Motivation: USA Today's Editorial dealt with the reaction by some bankers to the requirement to raise capital levels. See Remarks, this date, on Chimera, again. Of course, Jamie is a central figure.
Before we said, what if one woke up after 30 years? Part of that had to do with the major changes that happened with the Carter to Reagan transition. It is not outrageous to start there in order to look at what is behind the current messes.
To wit: the bosses are making oodles, after the downturn, while the rest of the people are losing. ... A very long list.
Are these people a special breed? In McCullough's latest book about American visiting Paris in the early 19th century, he describes some early surgeries that were witnessed by those who went to France in order to obtain more hands-on experience. Sure enough, they got that.
Picture this: Being operated on by a maniac (who has no regard for your health -- rather, he's into some ego trip), without any anesthesia, and in septic circumstances (including the milieu, the instruments, ..., all of it). And, the maniac takes some superior stance toward you, as if he were better.
One example given was of an old man who had some mass that the surgeon wanted to remove. Remember, these people wielded scalpels, thought that they were artists, and carved at will (pity the poor suckers, subjected to a fate worse than the martyrs (such as Richard Woodman, and many others)). Of course, the old guy died within an hour. The conveyor of the story (Oliver) remarked that the gent may have lived five to six more years if he had not been used for a 'live' and conscious experiment.
Oh wait! Bring yourself forward 200 years, is it any different in some cases? Yes, you have the anti-septic effort, you can get drugged to the max (not necessarily effectively), plus there has been better training (or so, we hope). Yet, is there not ego involved?
Well, medicine is only mentioned, right now, as an analog. However, please read this article in the Atlantic. It turns several directions but is right on target with the message. We'll discuss it later.
Change the doctor to CEO and what have you? Ego, not caring beyond the pocket (some call this greed), and a whole slew of other attributes that do not contribute to a sustainable economy.
One has to ask, were there any lessons learned (from two years ago)?
Somehow it seems to me, that Washington Irving's theme has some use here. Perhaps, it's that I've spent a lot of time the past couple of years looking at early American History.
As we just celebrated, people came here for freedom, for the most part, of several types. The early patriots suffered to bring about what we know as the United States. In the beginning, we did not have an aristocracy.
Based upon the attitudes of some, one wonders if we are not creating such a thing. The CEOs strutting around seem to have developed this virtually-founded little world in which they reign (without any restraint -- where is our Magna Carta?) seemingly without even any geographic constraint. We know that there are little political and legal constraints (given some of the decisions, of late, from the Supreme Court).
Of course, Big Ben deserves some mention, to boot, as he operated on us and our economy, without proper preparation (experimentation on the fly). No, he carved out the savings from the old-timers, for one thing, so that he could line the pockets of whining banks (who were bailed out, and then these people turned around and spit on us).
Then, we have people who were raked in as they believed in us (have you all forgotten?).
As said before:
- Folks, remember Ireland (When Irish Eyes Are Crying) and many other countries that bought into what the idiots were selling? Jamie just wants to get back upon that leveraging wagon which rolled down the slope to the crash. Why? Big bonuses (why is it that such chicanery deserves pay? Jamie, play for free!).
- Reminder: when things fell apart, the bankers, knowing that they're all crooks and not trusting each other, took their ball home. Said: we're not going to play. Have they yet? What context? They're sitting on money that we gave them. For the past two years, how has main street benefited? No, they want to know that their big bonuses will continue.
Theme will be continued.
01/15/2015 -- The experience is like being a parent whose kids are behaving. Then, you take a brief nap and wake to find that the inmates are running amok. Okay, we are all adults, responsible for our lives. We all expect adult behavior of other adults. The kids? Well, we hope that someone is watching. ... Now, in the Wall Street paradigm, there are no adults (putting greedy older people into the lot of uneducated minors - not knowing better - sheesh). So, old Rip, here, thought that there was some semblance of order in the economy - erroneously, it turns out. That the inmates trashed our lives is still obvious all around (except for those bailed out or for those who are friends of the Fed). ... No adults on Wall Street? Look, I have been there. If there is some mature mind in that vicinity, please stand up and let yourself be known (no Mr. Wonderfuls, please).
01/15/2015 -- At last, a series that will establish the basis and extensions, as required. We are going to go back to some simple and come forward to the modern, complicated economy. Why? My long chain of ancestors (inherited via Prof. Lucio Arteaga) is one motivation.
07/06/2012 -- Today, we have the one-year remembrance of George Edward Kimball III (GEK III).
06/25/2012 -- Washington Post on Congressional non-ethics.
05/29/2012 -- Jamie's bank in the news, again.
03/23/2012 -- Ben is doing a series of four lectures on his, and the FED's, role.
10/07/2011 -- Magna Carta, the celebration thereof.
07/12/2011 -- We need to do a constructive build.