post modem .. just past the library
economics .. the short version, since the long is wasted on the young
Risk without danger is not risk.–webionaire
Our mess is self delusion. We have been fooled into thinking that markets lower risk. We do this at the blackboard.
You have placed the blindfold of “Hedge” over your own eyes.–webionaire
The firing squad is gathering in a circle. Let’s hope the blindfolds are bullet proof.
There are no innocents in a crowd during a time of riot, or panic. Your presence is enough.
First thoughts as I watch the testimony of the CEOs from AIG. They will be unable to explain, to the satisfaction of either the congress or the citizens, what their intent was, because they are using terms with private meaning and neither the headline nor the **** will take the time and words to explain the way of this world. In another place, I will write about this.
Today the easy headline is that the CEO of Lehman is the villain. This means you may boo and hiss. I was flipping through notes from this AMs CSPAN while watching the Rose interview with Warren Buffett. These two elements raise a question. Why do we loathe the millionaire CEOs, yet admire billionaire Buffett?
I came up with a half dozen things, ranging from cuddly, honest, etc … but my best answer would be that the CEOs want to make money, and to show that they have made money, while Warren wants to know how to make money. Warren seems excited by the problem. He is exuberant when confronted with a problem, searching enthusiastically for a way through. And in the end, he takes small reward from those outward components of wealth. He is driven by the problem of money, without being driven to consume money.
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