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Category — economy

Harry Markopolos Testimony before Congress – CNN Missed It

I hope everyone listened to Harry Markopolos yesterday testify about Madoff before Congress. He was brilliant. He was exactly right about what to do with the SEC. He said put all 3500 employees on the street and let the New York State Attoney General enforce securities law. He said there had been no federal enforcement for the last eight years. He had lots to say and he said it all well. The entire testimony is available on CSPN3.

No one can deny that this was an important bit of history. Markopolos was testifying about the biggest bilking of investors in the history of the world. Every news organization covered it. MSNBC broadcast the event live. Tell me why this event did not exist for CNN. There was no coverage. It’s as if it never happened. I find this very strange and a very disturbing editing of world events.

February 5, 2009   No Comments

Why Would Anyone on the Planet Invest One Penny in the USA after Madoff

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I hope the next Congress regulates these criminals in every way possible. From the BBC:

Nicola Horlick, boss of Bramdean investments, told the BBC: “I think now it is very difficult for people to invest in things that are meant to be regulated in America, because they have fallen down on the job.”

December 15, 2008   No Comments

Greenspan in a “state of shocked disbelief.”

Raise your hand if you’ve read any of Ayn Rand’s books? When you read them, did you laugh out loud? If the answer is yes, you may leave the room. You have a brain. If you didn’t, tsk tsk tsk. You must stay and listen to her loyal follower, Alan Greenspan.

Mr. Greenspan is testifying before Congress about our economic meltdown. He said he is in “a state of shocked disbelief.” Poor poor Alan. He read Ayn Rand and sat at her feet like a sweet little puppy. He is stupid.

People who say they are libertarians are actually saying they’re better than everyone else and they should be rewarded for that. I’ve got mine, screw you is the underlying text. Me and people like me are so smart and so clever and so industrious that we should lead without any government restraint on our actions. Dumb d’Dumb Dumb Dumb.

Libertarianism is a religion to Alan Greenspan. There is no logic. There is no data. He had “faith” in his libertarian beliefs. Ooopsie. It’s nonsense! From the New York Times:

Mr. Greenspan said he had made a “mistake” in believing that banks in operating in their self-interest would be sufficient to protect their shareholders and the equity in their institutions.

Mr. Greenspan said that he had found “a flaw in the model that I perceived is the critical functioning structure that defines how the world works.”

Mr. Greenspan, who headed the nation’s central bank for 18.5 years, said that he and others who believed lending institutions would do a good job of protecting their shareholders are in a “state of shocked disbelief.”

He said that the current crisis had “turned out to be much broader than anything that I could have imagined.”

Guess what, sanctimonious wonder pup, people are people are people and no one is good all the time. In fact, most people are bad most of the time when money is involved. I think the key word in the text above is “believing.” Alan based all of his actions on a belief. Then he jumbled the numbers to fit the belief. That’s not science. That’s nonsense. That’s religion.

I had this friend once upon a time who claimed to be a libertarian. Like most liberatians I’ve known, she was functionally very ordinary. She had degrees all over the place but next to nothing in her bank account. She was basically ineffectual in the workplace. Was she smart? Yes, she was smart with books but hopelessly self obsessed, conceited and an insulting patronizing supervisor. She was doomed to a slow rise to middle management without a single innovative thought. She was a libertarian true believer.

Next time you see a libertarian bumper sticker on a car, take note of the driver and the car. You’re probably looking at the company joke searching for his Swingline stapler.

And, Mr. Greenspan and Mr. Bernanke, next time you decide to play with the world’s money, sit back and imagine what P.T. Barnum would do if he was given a pile of dough and didn’t have to worry about the cops. He’d steal it all. Maybe you should teach that in your econ courses at Princeton.

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October 23, 2008   No Comments