phoney cause. In my opinion, this is what all the "Tobin Tax" talk is, about putting taxes on all financial transactions.
[See what one can think and write when one tries to use these more sophisticated $10, $100 and $1000 words more often.]
OK, here's the translation to the American dialect of the hill country: I tell what I see as I read the signs, stripped of fakery.
Enough preamble. What significant happened ? One thing. We know know that Battleship Ben means business when it comes to ripping out that rotten core of Wall Street excess, namely, paying traders for phony unrealized gains that later cost the firm huge sums. Unlike the eternally co-opted SEC, he intend to force true reform.
From FT: "US regulators have intensified efforts to gather intelligence on banks’ trading positions in a move that could herald a drive to ensure traders’ bonuses are based on real profits rather than unrealised gains. ... The authorities wanted to know what proportion of a bank’s balance sheet was held in more liquid positions and how much was held in derivatives and other trading positions whose profitability might not be known for years, they said.
"New rules could enable an overhaul of the tradition of paying traders bonuses based on paper gains on positions at the end of each year before it is known whether they have made a loss or a profit in cash terms. By determining the extent of realised and unrealised gains, regulators would be able to judge whether traders’ bonuses were in line with the profitability and risk profile of their institution, bankers said.
"“Bankers’ pay has been out of whack for the last four or five years,” said Jonathan Finger of Finger Interests, which owns shares in financial groups including Bank of America. “Traders got the money, but shareholders were left holding the bag.” "
Hallelujah !!! Go get 'em, Ben.
Obviously, hedge fund manager pay should similarly be based on only realized gains. If one wants to pay for paper gains, pay in paper - viz., restricted stock with clawbacks.
Actions
I am doing nothing. Je ne fais rien. Robię nic.
Word of the Day
"Confect" - verb, transitive [$10] literary
Confect means to make by putting together ingredients.
Sentence: As the Senate confects a national health care plan, one cannot help expecting a Frankenstein monster to appear in the end.
Les Mots du Jour
"Appât" - noun, masculine
"Ballot" - noun, masculine & adjective
"Nigaud, e" - adjective and noun, both M, F [NB: pronounced, this word sounds close to a "forbidden" word in American, except as used by Black Americans.]
Appât means bait (literally and figuratively].
Ballot means (noun) 1. bundle, packet; 2. nitwit, dumdum; (adjective) silly, daft.
Nigaud means (adjective) silly, simple; (noun) simpleton.
La Phrases: L'appât ballot des nigauds ... L'appât nigaud des ballots ... L'appât bête des imbéciles.
All translate in modern idiom to Sen. Patrick Moynihan's famous phrase, "boob bait for the bubbas" to describe slogans tossed to the rabble to motivate them or collect contributions for a phoney cause. In my opinion, this is what all the "Tobin Tax" talk is, about putting taxes on all financial transactions.
Tuesday, September 22, 2009
Morphing, Mutating ...
La Grande Bouche aka The Bloviator [aka Obama] has been in fine form, appearing on many Sunday talk shows and Letterman last night. However, he seems to be borrowing from the propaganda techniques of totalitarian regimes in trying to not call a duck, a duck. I just heard a lecture on that fine book, "1984" by George Orwell, so got a refresher. Whether one calls his spiel - lying, or sophistry, or propaganda - doesn't matter. It's just logically false. Why must we have Presidents who think they must be false to the people ? Here's what prompted my subject today.
***WSJ Quote Follows***
The health bill drafted by Senate Finance Committee Chairman Max Baucus (D., Mont.) would fine families up to $3,800 annually if they don't buy health insurance. In an interview with ABC's "This Week" that aired Sunday, President Barack Obama said he rejected the notion that the fee represents a tax increase. "You can't just make up that language and decide that that's called a tax increase," Mr. Obama told host George Stephanopoulos.
In describing the penalty, Sen. Baucus's proposal says: "The consequence for not maintaining insurance would be an excise tax." ...
Mr. Obama has pledged not to increase taxes on families earning below $250,000 a year.
"If it looks like a tax and is enforced like a tax, it's a tax," said Sen. Orrin Hatch (R., Utah).
The White House on Monday reiterated that it doesn't view the fee as a tax.
***End of Quote***
This Obama plan is becoming worse and worse as the details emerge. How will they collect this "fine" aka "tax" from all those persons working for cash ? Of course, they'll appear as "poor" and get a subsidy, while those working on the books will get a fine - a tax penalty. What utter unfairness !
Scrap it, start over as a simple "Shared Benefit" with the funds raised fairly with a shared burden.
Actions
Ms. Market sat down yesterday for a needed rest. This morning I see green in Europe and in US futures. I am doing nothing.
Word of the Day
"Ecceity" - noun [$1000]
Ecceity means the quality of being present. From "ecce" of Latin for "behold". Pontius Pilate said, "Ecce Homo" - "Behold the man" upon seeing Christ. [John xix 5].
Sentence: During the August canoe trip, I experienced great pleasure from my ecceity in pure nature - the wilderness.
Słowo Tygodnia
"Widzieć" - verb, imperfective, second conjugation
Widzieć means to see.
Zdanie: Widzę zielony dziś rano.
Sentence: I see green this morning.
***WSJ Quote Follows***
The health bill drafted by Senate Finance Committee Chairman Max Baucus (D., Mont.) would fine families up to $3,800 annually if they don't buy health insurance. In an interview with ABC's "This Week" that aired Sunday, President Barack Obama said he rejected the notion that the fee represents a tax increase. "You can't just make up that language and decide that that's called a tax increase," Mr. Obama told host George Stephanopoulos.
In describing the penalty, Sen. Baucus's proposal says: "The consequence for not maintaining insurance would be an excise tax." ...
Mr. Obama has pledged not to increase taxes on families earning below $250,000 a year.
"If it looks like a tax and is enforced like a tax, it's a tax," said Sen. Orrin Hatch (R., Utah).
The White House on Monday reiterated that it doesn't view the fee as a tax.
***End of Quote***
This Obama plan is becoming worse and worse as the details emerge. How will they collect this "fine" aka "tax" from all those persons working for cash ? Of course, they'll appear as "poor" and get a subsidy, while those working on the books will get a fine - a tax penalty. What utter unfairness !
Scrap it, start over as a simple "Shared Benefit" with the funds raised fairly with a shared burden.
Actions
Ms. Market sat down yesterday for a needed rest. This morning I see green in Europe and in US futures. I am doing nothing.
Word of the Day
"Ecceity" - noun [$1000]
Ecceity means the quality of being present. From "ecce" of Latin for "behold". Pontius Pilate said, "Ecce Homo" - "Behold the man" upon seeing Christ. [John xix 5].
Sentence: During the August canoe trip, I experienced great pleasure from my ecceity in pure nature - the wilderness.
Słowo Tygodnia
"Widzieć" - verb, imperfective, second conjugation
Widzieć means to see.
Zdanie: Widzę zielony dziś rano.
Sentence: I see green this morning.
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