In the piece Mr. Trillin proffers via his friend, imaginary or not, such a simple explanation for the Wall St. debacle that many would dismiss it as almost too juvenile to even consider. but maybe just maybe he is onto something.It is a quick read which in no way should diminish the enormous amount of sense the writer makes. You can click the link above and go straight to it.
I offer my Congratulations to Mr. Trillin for his simple yet clever explanation of the issue and as readers know all too well simple everywhere and always resonates very well with this cat! Maybe it could be this simple !
This now leads me to this next piece, compliments of the Temple of Mut blog, which was brought to my attention by W.C. Varones blog. (thanks indeed)
The article Vote? What Vote? I don't Need NO STINKIN' VOTE! details the hubris of yet another of the privileged few who believe they were born with a better pot to piss in and the politicians are their exclusive property, there to do their bidding. And the voters? Hell, they're just an inconvenient little nuisance.
Only a mindset like this could permit a statement like the following;
“There’s less than 1 percent of the citizens in the United States of America that understand the complexity in how to put these kinds of projects together, so why would we want to ask the other 99 percent?” said real estate mogul Malin Burnham.'
This quote comes from real estate mogul Malin and sums up succinctly how the politicians, the bureaucrats and the elite of this country view the masses. The tip toe around it, they never come out and say it, but if you have a room temp IQ, which I do, you can hear it..... "let them eat cake".
Didn't the last person to utter that have a date with a guillotine? My memory is kinda spotty lately.
So in putting these 2 seemingly unrelated pieces together you get one big game of Baffle em' with Bullshit, on a scale so grand as to make Charles Ponzi himself blush. Yes, make the deal seem to be so intricate, make it so convuluted and opaque that you need to be sitting in a marble chair with the thermostate set at 55 degrees to even begin getting a handle on it, thus convincing the boob on the other end, (Jefferson County et al. anyone?) sophisticacy = intelligence.
Time out while I flashback, in my former life as a broker, to an Italian client of mine who has passed on, (rest his soul) who had very little formal education but who managed to do quite well by anyones standards. One day I was explaining some fixed income investments to him, and before I could even get started he emphatically interrupted me and stated with no hesitation that if I could not show it to him with a pen and pencil on a scrap of paper in front of him he wanted nothing to do with it.
You want to talk about the type of man that should be running our public finances at all levels! Work ethic, humility and street smarts, at least enough smarts that allowed him to stay out of the clutches of the cash'carry thugs on Wall St. and K Street.
Now how do you think a man like this, lets say had fallen victim to either a momentary lapse in judgement or a stunning exhibition of baffle em' with bullshit, would react when he finally realized a baffle em' with bullshit fraud had been pulled on him?
Now imagine how 'Mr. Market' will react when it finally awakens to a similar realization, that being the MBA hawkin', formulae talkin', buzzword droppin', Dr. Frankensteins has bamboozled. Just as Mr. Trillin over at the Times described. Can you say "no bid".
I don' t even want to consider how 'Mr. John and Jane Q Public' will react to a similar realization, don't even want to consider it!
Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".
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